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Goldman Sachs says blockchain is key to metaverse


Blockchain will become the foundation of the metaverse, as the technology allows users to securely own digital assets by moving them between different platforms. Business Insider with reference to an analytical note by Goldman Sachs reported this.

Thus, investment bank experts called blockchain “one of the most destructive technological trends” since the advent of the Internet. In their opinion, the distributed registry will form the basis of the metaverse; since it allows users to exclude a central intermediary.

“We believe that the metaverse is likely to be an amalgamation of different 3D spaces; and that users will move between these regularly. If any virtual goods or services are unable to move from one space to another with the user; we believe their value is likely to be more limited”. The analysts explained.

The only technology that allows you to uniquely identify any virtual object

According to Goldman Sachs, blockchain is the only technology that allows you to uniquely identify any virtual object, regardless of the central operator.

“This ability to identify objects and then track ownership will be critical to the functioning of the metaverse whenever it finally materializes,” the report says.

In general, analysts expressed optimism about the future of blockchain technology. But stressed that it is too early to build any investment strategies around it.

Exploring Bitcoin-backed loans

Recall that previously, media reported that Goldman Sachs and other US investment banks were considering the option of organizing tri-party repo transactions with collateral in the form of Bitcoin futures.

Therefore, the partner of Goldman Sachs is Mike Novogratz’s Galaxy Digital crypto bank. The latter is an agent of an investment bank in the cryptocurrency market; in over-the-counter spot and futures trading, lending and the creation of structural products.

Furthermore, according to media reports, the bank is considering other synthetic products without the participation of the spot version of the first cryptocurrency.

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