Last week in review: Davos leaders praise metaverse but remain sceptical of crypto

As crypto prices begin to stabilise, we experienced another week of positive adoption headlines alongside some surprising data from the Federal Reserve.

Sony announced its intentions to invest in metaverse experiences while across the world at the conference of the World Economic Forum (WEF) in Davos Switzerland, corporate CEOs gave praise to the metaverse citing its potential.

In the US, an annual survey by the Federal Reserve showed that 12% of households in the US held or used crypto in the prior year. While a surprising number, a Mastercard Exec shared advice on how to build on it, stating that crypto must become an invisible part of the financial system to enable mass adoption.

As always, there is never a dull moment in crypto. Here are our top headlines from last week.

Sony announces metaverse push as part of its entertainment strategy

What

Japanese electronics company Sony has announced its interest in metaverse experiences as part of the company’s entertainment strategy

Why

This push comes as a result of its interest in including more metaverse-inspired experiences to attract customers

What next

Announced at an annual strategy meeting, Sony intends to use its PlayStation brands to help secure a place among the leaders in the metaverse industry

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Davos leaders praise metaverse but remain sceptical of crypto

What

At the annual conference of the World Economic Forum (WEF) in Davos, CEO Klaus Schwab gave praise to the metaverse, saying the WEF “is embarking on an ambitious new journey to harness the potential of the metaverse as a platform for collaborative, inclusive and effective international action”

Why

Schwab added the metaverse could help to expand the WEF’s reach and “will provide immersive spaces where stakeholders can convene, create and take action on the world’s most pressing challenges”

What next

Julie Sweet, CEO of Accenture said the Metaverse, although at an early stage, has the potential to redefine how people work. As of 2022, around 16% of companies worldwide operate 100% remotely, with the metaverse a potentially lucrative way to capitalise and monetise the growing trend catalysed by the pandemic

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Fed survey: 12% of US adults held crypto in 2021

What 

The annual “Economic Well-Being of US Households” survey by the Federal Reserve showed that 12% of households in the US held or used crypto in the prior year

Why 

The majority of those who held cryptocurrency as an investment were disproportionately high-income, had a traditional banking relationship and had other retirement savings

What next 

This is the first time data from the crypto sector was included in the survey, showing that governments are taking note of increased cryptocurrency adoption 

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Invisibility key to mainstream crypto adoption says Mastercard exec

What

During an online event, a Mastercard Exec stated that crypto must become an invisible part of the financial system to enable mass adoption

Why 

The executive went on to say that he expects growth in places where businesses can embed DeFi products into their existing offering

What next

To achieve mass adoption, the crypto community needs to break out of its bubble and convert people who aren’t interested in digital assets, the exec concluded

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines:

Is the world’s stance on crypto’s energy consumption shifting?

Tether Launches Peso-Backed Stablecoin (MXNT) for Latin America

Privacy in an electronic age: The rise of the cypherpunks