The Metaverse is a new concept of an online 3D universe combining various virtual spaces. It can be explained as the future iteration of the internet. It will allow users to perform daily activities in these 3D spaces. Activities such as working, meeting, gaming, and socializing can be done in a different manner. It isn’t fully in existence as of right now but there are certain platforms that contain metaverse-like elements. Video games are currently the closest it gets to the metaverse experience.
Although this is not something necessary, Cryptocurrency is a great addition to the metaverse. It will allow users to benefit from the use of crypto wallets such as Trust Wallet and MetaMask. The blockchain technology included in the system will allow for a reliable governance system. Metaverse-like applications are currently in use by many and provide them with liveable incomes. Axie Infinity, SecondLife, and Decentraland are all examples that manage to successfully combine the blockchain world and virtual reality apps.
A look into the future can bring us to the reality that big tech chains are leading the way. The decentralized aspects of the blockchain industry are giving the opportunity for smaller players to participate in the development of metaverse.
What is the definition of metaverse?
As mentioned above metaverse is a new online 3D concept connecting users in all aspects of life. Similar to the internet it will have the ability to connect various platforms through a single browser. The concept of Metaverse was developed by the science fiction novel Snow Crash by Neal Stephenson. While the idea started off as fiction it now seems like it can be a reality in the near future.
How does Crypto fit into Meta Verse?
The 3D aspect of the metaverse is accomplished through the gaming offered but that doesn’t cover everything needed in a virtual world. Crypto can offer other key parts such as proof of ownership, transfer of value, governance, and accessibility. If in the future metaverse becomes the new reality we will work, socialize, and even purchase through metaverse therefore we will need a secure way of showing ownership. We need to feel ensured when transferring items and money and we will want to be part of the decision-making process. This is if metaverse will be taking such a big place in our lives.
The following are some of the most important properties of blockchain that make it suitable for the metaverse:
Digital proof of ownership
You can prove ownership of an activity or an asset on the blockchain instantly. This is possible only if you have a wallet with access to your private keys.
Digital collectability –
We can prove that an item is original and unique in the same way that we can prove who owns it. This is crucial for a metaverse who seeks to incorporate more real-life activities.
Transfer of Value –
There will need to be an efficient and trustable way to transfer value within the metaverse. If users will be spending time in the metaverse and earning money they will need a reliable currency.
Metaverse will need a way to control rules and implement fair governance. Blockchain is a proven way of doing so.
Creating a wallet is open to the use of anyone on public blockchains. A bank account requires documents and certain fees. Therefore this is the most accessible way to manage finances and digital identity.
Blockchain technology is continually working to improve its compatibility with different platforms. Metaverse will need to connect various projects and blockchain is just the solution for that.
For more news updates, visit our homepage now and see our latest news article. Want to learn more about trading? Visit our education page now and learn for FREE!