Crypto trading to move to the metaverse, says developer-focused study

A new study shows that developers believe that the metaverse may become the “most popular” way to buy and sell crypto someday.

The study, commissioned by API provider Agora, surveyed 300 developers' thoughts and ideas about the metaverse. "Since they will be positioned on the front lines of practically every development that takes place in the metaverse, their thoughts and opinions ultimately carry a great deal of weight," says Tony Zhao, the founder and CEO of Agora.

The survey shows that 57% of developers believe that the metaverse will someday be the most prominent way to trade crypto. However, 1 out of 3 respondents believes that data privacy and security may be a huge challenge for the metaverse.

Meanwhile, the surveyors also asked developers if nonfungible tokens' role will continue to grow and become the biggest form of currency in the metaverse. 53% of the respondents agreed, while 24% disagreed.

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

72% of the survey participants believe that real-time engagement will be crucial for creating a "connected experience" within the metaverse. Furthermore, results also showed that 55% of the participants believe that the metaverse will replace real-life social interactions in the near future.

Related: Google Trends data reveals that no one cares about the metaverse or NFTs in 2022

Back in March 2022, companies started to set up shop at the metaverse. Firms either launched or announced plans to bring their businesses to the virtual world. The companies aim to use the metaverse for business meetings, as an innovation hub and as a user engagement platform.