Technological innovations and developments combine different aspects of the financial, virtual and physical world. We can access whatever we want on our devices with just a few clicks. The crypto and blockchain ecosystem is a unique and disruptive space. Blockchain games, NFTs, and crypto payments are all involved in developing what we call the “Metaverse”. But what is the metaverse and how does crypto fit into this concept? Let’s take a look.
The term “metaverse” is used to describe the future iteration of the Internet. It consists of persistent, shared virtual online 3D spaces that are connected to form a virtual universe. It connects multiple platforms, just like the Internet connects different websites in a single browser. The concept was originally developed in a science fiction novel Snow Crash by Neal Stephenson. It used to be a fictional idea. But with technological innovations, it could soon become a reality.
The Metaverse concept is powered by augmented reality. Some of the aspects of the metaverse can be seen in virtual video games like Second Life, Fortnite, or work socialization tools like Gather.town. They bring elements of our lives together in the online world. These applications are not the metaverse, but they are related to it.
Metaverse has not yet fully emerged, but we are beginning to see the growth of what could be the basis of a future Metaverse reality. In addition to gaming and social media, the virtual world connects, for example, national economies, decentralized governance and other applications. Valuable items and currencies can be created and developed in a single unified virtual space. Sound familiar?
Since the Metaverse concept relates to 3D virtual reality, video games offer users the next virtual experience as they offer different features that can overlap with some aspects of our lives.
For example, Roblox video games even host virtual meetings and virtual concerts. Aside from playing the game itself, players can use it for other activities and parts of their lives in cyberspace. Note that 12.3 million players took part when the multiplayer game Fortnite performed Travis Scott’s in-game virtual music tour.
Video games offer a 3D aspect to the virtual world, but that doesn’t include everything that is needed to complete a metaverse. Other important aspects of the metaverse, such as digital proof of ownership, transfer of value, accessibility, and governance, can be provided through crypto.
In order for Metaverse to fully emerge, we would have to work within an ecosystem, socialize and buy virtual items. We’d need a secure way to display property and transfer those items or funds in virtual reality. When it becomes a large part of our lives, we also want to play a role in the governance and decision-making of the ecosystem. Blockchain can offer a decentralized and transparent way to deal with topics that would be critical for a metaverse:
- Digital proof of ownership: You can instantly prove ownership of your activities and assets by owning a digital wallet. A wallet is the most secure method for digital identities and possessions.
- Digital collectability: Since the metaverse mimics real-world activity, it is important to show that an article is original and unique. With the help of NFTs, we can create 100% unique objects that cannot be copied. This concept can also be used to represent ownership of physical items in the metaverse.
- Transfer of value: A metaverse requires a secure method of transferring items and currencies. In most of today’s virtual reality platforms, in-game currencies are less secure compared to blockchain. When users make money on the Metaverse, they need a safe and reliable way to send and receive currency.
- Guide: In the real world, we have an electoral system for choosing leaders and governments. It is important to be able to control the rules of interaction in the metaverse as well. With a decentralized architecture, blockchain provides a fairground for the implementation of governance in the Metaverse. Blockchain has already proven itself to implement fair governance.
- Interoperability: Blockchain technology improves compatibility between different platforms. Crypto projects like Polkadot (DOT) and Avalanche (AVAX) allow users to create interactive custom blockchains. Blockchain has the potential to create a single metaverse that can connect multiple virtual environments.
One of the loudest voices of today’s generation that supports a unified metaverse is Facebook. CEO Mark Zuckerberg has announced plans to develop a Metaverse project. The project will support remote work and improve financial opportunities for people in developing countries by combining aspects of social media, communication and cryptocurrency. This would be aided by the platform’s evolving stablecoin, Diem, which could prove to be the ruling cryptocurrency in such an environment. Other big tech companies like Microsoft, Google, and Apple are also targeting the creation of Metaverse.
The next step in creating a unified virtual space would be the integration of NFT marketplaces and virtual 3D worlds. While users can sell their goods on multiple NFT marketplaces like OpenSea, there is currently no popular 3D platform. This could change soon; It’s not impossible to develop metaverse-related applications for blockchain programmers.
Although it can take several years to establish a uniform metaverse, we can already observe the developments that may lead to its creation. Video game platforms like Fortnite and Roblox offer users a virtual experience as blockchain technology is increasingly connected to our everyday lives. These technologies will only continue to grow.