Introduction
What is the meaning of the term “metaverse”?
The metaverse is a notion for an online, 3D, virtual realm that connects users from all walks of life. It would link many platforms, similar to how the internet connects several websites using a single browser.
The concept was developed in Neal Stephenson’s science-fiction novel Snow Crash. While the concept of a metaverse was originally considered science fiction, it now appears that it may become a reality in the future.
Augmented reality will power the metaverse, with each user managing a character or avatar. Take a mixed reality meeting in your virtual workplace with an Oculus VR headset, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and money all from within the metaverse.
Virtual video games
Some characteristics of the metaverse can already be seen in virtual video game worlds. Games like Second Life and Fortnite, as well as work socialisation tools like Gather, are examples of this. Multiple aspects of our lives are brought together in online realms by town. These applications aren’t quite the same as the metaverse, but they’re close. The metaverse does not yet exist.
The metaverse will incorporate economy, digital identities, decentralised government, and other applications, in addition to games and social media. Even today, user-created valued objects and currencies aid in the development of a single, united metaverse. All of these characteristics make blockchain a viable candidate for powering this future technology.
What is the connection between video games and the metaverse?
Video games now provide the closest metaverse experience due to the emphasis on 3D virtual reality. This isn’t solely due to the fact that they’re 3D. Video games increasingly include services and features that are applicable to various areas of our lives. Roblox is a video game that hosts virtual events such as concerts and gatherings. Players no longer just play the game; they also use it in “cyberspace” for other activities and aspects of their lives. For example, Travis Scott’s virtual in-game music tour drew 12.3 million players in the online game Fortnite.
What role does cryptocurrency play in the metaverse?
Gaming provides the 3D part of the metaverse, but it falls short of meeting all of the requirements for a virtual universe that can encompass all aspects of life. Other essential components, like as digital proof of ownership, value transfer, governance, and accessibility, can be provided by crypto. But what exactly do these terms imply?
If we work, interact, and even buy virtual objects in the metaverse in the future, we’ll need a secure mechanism to prove ownership. We must also feel secure when moving these objects and money around the metaverse. Finally, if the metaverse becomes such an important part of our lives, we will want to participate in the decision-making process.
Although several video games already have some basic solutions, many developers prefer to employ crypto and blockchain as a better alternative. While video game creation is more controlled, blockchain enables a decentralised and transparent approach of dealing with the topics.
Blockchain engineers are influenced by the video game industry as well. In Decentralized Finance (DeFi) and GameFi, gamification is common. There appears to be enough commonalities between the two worlds in the future for them to become even more interwoven. The following are the fundamental properties of blockchain that make it suitable for the metaverse:
- Digital proof of ownership: If you have a wallet and access to your private keys, you can instantaneously prove ownership of a blockchain activity or asset. To demonstrate accountability, you could, for example, show an exact transcript of your transactions on the blockchain while at work. A wallet is one of the safest and most reliable ways to establish a digital identity and establish proof of ownership.
- Digital collectibility: We can show that an item is original and unique, just as we can show who owns it. This is critical for a metaverse that wants to incorporate more real-world activity. We can make items that are 100 percent unique and can never be duplicated or forged using NFTs. A blockchain can also be used to represent tangible property ownership.
- Value transfer: A metaverse will require a secure method of transferring value that consumers can trust. Multiplayer game in-game currency are less safe than crypto on a blockchain. Users will want a dependable currency if they spend a significant amount of time in the metaverse and even make money there.
- Governance: Users should be able to control the rules that govern their interactions with the metaverse. In the real world, we may vote in corporations and elect presidents and governments. Fair governance will be required in the metaverse, and blockchain is already a proven method of doing so.
- Accessibility: Anyone in the world can create a wallet on public blockchains. You do not need to pay any money or disclose any information, unlike a bank account. As a result, it’s one of the easiest methods to manage finances and a digital identity online.
- Interoperability: Blockchain technology is enhancing the compatibility of diverse systems all the time. Polkadot (DOT) and Avalanche (AVAX) are two projects that allow you to create unique blockchains that can communicate with one other. Multiple projects will need to be linked together in a single metaverse, and blockchain technology already has answers for this.
What does a metaverse job entail?
As previously said, the metaverse will bring all facets of life together in one area. While many individuals now work from home, you will be able to visit a 3D office and engage with your coworkers’ avatars in the metaverse. Your employment might also be metaverse-related, allowing you to earn money that you can use in the metaverse. In fact, employment of this nature already exist in some manner.
People all across the world can now earn a consistent income using GameFi and other play-to-earn models. These online jobs are excellent candidates for future metaverse implementation because they demonstrate that individuals are ready to spend time living and working in virtual environments. Axie Infinity and Gods Unchained are two examples of play-to-earn games that lack 3D settings and avatars. It is the notion, though, that they may be a part of the metaverse as a means to make money fully online.
Exercising the Metaverse
While there isn’t currently a single, connected metaverse, there are numerous platforms and projects that are similar to the metaverse. NFTs and other blockchain features are usually included in these. Consider the following three scenarios:
SecondLive
SecondLive is a 3D virtual environment where users can socialise, learn, and do business by controlling avatars. A NFT marketplace for swapping collectibles is also part of the idea. As part of its one anniversary, SecondLive will host Binance Smart Chain’s Harvest Festival in September 2020. The virtual expo allowed users to explore and interact with many projects in the BSC ecosystem.
Axie Infinity is a fictional character created by Axie.
Axie Infinity is a play-to-earn game that has allowed users in underdeveloped countries to earn a steady income. A player can begin farming the Smooth Love Potion (SLP) token by purchasing or receiving three creatures known as Axies. Someone may profit anywhere from $200 to $1000 (USD) if they sold their tickets on the open market, depending on how much they played and the market price.
While Axie Infinity does not offer a single 3D character or avatar, it does allow users to work in a metaverse-like environment. You may have heard the famous anecdote about Filipinos utilising it as a substitute for full-time work or welfare.
Decentraland
Decentraland is a virtual environment that blends social components, cryptocurrencies, and non-fungible tokens with virtual real estate. Furthermore, participants participate actively in the platform’s governance. NFTs are utilised to represent cosmetic collectibles in NFTs, as they are in other blockchain games. They’re also utilised for LAND, which are 16×16 metre land pieces that players may buy for MANA in the game. All of these factors combine to form a complicated crypto-economy.
What does the metaverse’s future hold?
One of the most outspoken proponents of an united metaverse is Facebook. Due to Facebook’s Diem stablecoin project, this is particularly fascinating for a crypto-powered metaverse. Mark Zuckerberg has stated openly that he intends to build a metaverse initiative to encourage remote employment and increase financial prospects for individuals in impoverished countries. Facebook’s ownership of social media, communication, and cryptocurrency platforms puts them in a good position to merge these realms. Microsoft, Apple, and Google are among the other significant IT giants pursuing the establishment of a metaverse.
Further integration between NFT marketplaces and 3D virtual environments appears to be the next step towards a crypto-powered metaverse. NFT holders can already sell their items on markets such as OpenSea and BakerySwap, but there isn’t yet a widely used 3D platform for this. On a larger scale, blockchain developers may be able to create popular metaverse-like products with a larger organic user base than a large tech companies.
Conclusions
While a unified metaverse is likely a long way off, we can already identify trends that could lead to its establishment. Another sci-fi use for blockchain technology and cryptocurrencies appears to be in the works. It’s unclear whether we’ll ever truly arrive at a metaverse. However, we may already participate in metaverse-like projects and continue to integrate blockchain into our daily lives in the meanwhile.
