What is the metaverse?

The metaverse is a concept of a persistent online 3D universe that combines multiple different virtual spaces. You can think of this as a future version of the Internet. The metaverse will allow users to work, meet, play and socialize together in these 3D spaces.

The metaverse does not fully exist, but some platforms contain elements similar to those of a metaverse. Video games currently offer the closest metaverse experience there is. Developers have pushed the boundaries of what a game is by hosting in-game events and creating virtual economies.

Although not required, cryptocurrencies can be ideal for a metaverse. They allow to create a digital economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and Metamask. Additionally, blockchain technology can provide transparent and trustworthy governance systems.

The connections between the financial, virtual and physical worlds have become increasingly linked. The devices we use to manage our lives give us access to almost anything we want at the touch of a button. The crypto ecosystem has not escaped this either. NFTs, blockchain gaming, and crypto payments are no longer limited. Now they are all readily available as part of a developing metaverse.

The metaverse is a concept of an online 3D virtual space that connects users in all aspects of their lives. It would connect multiple platforms, similar to the Internet containing different websites accessible through a single browser. The concept was developed in Neal Stepheson's science fiction novel Snow Crash. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future.

The metaverse will be powered by augmented reality, with each user controlling a character or avatar. For example, you can take a mixed reality meeting with a virtual reality headset, in your virtual office, finish work and relax in a blockchain-based game, then manage your crypto portfolio and finances all within the metaverse.

In addition to supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, creating users and owning valuable items and coins help develop a single, cohesive metaverse. All of these features give blockchain the potential to power this future technology.

Why are video games linked to the metaverse?

Due to the emphasis on 3D virtual reality, video games offer the closest metaverse experience today. However, this point is not only because they are 3D. Video games now offer services and features that carry over to other aspects of our lives. The Roblox video game even hosts virtual events like concerts and gatherings. Gamers no longer just play the game; they also use it for other activities and parts of their lives in 'cyberspace.' For example, in the multiplayer game Fortnite, 12.3 million players participated in Travis Scott's virtual music tour within the game.

How do cryptocurrencies fit into the metaverse?

Games provide the 3D aspect of the metaverse, but they don't cover everything that is needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts needed, such as digital proof of ownership, transfer of value, governance, and accessibility.

If we all work, socialize, and even buy virtual items in the metaverse in the future, we'd need a secure way to prove ownership. We must also feel safe transferring these items and money around the metaverse. Finally, we should also want to play a role in the decision-making that takes place in the metaverse if this is going to be as much a part of our lives.

Jobs in the metaverse

As we mentioned, the metaverse will combine all aspects of real life in one place. While many people already work at home, in the metaverse you will be able to enter a 3D office and interact with the avatars of your colleagues. Your work may also be related to the metaverse and provide you with income directly usable in the metaverse.

Examples of Metaverses::

As we mentioned, the metaverse will combine all aspects of real life in one place. While many people already work at home, in the metaverse you will be able to enter a 3D office and interact with the avatars of your colleagues. Your work may also be related to the metaverse and provide you with income directly usable in the metaverse.

1) Second Live: It is a 3D virtual environment where users control avatars to socialize, learn and do business. The project also has an NFT marketplace for trading collectibles.

2) Decentraland: It is an online digital world that combines social elements with cryptocurrencies, NFTs and virtual real estate. Apart from this, the players also take the active role in the governance of the platform. Like other blockchain games, NFTs are used to represent cosmetic collectibles. They are also used for LANDs, 16x16 meter plots of land that users can purchase in-game with the MANA cryptocurrency. The combination of all these creates a complex crypto-economy.

What is the future of the metaverse?

Facebook is one of the strongest voices for creating a unified metaverse. Mark Zuckerberg has explicitly mentioned his plans to use a metaverse project to support remote work and improve financial opportunities for people in developing countries. Facebook's ownership of social media, communication, and crypto platforms gives it a head start by combining all these worlds into one. Other big tech companies are also aiming to create a metaverse, such as Microsoft, Apple and Google.

While a single, united metaverse is likely a long way off, we can already see developments that may lead to its creation. It seems to be another sci-fi use case for blockchain technology and cryptocurrencies. It's not certain if we'll ever really get to the point of a metaverse. But in the meantime, we can already experiment with metaverse-like projects and continue to integrate blockchain more into our daily lives.