What Exactly Is The Metaverse: Know Everything

The metaverse is a concept that refers to a persistent, online, three-dimensional universe that combines multiple different virtual spaces into a single entity. You can think of it as a more advanced version of the internet in the future. Users will be able to collaborate, meet, play games, and socialise in these 3D spaces as part of the metaverse.

Although the metaverse does not yet exist in its entirety, some platforms do contain elements that are reminiscent of the metaverse. At the moment, video games are the closest thing we have to a metaverse experience. Through the hosting of in-game events and the creation of virtual economies, game developers have pushed the boundaries of what a game can be.

Cryptocurrencies, while not required, can be an excellent fit for a metaverse environment. They make it possible to develop a digital economy that includes various types of utility tokens and virtual collectibles (NFTs). The use of cryptocurrency wallets, such as Trust Wallet and MetaMask, would be beneficial to the metaverse as well. Furthermore, blockchain technology has the potential to create transparent and dependable governance systems.

Blockchain-based, metaverse-like applications are already in existence and provide people with sufficient incomes to support their families. Axie Infinity is an example of a play-to-earn game that many users engage in to supplement their earnings. Others, such as SecondLive and Decentraland, have demonstrated how to successfully combine the blockchain world with virtual reality applications.

When it comes to the future, the big tech companies are attempting to set the tone. The decentralised nature of the blockchain industry, on the other hand, allows smaller players to participate in the development of the metaverse as well as the larger ones.

Introduction

There has been an increase in the interconnections between the financial, virtual, and physical worlds in recent years. The devices that we use to manage our lives provide us with instant access to almost anything we desire at the touch of a button, and this is a good thing. The crypto-ecosystem has not been spared from this as well. The use of non-fiat currencies, blockchain games, and cryptocurrency payments is no longer restricted to crypto geeks. As part of a developing metaverse, they’re now all readily available to anyone who wants them.

What Metaverse Is, And How Does It Work?

The metaverse is a concept that refers to an online, three-dimensional, virtual space that connects users in all aspects of their lives to one another. It would connect multiple platforms, similar to the internet, which contains a variety of websites that can all be accessed through a single internet browser.

It was developed in Neal Stephenson’s science-fiction novel Snow Crash, which is set in the future. However, while the concept of a metaverse was once considered science fiction, it now appears that it may become a reality in the near future.

In the metaverse, augmented reality will be the driving force, with each user controlling a different character or avatar. For example, you might hold a mixed reality meeting in your virtual office using an Oculus VR headset, then finish up your work and relax by playing a blockchain-based game, and then manage your cryptocurrency portfolio and finances, all from within the metaverse.

Some aspects of the metaverse can already be seen in virtual video game worlds that are currently available. Many different aspects of our lives are brought together in virtual worlds, whether it’s through games like Second Life and Fortnite or work socialisation tools like Gathertown. Despite the fact that these applications are not part of the metaverse, they are very similar. The metaverse does not yet exist in its current form.

It will combine economies, digital identity, decentralised governance, and other applications in addition to supporting gaming and social media platforms. Even today, the creation and ownership of valuable items and currencies by users contributes to the development of a unified, single metaverse. All of these characteristics give blockchain the potential to be the engine that drives this future technology.

How Are Video Games Similar To The Metaverse?

Because of the emphasis placed on 3D virtual reality, video games currently provide the most realistic metaverse experience available today. This is not solely due to the fact that they are 3D, however. Video games are now able to provide services and features that are useful in other aspects of our lives as well. Roblox, a video game, even hosts virtual events such as concerts and meetups for its players. In addition to playing the game, players now use it for a variety of other activities and aspects of their lives that take place in “cyberspace.” For example, in the multiplayer game Fortnite, 12.3 million players participated in Travis Scott’s virtual in-game music tour, which was broadcast to the entire world.

What Role Does Cryptocurrency Play In The Metaverse?

Gaming provides the 3D aspect of the metaverse, but it does not provide everything that is required in a virtual world that can cover all aspects of human existence. Cryptocurrency can provide the other critical components that are required, such as digital proof of ownership, value transfer, governance, and accessibility. But what exactly do these phrases mean?

If we are going to be able to work, socialise, and even purchase virtual items in the metaverse in the future, we will need a secure way to prove our ownership. We also require a sense of security when transferring these items and money around the virtual world. Finally, if the metaverse is going to be such a significant part of our lives, we will want to have a say in the decision-making that takes place in it as much as possible.

Some video games already include some fundamental solutions, but many developers prefer to use cryptocurrency and blockchain as a more effective alternative. Blockchain technology offers a decentralised and transparent method of dealing with the topics, whereas video-game development is more centralised.

Blockchain developers draw inspiration from a variety of sources, including video games. Gamification is widely used in Decentralized Finance (DeFi) and GameFi, among other places. It appears that in the future, there will be enough similarities between the two worlds that they will become even more integrated. The following are the most important aspects of blockchain that are appropriate for the metaverse:

1. Digitized Proof Of Ownership:

If you have a wallet that has access to your private keys, you can instantly prove that you are the owner of an activity or an asset on the blockchain by using that wallet. For example, you could show your employer an exact transcript of your blockchain transactions while at work to demonstrate your accountability. A digital wallet is one of the most secure and reliable methods of establishing a digital identity and providing proof of ownership available on the market.

2. Digital Collectibility: 

Just as we can determine who owns something, we can also demonstrate that an item is original and one-of-a-kind using digital technology. When designing a metaverse that wants to incorporate more real-world activities, this is critical. We can create objects that are one-of-a-kind and can never be duplicated or forged thanks to the use of non-volatile memory. A blockchain can also be used to represent the ownership of tangible objects.

3. Value Transfer: 

A metaverse will require a secure method of transferring value that users can rely upon. In-game currencies in multiplayer games are less secure than crypto on a blockchain, which is why they are not recommended. If users intend to spend significant amounts of time in the metaverse, and even earn money while doing so, they will require a trustworthy currency.

4. Control:

User control over the rules of their interaction with the metaverse should also be a priority for those who use the system. In real life, we can exercise our voting rights in corporations and vote for the leaders and governments of our countries. The metaverse will also require mechanisms for implementing fair governance, and blockchain technology has already proven itself as a reliable means of accomplishing this.

5. Flexible Access:

Creating a wallet on public blockchains is accessible to anyone in the world, regardless of where they live. In contrast to a bank account, you are not required to pay any money or provide any personal information. As a result, it is one of the most accessible methods of managing finances and establishing an online, digital identity.

6. Interoperability: 

Blockchain technology is constantly improving the compatibility of different platforms. This is a positive development. The creation of custom blockchains that can interact with one another is made possible by projects such as Polkadot (DOT) and Avalanche (AVAX). A single metaverse will be required to connect a number of projects, and blockchain technology already provides solutions to this problem.

What Exactly Is A Metaverse Role?

As previously stated, the metaverse will serve as a nexus for all aspects of human existence. In the metaverse, you will be able to enter a 3D office and interact with the avatars of your coworkers, which will be a welcome change from the traditional workplace. Your job may also be related to the metaverse and provide you with income that can be spent directly in the metaverse. In fact, jobs of this nature already exist in a form that is somewhat similar.

People all over the world are now able to earn a consistent income through gameFi and play-to-earn models. Due to the fact that they demonstrate that people are willing to spend their time living and earning in virtual worlds, these online jobs are excellent candidates for metaverse implementation in the future. Axie Infinity and Gods Unchained are examples of play-to-earn games that do not even have 3D worlds or avatars. However, it is the principle that they could be considered a part of the metaverse as a means of earning money entirely in the online world that interests me the most.

Illustrations From The Metaverse

We do not yet have a single, linked metaverse, but a slew of platforms and projects that are analogous to the metaverse are currently in development. Typically, these include NFTs as well as other blockchain-related elements as well. Consider below examples:

SecondLive

It is a 3D virtual environment where users control avatars for the purposes of socialising, learning new things and conducting business. In addition, the project includes an NFT marketplace for trading collectibles. As part of its first anniversary celebrations, SecondLive will host the Binance Smart Chain Harvest Festival in September 2020. The virtual expo provided users with the opportunity to learn about and interact with various projects within the BSC ecosystem.

Axie Infinity

Player income from Axie Infinity is consistent because it is a play-to-earn game that has given players in developing countries the opportunity to earn a consistent income. A player can begin farming the Smooth Love Potion (SLP) token by purchasing or receiving three Axies, which are small creatures that can be found in the world of Axiom. When sold on the open market, someone could make anywhere from $200 to $1000 (USD) depending on how much they play and the market price at the time of sale.

Despite the fact that Axie Infinity does not provide a single 3D character or avatar, it does provide users with the opportunity to work in a metaverse-like environment. Some of you may be familiar with the well-known storey of Filipinos who used it as a substitute for full-time employment.

Decentraland

It is an online, digital world that combines social elements with cryptocurrencies, non-fungible tokens, and virtual real estate to create a unique experience. Players also participate actively in the governance of the platform, which is an additional benefit. NFTs are used to represent cosmetic collectibles in this game, as they are in other blockchain games. They’re also used for LAND, specifically for 16×16 metre land parcels that players can purchase with the cryptocurrency MANA in the game. It is the combination of all of these factors that results in a complicated crypto-economy.

What Do You Think The Future Of The Metaverse Will Be?

Facebook is one of the most outspoken proponents of the creation of a unified metaverse on the internet. Because of Facebook’s Diem stablecoin project, this is particularly interesting for a crypto-powered metaverse. A metaverse project to support remote work and improve financial opportunities for people in developing countries has been explicitly mentioned by Mark Zuckerberg, who has stated his intention to use it. Facebook’s ownership of social media, communication, and cryptocurrency platforms gives it a leg up on the competition when it comes to bringing all of these worlds together. Other large technology companies, such as Microsoft, Apple, and Google, are also pursuing the creation of a metaverse as a strategic goal.

The next logical step in the development of a crypto-powered metaverse appears to be the integration of NFT marketplaces with 3D virtual worlds. Even though NFT holders can already sell their products on marketplaces such as OpenSea and BakerySwap, there isn’t yet a popular 3D platform for them to do so. On a larger scale, blockchain developers may be able to create popular metaverse-like applications that have a greater number of organic users than a large technology corporation.

Concluding With Final Thoughts

While the creation of a single, united metaverse is most likely a long way off, we can already see developments that may pave the way for its establishment. It appears to be yet another sci-fi application for blockchain technology and cryptocurrencies in the making. It is unclear whether or not we will ever truly arrive at the point of a metaverse. But, in the meantime, we can already participate in metaverse-like projects and see blockchain technology being integrated more deeply into our daily lives.