Ever imagined life in an unreal world before? That’s a tip of what the metaverse will offer at full scale. Powered by Web3 technology, there is a lot this technology seems to offer.
A moment in the loop. So just imagine you wake up to the scorching sun, you snuggle up in your opulent hut in the middle of a lake, exactly where you want to be! You get up, go to your friend’s high-rise apartment, and acquire a dog and a cat, as well as a plot of land, all in one day! And to purchase an upgrade, you must also sell your historic car.
You’re back on the road, you decide to go to a Taylor Swift concert because, well, why not? So you listen to some of her music, come back, and add a Bored Apes NFT (Non-Fungible Token) to your collection.
Ok ok, enough! Come back home, to our world haha. I believe part of the reason a lot of people are pumped about the metaverse comes with the desire for endless opportunities and limitations of our current world. Even Elon Musk wants to go build his dreamverse in space (Mars). A world where physical disability, outlook or colour is a factor.
In 2021, Facebook changed its name to Meta to better represent and extend the fantastical concept of Metaverse: a living, thriving alternate world, essentially a virtual environment, where you can have a variety of different, innumerable, life-like characters and identities who play cricket, read Shakespeare, work at an upscale cafe anywhere in the world, and cook your favourite dish.
The metaverse is essentially a virtual version of the real world beyond the one we live in. Your physical existence is strongly and inextricably linked to your digital existence.
MANA, Decentraland’s native token, which is a one-stop shop for buying virtual assets, estates, lands, and more, has soared over 400 percent to an all-time high. Sandbox, a virtual reality built on Ethereum allows users to develop, build, and sell their virtual experiences, had its SAND token soar to a seven-day high of nearly 300%. Hello, and welcome to the metaverse!
Cryptocurrency as a pillar of the metaverse
Fiat currency serves as a store of value and a medium of exchange in the actual world, allowing you to purchase and sell anything you choose. But how do you suppose you’ll pay for your painting, your land, and that Taylor Swift concert in a smooth, immediate manner in your virtual world? The answer is straightforward: crypto!
It’s difficult to see the metaverse, the alternate reality, functioning without cryptocurrency. Crypto becomes a requirement rather than an option in a world where speed, transparency, and security are almost essential. Cryptocurrency is, at its core, the ideal means of trade for this rapidly evolving hybrid society.
Crypto is generating new technologies that will support advancements in financial services, supply chain management, digital rights management, manufacturing, and more. The thing about cryptocurrency that is often ignored is that it is inclusive for the average person.
For example, in the past, if you wanted to invest in a breakthrough technology like Linux, you had to wait for a firm like Red Hat to declare an IPO and then buy the stock. As a small person, you’d never be able to get in on the first floor. However, there are hundreds of ways to get in early with cryptocurrency, just as an early-stage venture capitalist. Before crypto, you couldn’t do anything like that.
You may see the metaverse as a collection of interconnected virtual worlds, similar to the internet but accessible through virtual reality. This is largely right, but the metaverse also has a key, albeit a little mysterious, aspect that will distinguish it from today’s internet: the blockchain.
Web 1.0 was the information superhighway of connected computers and servers that you could search, explore, and inhabit, usually through the platform of a centralized firm. For example, AOL, Yahoo, Microsoft, and Google.
Web 2.0 on the other hand was defined by social networking sites, blogging, and the monetization of user data for advertising by centralized gatekeepers to “free” social media platforms like Facebook, Snapchat, Twitter, and TikTok around the turn of the millennium.
What does the metaverse have to do with blockchain crypto-assets?
Everything! To begin, you can use the blockchain to possess digital assets in a virtual environment. You’ll not only possess that NFT in the real world, but also the virtual one.
Furthermore, the metaverse isn’t being constructed by a single organization or corporation. Separate organizations will create different virtual worlds, which can exist separately until they eventually interconnect to form the metaverse. People will want to bring their belongings with them when they move between virtual worlds, such as Decentraland’s and Microsoft’s. The blockchain will confirm proof of ownership of your digital items in both virtual worlds if two virtual worlds are interoperable. Essentially, you will be able to access your crypto wallet as long as you can do so in a virtual environment.
Get your wallet!
What are you going to keep in your cryptocurrency wallet? In the metaverse, you’ll certainly want to carry cryptocurrencies. Your metaverse-only digital items, including avatars, avatar apparel, avatar animations, virtual decorations, and weaponry, will be stored in your crypto wallet.
What are people going to do with their cryptocurrency wallets? Shop, among other things. Traditional digital items such as music, movies, games, and apps will be available for purchase, just as they are presently on the internet. You’ll be able to buy physical-world products in the metaverse, as well as examine and “hold” 3D versions of what you’re buying, which could help you make better judgments.
In addition, just like you can carry your ID in your old leather wallet, crypto wallets will be linked to real-world identities, which may make transactions that require legal verification easier, such as buying a real-world car or home. You won’t have to remember your password because your ID will be linked to your wallet.
Business and Metaverse Opportunities
Finally, if the metaverse is worth the monetary value, businesses will want to participate. Electronics giant Samsung has ventured into the metaverse with the opening of a virtual store in Decentraland.
Portals are also being built in the metaverse and Binance.us is looking to build an office in the Solana verse.
Although the decentralized structure of blockchain may lessen the need for gatekeepers in financial transactions, businesses will still have a plethora of revenue-generating opportunities, perhaps even more than in contemporary economies. Large platforms will be provided by companies like Meta, where people will work, play, and socialize.
What do you think about the Metaverse? Let us know in the comments below.