As I’m sure you already know — Facebook is now META, and in the blink of an eye, the term “metaverse” became the number one topic around the world. Since then everyone is researching NFTs, blockchain, and metaverse. Facebook’s founder Mark Zuckerberg revealed his vision is to create a digital version of everything. You can do anything you can imagine with your avatar. Meta’s metaverse will be usable with any device such as phones, computers, wearable tech, or a combination of these items. This will allow you to do anything you can imagine while in the metaverse. Sounds pretty cool right?
So what is metaverse?
Neal Stephenson coined the “metaverse” word in his 1992 novel, Snow Crash. In his book, he imagined the Metaverse as the sum of augmented and virtual realities on a “Street” through which people walk as avatars and access metaverse through terminals. Of course, since this was a long time ago, most of the technologies we have today were not present in Neal Stephenson’s “Metaverse”. In reality, the metaverse idea is older and we have been creating ideas around “metaverse” since the ’60s. So what is the difference between the metaverse and the physical world? You live in the physical world, everything you touch or interact with is in the physical world. Now close your eyes and imagine it being digital. That is pretty much the gist, that is what we call “metaverse”.
Maybe a better example is the popular game, “Sims” the game which most of us played or heard about it. Sims is just a game but imagine you are living in the “Sims” where you can attend events, talk with your neighbors, work or simply hang out. You can even use virtual products within metaverse.
Just like “Sims”, in the metaverse, you can buy real estate. Users can acquire real estate assets and use them however they want. You can build your house in the metaverse and later sell it when you need to, just like the real world. Creator economy is one of the core ideas of the metaverse, where creators can create, games, art, and more. All digital goods are tradeable on the metaverse.
Fashion icons can create their own clothing lines and help you dress your avatars, these assets will be valuable just like the real world and can be collected. There will be designers racing with each other to create the next trend.
Blockchain gaming also plays a huge role within the metaverse. You can even design your own games for people to play. Gaming will transform with the help of metaverse, blockchain gaming is only the beginning.
So how do we implement cryptos and NFTs into the metaverse?
NFTs are the key that unlocks the Metaverse.
NFTs are the unique digital data stored on the blockchain, and blockchain technology is what validates cryptos like ethereum, etc. Through NFT technology you have a certificate that validates your digital assets.
In games, we have cosmetic items such as skins. But the skins are owned by the developers in reality you don’t actually own them. For example, your fantastic Apex Legends character skin is not owned by you. Companies can even block your account and you will be left with nothing in your hands. All those hours spent to earn that skin are gone within seconds. You are at the mercy of the game developers.
But with NFTs, you can own the stuff that you actually ground for hours. This system is making you the sole owner of an item and it validates it through blockchain technology. This means the skin that you have is owned by you, you no longer rent the skin, you actually own it.
The rarity of each NFT is the main point here, which makes it much more valuable. For instance, axies are considered valuable because they are collectible. The collections can vary in price but they are all tradeable assets in the metaverse.
Gaming in Metaverse
The video-game industry is much bigger than most realize. This makes it much easier to reach a global audience. The number of gamers increases each year, with the help of blockchain technology. A portion of the gamer population is against the idea of the metaverse, but in reality, metaverse was in gaming for decades. Popular games such as Sims are a kind of Metaverse.
Gaming Industry started to look more favorably towards NFTs and there are several reasons for this.
The safety of NFTs plays a big role in this industry. Players will have proof that they are the owner of the item with the help of blockchain technology. No more same items, no more the same skins over and over again. You are the sole owner of your NFT. Even if the game shuts down, you will still own your skins.
It offers much more incentives for the companies, where they will earn a cut from each transaction. Since publishers already monetized a lot of games, we can see that they will choose blockchain as the tool to use. There is demand from both sides.
Metaverse will be in our lives very soon and with it, the world will change. Metaverse is inevitable, you just need to log on.
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