The word “metaverse” seems to be popping up ever. Microsoft touted the metaverse as one of the biggest reasons it paid $68.7 billion for game producer Activision Blizzard. Last year, Facebook relaunched as Meta, a testament to the social network’s desire to be a forerunner in the internet’s next phase.
While metaverses are still in their infancy, it is clear that many firms are already playing in the digital world. Along with that, cryptocurrency and blockchain open up huge opportunities within the concept of the metaverse.
So what’s a metaverse and why is it a big deal?
The metaverse is the coming together of two long-standing concepts: digital life and virtual reality.
Tech enthusiasts have long envisioned a time when our virtual lives are as significant as our physical ones. In principle, we’d spend a lot of time in virtual space connecting with our families, friends, and coworkers. Because of this, we would spend money on costumes and stuff for our digital avatars there as well.
The metaverse, unfortunately, is a generally unclear idea. But it’s sometimes described as online environments where individuals can work, socialize, and recreate as avatars, and it’s a progression of the internet. Those environments are shared and they are always available; unlike a video call, they don’t vanish once you’ve finished using them.
In fact, a lot of people believe the metaverse is already here in the digital gaming worlds of Fortnite, Minecraft, and Roblox which allow players to interact in 2D surroundings. Second Life is a game that is often touted as an early form of a metaverse, just with minimal technology.
The origin of the metaverse can actually be traced further back to a dystopian cyberpunk novel authored by Neal Stephenson in 1992 titled; “Snow Crash”. This novel is regarded as a canon of the genre as it depicts a Dataspace based on Virtual Reality.
Nowadays, what technophiles refer to as the metaverse, is essentially a virtual reality that works as a computing medium that helps people live a second life on the internet. This type of virtual reality involves wearing a headset that immerses users in a 3D world. Users can have conversations with microphones and interact with motion-sensing controllers in this virtual world
As people learn how to influence the virtual world around them using tools designed for creators, we’ll start to witness extreme self-expression in these contexts. People will be able to explore the virtual environments of others and even utilize their creations if they don’t have time to make their own.
Each user will have an avatar, which is a character that they are represented with in the metaverse. Through these avatars, we’ll learn new ways to communicate and express ourselves that we may not have had the opportunity to try before.
In the metaverse, there is a possibility for people with low self-esteem to build their confidence by trying out different skins. Hopefully, people will be able to apply the confidence gotten from their metaverse avatars to their real lives. This will allow for deeper self-expression among individuals, and enable people to bring their whole selves to work.
The metaverse will also help us develop a more inclusive and tolerant work environment.
Creators who are capable of creating more complex surroundings and avatars will undoubtedly lead the way in broadening the notion of what it means and looks like to be human in the metaverse. But, in the end, this fusion of technology and reality will hasten our ability to tolerate each other.
Teleporting between vastly different worlds, both real and imagined for meetings will give our regular humdrum workdays a creative twist. We’ll visit places we’ve never visited before as we experience an immersion into the surroundings. We’re not only going to look at the location of the meeting. Instead, we’ll live and experience it as if we’re actually there. We will all be able to broaden our imaginations thanks to the pure creative potential that will be available.
The effects of the metaverse could actually have both a beneficial and negative effect on our collective mental health because people will start living in two different worlds: one that we have designed to our exact specifications and another that responds to our desires much more slowly.
We must be careful not to get so disconnected from our daily lives that it becomes impossible to navigate them both at the same time. As we learn to balance the borders between work and leisure, some community control will be required.
In metaverses, where transparency, speed, and security are particularly vital, cryptocurrency has established itself as a cornerstone. Cryptocurrency has gone from just a desirable option to a necessity in these virtual worlds. The growing demand for speedy and regular transactions such as selling and purchasing new NFTs requires a high level of transparency and decentralization. Blockchain has become the perfect medium for this kind of decentralized economy.
Additionally, due to the fact that cryptocurrencies operate on a public ledger like blockchain, each transaction is secure, irreversible, and traceable, making it simple to assure users that their money is protected. Cryptocurrency has grown in importance in the metaverse, focusing on ideas such as digital, permanent proof of ownership, quick value transfer, and interoperability. Cryptocurrencies act as a bridge to the financial divide by allowing for instant transaction confirmation and the processing or confirmation of a high number of transactions every second.
A major difference between metaverses and commercially owned universes is that they are not controlled by a central authority. Instead, they rely on a decentralized network where users own their own assets. Cryptocurrencies are nearly always decentralized, as are the worlds constructed around them. This means that no single entity controls the entire metaverse the virtual land, or the currency used, and thus it cannot be taken down, sold, or otherwise destroyed at any time.
While metaverses are still in their infancy, several international corporations have begun to dabble in the digital sphere. Cryptocurrency has a huge opportunity in the metaverse. It has the ability to transform the way people learn about new things, watch performances, interact with brands, socialize, and trade digital assets. As cryptocurrency becomes the metaverse’s means of exchange, it is becoming more mainstream in terms of utility and adoption.
We’re also seeing luxury fashion labels such as Gucci, Louis Vuitton, Adidas, Burberry, Nike, venture into the Metaverse through NFTs. They’re ushering in a new era in which digital fashion has the potential to be as vibrant as real fashion. But having access to high-end fashion apparel isn’t the only application of NFTs in the Metaverse. Walmart is planning to offer investors NFTs as well as its own cryptocurrency in the near future.