Ahluwalia mentioned that banks could address the opportunities offered by NFTs and the Metaverse by serving as bridges between them. He highlighted that many entrepreneurs fear the regulation wave, so they do not incorporate cryptocurrencies into their businesses.
Ram Ahluwalia, Director of Digital Assets at Cross River, recently spoke about bringing cryptocurrencies to another billion people worldwide. He discussed various topics, including financial services, the metaverse, and blockchain gaming. Furthermore, he mentioned that banks could address those opportunities and lead the adoption of crypto assets.
Ahluwalia, CEO of PeerIQ, added that the boom of NFTs and the metaverse has made people want to move money between them. He stated that banks could serve as bridges in that situation.
The Relationship Between the Metaverse and Cryptocurrencies
The executive also said that it is crucial to pay close attention to the cryptocurrencies of the metaverse. Unlike other digital currencies, their enormous technological support makes them assets with an excellent long-term future.
He mentioned that the entire rise of NFTs and what they represent for the community amazed him. In other words, he believes that digital art entails a direct commitment to the audience and offers access to exclusive content.
However, Ahluwalia stressed that what matters most to creators is to capture the value of secondary sales in transactions. For example, he said they would receive a payment and more direct control when someone clicks on a song.
Relationship of Blockchain Games and the Digital Economy
Blockchain games and the digital economy around them were another topics that Ahluwalia discussed. He mentioned that this ecosystem is larger than the entertainment industry, referring to Hollywood.
Furthermore, he pointed out that some individuals in the Philippines and similar countries take advantage of that new industry. He said they earned an income and lived on monetizing games based on blockchain technology.
Ordinary Users Do Not Need to Understand Blockchain Technology
He expressed that he believes developers need to make blockchain technology easier for users. He stated that the average person does not need to know how it works to use the services within the crypto ecosystem.
Likewise, Ahluwalia thinks that some areas of opportunity need improvement to reach more users. In that sense, he said there should be more diversity in the cryptocurrency world to bring them to another billion people.
Cryptocurrency Adoption Must Start with Governments
Ram Ahluwalia also highlighted that many entrepreneurs are afraid to incorporate cryptocurrencies into their businesses due to the current regulation wave. He explained that including those products represents a real challenge for those just starting. For example, some wonder whether the SEC or IRS will penalize them if they launch a decentralized algorithm on the blockchain.
The director of digital assets at Cross River suggested engaging with government officials betting on cryptocurrency adoption. He said that would help expand the ecosystem and lead the principles of economic sovereignty and financial inclusion.
Finally, he commented that there should be more entrepreneurs and developers and a larger ecosystem of providers. He considers that those who participate in the first stage will receive their reward.
By Alexander Salazar
