The metaverse is not a new concept. Facebook’s announcement of its switch to “Meta” led to a renewed mainstream interest in the metaverse. Brands such asDisney and Microsoft have been exploring the metaverse for some time.
Crypto and NFTs have a major role to play in these virtual spaces. Understanding what the metaverse is and the role of each will help you understand the part this next-generation technology will play.
What is the metaverse?
The metaverse has long been touted as a platform that will eventually replace the internet. Users can watch content and experience the world through augmented reality. The idea was initially conceptualized in 1992 by Neil Stephenson, an author who created 3D avatars within a virtual environment.
You can already see elements of the metaverse in use within popular games such asMinecraft. While such games are not strictly speaking a metaverse, it’s an initial step forward.
To put it simply, the metaverse is a virtual world where you can do anything. You can watch content, play games, socialize, buy virtual space and interact with the virtual economy. Users can also create their own 3D avatars that resemble themselves.
In many ways, the metaverse is at a point where it’s a window into the future. Today, the metaverse is already predicted to be worth $38.84bn.
How crypto interacts with the metaverse
Before discussing the impact of the NFT marketplace, where does crypto fit into this? Cryptocurrency is perfectly positioned to be compatible with the metaverse because it supports digital transaction payments, which is why it runs the metaverse’s virtual economy.
The decentralized nature of crypto makes it an ideal payment choice. Moreover, many metaverse platforms are based on the blockchain and already use cryptocurrencies for this reason. They may not use Bitcoin, as they may develop their own designated cryptocurrencies.
So, what makes crypto such an asset to power the virtual economies of tomorrow?
- High-speed transactions
- No central authority
- Allows for complete anonymity
- Communication via cryptocurrencies that create interactive blockchains
To sum it up, if the metaverse is going to succeed, cryptocurrencies are the ideal form of currency to best resemble the real world. We can already see their impact through the play-to-earn gaming phenomena.
How NFTs interact with the metaverse
An NFT for sale is not only relevant to the real world but to the future of the metaverse. Like crypto and the metaverse, NFTs are powered by blockchain technology.
The fundamental principle of the metaverse is that you can do what you would in the real world in the virtual realm. Ownership of artwork, digital items, trading cards, real estate and even music videos are pivotal to what makes the metaverse so entertaining and engaging.
NFTs operate using smart contracts, which transfer ownership of an asset securely. Metaverse platforms already use one-of-a-kind NFTs to denote a virtual asset. People are free to use cryptocurrency to purchase these NFTs. Alternatively, they can even use fiat currency to buy NFTs.
From a gaming perspective, NFTs enable the cross-game feature, where players can exchange items between two different games. This is something that would otherwise be impossible or extremely cumbersome if not for NFTs.
Learning where to buy NFT collections and how each one fits into your universal metaverse of choice is critical if you want to integrate yourself into these worlds properly.
What’s the future of the metaverse?
Mark Zuckerberg was widely cited for his comments on the metaverse becoming the primary conduit that links the real world to the virtual world.
Despite the lofty promises, however, the development of the true metaverse is still potentially decades away.
Metaverse platforms are relatively far-flung, with a limited number of users. Many people are unaware of what the metaverse is or the fact that it exists at all.
There is also no agreement on a particular cryptocurrency to power the economy or the true value of NFTs within the metaverse. It will take time for the industry to answer these critical questions and then market the concept.
The metaverse is in its earliest stages, but the introduction of NFTs and the mainstream appeal of crypto have already accelerated its growth and will continue to do so.
The arrival of the metaverse in a tangible form threatens to change the world as we know it. With its own economy, people and assets, there’s no doubt that there’s a tremendous appeal to the introduction of a global metaverse.
However, there remain important questions to answer, and the development of the metaverse can go in any number of directions.
Which aspects of the metaverse are you most excited about?
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