The metaverse is a persistent, online, three-dimensional universe that combines multiple virtual spaces. It can be compared to a future version of the internet. Users will be able to collaborate, meet, play games, and socialize in these 3D spaces.

Although the metaverse does not yet exist in its entirety, metaverse-like elements can be found on some platforms. At the moment, video games offer the closest metaverse experience available. By hosting in-game events and creating virtual economies, developers have pushed the boundaries of what a game can be.

Cryptocurrencies, while not required, can be a great fit for a metaverse. They enable the creation of a digital economy based on various utility tokens and virtual collectibles (NFTs). The use of crypto wallets like Trust Wallet and MetaMask would also benefit the metaverse. Furthermore, blockchain technology can be used to create transparent and trustworthy governance systems.

Existing blockchain-based, metaverse-like applications provide people with livable incomes. Many users use Axie Infinity as a play-to-earn game to supplement their income. Other successful examples of combining the blockchain world with virtual reality apps include SecondLive and Decentraland.

Big tech behemoths are attempting to pave the way for the future. The decentralized nature of the blockchain industry, on the other hand, allows smaller players to participate in the metaverse’s development.

The financial, virtual, and physical worlds are all becoming increasingly intertwined. At the touch of a button, the devices we use to manage our lives give us access to almost anything we want. This has also affected the crypto ecosystem. NFTs, blockchain games, and crypto payments are no longer exclusive to crypto enthusiasts. As part of a growing metaverse, they’re now all readily available.

What is the meaning of the term “metaverse”?

The “metaverse” is a concept for an online, 3D, virtual space that connects users from all walks of life. It would connect a lot of different things, like how the internet connects a lot of different websites through a single browser.

The concept was developed in Neal Stephenson’s science-fiction novel Snow Crash. While the idea of a metaverse was once thought to be science fiction, it now looks like it could be a real thing in the future.

Augmented reality will power the metaverse, with each user controlling a character or avatar. Take a mixed reality meeting in your virtual office with an Oculus VR headset, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all from within the metaverse.

Some aspects of the metaverse can already be seen in virtual video game worlds. Games like Second Life and Fortnite, as well as work socialization tools like Gather, are examples of this. Multiple aspects of our lives are brought together in online worlds by town. These applications aren’t quite the same as the metaverse, but they’re close. The metaverse does not yet exist.

The metaverse will combine economies, digital identity, decentralized governance, and other applications, in addition to gaming and social media. Even today, user-created valuable items and currencies aid in the development of a single, united metaverse. All of these characteristics make blockchain a viable candidate for powering this future technology.

What is the connection between video games and the metaverse?

Video games currently provide the closest metaverse experience due to the emphasis on 3D virtual reality. This isn’t just due to the fact that they’re 3D. Video games now include services and features that are applicable to other areas of our lives. Roblox is a video game that hosts virtual events such as concerts and meetups. Players no longer just play the game; they also use it in “cyberspace” for other activities and aspects of their lives. For example, Travis Scott’s virtual in-game music tour drew 12.3 million players in the multiplayer game Fortnite.

What role does cryptocurrency play in the metaverse?

Gaming provides the 3D aspect of the metaverse, but it falls short of meeting all of the requirements for a virtual world that can encompass all aspects of life. Other essential components, such as digital proof of ownership, value transfer, governance, and accessibility, can be provided by crypto. But what exactly do these terms imply?

If we work, socialize, and even buy virtual items in the metaverse in the future, we’ll need a secure way to prove ownership. We must also feel secure when moving these objects and money around the metaverse. Finally, if the metaverse becomes such an important part of our lives, we will want to participate in the decision-making process.

Although some video games already have some basic solutions, many developers prefer to use cryptography and blockchain as a better alternative. While video game development is more centralized, blockchain technology provides a decentralized and transparent way of dealing with the topics.

Blockchain developers are influenced by the video game industry as well. In Decentralized Finance (DeFi) and GameFi, gamification is common. There appear to be enough similarities between the two worlds in the future for them to become even more integrated. The following are the key aspects of blockchain that make it suitable for the metaverse:

1. Digital proof of ownership: If you have a wallet and access to your private keys, you can instantly prove ownership of a blockchain activity or asset. To demonstrate accountability, you could, for example, show an exact transcript of your transactions on the blockchain while at work. This is one of the best ways to get a digital identity and show that you own something. A wallet is one of the safest and most reliable ways.
2. Digital collectibility: We can show that an item is original and unique, just as we can show who owns it. This is critical for a metaverse that wants to incorporate more real-world activities. Using NFTs, we can create objects that are completely unique and cannot be duplicated or forged. A blockchain can also be used to represent physical property ownership.
3. Value transfer: A metaverse will require a secure method of transferring value that users can trust. Multiplayer game in-game currencies are less secure than crypto on a blockchain. Users will require a reliable currency if they spend a significant amount of time in the metaverse and even earn money there.
4. Governance: Users should be able to control the rules that govern their interactions with the metaverse. In the real world, we can vote for corporations and elect leaders and governments. Fair governance will be required in the metaverse, and blockchain is already a proven method of doing so.
5. Accessibility: Anyone in the world can create a wallet on a public blockchain. You do not need to pay any money or provide any information, unlike a bank account. As a result, it’s one of the easiest ways to manage finances and a digital identity online.
6. Interoperability: Blockchain technology is improving the compatibility of different platforms all the time. Polkadot (DOT) and Avalanche (AVAX) are two projects that allow you to create custom blockchains that can interact with each other. Multiple projects will need to be linked together in a single metaverse, and blockchain technology already has solutions for this.

What does a metaverse job entail?

As previously stated, the metaverse will bring all aspects of life together in one place. While many people already work from home, you will be able to enter a 3D office and interact with your coworkers’ avatars in the metaverse. Your job could also be metaverse-related, allowing you to earn money that you can use in the metaverse. In fact, jobs of this nature already exist in some form.

People all over the world can now earn a consistent income from GameFi and other play-to-earn models. These online jobs are excellent candidates for future metaverse implementation because they demonstrate that people are willing to spend time living and working in virtual worlds. Axie Infinity and Gods Unchained are two examples of play-to-earn games that lack 3D worlds and avatars. It is the principle, however, that they could be a part of the metaverse as a way to make money entirely online.

Exercising the Metaverse

While there isn’t yet a single, connected metaverse, there are numerous platforms and projects that are similar to the metaverse. NFTs and other blockchain elements are usually included in these. Consider the following three scenarios:

SecondLive

SecondLive is a 3D virtual environment where users can socialize, learn, and conduct business by controlling avatars. A NFT marketplace for swapping collectibles is also part of the project. As part of its first anniversary, SecondLive will host Binance Smart Chain’s Harvest Festival in September 2020. The virtual expo let people look at and interact with projects in the BSC ecosystem.

Axie Infinity

Axie Infinity is a play-to-earn game that has allowed players in developing countries to earn a steady income. A player can begin farming the Smooth Love Potion (SLP) token by purchasing or receiving three creatures known as Axies. Someone could make anywhere from $200 to $1000 (USD) if they sold their tickets on the open market, depending on how much they played and the market price.

While Axie Infinity does not offer a single 3D character or avatar, it does allow users to work in a metaverse-like environment. You may have heard the famous story about Filipinos using it as a substitute for full-time work or welfare.

Decentraland

Decentraland is a virtual world that combines social elements, cryptocurrencies, and non-fungible tokens with virtual real estate. Furthermore, players participate actively in the platform’s governance. NFTs are used to represent NFTs, as they are in other blockchain games. They’re also used for LAND, which are 16×16 meter land parcels that players can buy with MANA in the game. All of these factors combine to form a complex crypto-economy.

What does the metaverse’s future hold?

One of the most outspoken proponents of a unified metaverse is Facebook. Due to Facebook’s Diem stablecoin project, this is particularly interesting for a crypto-powered metaverse. Mark Zuckerberg has stated openly that he intends to use a metaverse project to support remote work and increase financial opportunities for people in developing countries. Facebook’s ownership of social media, communication, and cryptocurrency platforms puts it in a good position to merge these worlds. Microsoft, Apple, and Google are among the other large tech companies pursuing the creation of a metaverse.

Further integration between NFT marketplaces and 3D virtual universes appears to be the next step in a crypto-powered metaverse. NFT holders can already sell their goods on marketplaces such as OpenSea and BakerySwap, but there isn’t yet a widely used 3D platform for this. On a bigger scale, blockchain developers may be able to make popular metaverse-like apps that have more organic users than a big tech company.

Final Thoughts

While a unified metaverse is likely a long way off, we can already see trends that could lead to its creation. Another sci-fi application for blockchain technology and cryptocurrencies appears to be in the works. It’s unclear whether we’ll ever truly arrive in a metaverse. However, we can already get involved in metaverse-like projects and keep using blockchain in our daily lives while we wait for the metaverse to be ready.