Survey Suggests that Crypto Trading Could Move to the Metaverse

Key Insights:

• Metaverse may become the ‘most popular’ way to buy and sell crypto someday.
• A survey done on 300 developers by API provider Agor suggests that NFTs would continue to grow.
• However, data privacy and security could continue to plague the Metaverse.

Over the last year, the rise of NFTs and Metaverse has been notable. However, top coins like BTC and ETH still dominate the cryptocurrency and blockchain market. A new study highlights that crypto and blockchain innovation will be ‘critical to shaping the future of the metaverse.’

Metaverse To Take Over Trading

A new study focused on developers suggests that the Metaverse may become the ‘most popular’ way to buy and sell crypto someday. The findings highlight that 57% of developers think the Metaverse will eventually be the most prominent way to trade crypto.

The study surveyed 300 developers‘ thoughts and ideas about the Metaverse and was commissioned by API provider Agora. Developers were also asked if nonfungible tokens‘ (NFTs) role will continue to grow and become the biggest form of currency in the Metaverse. 53% of the respondents agreed, while 24% disagreed.

The survey also found that a majority of the developers believe that crypto and blockchain innovation will be ‘critical to shaping the future of the metaverse.’ Notably, 70% of the respondents agreed that advancements within the blockchain and crypto sphere would significantly affect the Metaverse.

However, one out of three respondents believes that data privacy and security may be a huge challenge for the Metaverse.

Data Privacy to Remain an Issue

According to the survey, 33% of the respondents believe that data privacy and security are the biggest hurdles that the Metaverse has to overcome.

Metaverse could face other challenges including ecosystem interoperability, disinformation and hate speech, and community building. Furthermore, accessible tools for developers, monetization, creating a currency and payments ecosystem, identifying users, and lackluster hardware could also be crucial in the Metaverse.

Notably, more NFT hacks and metaverse ecosystems suffering security breaches have surfaced over the last few months. The Ronin Network, a key platform powering the popular mobile game Axie Infinity, recently suffered a $615 hack.

Furthermore, on April 1, BAYC saw a Discord server hack. The hackers even managed to steal a valuable Mutant ApeYacht Club (MAYC) NFT.