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Blockchain, Cryptocurrency, Featured, Technology

Turkey to Set up Committee for Analysis of Metaverse and Crypto

The Metaverse craze has spread well into the mainstream. The once conceptual gaming novelty of virtual ecosystems is quickly developing into a potential goldmine for digital business models. The scope is great enough for the government of Turkey to hold meetings and discussions in regards to metaverse implementation and possible crypto opportunities.

President Erdogan’s Stance Towards the Metaverse

President Recep Tayyip Erdogan of Turkey recently ordered AK Party members to investigate Metaverse and cryptocurrency developments. 

In an executive board meeting comprising of members from the ruling Justice and Development Party(AK Party), chairman Erdogan stressed the need for analyzing the legal infrastructure and latest innovations surrounding metaverse and digital assets. 

The Basics of Metaverse

As a revolutionary growing technology, it is challenging to build up a definition for the metaverse that withstands the test of time. Metaverse R&D is being actively carried out across multiple corners of the world. 

A rather generalized definition of the metaverse would be:

An upcoming technology platform on Web 3.0. It allows its users to seamlessly transit between the real physical world and a parallel artificial programmed universe using the principles of blockchain decentralization and a crypto economy. 

Also Read: Metaverse: Gaming Novelty or Potential Gamechanger?

What We May See in the Near Future

Omer Celik, the party’s spokesperson and a former Minister of EU Affairs, mentioned corresponding issues that will make a direct impact on the lives and economy of Turkish citizens, along with the need for a proper legal framework, stating:

“When all these issues are discussed, it will be seen that there are some threats as well as benefits. All of these need to be regulated legally.”

In regards to the formation of a national forum, Celik added, “A forum will be held in the near future under the chairmanship of our president. The technological, philosophical, political, and economic dimensions of these concepts (cryptocurrency and metaverse) will be comprehensively discussed.”

Transition to Web 3.0 and the Metaverse Crypto Market

The technological world is looking forward to the Web 3.0 migration. Decentralized blockchain technology will be an integral part of the technology, along with DAOs and the metaverse. Experts are forecasting a higher presence of these new innovations in the upcoming years. On a global collective scale, the market may present opportunities exceeding a trillion USD in yearly revenues.

A Grayscale report projects revenues from virtual gaming to likely reach $400 billion by 2025. In comparison, revenues generated throughout the year 2020 amounted to $180 billion. 

Also Read: The Metaverse Story: A Trillion Dollar Crypto Economy

Final Words

Metaverse and crypto are upcoming game-changers. Though previously apprehensive of cryptocurrencies, the Turkish government has welcomed blockchain technology. Its metaverse research stance reflects the current position of governments across the world open to advance with the incorporation of upcoming technologies. 

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