WhiteBIT CEO Volodymyr Nosov explained his vision of metaverse and the role of Blockchain

Although the metaverse concept has been around for more than a few decades now, it wasn’t until after the pandemic disruption that the idea found its practical implementation. However, most people still do not know what the word means.

Microsoft, Meta and other technology companies have already developed several metaverses. Numerous crypto projects and exchanges are involved in building their own metaverses, but with limited functions. We talked to Volodymyr Nosov, the CEO of the largest European crypto exchange, WhiteBIT, and found out the reasons for the hype around metaverse, and what innovations are behind the concept.

Metaverse definition

The first Volodymyr Nosov’s comment was about a metaverse concept itself, “a metaverse is a virtual space where people can communicate with each other 24/7 through their digital selves. But I can’t say that current metaverses function like that now. There are many virtual worlds, but the word “verse” involves a much bigger picture and possibilities.” Nosov also added: “Cryptocurrency-related companies, including WhiteBIT, support the idea of ​​metaverse, where you can do much more than just exchange ETH to EUR assets. However, this is just the beginning of something big that we don’t now.” I think, eventually, all these realities will unite in one big virtual world, which will be the next generation of today’s efforts and visions offered by various companies.”

We also asked Volodymyr about the possibilities that a metaverse should offer its users. The answer was the following: “Infinite possibilities. Imagine taking your device or putting on VR glasses and entering the virtual space where you can shop, earn, play, watch movies and travel. You can do almost anything. My words sound like a dream of a space trip, but it is now happening thanks to dreamers who are not afraid to put effort into such things.”

Volodymyr Nosov thinks the metaverse will be like the Internet, “created for other purposes, it will end up in our everyday lives.” Nosov continued, “The WhiteBIT company fully supports the idea of ​​creating metaverse. My team and I think that the implementation of metaverse is impossible without blockchain. And thanks to this, we will soon see not only WhiteBIT, but many other crypto -exchanges and companies operating in the metaverse.

How do metaverses change our lives today?’

“Despite the success of some products, these are only the first steps. People are also introduced to the concept that will one day change their entire life. Today, metaverse makes it possible to buy real estate, hold live concerts, shop, visit museums and earn money.”

WhiteBIT also opened the exchange’s office in the TCG metaverse.” Volodymyr Nosov believes that people are bored now. They are looking for new opportunities to have fun and live, it’s not just about earning digital assets.”

“It is inevitable that the number of people interested in metaverse will increase. It’s a buzzword that creates hype for a reason: so many projects have already proven that metaspaces are going to change the world of virtual interactions for the better.”

We also asked Nosov about the connection between virtual universes and blockchain. The head of the WhiteBIT exchange smiled and said: “People are tired of the current level of corruption. I am sure they will demand blockchain integration as it is a highly secure and transparent system. Even if we ignore it, the fact is that blockchain-based digital assets are ideally suited to the economy of any digital world. WhiteBIT and I are doing everything to demonstrate that the mere fact that digital currencies already exist and bring so much good to the world proves the potential of blockchain. The same is relevant for metaverses: they can be seen as an invention for simple entertainment, but the key to their further application is intention. Intention is the key.”

Volodymyr Nosov said that Ukraine is an important part of a crypto society. “My home city of Kharkiv and all of Ukraine continue to work on blockchain adoption at the legislative level. I am convinced that Ukraine will greatly contribute to the development of metaverse, and it already is. Ukrainian specialists from Kharkiv, Kiev, Lviv and many other large and small Ukrainian cities are some of the leaders in the industry, and I am so proud of that. WhiteBIT and our native country keep up with the times.”

What are the next steps of metaverse development?

The CEO of the WhiteBIT exchange believes that metaverse has infinite potential, but there are also some problems. “The first edition is a wide variety of existing products. Users are looking for one simple solution. This is how they will choose the metaverse. Users will wait for one big virtual world, not hundreds of small ‘verses’. But now there are no unified rules on which such a metaverse can be based. Today’s alternatives cannot meet all users’ needs. And the process of scaling takes a lot of time. For now, it’s worth waiting to see what happens next.”

We last asked if the WhiteBIT exchange planned to create its own metaverse. But Volodymyr Nosov replied that WhiteBIT has no such intentions and that “we will see with time.”

We remind you that WhiteBIT is a highly secure crypto exchange originating in Kharkiv, Ukraine. The company offers all popular digital currencies and more than 20 fiat currencies. Led by Volodymyr Nosov, the European cryptocurrency exchange WhiteBIT offers clients many crypto trading services, including margin and futures trading, passive income tools with profitable interest rates, and much more. The exchange is actively growing and fully implements the AML policy provisions.