What Is the Metaverse? Crypto Guide #TOGRP
The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
The MetaVerse is so close to being here.
The metaverse isn’t fully in existence, but some platforms contain metaverse-like elements. Video games currently provide the closest metaverse experience on offer. Developers have pushed the boundaries of what a game is through hosting in-game events and creating virtual economies.
Although not required, cryptocurrencies can be a great fit for a metaverse. They allow for creating 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. Also, blockchain technology can provide transparent and reliable governance systems.
Blockchain, metaverse-like applications already exist and provide people with liveable incomes. Axie Infinity is one play-to-earn game that many users play to support their income. SecondLive and Decentraland are other examples of successfully mixing the blockchain world and virtual reality apps.
When we look to the future, big tech giants are trying to lead the way. However, the decentralized aspects of the blockchain industry is letting smaller players participate in the metaverse’s development as well. #TOGRP
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How does crypto fit into the metaverse?
Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility. But what do these mean exactly?
If, in the future, we work, socialize, and even purchase virtual items in the metaverse, we need a secure way of showing ownership. We also need to feel safe transferring these items and money around the metaverse. Finally, we will also want to play a role in the decision-making taking place in the metaverse if it will be such a large part of our lives.Some video games contain some basic solutions already, but many developers use crypto and blockchain instead as a better option. Blockchain provides a decentralized and transparent way of dealing with the topics, while video-game development is more centralized.
Blockchain developers also take influence from the video game world too. Gamification is common in Decentralized Finance (DeFi) and GameFi. It seems there will be enough similarities in the future that the two worlds may become even more integrated. The key aspects of blockchain suited to the metaverse are:1. Digital proof of ownership: By owning a wallet with access to your private keys, you can instantly prove ownership of activity or an asset on the blockchain. For example, you could show an exact transcript of your transactions on the blockchain while at work to show accountability. A wallet is one of the most secure and robust methods for establishing a digital identity and proof of ownership.2. Digital collectibility: Just as we can establish who owns something, we can also show that an item is original and unique. For a metaverse looking to incorporate more real-life activities, this is important. Through NFTs, we can create objects that are 100% unique and can never be copied exactly or forged. A blockchain can also represent ownership of physical items.3. Transfer of value: A metaverse will need a way to transfer value securely that users trust. In-game currencies in multiplayer games are less secure than crypto on a blockchain. If users spend large amounts of time in the metaverse and even earn money there, they will need a reliable currency.4. Governance: The ability to control the rules of your interaction with the metaverse should also be important for users. In real life, we can have voting rights in companies and elect leaders and governments. The metaverse will also need ways to implement fair governance, and blockchain is already a proven way of doing this.5. Accessibility: Creating a wallet is open to anyone around the world on public blockchains. Unlike a bank account, you don’t need to pay any money or provide any details. This makes it one of the most accessible ways to manage finances and an online, digital identity.6. Interoperability: Blockchain technology is continuously improving compatibility between different platforms. Projects like Polkadot (DOT) and Avalanche (AVAX) allow for creating custom blockchains that can interact with each other. A single metaverse will need to connect multiple projects, and blockchain technology already has solutions for this.
TOP METAVERSE PLATFORMS THAT ENTHUSIASTS HAVE TO TRY OUT IN 2022
The HyperVerse is a virtual world platform that is also one of the top metaverse platforms. It comprises a collection of planets that are not owned by any single body. It is a cosmos that has millions of different universes. Each individual that lives in the HyperVerse is referred to as a Voyager, who can generate tokens, engage with one another, and explore the globe as a group.
Decentraland was one of the first metaverse platforms to come out with a viable proof-of-concept for the metaverse platform, leading the way for the platform’s market domination. The company launched its metaverse platform to the public in 2020 and has witnessed a massive surge in popularity. Decentraland is a VR space where users can create content, interact with one another, earn money, mainly through investments, and other digital assets.
The Sandbox is the name of a blockchain-based game and is a metaverse platform through which investors can sell, buy, and trade virtual plots of land. The ETH blockchain serves as the foundation for Sandbox. It is primarily popular for its stability and security. The developers have created their own Ethereum-based token called SAND. SAND tokens allow investors to pay for gas fees on the Ethereum network.
After using the Nakamoto token, investors will be able to acquire virtual land, construct buildings, and perform various other things. Recently, the team behind the NAKA token announced the launch of the NAKAverse. It is one of the first metaverses that will be introducing a real in-game economy. Investors will be able to purchase virtual land, build buildings, and do so much more.
Roblox is another one of the top metaverse platforms where users can play games created by other users. Currently, the platform possesses over 20 million games published by its users. Many of the developers can earn as much as US$1 million in a single year if they monetize their games. Roblox is working to take a step closer to building a metaverse and recently they have introduced a ‘spatial voice chat’ feature to enhance virtual conversations and real-life conversations.
Epic Games is also the entity behind the video game blockbuster Fortnite. The company has extended outside of its core battle royale game to a group interaction like virtual music events and dance parties. Recently, Travis Scott hosted its virtual event in the Fortnite metaverse platform which was a big success, which indicates that Epic Games is one of the top metaverse platforms that enthusiasts can check out in 2022.
Bloktopia is one of the top metaverse platforms that aims to pay homage to Bitcoin, which has a maximum limit of 21 million. Bloktopia users can create their own avatars, participate in social activities, learn about cryptocurrency and buy metaverse ‘real estate’ in its virtual reality skyscraper. Investors can also use this feature to create artwork, games, obstacles, sequences, and more using a builder tool.
Cryptovoxels is a metaverse platform built on the Ethereum blockchain protocol that offers a virtual gaming world that supports both VR experiences and PC use, where its community organizes regular events for users. In addition to virtual land, the platform also offers a large marketplace for buying and selling digital collectibles as NFTs, ranging from wearables and gaming props to artwork and apparel.
Metahero is a project that aims to integrate physical objects into the digital age. Even though MetaHero is less established than Decentraland, it makes up for it by providing 3D scanning technology that transforms real-world objects into virtual counterparts. Hence, these virtual objects can be used in various sectors like education, training, and entertainment.
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