You must have heard this word floating all over the internet since Facebook CEO mark Zukerberk announced its own Metaverse . the word “Metaverse” was coined by Neal Stephenson from the sci-fi novel Snow crash. Stephenson explained metaverse as a digital world which exist parallel to real world.
For better understanding “Metaverse is a 3D version of the Internet“. If you ever have experienced virtual reality games you might get better understanding . Watch movie Ready Player one you will get it.
Experts explains metaverse as a place parallel to the physical world , where you spend your digital life . a place where you can create your own digital character known as avatar and interact with other through their avatar .Mark Zukerberg recently made the term famous when he changed his company’s name from facebook to meta and he also showed new version of the metaverse and his avatar .
Metaverse was accessed by virtual reality goggles , but today some metaverse already exists in games like Minicraft , fortnite and Roblox. you can do many things like video call , play games , chats .
Beside supporting gaming or social media , the metaverse will combine economics , digital identity , decentralised governance and other applications All these features provide the blockvhain the potential to power this future technology.
Why are video Games linked ?
Gaming provide 3d aspect of the metaverse . Games offers closest metaverse experience currently.
Video games also hosts events like concerts and meetups . Player just don’t play games anymore .they also use it for other activities and part of their lives in virtual world .
Use of crypto in metaverse
Crypto provide Digital proof of the ownership , transfer of values , governance and values . In the virtual world when we have to purchase items in the metaverse . we need secure way of showing ownership. and also feel safe while transferring items and money around the metaverse.
Blockchain developers also takes influence from the video world game too. Gamificaion is common in Decentralised Finance (DeFi) and Gamefi .
The key aspect of blockchain suited to the metaverse are:
- Digital Proof ownership : By showing a wallet with access to your private key . you can easily prove ownership of an asset on the blockchain. for example show transcript of transection on the blockchain . A wallet is most secure method for establishing a digital identity and proof of ownership.
- Digital collectivity : We can also show that items collected is original and unique . Through NFTs we can create unique items and can never be copies or forged exactly . A blockchain can also represent ownership of physical items .
- Governence : Ability to control activities in metaverse and also important for users. In real life ew can have voting rights and can elect our leaders and governments .
- Acessability : Creating a simple wallet around the world on a public blockchain. Unlike a bank account, you don’t to provide personal information.This makes it one of the most efficient way to manage finances and an online, digital identity.
We don’t have yet complete metaverse but we have plenty of platforms similar to metaverse . Typically these are also incomplete NFTs and other blockchain elements . Lets have a look at few ow them .
Decentraland is an online , digital world that combines social elements with cryptocurrencies , NFTs and virtual real estate assets . on the top of that ,player can also take part in governance of the platforms . like the blockchain games , NFTs are used to represent collectibles and everything inside decentraland can be traded through cryptocurrency called MANA . the combination of these creates a complex crypto economy .
Axie Infinity is a play-to-earn game that’s provide players in developing countries an opportunities to earn consistent income or being gifted three creatures know as Axies , a player can start farming the smooth love potion (SLP) token.
SecondLive is a virtual environment where users control avatars for socalising , learning and business. The project have an NFT marketplace for trades .