Metaverse is a persistent, online, 3D concept that combines many different visual spaces. You can think of it as a future Internet duplication. The metaverse will allow users to work, interact, play, and interact together in these 3D spaces.
Metaverse is not complete, but some fields contain elements similar to the metaverse. Video games currently provide an immersive metaverse experience provided. Engineers have pushed the boundaries of what a game is by hosting in-game events and creating a tangible economy.
Although not required, cryptocurrencies can be well matched to the metaverse. They allow you to create a digital economy with different types of resource tokens and visual collections (NFTs). Metaverse will also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. Also, blockchain technology can provide transparent and reliable governance systems.
What is the meaning of metaverse?
Metaverse is an online concept, 3D, a visual space that connects users to all aspects of their lives. It will connect multiple forums, such as the Internet which contains various websites accessible through a single browser.
Neal Stephenson developed this idea in his science fiction novel Snow Crash. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future
What is the purpose of the metaverse?
Metaverse, as a concept, is not very easy to define, if only because of how seemingly infinite it seems. This means that its general purpose can be defined individually – not just for the company or group of people it creates, but also for each user.
The general purpose of the metaverse is to communicate with others through the visible, shared space. Whether for work, self-improvement, or just for fun. The metaverse exists to break the boundaries of reality and distance, to connect people from all over the world.
Allowing users, who are exposed to their avatars, to engage with the rest of the world without giving them any explicit terms allows for greater freedom of choice. This is also where Meta is built for its great exposure -the fact that in the metaverse, you can essentially do just about anything you want.
Why are video games linked to the metaverse?
Because of the emphasis on 3D virtual reality, video games offer the closest metaverse experience currently. This point isn’t just because they are 3D, though. Video games now offer services and features that cross over into other aspects of our lives. The video game Roblox even hosts virtual events like concerts and meetups. Players don’t just play the game anymore; they also use it for other activities and parts of their lives in “cyberspace”. For example, in the multiplayer game Fortnite, 12.3 million players took part in Travis Scott’s virtual in-game music tour.
What’s the difference between VR and AR?
Virtual reality (VR): VR is an immersive experience where one puts on a headset and sees, and can operate within, a digital world. VR currently uses full headsets rather than glasses, immersing the user in a 360° virtual world that they can move around in—as long as they don’t bump into physical walls.
Augmented reality (AR): AR is a digital overlay projected on the real world. Think of Niantic’s Pokemon Go, Snapchat’s dancing hot dog, or even wearables like Google Glass. While Google Glass never took off, we could soon be peering through AR-connected glasses like Facebook’s Ray-Ban Stories or Snapchat Spectacles.
Mixed reality (MR): Mixed reality incorporates elements of VR and AR, but the exact definition is murky. A person can interact with virtual and real-world objects, and virtual objects can interact with real-world ones. For example, the Snapchat hot dog can dance across a table without falling off the edges.
Extended reality (XR): Extended reality is a catch-all term for VR, AR, and MR, concepts that often overlap. Eventually, the lines between VR, AR, and MR might blur as the metaverse becomes a reality—making XR a more appropriate term.
Metaverse Meaning: A Futuristic Retail Example
In practice, the metaverse will exist when a user can enter a huge virtual shopping mall that can be experienced by as many people as the virtual space can fit, purchase a unique digital item and many more.
Some may say, wait a minute; I have seen this movie.
The movie Ready Player One was first a book written by Ernest Cline and published by Random House in 2011. It was directed by Steven Spielberg and might be the best visual example we have currently of what the metaverse could conceptually look like.
The movie, however, has some fundamental differences from expert views of the soon-to-come metaverse, including that there is only one major platform in the movie, the Oasis, that makes up the metaverse created by the fictional game company Gregarious Games. Another major difference is the primary use of VR hardware to interact in the movie’s version of the metaverse, as some experts believe that VR will have less overall use when compared to AR hardware (not emphasized in the movie).
How does crypto fit into the metaverse?
Games offer a 3D metaverse feature but do not include everything needed in the visual world that can cover all aspects of life. Crypto can provide some of the most important components needed, such as digital proof of ownership, transfer, dominance, and accessibility. But what do these really mean?
If in the future, we work, associate with people, and even buy material from the metaverse, we need a secure way to express ownership. We also need to feel safe to transfer these items and money near the metaverse. Finally, we will also want to participate in decision-making that takes place in the metering if it is to be such a big part of our lives.
Some video games contain basic solutions, but many developers use crypto and blockchain as the best option. Blockchain provides a separate and transparent way to deal with topics, while video-game development is put in one place.
Blockchain developers are also taking over the world of video games. Gamification performance is common in Decentralized Finance (Defi) and GameFi. It seems that there will be enough similarities in the future that the two worlds may be even more united. Key blockchain features that are relevant to the metaverse are:
- Digital proof of ownership: By having a wallet that can access your private keys, you can instantly prove ownership of a job or property in the blockchain. For example, you can display a direct text of your activities in the blockchain while you are at work to show accountability. The wallet is one of the safest and most secure ways to establish digital identity and proof of ownership.
- Digital Collection: Just as we can determine who owns something, we can also show that something is original and unique. For a metaverse that seeks to integrate real-life activities, this is important. With NFTs, we can create things that are 100% different and that can never be copied directly or forged. The blockchain can also represent the ownership of tangible objects.
- Value transfer: The metaverse will require a secure transfer method that users trust. In-game currencies in multiplayer games are less secure than crypto in the blockchain. If users spend a lot of time in the metaverse and earn money there, they will need a reliable currency.
- Management: The ability to control the rules of your metaverse interaction should also be important to users. In real life, we can have the right to vote in companies and elect leaders and governments. Metaverse will also need ways to exercise good governance, and the blockchain is already a proven way to do this.
- Accessibility: Creating a fund is open to anyone around the world on social blockchains. Unlike a bank account, you do not have to pay any money or provide any details. This makes it one of the most accessible financial and online management systems, digital identity.
- Interoperability: Blockchain technology continuously improves interoperability between different platforms. Projects like Polkadot (DOT) and Avalanche (AVAX) allow for the creation of custom blockchains that can work together. One metaverse will need to connect multiple projects, and blockchain technology already has solutions for this.
What’s the future of the metaverse?
Facebook is one of the most vocal voices in the formation of a cohesive metaverse. This is especially interesting with the crypto-powered metaverse thanks to Diem stablecoin’s Facebook project. Mark Zuckerberg has made clear his plans to use the metaverse project to support long-distance work and improve financial opportunities for people in developing countries. Facebook’s ownership of communications, communications, and crypto forums provides a good start in uniting all these worlds into one. Other major technology companies are also focusing on metaverse development, including Microsoft, Apple, and Google.
Speaking of crypto-powered metaverse, further integration between NFT markets and 3D virtual universities seems to be the next step. NFT owners may already be able to sell their wares at multiple sources in markets such as OpenSea and BakerySwap, but there is still no popular 3D platform for this. To a large extent, blockchain developers may develop popular applications such as metaverse with biological users rather than the giant tech giant.
The Metaverse – Closing thoughts
The metaverse seems full of promise with a load of useful uses. However, it is a huge project that requires a huge investment but also years of research (between 10 and 15 years according to Zuckerberg). The development of new technologies will also be necessary as well as the creation of numerous standards and protocols to make everything work.
However, it’s also a real opportunity for the cryptocurrency and blockchain world to provide sustainable solutions to the metaverse, and tries to limit the monopolisation of the metaverse by a few large centralised multinationals. An additional big challenge will be the ability of the players in the sector to generate mass adoption through real value-added services for individuals and companies.