What is Metaverse Technology and how does it work?
Table of Content
1. What is Metaverse Technology?
2. What’s the definition of a Metaverse?
3. How does crypto fit into the Metaverse?
4. What is a Metaverse job?
5. Metaverse examples
6. What will happen to the Metaverse?
What is Metaverse Technology?
Metaverse Technology is the idea of a 3D universe that stays online and is made up of many different virtual spaces. You can think of it as a version of the internet in the future. Users will be able to work, meet, play games, and hang out with each other in these 3D spaces.
The Metaverse is not fully real, but some platforms have parts that are like Metaverse Technology. At the moment, video games are the only way to get close to the Metaverse.
Developers have changed what a game can be by putting on events inside the game and making virtual economies.
Cryptocurrencies can be a great fit for a Metaverse, even though they are not required. They make it possible to make a digital economy with different kinds of utility tokens and virtual collectibles (NFTs). Using crypto wallets like Trust Wallet and Meta Mask would also help Metaverse Technology. Also, Blockchain technology can make governance systems that are open and reliable.
There are already Blockchain applications that work like the Metaverse and give people enough money to live on. Axie Infinity is a play-to-earn game that a lot of people use to make money. Second Live and Decentraland are two other examples of how Blockchain and virtual reality apps can work well together.
Big tech companies are trying to show us the way into the future. But because the Blockchain industry is not centralized, smaller players can also take part in the growth of the Metaverse.
The financial, virtual, and real worlds are getting more and more linked to each other. We can get to almost anything we want with the touch of a button, thanks to the devices we use to run our lives. Even the crypto ecosystem hasn’t been spared. No longer are NFTs, Blockchain games, and crypto payments only for crypto geeks. As Metaverse Technology grows, all of these things are now easy to find.
What’s the definition of a Metaverse?
Metaverse Technology is the idea of a 3D online space where people can connect in all parts of their lives. It would connect a lot of different platforms, like how the internet has lots of different websites that can all be accessed through one browser.
Neal Stephenson wrote about the idea in his science-fiction book Snow Crash. But once upon a time, the idea of a Metaverse Technology was just a work of fiction. Now, however, it seems like a Metaverse could be real in the future.
Augmented reality will run the Metaverse, and each user will be in charge of a character or avatar. For example, you could take a mixed reality meeting in your virtual office with an Oculus VR headset, finish your work and relax with a Blockchain-based game, and then manage your crypto portfolio and finances all inside the Metaverse.
Some parts of the Metaverse can already be seen in virtual video game worlds. Games like Second Life and Fortnite or work socialization tools like Gather. Town brings together different parts of our lives into online worlds. Even though these apps are not the Metaverse, they are similar in some ways. The Metaverse is still not there.
In addition to games and social media, the Metaverse will combine economies, digital identities, decentralized governance, and other applications. Even now, users’ creation of valuable items and currencies and their ownership of them help build a single, united Metaverse. All of these things make it possible for Blockchain to power this future Metaverse technology.
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How does crypto fit into the Metaverse?
Gaming is the 3D part of the Metaverse, but it doesn’t cover everything needed for a virtual world that can cover all parts of life. Crypto can provide the other important things that are needed, like digital proof of ownership, the transfer of value, good governance, and easy access. But what do these actually mean?
If we work, hang out, and even buy virtual things in the Metaverse Technology in the future, we will need a safe way to prove ownership. We also need to know that these items and money are safe to move around the Metaverse. Lastly, if Metaverse Technology is going to be such a big part of our lives, we will want to have a say in how it works.
Some video games already have some simple solutions built in, but many developers find it better to use crypto and Blockchain instead. Blockchain is a Decentralized and open way to deal with the issues while making video games is more of a centralized process.
The world of video games also has an effect on the people who make Blockchains. GameFi and Decentralised Finance (Defi) both use gamification a lot. There seem to be enough similarities between the two worlds that they may become even more connected in the future. The main things about Blockchain that work well in the Metaverse are:
Digital proof of ownership: If you have a wallet and can access your private keys, you can prove ownership of an activity or asset on the Blockchain right away. For example, to show accountability at work, you could show an exact transcript of your transactions on the Blockchain. A wallet is one of the safest and most reliable ways to prove your digital identity and ownership.
Digital collectability: Just like we can find out who owns something, we can also show that something is original and one-of-a-kind. This is important for a Metaverse that wants to add more real-life activities. With NFTs, we can make objects that are 100% unique and can never be copied or forged. A Blockchain can also show who owns something tangible.
Transfer of value: A Metaverse Technology will need a safe way for users to trust each other to transfer value. When it comes to security, in-game currencies in multiplayer games are not as safe as crypto on a Blockchain. People will need a reliable currency if they spend a lot of time in the Metaverse and even make money there.
Governance: Users should also care about being able to set the rules for how they interact with the Metaverse Technology. In the real world, we can have a vote in companies and vote for leaders and governments. The Metaverse will also need fairways to run things, and Blockchain has already been shown to be a good way to do this.
Wallets are easy to get. On public Blockchains, anyone in the world can make a wallet. Unlike a bank account, you don’t have to pay or give any information. This makes it one of the easiest ways to keep track of money and a digital identity online.
Interoperability: Blockchain technology is always making it easier for different platforms to work together. Projects like Polkadot (DOT) and Avalanche (AVAX) make it possible to make Blockchains that are unique and can talk to each other. Several projects will need to be linked by a single Metaverse Technology, and Blockchain technology already has ways to do this.
What is a Metaverse job?
As we’ve already said, the Metaverse Technology will have everything in one place. Even though many people already work from home, in the Metaverse you will be able to go into a 3D office and talk to the avatars of your coworkers. Your job could also be related to the Metaverse and give you money that you can use right away in the Metaverse. In fact, there are already jobs that are similar to these.
People all over the world now have steady income streams from GameFi and play-to-earn models. These online jobs show that people are willing to spend their time living and working in virtual worlds, which is a good sign for the future of Metaverse Technology. Axie Infinity and Gods Unchained are play-to-earn games that don’t even have 3D worlds or avatars. But the idea is that they could be part of the Metaverse to make money in the online world as a whole.
Metaverse examples
We don’t have a single, connected Metaverse Technology yet, but there are many platforms and projects that are like the Metaverse. Most of the time, these also include NFTs and other Blockchain features. Let’s look at three examples:
1. SecondLive
Second life is a 3D virtual world where people use avatars to learn, socialize, and do business. The project also has a place to trade collectibles called an NFT marketplace. As part of its first anniversary, SecondLive held the BNB Smart Chain Harvest Festival in September 2020. Users were able to check out and interact with different projects in the BSC ecosystem at the virtual expo.
2. Axie for all time
Axie Infinity is a “play-to-earn” game that has helped people in developing countries make a steady income. A player can start farming the Smooth Love Potion (SLP) token if they buy or get as a gift three Axis creatures. When sold on the open market, a person could make between $200 and $1,000 (USD), depending on how much they play and the market price.
Even though Axie Infinity doesn’t have a single 3D character or avatar, it does give users the chance to get a job like in the Metaverse Technology. You may have heard the famous story about how Filipinos used it instead of full-time work or welfare.
3. Decentraland
Decentraland is a digital world that you can visit online. It combines social aspects with cryptocurrencies, non-fungible tokens, and virtual real estate. On top of that, players are also involved in how the platform is run. NFTs are used to represent cosmetic collectibles, just like other Blockchain games. They are also used for LAND, which is a 16×16 meter piece of land that users can buy in the game with MANA. All of these things together make for a complicated crypto-economy.
What will happen to the Metaverse?
Facebook is one of the loudest voices calling for a unified Metaverse Technology. Due to Facebook’s Diem stablecoin project, this is especially interesting for a Metaverse that runs on cryptocurrencies. Mark Zuckerberg has said that he wants to use a project called “Metaverse” to help people in developing countries work from home and make more money. Facebook owns platforms for social media, communication, and crypto, which gives it a good start on bringing these different worlds together. Microsoft, Apple, and Google are among the other big tech companies that want to make a Metaverse.
When it comes to a crypto-powered Metaverse, it seems like the next step is to further connect NFT marketplaces and 3D virtual universes. NFT holders can already sell goods from multiple sources on marketplaces like OpenSea and BakerySwap, but there isn’t yet a popular 3D platform for this. On a larger scale, Blockchain developers could make popular apps that work like the Metaverse Technology and have more natural users than a big tech company.
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FAQs
How does the Metaverse actually work?
Metaverse Technology is a virtual world that is open, shared, and stays the same over time. It has many digital spaces where users can get different services and experiences. Users can get into the Metaverse by using digital avatars and VR/AR technologies to make them feel like they are really there.
What technology is the Metaverse?
Metaverse Technology is a spatial computing platform that offers digital experiences as an alternative to or copy of the real world, including key aspects of civilization like social interactions, currency, trade, the economy, and property ownership. It is built on Blockchain technology.
Who built the Metaverse?
1992 in his book Snow Crash, American science fiction writer Neal Stephenson uses the word “Metaverse” to describe a dystopian future world where rich people can escape into a different 3D, connected reality.