Virtual Reality (VR) will be the next big thing the crypto space will ever experience or one of the best things the world will experience. Yes. That discussion is making rounds in the VR world. VR is a technology that lets humans experience an immersive illusion about being somewhere else.
In recent years and even decades ago, a number of blockbuster movies including Ready Player One and the Matrix have included the technology or at least given an idea of how the next generation of the technology would look.
In most of these movies that portray VR, protagonists were living in a world made by stunning and near paranormal objects. They had jobs (even if it was kidnapping a key maker) or having expensive Ferraris, and a lady to hang out with.
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VR Developers Have Been Exploring Ways to Make the Technology More Enjoyable
Moving forward, engineers meanwhile have been exploring real-time VR based use cases. The technology has been promised to gamers, with the many highly handed video games launched by Play Station and Xbox. Additionally, the possibility of taking away the middle layer of keyboards or emails and instead using avatars to pass information at workstations are also being explored.
VR Could be a Tool to Facilitate Virtual Payment Technologies
This could be one reason why the co-founder of Coinbase, one of the largest exchanges across the globe, Brian Armstrong, believes that VR technology could be a tool to explore virtual payment technologies. They can allow participants to make virtual money, which they withdraw and spend in the real world like regular fiat money. According to Armstrong:
“The reason is simple when people conduct transactions in virtual worlds; it does not make sense to utilize the fiat currency of one country. Many people around the world will play games in virtual spaces. Hence it would be exclusionary to use just a single currency in a virtual world. Furthermore, cryptocurrency will give people an incentive to spend more time in virtual worlds (because they can earn money) creating a cycle for companies building digital worlds.”
What Would it Mean if Bitcoin (BTC) Was in a VR World?
Armstrong cited the copper coins from Ready Player One. The copper coins were seen as a treasure in a virtual world. Players stored these coins in a bag of holdings. According to him, developers of virtual worlds can create a centralized digital currency or just implement an already existing option like BTC or ETH. He envisioned how players would begin to spend more time in virtual worlds to make passive income especially when these earnings can be spent in real life.
While this theory of including virtual currencies in a digital world, for now, seems like a sci-fi movie, it is still a very interesting proposition looking from the technological angle. Who knows, if this technology is implemented you will not need to go to work at an office anymore because you can simply wear a headset and decide to control every random task using an avatar in the virtual world.