Understanding The Metaverse

The first time I heard about the word “Metaverse” was when Mark Zukerberg talked about the Metaverse being the future of the internet. Later, Facebook, a company founded by Mark, rebranded to Meta which is metaverse focused.

However, the term Metaverse is still not clear to a layman. Is it a video game? Is it VR? What is it exactly?

Let’s dig in!

What is metaverse?

The word Metaverse was coined by author Stephenson in his 1992 novel called Snow Crash. He referred to the Metaverse as an all-encompassing digital world that exists parallel to the real World.

Now, let’s try to break down the word Metaverse for better understanding.

Meta in Web3 simply means a change in trend and verse is just an abbreviated form of the word universe.

So, look at it this way, Metaverse — a change in the universe; meaning that Metaverse is a universe in a virtual reality built on the blockchain.

Over the past few years, the term has been flying around and we are all curious about how it will evolve.

One can say that the Metaverse is a blend of many components of technology like virtual reality, augmented reality, and video where one can exist in a form of a digital universe. It is all based on the concept of moving our physical-world experiences into mixed reality and the goal is to develop decentralized, and immersive digital communities.

So, Metaverse is an augmented reality platform that allows users to create interactive experiences that merge the digital world with the physical world.

How to access the Metaverse?

Note that the Metaverse is an innovation that allows people around the world to meet by creating an avatar that can be personalized.

Hence, several companies are building variations of their own “Metaverse” environments built around blockchain of course but keep in mind that accessing the Metaverse is not limited to their platforms.

There are different ways one can explore the Metaverse. Some of the platforms that can be used to access the Metaverse include:

● Decentraland: is one of the better—known environments for metaverse enthusiasts.

As we know, the decentralized virtual world allows users to build, buy and sell artwork, virtual real estate as well as NFTs. Individuals can easily access the metaverse by creating their very own avatars on the platform. Decentraland also allows anyone who wishes to build their avatar to do so on their website.

● Horizon worlds: is a free online video game, enhanced by virtual reality and built for oculus by Meta. Horizon worlds is Meta’s official debut into the metaverse and it is known to allow users to interact with each other in an infinite customizable space.

● The sandbox: is known to be a community-oriented platform that allows creators, and artists to monetize their voxel gaming experiences as well as assets on the blockchain.

● Cryptovoxels: is an Ethereum blockchain-based virtual world like The sandbox and Decentraland, the virtual world of Cryptovoxels is also known to be divided into parcels of land that players can easily buy.

Unique properties of the metaverse

Now you understand the term Metaverse. Let’s dive in to learn about its unique properties and advance your knowledge.

The properties of the Metaverse serve as the critical elements for ensuring that it delivers what it promised. Therefore, you can find an interplay between Metaverse properties and the functionalities it offers.

Here’s an outline:

1. An experience: It is a platform where individuals can freely participate in activities, create content e.t.c

2. Live: The metaverse is a living experience that exists continuously for everyone in real-time.

3. A Functioning Economy: Individuals and businesses should be able to buy, sell, and be compensated for their efforts that produce value that others recognize.

4. A wide range of contributors: The metaverse is filled with experiences and content developed by many contributors.

5. Digital Avatars: Digital avatars are one of the focal elements of the Metaverse design. Users can create an avatar with personalization, thereby allowing you to take a digital form of yourself or your favorite superhero.

Blockchain and how it powers the Metaverse and Cryptocurrency

Metaverse refers to a virtual space created within the new internet using 3D technologies. The concept is related to technologies like blockchain, NFT, augmented and mixed reality, and many other innovations of recent years.

In the Metaverse, a user can do everything they do in real life but in the virtual space.

So what does blockchain have to do with the Metaverse?

Blockchain is the fundamental technology that powers both cryptocurrency and the metaverse. It is a digital ledger that records transaction data. The transactions utilize a peer-to-peer network that removes intermediaries such as banks.

The Metaverse allows people to operate in an entirely online and virtual environment, and blockchain offers a secure platform on which they operate.

Blockchain allows cryptographically secured transactions and fast confirmation of information; the Metaverse will want and require transactions to be completed on demand which the technology can help enable. This is why blockchain technology and crypto assets are an integral aspect of how VR will be deployed.

Are you still wondering what this blockchain crypto-asset stuff has to do with the Metaverse?

Let me explain better.

The blockchain is the technology that allows you to own digital products in a virtual world. Without the blockchain, the Metaverse concept is incomplete due to the shortcomings of centralized data storage.

In conclusion, the Metaverse is still developing but to actualize a fully functional Metaverse, blockchain and crypto assets will need to play a significant part in its future.