Facebook’s rebranding to Meta and recent investments have sparked a new wave of interest in the metaverse. Since Facebook’s announcement, the term has been all over the news, memes, and social media. The most frequently asked question is, “What exactly is the metaverse?”
This article will describe the metaverse and how crypto and blockchain technologies integrate into it in simple words.
What is the metaverse?
A metaverse is essentially an extension of the physical world into a digital arena. It merges multiple virtual worlds. Users can interact in real-time and have similar experiences to what they have in the physical world. “Metaverse” is widely associated with Neal Stephenson’s 1992 dystopic, cyberpunk novel ‘Snow Crash’. Others see a more modern inspiration in Ernest Cline’s 2011 novel Ready Player One.
One might consider the metaverse to be a future version of the internet. Users will be able to collaborate, meet, game, and socialize within it. Augmented reality will power the metaverse, with each user managing a character or avatar. For example, users can hold a 3D virtual conference in a virtual office using an Oculus VR headset. They can also finish work and relax in a blockchain-based game.
Although the metaverse still does not exist in its entirety, we can find certain characteristics on various platforms. Several features are already visible in existing virtual game environments. Games like SecondLife and Fortnite are some examples. Other work socializing tools like Gather Town also combines many aspects of our lives into online worlds.
Even today, user production and ownership contribute to developing a metaverse. It enables virtual economies, digital identification, decentralized government, and other games and social media use. All these characteristics give blockchain the ability to fuel this future technology.
How do crypto and blockchain fit into the metaverse?
Blockchain technology holds the key to solving the current technology’s issues. With the advent of Web 3.0, the demand for permissionless identities, financial services, and high-speed exchange metaverses will increase. Web 3.0 makes this possible by focusing on user privacy and data ownership.
Cryptocurrencies can also become an excellent match for the metaverse. Developers can create a digital economy by using various utility tokens and virtual collectibles such as NFTs. Crypto wallets such as Trust Wallet and MetaMask would also improve the metaverse.
Existing blockchain-based, metaverse-like applications provide people with sustainable earnings. Axie Infinity is a popular play-to-earn game that helps people increase income. SecondLife and Decentraland are two more examples of how blockchain and virtual reality apps may coexist harmoniously.
The future of the metaverse
While no one can correctly anticipate the ultimate form of the metaverse, the importance of cryptocurrencies for their evolution is evident. Crypto and blockchain technology improvements will play an equally important part in shaping the metaverse’s future.
Facebook is one of the most vocal advocates of the metaverse. Microsoft, Apple, and Google are among the significant tech giants aiming to build one. Furthermore, Facebook’s ownership of social media, communications, and cryptocurrency platforms give it an excellent start in integrating all of these worlds into one.
The bottom line
While a unified metaverse is ages away, we can already see developments that may lead to its formation. Today, it appears to be another sci-fi use for blockchain technology and cryptocurrency.
It’s still unclear whether we’ll ever get to a higher stage of a metaverse. However, we may already experience metaverse-like projects and continue to embed blockchain into our daily lives in the meantime.
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