The concept of the metaverse has finally come out of the fictional world of books like Neuromancer and The Matrix to become a reality.
The word Metaverse is made by combining “Meta” and “Verse”. “Meta” means beyond, and “Verse” means the universe. Metaverse is the technology that takes us to another level of existence and gives us a great virtual reality experience.
By using the metaverse, we can meet other people and interact with virtual things which are beyond our reach in the physical world. Metaverse is capable of providing us with an immersive experience, and it can help us collaborate and interact with others.
Most of the applications of the metaverse revolve around the gaming industry these days. However, there are other potential uses, like virtual events, e-shops, investments, workplace tools, and social media platforms which can be hosted in the metaverse.
The true potential of the metaverse can only be unlocked with NFTs or Non-Fungible Tokens. These tokens are used to give rights to digital property owners. NFTs are used as proof of ownership by the people invested in the metaverse.
Users can also use their NFTs in buying and selling assets, in virtual travel, and attending virtual conferences. The metaverse crypto is used to provide liquidity in different metaverse platforms. Just like any other PoS cryptocurrency, it offers staking and rewards and even charges blockchain fees.
Cryptocurrencies can be used by metaverse developers to create their virtual economies in games and several other applications.
If you’re an investor looking to find the perfect time to invest in the metaverse, now is your best chance to do so. You can start investing in the metaverse and NFTs to start the process.
Introduction to the Metaverse
Metaverse is being marketed as the next version of the internet. However, instead of providing original information like the internet, the metaverse will offer its users a fully immersive experience. Users can access the metaverse by going through VR (Virtual Reality).
Instead of using a computer screen to utilize the content, users have to use a VR headset in combination with various sensors and proprietary technology to move around in the metaverse, just like they do in the real world. The metaverse allows its users to interact with one another and even do certain tasks in exchange for rewards.
The metaverse is not owned by a single entity or company, but companies and users from around the globe can freely interact with the metaverse and use it for their good. Moreover, just like the decentralized system in the case of cryptocurrencies and blockchain technology, the metaverse will also be unregulated.
Instead, the metaverse will be controlled by the underlying blockchain technology, which will keep its users safe from fraud and data breaches. The metaverse economy will use cryptocurrencies for monetary transactions.
Although most of the potential of the metaverse is still only in the form of concepts, different industries like gaming are trying hard to explore the potential of this technology. Since the technology is still new, it offers the early birds great success opportunities. The diverse features of the metaverse allow people and companies to offer new products and enhanced capabilities.
Companies like Facebook (now Meta) are already trying their best to develop the metaverse and take it to the next level. The adoption rate is forecasted to accelerate in the upcoming years as more people get attached to the virtual world through various industries.
Just like blockchain technology, the metaverse can’t be controlled by a single company or government. Users have the ultimate power to do whatever they want to without the fear of regulations.
If the metaverse has to grow, it must keep its focus on the development and empowerment of its users, who make the new technology stronger and more popular with every passing day.
Use Cases of the Metaverse
The original concept of the metaverse was just like that of blockchain technology. It was marketed as an escape from the real world and as the perfect way to invest your time and resources toward a connected and progressive future.
Metaverse has now evolved into a tool to connect like-minded people and to boost the industries like gaming by giving the players complete control over in-game assets, incentivizing their contribution towards the gaming community.
Metaverse allows us to create virtual experiences and participate in real-world events by interacting with other people on a large scale. VR games are even providing in-game economies which are connected to the real world and provide the players with means to build wealth just by playing games.
Users can also buy and sell virtual real estate (connected to real-world properties), cryptocurrency, and NFTs through the metaverse.
The metaverse allows people to connect without caring about the physical and geographical boundaries that exist in the world we’re living in. Users of the metaverse don’t have to restrict themselves within any geographical boundary. Users can dress up; however they want to and interact with anyone they want to without any distinction.
For example, people are finding new friends and like-minded people in the metaverse, all from the comfort of their houses.
Currently, most of the uses of the metaverse are limited to games. Other popular avenues include arts, AI, education, entertainment, and shopping, amongst various others. Users can easily use their VR headsets to visit the metaverse, use the opportunity to meet their favourite celebrities virtually, and attend their virtual concerts.
The metaverse can also be used by brands to stay one step ahead of their competition. Their customers can virtually interact with their products before actually buying them, and this can be a game changer for digital advertising.
While gaming is currently the biggest industry in the metaverse, shopping is slowly catching up. Users from around the globe are buying virtual real estate connected to properties in the real world, digital art pieces, and even digital collectibles which can be found in games. All of this is available in the form of NFTs.
However, many experts are concerned about the amount of time people can easily waste when they are in the metaverse. That is because the metaverse has become so immersive that people lose track of time when they have their VR headsets on.
Excessive use and addiction to the metaverse can cause people to lose interest and attachment to the actual world and its realities. Addicted users only take their VR headsets off when they feel the need to eat or sleep.
We are already experiencing the same addiction issue with smartphones, with every adult spending an average of 6 hours per day staring at their smartphone screen. Since the metaverse is way more immersive than smartphones, the addiction issue is predicted to get even worse in the case of VR.
As excessive usage of the metaverse can cause mental health issues, proper supervision should be provided to the metaverse users. With proper checks in place, the metaverse addiction issue can be mitigated.
Qualities of the Metaverse
Facebook or Meta is the latest entry into the virtual world. However, it isn’t the only big company to announce its interest in the metaverse; other giants like Microsoft, Epic Games, Unity, and Amazon are also investing in it. Nvidia is even creating its own Omniverse to create and support simulations in the metaverse.
Metaverse provides the user with an unlimited and never-ending experience. Its open-ended nature allows everyone to join the community and benefit from its potential.
Metaverse supports connection with real-world events. For example, you can virtually join a concert that’s also taking place in the real world. Real and virtual world synchronization provides users with an unmatched hybrid experience. By implementing cryptocurrency in the metaverse, developers have also developed the metaverse economy.
Every user can participate in the economy by using cryptocurrency. Individuals and companies can earn and invest in cryptocurrency in the metaverse. NFTs can be bought and sold in exchange for cryptocurrency. Non-Fungible Tokens can represent both the real world and digital assets.
Metaverse is said to be the next version of the internet. It combines VR, 3D technology, decentralized ledgers, NFTs, and smart contracts to enhance its functionality. The metaverse can be accessed by using several technologies and is a virtual alternative to the real world.
Cryptocurrency and the Metaverse
The key purpose of the metaverse is to seamlessly combine the virtual and physical worlds. Individuals and companies can create assets in one of these worlds and sell/ introduce them in the other one. The virtual economy is fully funded by cryptocurrencies. Users can use their cryptocurrency to buy whatever they like and do whatever they want to in the virtual world.
Every NFT is one of a kind and can’t be traded like for like with any other NFT since these tokens aren’t fungible. NFTs are used like assets in the metaverse and play an important role in the development of the virtual world.
NFTs can be used to represent digital assets, like videos, tweets, images, and in-game items which can be collected. NFTs use the blockchain to record their ownership info, and they can be traded for digital assets or cryptocurrency.
Non-fungible tokens have smart contracts working behind them. These contracts are used to automatically enforce agreements between two parties. Users can use NFTs to join exclusive and private events and to let others join their private space.
NFTs serve various purposes in the metaverse. Some users treat them as collectibles, while others keep them safe as an investment.
Blockchain technology is being cryptocurrency and the metaverse. The current internet we use on a daily basis is a centralized platform, while the metaverse is a decentralized space fully owned by people who use and access it. This is just like the concept of decentralization, which applies to cryptocurrencies.
While the metaverse is still in its early stage, blockchain technology is somewhat established. Blockchains use connected computers to store all the data and keep working. Whenever a transaction is made on the blockchain, the data is collected, compiled, and stored securely on a distributed public ledger.
Since multiple copies of the same data are saved in multiple locations, no individual can introduce any change to it. This ensures the upkeep of the decentralized and immutable nature of blockchain technology.
Blockchain technology, cryptocurrency, and the metaverse are getting closer to each other, and the applications are getting broader with every passing day.
The blockchain behind the metaverse is already huge and has over 1100 nodes across the ETH network. This makes it easier for users to transfer data from one platform to the other by enhancing portability.
When a user is in the metaverse, everything they earn or create is truly theirs. There’s no need to involve any third party to import or export their assets/ data. There are no limitations regarding physical space.
With the combination of blockchain and cryptocurrency on the metaverse, many additional functionalities can be unlocked, and users can fulfill their dreams without encountering any limitations.
NFTs aren’t only used as an asset and currency on the metaverse blockchain. These non-fungible tokens are also helping to promote the growth of the metaverse itself. Metaverse access is provided for free by many VR platforms.
However, users need to use NFTs and cryptocurrencies to buy and sell stuff and to interact with other users in the metaverse. Cryptocurrencies like ETH, APE, MANA, GALA, and others can be used as the currency of the metaverse.
By spending these tokens, users can buy digital goods like virtual real estate and virtual services. Some virtual games might also need you to spend some tokens to gain access to exclusive content.
Once you have an NFT token representing an asset in the metaverse, its own data will be permanently saved on the blockchain, and you’ll be able to trade your NFT just like the actual asset it is representing.
NFTs have become very popular, and users are using them as collectibles, and investing in the metaverse. In the end, NFTs are a reliable and modern way to own digital assets and to have your fair share in the metaverse.
Top Metaverse Companies
Meta is one of the major players in the metaverse game and is developing its metaverse named “Horizon Worlds”. The company has also developed its own VR headset, “Oculus”, which can be used to access their virtual world.
By using the headset, users can create their ID and join the 3D metaverse as a virtual character. Moreover, there are many other companies invested in the concept of the metaverse. So, let’s take a look at some other players as well.
Epic Games is one of the biggest gaming companies with the most popular gaming engine, “Unreal Engine”. Epic Games is also determined to invest in the metaverse and develop it further.
Epic Games did a $2 billion funding round in 2022 to help gamers around the globe explore the full potential of the metaverse and to help them capitalize on the opportunities provided by it.
Epic Games have also developed a blockchain-based game named “GRIT” in collaboration with Gala Games. The game will become available in the Epic Games store.
This virtual metaverse project is inspired by Minecraft. The community consists of various metaverse users, and developers can monetize 3D objects in the games. The Sandbox also has $SAND as its cryptocurrency.
The native crypto can be used by players to buy and sell NFTs and in-game assets. The Sandbox can also be used to buy virtual land, and the feature is endorsed by many celebrities and public figures.
NVIDIA is one of the leading GPU manufacturers. The company has now collaborated with Meta to work on “Omniverse”. NVIDIA’s metaverse will be capable of creating assets ready to be used in the metaverse. The platform has a free version available for artists and digital creators, which they can use to create virtual products.
Decentraland is mostly known for its connection to the 2003 game Second Life. Their Metaverse aims to help artists and digital content creators with new commercial opportunities and a medium to showcase their talent. Decentraland’s cryptocurrency is $MANA, which can be used by members to trade with one another.
Decentraland’s metaverse can be used to create and monetize games. The platform also offers buying and selling of virtual real estate.
Since the metaverse is still a relatively new concept, governments can choose to regulate the technology. Regulations must address the issues regarding taxation on the trade of digital assets in the metaverse. Regulations can also strengthen the security of the metaverse and mitigate privacy risks that everyday users might come across.
Through the metaverse, equal development opportunities can be provided to developers and creative artists regardless of their geographical location. For these reasons, it is very important to regulate the metaverse and to help create new opportunities for the masses.