The Metaverse: What Is It?

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metaverse

The idea of a permanent, networked, 3D cosmos that integrates many virtual places is known as the metaverse. It can be associated with the internet in the far future. The metaverse allows users to collaborate, interact, mingle, and play together in these 3D places.

With in-game occurrences and the development of virtual economies, developers have expanded the definition of a game. Although the metaverse isn’t entirely realized, specific systems include components that are similar to it. At this instant, playing video games offers the closest metaverse experience available.

You can check blockchain networks by exploring the metaverse with the ecosystem environment through several transactions and exchanges by Flow Blockchain.

Introduction

The business, virtual, and physical worlds are becoming increasingly intertwined. We have instant access to practically everything we desire, thanks to the technologies we use to run our lives. This also applies to the crypto environment. NFTs, blockchain games, and cryptocurrency payments are no longer only for crypto nerds. As a component of a burgeoning metaverse, they are all now freely accessible.

What Does The Term “Metaverse” Mean?

People from all walks of life can converse with one another in the hypothetical 3D online virtual universe known as the metaverse. It would connect several systems in the same way a browser may view multiple websites.

Neal Stephenson’s science fiction novel Snow Crash is where the concept first appeared. It seems that the idea of a metaverse, which has been mostly ignored for a long time, may now be coming into its own as a viable scientific and technological notion.

There is still no such thing as the metaverse. The town combines several aspects of our life into virtual spaces. Each user in the metaverse will operate their virtual character, or “avatar,” using augmented reality technology. Using virtual reality headphones like Oculus Rift, you may do business, have fun, and even manage your bitcoin portfolio from the comfort of your virtual office. You can also have mixed-reality meetings.

Some elements of the metaverse are already present in virtual gaming environments—in-office socialization tools like Gather or video games like Second Life and Fortnite. Even though they are not the metaverse, some applications are relatively comparable.

The metaverse will incorporate economics, digital identities, decentralized government, and other applications to enable games and social media. Even today, user-created valued assets and currency ownership contribute to forming a single, unified metaverse. These attributes give blockchain the capability to fuel this emerging technology.

Why Is The Metaverse Connected To Video Games?

The closest metaverse experience currently is provided by video games due to their emphasis on 3D virtual reality. But it’s not only that they’re 3D that makes this argument. Today’s video games include features and services that apply to various facets of our life. Roblox, a video game, even hosts online gatherings and concerts. Players now utilize the game for more than simply playing it; they also use it for other tasks and aspects of their lives in “cyberspace.” For instance, Travis Scott’s virtual in-game music tour featured 12.3 million participants in the online game Fortnite.

A Metaverse Job: What Is It?

As we said, the metaverse will bring all facets of existence together under one roof. In the metaverse, you can visit a 3D workplace and communicate with the avatars of your coworkers, even if many individuals already work from home. The revenue you earn from your employment could also be immediately useable in the metaverse. In actuality, similar occupations of this nature already exist.

People worldwide now have reliable revenue streams thanks to GameFi and play-to-earn models. These online positions demonstrate that individuals are ready to spend time living and working in virtual worlds, making them excellent candidates for metaverse implementation in the future. Axie Infinity and Gods Unchained are two examples of play-to-earn games that lack even 3D settings and avatars. The idea that they may be a part of the metaverse is a method to make money online, though.

Metaverse Illustrations

Some many platforms and projects are similar to the metaverse, even though there isn’t yet a single, connected metaverse. These frequently include NFTs and other blockchain components. Let’s examine three instances:

  • SecondLive

Users manage avatars in SecondLive, a 3D virtual world where they may socialize, learn, and do business. An NFT marketplace is also available for trading collectibles through the initiative. As part of its one anniversary in September 2020, SecondLive sponsored Binance Smart Chain’s Harvest Festival. During the virtual fair, users could explore and engage with many industries from the BSC ecosystem.

  • Infinity Axie

Axie Infinity is a play-to-earn game that has given gamers in underdeveloped nations the chance to make a reliable living. A player can begin farming the Smooth Love Potion (SLP) token by buying or receiving three of the Axies creatures. Depending on how much they play and the market price, someone might profit between $200 and $1000 (USD) when sold on the open market.

Although Axie Infinity does not offer a single 3D character or avatar, it does offer players the chance to work in a metaverse-like environment. You may be familiar with the well-known tale of how Filipinos used it as a substitute for assistance or a full-time job.

What Is Ahead For The Metaverse?

One of the most voiced supporters of a single metaverse is Facebook. Due to Facebook’s Diem stablecoin project, this is very intriguing for a crypto-powered metaverse. Mark Zuckerberg has clarified that he intends to create a metaverse initiative to promote remote labor and expand financial prospects for citizens of underdeveloped nations. Facebook has a head start in fusing these disparate worlds since it owns social media, communication, and cryptocurrency platforms. Microsoft, Apple, and Google are just a few of the other major tech firms aiming to build a metaverse.

The next phase in developing a crypto-powered metaverse appears to be deeper integration between NFT marketplaces and 3D virtual worlds. However, there isn’t currently a well-known 3D platform for this. NFT holders may already sell their products from various sources on markets like OpenSea and BakerySwap. Blockchain developers may create well-liked metaverse-like applications on a larger scale with more organic users than a significant IT company.

Closing Remarks

We can already witness trends that may result in constructing a single, united metaverse, even though this is probably a long way off. It appears to be another science-fiction use for cryptocurrency and blockchain technology. Uncertainty exists around when we will get to the metaverse. However, in the interim, we may already take part in initiatives that resemble the metaverse and continue to incorporate blockchain more and more into our daily lives.