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Metaverse and “The Hype”

nxtgenvirtue

Snapshot

  • Defining Metaverse
  • NFT and Metaverse
  • Crypto and metaverse together

The word “metaverse” was first introduced by Author Neal Stephenson in his famous 1993 sci-fi novel, “Snow Crash”. At that time it was just an imagination of the author, and now it has become a reality. Recently, Facebook has pointed out its vision of using virtual reality to unite creators, commerce and communities.

Defining Metaverse

Metaverse is an online, three-dimensional concept that combines multiple virtual spaces. It is the future and will completely change the present internet, as we know it. In the metaverse the users will be able to interact, meet and play games with one another in a 3D environment.

Even though a complete metaverse is not present, there still are numerous characteristics of it that can be witnessed on several platforms, the best example being video games. In the gaming industry, there is no limit to the potential of metaverse. In terms of providing digital experience, estimated worth of metaverse could be in trillions of dollars.

NFT and Metaverse

The concept of developing a digital universe is not new; it has always been around, especially when talking about games and the internet. Virtual experiences are now becoming a real thing due to platforms like virtual reality and augmented reality, and because of the NFTs-fueled digital asset boom. With the world going online, everyone wants to have their own distinct digital identities and experiences.

Many IT experts believe metaverse to be the future as it will completely replace the current internet system that we know. Today, the internet is used to access information, for e-commerce, interact and socialize and to spend time. The metaverse is expected to provide a similar value proposition with a far better experience, the only difference being that in the metaverse the distinction between online and offline will be very difficult to notice.

It is anticipated that very soon the virtual economy will become part of the real world economy. Soon people will be able to participate in economic activities in the metaverse as they do now.

NFTs or Non-fungible tokens will be used for the generation of value. NFT in simple words is the claim of ownership over distinctive, non-interchangeable digital assets that are preserved on a blockchain. With the widespread adoption of NFTs as a possible way to exchange such items, could spur a rise in the XR (Extended Reality) ecosystem as destinations where users are able to bring their physical and digital selves together.

Various early metaverse builders like NFT artists, crypto-native firms and musicians are using virtual worlds such as Decentraland and cryptovoxels to present their work and establish communities around it.

Crypto and metaverse together

In the metaverse, crypto will provide digital proof of ownership and will also offer various components that are essential for the transfer of governance and wealth. It is essential that a secure method is implemented in the metaverse if items and money are to be transferred. A user should be able to hold the power of decision making in the metaverse.

In a few video games, some simple solutions have been implemented, but many developers are looking to implement crypto and blockchain as superior alternatives. Blockchain will offer a transparent and a decentralized approach for dealing with issues.

Cryptocurrency can be considered to be a very profitable addition to the metaverse, but not necessary. Blockchain technology will also help in developing a system of governance in the metaverse that is both reliable and transparent, as it is necessary to have a fair governance system. Blockchain and crypto have already proved themselves to be effective in this regard.

Metaverse by many is believed to have the potential to revolutionize corporate and consumer behavior. Huge investments are being made by many of the world’s largest technology companies in the development of metaverse, making it the next big thing.

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investment.

Photo by – geralt on pixabay