What Is the Metaverse?
The idea of the metaverse is that it has the potential to be a long-term universe that is persistent and online, consisting of several different virtual worlds. you could think that this is a future iteration of the Internet. In a metaverse, users can interact with each other in 3D spaces to work, meet, play, and socialize.
Despite the fact that the metaverse does not exist in its entirety, some platforms are equipped with metaverse-like elements. Right now the closest thing one can get to a metaverse experience can be found in video games. As for the developers, they have pushed the boundaries of what a game is and have created virtual economies within the game.
Cryptocurrencies can be an excellent fit for a metaverse, even if they are not a necessity. The idea behind this is that they will enable digital economies to be created with different types of utility tokens and collectibles (NFTs). It can also help to use crypto wallets like Trust Wallet and MetaMask in the metaverse, as they would be useful tools. It is also believed that blockchain technology can provide governance systems that are transparent and reliable.
Blockchain-based, metaverse-like applications are already available and provide people with a liveable income. Among the many play-to-earn games that are played by many gamers for the purpose of generating an income, Axie Infinity is one. Additionally, SecondLive and Decentraland are other examples of blockchain apps combining with virtual reality that have been successfully built.
Technology companies are attempting to lead the way into the future. Although the blockchain industry is decentralized, smaller players can also take part in the metaverse's development due to its decentralization.
Introduction
In the financial world, virtual worlds, and the real world are increasingly becoming intertwined and interconnected. Our devices play an increasingly important role in managing our lives as they provide us with access to almost anything we want at the touch of a button. this includes the crypto ecosystem as well. Crypto payments and NFTs aren't just limited to geeks within the crypto community anymore. In the future, all of these will be available as part of a growing metaverse.
What’s the definition of a metaverse?
Metaverse represents the concept of an online, 3-dimensional, virtual space that connects users with all aspects of their lives in one place. Multiple platforms will be connected, similar to how different websites can be accessed through one browser on the internet.
Neal Stephenson introduced the concept in his science-fiction novel Snow Crash. Though it was once fiction to think about a metaverse, it is now becoming increasingly clear that it could be a reality in the near future.
There will be augmented reality driving the metaverse, with each user controlling a character or avatar on the metaverse. Imagine you are in your virtual office taking a mixed reality meeting with an Oculus VR headset, then finishing up work and relaxing with a blockchain-based game, before managing your crypto portfolio and finances within the metaverse.
The metaverse has already started to show up in some existing virtual worlds for video games. Second Life, Fortnite, and social networking tools like Gather.town bring our lives together into an online virtual world. While these are not the metaverse, they have many of the same characteristics. However, the metaverse does not exist yet.
A metaverse will not only support gaming and social media, but will also integrate economies, digital identities, decentralized governance and other applications. Users are still creating and owning valuable items and currencies today as a means to maintain a united metaverse. Consequently, blockchain has the potential to be a massively influential part of the future of technology.
Why are video games linked to the metaverse?
How does crypto fit into the metaverse?
The gaming industry provides a 3D component of the metaverse, however it does not cover all aspects of a virtual world that will cover the full scope of human life. Aside from providing digital proof of ownership, cryptography can offer other key features, such as value transfer, governance, and accessibility. What does this mean exactly?
In the future, it may be possible to work, socialize, or even purchase goods in the metaverse by means of secure ways to prove ownership. The security of the transfer of these items and money within the metaverse also needs to be assured. In addition, if the metaverse is expected to play such an important role in our lives, we will also want to participate in the decision-making process.
The majority of video games already contain some basic solutions, however many developers use cryptography and the blockchain as better options. The blockchain provides a decentralized, transparent and decentralized way of dealing with significant topics; while videogames are developed in a more centralized way.
Blockchain developers also gain inspiration from video games. It is common for Decentralized Finance (DeFi) and GameFi to incorporate gaming elements. It appears that there will be enough similarities between the two worlds in the future that the two could become even more integrated in the near future. The key features of blockchain that would make it suitable for the metaverse are:
1. Digital proof of ownership:
A wallet that contains your private keys provides an instant means for you to prove ownership of activity or an asset on the blockchain by simply having access to your wallet. An example of this would be showing a detailed transcript of your transactions on the blockchain at work to demonstrate accountability when working. The use of a wallet has proven to be one of the most reliable and secure methods for establishing a digital identity and proving ownership of assets.
2. Digital collectibility:
Additionally, it is also possible to establish a piece's ownership as well as its originality and uniqueness. A metaverse that aims at incorporating more real-life activities should be able to incorporate these features. Using NFTs, we create unique objects that are impossible to copy or be forged since they are 100% unique. Blockchain technology can also allow us to represent ownership of physical objects.
3. Transfer of value:
The metaverse will need to have a means for users to trust that the transfer of value is secure. In multiplayer games, the currency is less secure than the crypto-currency on a blockchain. There is a possibility that users will spend large amounts of time in the metaverse and even earn a living there, which implies a reliable currency will be necessary.
4. Governance:
It is very important that users feel they have control over the rules of their interaction with the metaverse. The real possibility of having a vote in a company and electing a leader or a government exists in real life. There are also going to be ways of implementing fair governance for the metaverse, and blockchain has already proven to be an efficient and successful way to do so.
5. Accessibility:
On public blockchains, creating a wallet is open to everyone all over the world. Unlike a bank account, you will not be required to provide any personal information. As a result, it is one of the most accessible methods of managing finances and maintaining an online identity.
What is a metaverse job?
The metaverse, as we have previously discussed, will provide a place where all aspects of life can be combined into one place. There are already many people who work from home, and now you will be able to enter a 3D office and interact with your colleagues' avatars within the metaverse. As well as your job being employed in the metaverse, it may also provide you with an income that can be directly allocated to the metaverse. It is in fact possible to find such jobs already in a similar form.
The GameFi and play-to-earn methods are now providing people with steady income streams around the world. There is no doubt that these online jobs in the future will be great candidates for the implementation of metaverses, as they show that people are willing to spend a large part of their lives living and earning in virtual worlds. There are many play-to-earn games on the market that do not even have 3D worlds or avatars. Axie Infinity and Gods Unchained are two examples. It is, however, the fact that they would be a part of the metaverse as a way to earn money entirely through the internet that makes them a valuable part of the metaverse.
Metaverse examples
Although there is not a single, linked metaverse at this time, there are a lot of platforms and projects that are similar to the metaverse. These also typically utilize NFTs and other forms of blockchain technology.
Axie Infinity
Players in developing countries can earn a stable income playing the Axie Infinity game, which has given them an opportunity to play for free so that they can earn a living. The Smooth Love Potion (SLP) token can be obtained by either purchasing or receiving the three creatures known as Axies that can be acquired through farming. It is estimated that a person could make roughly $200 to $1000 (USD) when selling their play on the open market depending on how much they play and what the market price is.
There is no single 3D character or avatar provided by Axie Infinity, but it gives users an opportunity to operate as a metaverse-like job in the metaverse. The famous story of Filipinos utilizing it as an alternative to full-time employment and welfare benefits might be familiar to you.
Decentraland
A decentralized online environment combining cryptocurrencies, networked tokens (NFTs), and virtual property, Decentraland is what we like to call a digital world. As well as this, participants in the platform also take an active part in the governance of the platform. The NFTs are also used to represent cosmetic collectibles like other blockchain games. Also, they are used to buy LAND, which is a 16x16 meter land parcel that can be purchased in the game using the cryptocurrency MANA.
What's the future of the metaverse?
It has long been acknowledged that Facebook has been one of the loudest voices in favor of creating a unified metaverse. The Diem stablecoin project by Facebook is particularly relevant for a crypto-powered metaverse. Facebook founder Mark Zuckerberg has publicly expressed his intention to utilize a metaverse project to support remote work and enhance financial opportunities for those living in developing countries. Facebook's ownership of social media platforms, communication platforms, and crypto platforms gives it an advantage when combining them all. In addition to Microsoft, Apple, and Google, other large tech companies are also working towards the creation of a metaverse.
To further integrate NFT marketplaces with 3D virtual universes, which are part of a crypto-powered metaverse, we should explore further partnership options. On marketplaces like OpenSea and BakerySwap, NFT holders can already sell their goods from multiple sources, but there is no popular 3D platform for doing this yet. It is possible that blockchain developers might develop applications that are similar to the metaverse on a larger scale, with a larger organic user base than big tech companies.
Since video games are focused largely on 3D virtual reality, they provide the closest metaverse experience that you can currently obtain. However, this doesn't just refer to the fact that they are 3D. There are now more and more services and features in video games that are connected to other aspects of our lives. Besides hosting virtual events like concerts and meetups, the video game Roblox also hosts virtual gatherings. In the era of computers and the Internet, people are not just playing games anymore, but they use it for other things in their lives and for other activities. During Travis Scott's virtual tour in Fortnite, for instance, 12.3 million people took part in the virtual in-game music experience.