Coinbase's Brian Armstrong believes that crypto will be "widely used" in VR

07 Dec, 2018 | Updated: 07 Dec, 2018
by David Robb
Coinbase's Brian Armstrong believes that crypto will be widely used in VR

Coinbase CEO Brian Armstrong recently posted an article on Medium discussing the future of virtual reality. He believes that as virtual worlds become increasingly sophisticated and popular, crypto and digital currencies will be a key part of them.

Armstrong talks about the implementation of a virtual currency in Second Life, one of the first popular online virtual worlds. Whereas Second Life makes use of a centralized digital token (the Linden dollar), in the future we are likely to see users making transactions with cryptocurrencies. 

As well as offering the benefits of using a real-life currency, cryptos would do away with the centralization of VR worlds. Armstrong points out that by "allowing customers of virtual reality apps to really own their own items and wealth (not have it just be a database entry that is controlled by the app’s creator) we will bridge one more gap with the 'real world'".

As well as purchasing items with virtual currency, users of VR could also earn crypto by doing tasks in the virtual world. Armstrong believes that if it gets to this stage, some users could spend 8-12 hours a day in virtual reality.

Decentraland is one of the most high-profile decentralized online virtual worlds, and it makes use of its own crypto token (MANA).

Read more: Decentraland virtual property sells for record $215,000Decentraland announce dates for second LAND auction, 9,331 parcels up for grabs

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