The Metaverse And Why It Matters
You may have heard of the word metaverse, but what exactly is the metaverse? The word “meta” is taken from the Greek word after or beyond. “verse” means universe. Metaverse is a new wave of the virtual world-encompassing augmented reality, the internet, and virtual reality.
Metaverse, currently in the development stage, is built using blockchains and decentralized applications. Its use case can be extended beyond gaming and to a wider economy as a whole to serve its purpose in other sectors.
🔹Benefits of Metaverse and what it means for other industries?
Metaverse could potentially shape and evolve other industries such as entertainment, music, artists, and work, like meetings and chats. It would be an online world where people can game, work, and also communicate in a virtual universe.
Merging the real and virtual worlds together
🔹Entertainment
In entertainment, music artists could hold virtual concerts with holograms projected. In chats, a virtual universe could be created with artists interacting with fans and users in a virtual world.
🔹Workplaces and social environments
Facebook is investing $50million to build a metaverse where people can communicate in a virtual environment deploying the use of different devices like headsets, glasses, or wristband technology. The user will soon not just view and read on the screen in grids but be able to view content in a 3D format simulating a realistic view of being virtually present.
🔹Gaming
More well-known applications in gaming include The Sandbox, Decentraland, or Axe Infinity. The gaming industry typically involves purchases made in the games. In the new virtual world, these purchases can be made in cryptocurrency. Within the game of the virtual world, investments are made by gamers, fueling demand and supply of such investments, gamers could then “cash-out” their winnings earned from the virtual world with cryptocurrencies into the real world for fiat. Some games reward players for their time by perfecting their art of gaming which gets rewarded in cryptocurrency which can be sold in exchanges.
🔹Theme parks
Virtual theme parks could be a thing of the future. There is no limitation on the physical space, use cases, themes, populations as such of a physical theme park.
🔹What does the future hold?
The metaverse industry would impact how we interact, bringing us into a whole new realm of digital space that will bring forth positive changes in our lifestyles.
As we look on, the development of metaverses, the importance of blockchain technology, and cryptocurrencies is here to stay. The current world will be extended to a virtual world reaching unlimited possibilities.
🔹The currency of the internet and next steps
The cryptocurrency was once called the currency of the internet and it has then progressed within subdivisions like digital gold for Bitcoin. As these industries succeed we ensure access to these offerings within a variety of digital assets and more. The future is digital and we look forward to leading the way to the metaverse and beyond.
For more information on how On-Chain Custody can help you please contact us at contact@oncustodian.com.
Source content is taken from Wikipedia, Cointelegraph, Facebook transition to Meta and the BBC.
