Our existing world is different from how it used to be due to technology’s advent. New kinds of technologies came at a specific time and contributed to revolutionizing the world tremendously with their own set of benefits and limitations. At present, the great thing is that different kinds of technologies have been implemented together to fulfill different needs and requirements in one place. Metaverse is a recent example of it.
The concept of Metaverse may be challenging to understand at first, yet it is a fascinating topic. There is a belief that Metaverse is the future of technology contributing to taking our existing presence to a different level than we could ever imagine. Moreover, it comes with an opportunity for decision-making if Metaverse covers a large part of your life like you currently make decisions in the real world.
Metaverse is an innovative and the most promising concept in 2022. It attempts to integrate a virtual world with a real-world parallelly and make parallel co-existence. It may be sound interesting. So, let’s explore this fascinating topic of Metaverse in detail to understand it properly.
What’s a Metaverse?
A Metaverse is an online space where people from all works of life can connect for different purposes, like how we connect in the real world. Metaverse comes from two words meta means beyond, while verse takes from the universe.
The Metaverse concept is inspired by the science-fiction novel Snow Crash by Neal Stephenson, published in 1992. First, it was fictional, but now it is like a reality. One of the technologies that will act as an engine to drive Metaverse is augmented reality, allowing users to enter this virtual world in their respective characters. There are different use cases of the Metaverse like you can work in a virtual office through an Oculus VR headset, play a blockchain-based game, and make payments using NFTs (Non-fungible tokens).
Facebook came forward to create a unified Metaverse. This concept is a boon to drive Facebook’s Diem stablecoin project. The Metaverse is a dream project for Mark Zuckerberg to support remote work and enhance financial opportunities for people who live in developing countries. They have already started working on it. They plan to leverage their existing ownership of social media, communication, and crypto platforms in the Metaverse. Apart from Facebook, other large tech companies such as Microsoft, Apple, and Google are also looking to implement a Metaverse.
Jobs in the Metaverse
Work from home has become convenient for most people all over the globe. Some of them strongly believe in spending their time living and earning virtually without getting into the noise of the real- world. They can take advantage of the Metaverse to interact with their colleagues in their avatars in a virtual office. There may be situations like traveling to other places to meet with clients, be it domestically or internationally; the Metaverse will play a crucial role in saving your time and travel expenses.
Understating Metaverse with Examples.
Several platforms are similar to the Metaverse, including NFTs and other blockchain elements. Here is a look at some examples:
SecondLive
SecondLive is a 3D virtual place allowing users to socialize, learn, and do business in their virtual characters. You can find an NFT marketplace to swap collectibles. There was a Binance Smart Chain’s Harvest Festival hosted in September 2020 by SecondLive on the occasion of its first anniversary. The BSC ecosystem came with different projects for exploration and interaction.
Axie Infinity
By playing Axie Infinity, players who live in developing nations can earn an income consistently. There is an opportunity of farming the Smooth Love Potion (SLP) token, but you will have to buy three creatures called Axies; you can even use three Axies for it, which you get as a gift. After selling on the open market, there is a possibility of making around $200 to $1000 (USD) based on two factors how much you play and what is the market price.
Decentraland
Decentraland is a digital world equipped with blockchain technology where you can use Cryptocurrency, NFTs and apply for virtual real estate. There is a chance of governing the platform actively using Decentralized Autonomous Organization (DAO). You can use NFTs to represent cosmetic collectibles how you can do in other blockchain games. For example, the cryptocurrency MANA helps purchase LAND, 16×16 meter land parcels.
What is the Actual Use of Crypto in the Metaverse?
In gaming, you can get the 3D aspect of the Metaverse, but not everything that is needed. With crypto, you can get transfer of value, digital proof of ownership, accessibility, etc. If the virtual world of Metaverse becomes possible in the future entirely, then there will be a requirement of security for the work we do, how & with whom we interact, and buying virtual items as well. Here, the features of blockchain technology will play a crucial role in terms of providing a secure way of ownership. In addition to it, you can get a decentralized and transparent way to perform transactions in Metaverse through the Blockchain.
Decentralized Finance (DeFi) in Metaverse
Buying Metaverse coins or tokens is essential to use them. There are ways like looking for a loop of fiat currencies and intermediaries like banks. Decentralized trading mechanism facilities the process of payment system with Decentralized Finance (DeFi). The DeFi network enables users to use you to intelligent contracts and P2P transactions to buy and sell your Metaverse tokens. In simple words, NFTs come with tokens to interact with the environment provided by the Metaverse, while users will get financial transaction infrastructure through DeFi.
Blockchain Factors in the Metaverse
Here are the essential factors of blockchain technology in the Metaverse:
Ownership Proof
You have to open a digital wallet that comes with private keys. There is instant ownership proof of any asset or activity using private keys. It becomes easy to show an exact transcript of your transactions. You can even easily show your work accountability. With a digital wallet in the Blockchain, you can establish a digital identity and proof of ownership securely and firmly.
Interoperability
There is a constant improvement in bringing compatibility between Blockchain technology and different platforms. A single Metaverse needs to connect with multiple projects, and blockchain technology comes here with a solution for it.
Digital Collectibility
It is possible to show the originality and uniqueness of an item, like establishing the ownership of something. There is also a way to represent the ownership of any physical items in the Blockchain. The Metaverse wants to include activities that could look real, and this feature could play a significant role in it. NFTs allow the creation of 100% unique objects, and there is no chance of forgery.
Value Transferring
The Metaverse is looking to implement a way of transferring value safely and securely. Therefore, it is essential to provide a reliable currency and transfer of value because there will be the time when users spend most of their time spending and earning in the Metaverse.
Accessibility
Anyone can enter the Metaverse with a digital wallet, but there is no need to provide details like a bank account. Instead, you can manage your finances and digital identity with ease.
Governance
It is obvious to have control of your interaction in a virtual world, and the Metaverse wants to provide fair interaction. Therefore, the Metaverse is looking to provide opportunities like voting rights in companies. You can even elect leaders and governments.
The Final Thought
The Metaverse is a unified 3D space integrated with different kinds of technologies like Blockchain, cryptocurrencies, AR, VR, etc., to give people a fascinating experience. So you can do jobs, play games, earn money, own lands, and do other activities you do in your real life.
