Metaverse is a permanent online 3D universe concept that combines several different virtual spaces. You can think of it as the future version of the Internet. Metaverse allows users to work, meet, play and socialize together in this 3D space. The metaverse does not exist at all, but some platforms contain elements similar to the metaverse. Video games currently offer the closest metaverse experience. Developers push the limits of games by organizing in-game events and creating virtual economies.
Although not required, cryptocurrencies can be ideal for the metaverse. Different types of utility tokens and virtual collectibles (NFTs) can be used to create a digital economy. Metaverse will also benefit from the use of crypto wallets such as Trust Wallet and Metamask. Blockchain technology can also provide a transparent and reliable governance system.
Applications such as blockchain and metaverse already exist and provide people with a living income. Axie Infinity is a money-making game and many users play it to increase their income. SecondLife and Decentraland are other examples of the successful merging of the worlds of blockchain and virtual reality applications. As we look into the future, tech giants are trying to take the lead. However, the decentralized aspect of the blockchain industry also allows small players to participate in metaverse development.
The connections between the financial, virtual, and physical worlds are becoming stronger. The devices we use to manage our lives allow us to access almost anything we want at the touch of a button. The crypto ecosystem has not escaped this either. NFTs, blockchain games, and crypto payments are no longer just for crypto geeks. They are all now readily available as part of a metaverse in development.
What is the definition of metaverse?
Metaverse is the concept of an online 3D virtual space that connects all aspects of users’ lives. It will connect multiple platforms, similar to the internet containing different websites accessed through a single browser. The concept was developed in Neil Stephenson’s science fiction novel Avalanche. However, while the idea of a metaverse was once fictional, it now looks like it could become a reality in the future.
The virtual world will be powered by augmented reality, with each user controlling a character or avatar. For example, you can use an Oculus VR headset for mixed reality meetings in a virtual office, get work done and relax in a blockchain-based gamefi, and then manage your crypto portfolio and finances within Metaverse.
You can already see some aspects of the metaverse in the traditional virtual video game world. Games like Second Life and Fortnite, or work social tools like Gather. Small towns combine many elements of our lives in the online world. These apps are not metaverses, but they are somewhat similar. The metaverse doesn’t exist yet.
In addition to supporting games or social networks, Metaverse will combine economics, digital identity, decentralized governance, and other applications. Even today, the creation of users and the ownership of valuable items and coins help develop a single, unified metaverse. All of these properties make it possible for blockchain to power this future technology.
Why are video games associated with the metaverse?
With an orib emphasis on 3D virtual reality, video games offer the closest virtual world experience to today. However, it’s not just because they are 3D. The services and functions that video games now provide can extend to other aspects of our lives. Roblox video games even host virtual events like concerts and parties. Players don’t just play games anymore; they also use it for other activities and part of their lives in “cyberspace”. For example, in the multiplayer game Fortnite, 12.3 million players took Travis Scott’s in-game virtual musical tour.
How do cryptocurrencies fit into the metaverse?
These games provide the 3D aspect of the virtual world, but they don’t cover everything one needs in a virtual world that can cover every aspect of life. Encryption can provide other key pieces needed, such as digital proof of ownership, value transfer, governance, and accessibility. But what exactly do they mean?
If in the future we all work, socialize, and even buy virtual items in virtual worlds, we will need a secure way to prove ownership. We should also feel safe transferring these items and money across the metaverse. Finally, if this is going to be such an important part of our lives, we should also hope to play a role in the decisions that take place in the metaverse. Some video games already contain some basic solutions, but many developers use crypto and blockchain as better options. Blockchain provides a decentralized and transparent way to deal with problems, while game development is more centralized.
Blockchain developers are also influenced by the gaming world. Gamification is common in Decentralized Finance (Defi) and GameFi. It seems that there will be enough similarities in the future to bring the two worlds together even more. The key aspects of a blockchain for Metaverse are:
- Digital Proof of Ownership: By having a wallet with access to your private keys, you can instantly prove ownership of activities or assets on the blockchain. For example, you can show accurate records of transactions on the blockchain while you work to show responsibility. Wallets are one of the safest and most reliable ways to establish digital identity and proof of ownership.
- Digital collectability: Just as we can identify who owns something, we can also prove that an item is original and unique. This is important for a metaverse looking to incorporate more real-life activities. With NFTs, we are able to create objects that are 100% unique and can never be fully replicated or counterfeited. Blockchain can also represent the ownership of physical objects.