The Metaverse is here and the world is all the better for it. Engaging with the world around you is about to make a paradigm shift - from relationships to business deals, the Metaverse will change the way we interact with life. Although we are a ways off from total digital immersion we have already taken the steps towards integrating ourselves digitally via the magic of video games. That’s right, many modern multiplayer platform games are a basic iteration of the Metaverse i.e. they host in-game events and have created virtual economies.
The concept of Metaverse is of an ever-present, online, virtual universe that combines multiple different virtual realities. It is, more or less, the future version of the internet. The Metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
So how is this going to change the world?
Besides enhancing and supporting gaming and social media, the Metaverse will fuse economies, digital identities, it will decentralize governance as well. As of this very day, user created assets and ownership of valuable items and currencies are helping to develop a single, united Metaverse. All these features provide blockchain the ability to grow this the Metaverse from strength to strength.
Metaverse makes clear emphasis on 3D virtual reality, and video games offer the closest Metaverse experience right now. But games take the limelight not just because they work in 3D but also because video games now offer services and features that mingle with other parts of our lives. Games are no longer just for playing – the social aspects of it draw enormous crowds, video games like Fortnite and Roblox even host virtual events like concerts and meet-ups; another good example of this new phenomenon is when the multiplayer game Fortnite had 12.3 million players go to Travis Scott's virtual in-game music tour.
Although gaming provides the necessary 3D aspect of the Metaverse, it does not cover everything needed in a virtual world to integrate with all aspects of life. This is where cryptocurrencies can offer its unique services - digital proof of ownership, transfer of value, governance, and accessibility.
Bit confused? It’s ok. We’ll look at it simply.
When we work, socialize, and even purchase virtual items in the Metaverse, we will require a secure way of showing ownership. We also need to feel secure when transferring these items and money around the Metaverse for various transactions and benefits. This is where cryptocurrencies working on blockchain can ensure the security and transparency we need to feel safe in a virtual environment.
Virtual properties such as NFTs can be transacted through the Metaverse and even earned through specialized platforms for instance: Axie Infinity, a play-to-earn game that provides players an opportunity to earn consistent income. By purchasing or being gifted creatures known as Axies, a player can start farming tokens; which, when sold, could make roughly $200 to $1000 (USD).
Another example is Decentraland - an online, digital world that joins social features with cryptocurrencies, NFTs, and virtual real estate. In this virtual world, players are encouraged to be active participants in the governance of the platform – creating world that meaning to all involved. In Decentraland. Just as in other blockchain games and virtual realities, NFTs are used to represent cosmetic collectibles. NFTs are also used for LAND, which are 16x16 meter virtual plots of land that users can purchase in the game with the cryptocurrency, called MANA. The combination of all of these different features create a complex crypto-economy.
SecondLive is a huge virtual environment where users control avatars for socializing, learning, and business; basically living a ‘second life’. The project also has an NFT marketplace for swapping collectibles and hosts huge festivals to showcase developments and encourage engagement.
The Metaverse will combine all aspects of life in one place. This applies to work-life as well. While many people already work at home, with Metaverse, you will be able to enter a virtual office and interact with your colleagues’ avatars. Your job may also be Metaverse related and provide you with income directly usable in the Metaverse, as I have mentioned earlier.
So what does the Metaverse have in store for you? All of the above and more. Although a singular, united Metaverse is sometime away, we can already see developments that will lead to its creation. Facebook is one of the loudest voices for the creation of a unified Metaverse. This fact is particularly encouraging for the birth of a crypto-powered Metaverse due to Facebook's Diem stablecoin project. Mark Zuckerberg has explicitly mentioned his plans to support remote work and improve financial opportunities for people in developing countries through the use of the Metaverse project. Facebook’s leadership in social media, communication, and crypto platforms give it a good chance of combining all these worlds into one. But Facebook is not by far the only large tech company looking to create a unified Metaverse - other companies targeting the creation of a Metaverse include Microsoft, Apple, and Google.
A positive development when it comes to a crypto-powered Metaverse, is that further integration between NFT marketplaces and 3D virtual universes will be the next step. NFT holders can already sell their goods from multiple sources on marketplaces like Rarible and OpenSea, but a popular 3D platform for this is yet to be. And there is good chance that blockchain developers might develop popular Metaverse-like applications with more organic users before a large tech giant. The Metaverse might be closer to realisation than we think.
So how do you become a part of this modern-day gold rush? You can start by informing yourself on how video games are creating economies and how NFTs and Crypto are changing our outlook on ownership and intellectual property. You can also get yourself some sweet first-hand experience by joining platforms such as SecondLive, Fortnite, Axie Infinity or Decentraland. One of the best courses of action you can take is to get ahead of the curve by scheduling a consultation with us and finding out how to get your business into the Metaverse. Click here