The metaverse is the concept of a persistent, online 3D universe that combines various different virtual spaces. You can see it as a future evolution of the internet. This environment will allow users to work, meet, play and socialize together in these 3D spaces.
The metaverse doesn’t quite exist yet, but some platforms contain some elements that come very close to this concept. Video games currently offer the closest metaverse experience to this idea. The developers have pushed their limits on what can be considered a game, by organizing in-game events and creating virtual economies within them.
While not essential in this area, cryptocurrencies can be perfect for a metaverse. They allow you to create a digital economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of wallets such as Trust Wallet and MetaMask. Furthermore, blockchain technology can provide transparent and reliable governance systems.
There are already metaverse-style applications on the blockchain, which offer people real income. Axie Infinity is a play-to-earn game that many users use to supplement their income. SecondLive and Decentraland are other examples of how to successfully mix the blockchain world and virtual reality apps.
When we look to the future, the big tech giants are trying to lead. However, the decentralized aspects of the blockchain sector are offering even the smallest players the opportunity to participate in the development of the metaverse.
The connections between the financial, virtual and physical worlds have become stronger and stronger. The devices we use to manage our lives allow us to access almost everything we want with a few simple steps. The crypto ecosystem also works the same way. NFTs, blockchain games, and crypto payments are no longer limited to cryptocurrency fanatics. They are now all readily available as part of a developing metaverse.
What is the definition of metaverse?
The metaverse is a concept of online, 3D and virtual space that connects users, in all aspects of their lives. This concept would lead to the connection of multiple platforms to each other, just like today the Internet, through a single browser, allows access to different websites.
The concept was developed in Neal Stephenson’s science fiction novel Snow Crash. However, although in the past the idea of a metaverse was only fiction, now it seems that it could become a reality in the future. The metaverse will take advantage of augmented reality, where each user will be able to control a character or an avatar. For example, you could join a mixed reality meeting using an Oculus VR headset in your virtual office, finish work and relax with a blockchain-based game, and then manage your cryptocurrency wallet and finances, all within the metaverse. You can already see some aspects of the metaverse in existing virtual game worlds. Games like Second Life and Fortnite or socialization tools in the world of work like Gather.town, bring together multiple elements of our lives in online worlds. While these applications aren’t the metaverse, they come very close. The metaverse doesn’t exist yet.
In addition to supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance and other applications. Even today, user creation coupled with ownership of valuables and money are helping to develop a single metaverse. All of these features offer the blockchain great potential to power this future technology.