Crypto In The Metaverse
The metaverse has been hyped as the next big thing after the internet. With humans relying greatly on the internet, it’s no surprise the metaverse is coming.
The virtual environment that the metaverse brings forth is expected to change how we live, communicate and do business. For instance, physical travel will be gradually replaced by communications in the metaverse, which is cost-effective.
The Impact Of Crypto In The Metaverse
The crypto space is perhaps one of the biggest proponents of the metaverse. With blockchain technology as the cornerstone of this virtual space, it’s not hard to understand why crypto has such big stakes in the metaverse.
Everything you do in the metaverse is expected to be a reflection of what’s done in the real world, or close enough. You can conduct transactions, collaborate with businesses, indulge in entertaining events, and more. Payments are made possible using cryptos, which points to how significant this virtual space will be for the crypto space.
Since the metaverse is a decentralized virtual environment, the current big players in the real world are less likely to reap off users and small players. Again, cryptos will be used to vote on proposals in the metaverse. One’s holding will decide his/her voting power.
Cryptos can be used to purchase lands, properties, and event tickets in the metaverse. As the adoption of this virtual reality heightens, the valuation of properties in the metaverse goes up. It’s the one reason why big players are buying lands on Decentraland and the Sandbox.
Web 3.0, the third installment of the internet is coming. This will create an interactive internet that’s totally decentralized. Nothing supports the prospects of the metaverse like Web3. That virtual environment might be powered by blockchain, but it’s web3 pulling the strings.
Forget the naysayers, web3 will revolutionize how we use the internet, and it’s certain to be quite engaging. At the base of web3 is the data economy since this installment of the internet relies on data to flourish.
Blockchains like HALO Network are providing the necessities for dapps that support the data economy. BAT Protocol (BATPL) is one such project that’s relishing the collaboration with HALO Network.
Where DeFi And GameFi come In
DeFi and GameFi have their place in the metaverse. Financial disruption, which is what DeFi stands for, is an integral component of the metaverse, so decentralized finance is playing a major role in that virtual environment.
One of the few blockchains with the right DeFi-centric infrastructure is HALO Network. The public chain has several ecosystems in place, which are all geared towards making DeFi dapps feel at home. From its innovative decentralized exchange HOSWAP to the HALO Bridge and HALO Oracle, etc. HALO Network has all it takes to become the home of decentralized finance.
DeFi applications are expected to serve as the digital banks of the metaverse. Though we will see existing financial outfits make an entry into this virtual environment, they might not be the centerpiece of the metaverse compared to the real world.
GameFi, one of the latest sensations of the crypto space, will feature in the metaverse. You can go into the metaverse to play games, but the pleasant twist is you get to earn in the process. There will be tournaments amongst players, which will see winners take home highly valuable prices.
Just like the financial world, the gaming industry is being disrupted, and the result is that users will have the opportunity to make a living from playing games.
HALO Network already has a working GameFi, Cosmic which is made possible, thanks to the collaboration of NebuDAO. The play2earn game has received accolades from various groups in the crypto space and beyond. Frankly, the Cosmic NFTs were sold out within minutes of the sale — a situation that alludes to the massive interest in the play2earn game.
The Role Of DAOs
DAOs like NebuDAO are certain to shape the metaverse in more ways than we can imagine. Being a decentralized virtual environment, the metaverse is all about giving the average user the opportunity to make an impact — and DAOs play that role.
By being a part of a DAO, members can have a say in the running of protocols, dapps, and more. For instance, NebuDAO allows members to decide how its recently launched GameFi, Cosmic works including the accepted in-game tokens and other changes being made.
Members of a DAO can vote on proposals to decide if they become binding on the project. If there’s one thing that separates a DAO from other supposed community-run projects, it’s the way proposals are enacted and debated.
DAOs will allow more people to dictate how virtual entities are being run in the metaverse. These decentralized autonomous organizations tend to provide a more affordable route for most investors to own a piece of a company.
The metaverse has gone beyond just an idea. More people are beginning to see the potential of the virtual space in bridging the gap between the haves and the have-nots. Crypto will play a significant role in the metaverse, just like blockchains and dapps.
HALO Network has continued to support the propagation of the metaverse. Cosmic, a play2earn game, is the public chain’s latest move in that regard. The public chain has a lot in the pipeline as part of plans to see the evolution of the metaverse.