The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
The metaverse isn’t fully in existence, but some platforms contain metaverse-like elements. Video games currently provide the closest metaverse experience. Developers have pushed the boundaries of what a game is through hosting in-game events and creating virtual economies.
The connections between the financial, virtual, and physical worlds have become increasingly linked. The devices we use to manage our lives give us access to almost anything we want at the touch of a button.
NFTs, blockchain games, and crypto payments aren’t just limited to crypto geeks anymore. They’re now all easily available as part of a developing metaverse.
How do you define a metaverse?
The metaverse is a concept of an online, 3D, virtual space connecting users in all aspects of their lives. It would connect multiple platforms, similar to the internet containing different websites accessible through a single browser.
The metaverse will be driven by augmented reality, with each user controlling a character or avatar.
The metaverse in video games
You can already see some aspects of the metaverse in existing virtual video game worlds. Games like Second Life and Fortnite or work socialization tools like Gather.town bring together multiple elements of our lives into online worlds.
Aside from supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain the potential to power this future technology.
Why are video games linked to the metaverse?
Because of the emphasis on 3D virtual reality, video games offer the closest metaverse experience currently. Video games now offer services and features that cross over into other aspects of our lives. The video game Roblox even hosts virtual events like concerts and meetups. Players don’t just play the game anymore; they also use it for other activities and parts of their lives in “cyberspace.”
Key aspects of blockchain for a metaverse
The key aspects of blockchain suited to the metaverse are:
- Digital proof of ownership: By owning a wallet with access to your private keys, you can instantly prove ownership of an activity or an asset on the blockchain. A wallet is one of the most secure and robust methods for establishing a digital identity and proof of ownership.
- Digital collectibility: Just as we can establish who owns something, we can also show that an item is original and unique. For a metaverse looking to incorporate more real-life activities, this is important. Through NFTs, we can create objects that are 100% unique and can never be copied exactly or forged.
- Transfer of value: A metaverse will need a way to transfer value securely that users trust. In-game currencies in multiplayer games are less secure than crypto on a blockchain. If users spend large amounts of time in the metaverse and even earn money there, they will need a reliable currency.
- Accessibility: Creating a wallet is open to anyone around the world on public blockchains. Unlike a bank account, you don’t need to pay any money or provide any details. This makes it one of the most accessible ways to manage finances and online, digital identity.
- Accessibility: Creating a wallet is open to anyone around the world on public blockchains. Unlike a bank account, you don’t need to pay any money or provide any details. This makes it one of the most accessible ways to manage finances and online, digital identity.
The future of the metaverse
Facebook is one of the loudest voices for the creation of a unified metaverse. Mark Zuckerberg has explicitly mentioned his plans to use a metaverse project to support remote work and improve financial opportunities for people in developing countries.
Other large tech companies are also targeting the creation of a metaverse, including Microsoft, Apple, and Google.
Closing thoughts
While a single, united metaverse is likely a long way off, we already can see developments that may lead to its creation. It looks to be yet another sci-fi use case for blockchain technology and crypto.
Also read: 3 Tips To Protect Your Business From Cyber Attacks
