Metaverse, Dream or Reality?

Updated on 1 September, 2022 5:26 PM
1 min read

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    What is Metaverse?

    The metaverse is an idea for a sustained, digital, 3D universe that incorporates many virtual worlds. It is comparable to an extremely far-off version of the internet. Users will be able to collaborate, interact, mingle, and play within these 3D places thanks to the metaverse.

    The economic, digital, and real worlds are becoming more and more intertwined. We have instant access to practically anything we desire thanks to the technologies we use to run our lives. This also applies to the crypto environment. NFTs, blockchain gaming, and cryptocurrency payments are no longer only for crypto nerds. As a part of an evolving metaverse, they are all currently easily accessible.


    Origin of the Metaverse

    The idea was developed in Neal Stephenson's science fiction book ‘Snow Crash’. Characters might travel to Stevenson's metaverse, a virtual world, to get away from their oppressive reality. Although the concept of a metaverse was long considered to be a myth, it now appears that it might become a reality in the near future.

    Although the metaverse isn't entirely realised, certain systems include components that are similar to it. At the moment, playing video games offers the nearest metaverse experience possible. Through the holding of in-game occasions and the development of virtual economies, developers have expanded the definition of a game.


    How will the Metaverse Function?

    Augmented reality will power the metaverse, with each user in charge of a persona or avatar. You could, for instance, carry on with your daily work and also walkthrough in a blockchain-based game while wearing a VR headset such as Meta Oculus Quest 2 in your remote workforce.Users can also have a mixed reality conference there, and manage their cryptocurrency portfolio and money all inside the metaverse.

    Cryptocurrencies can be a perfect fit for a metaverse, however, they are not necessary. They enable the development of a digital economy with various utility token kinds and digital valuables (NFTs).

    The metaverse will incorporate economies, digital identities, decentralised government, and other applications in addition to enabling gaming and social media. Even today, user-created valued assets and currency ownership contribute to the formation of a single, unified metaverse. These attributes give blockchain the capability to power this emerging technology.

    Additionally, blockchain technology can offer dependable and transparent governance structures.


    Role of Crypto in Metaverse

    Crypto can provide essential elements of the metaverse including digital ownership verification, value transfer, governance, and accessibility.

    We'll need a safe means to prove ownership if we ever work, interact, or even buy virtual goods in the metaverse. We also need to secure our transfers which we will conduct here and also be cautious about what decisions we take while being inside the metaverse.

    Blockchain offers a decentralised and transparent method of addressing the issues. The main blockchain features that make sense for the metaverse are; Digital ownership documentation, using cryptocurrency as a means of transfer in the meta world, using NFTs to create objects inside the digital world, using blockchain as means of governance, and opening easily accessible crypto wallets.


    Examples of Metaverse Applications

    Some famous metaverse is:

    Axie Infinity

    Axie Infinity is a play-to-earn game that has given players a chance to earn money even while enjoying a regular mobile game. If you haven't already, read more about what is Axie Infinity and how can you play it


    Users manage avatars in SecondLive, a 3D virtual world where they can meet new players, learn about the world, and also do business. An NFT marketplace is also available for trading collectibles through the initiative.


    What does the future hold for the metaverse?

    Facebook, spearheaded by Mark Zuckerberg, is one of the most outspoken supporters of a single metaverse. Zuckerberg has made it plain that he wants to use a metaverse project to make it easier for individuals to work from home and give them possibilities to earn money. Due to Facebook's Diem virtual currency project, this is very intriguing for a crypto-powered metaverse. Microsoft, Apple, and Google are just a few of the other major IT firms aiming to build a metaverse.

    We can already witness trends that may result in the construction of a single, united metaverse, even though this is probably a long way off. It appears to be yet another fascinating use for cryptocurrency and blockchain technology.

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