The financial, physical, and virtual world is increasingly becoming more connected. The crypto landscape is not left behind as well. This is because crypto payments, blockchain games, and NFTs are now available as part of a developing metaverse.
What Is The Metaverse?
The metaverse is a concept of an online, 3D universe with multiple virtual spaces used in connecting all aspects of users' lives. Similar to how one browser can be used in accessing different websites, the metaverse would connect multiple platforms. It will allow users to socialize, game, meet, and work together in this 3D space.
Although the metaverse is not fully in existence, there are already some platforms with metaverse-like elements. Cryptocurrencies can be a great fit for the metaverse even though it is not required. This is because the metaverse will allow the creation of a digital economy with virtual collectibles and different types of utility tokens.
Moreover, the use of crypto wallets such as MetaMask and Trust Wallet would be beneficial to the metaverse. Additionally, reliable and governance systems can be provided by blockchain technology. Examples of mixing the virtual and blockchain worlds include Decentraland and SecondLife.
You can read about how to make money on the metaverse here
How Crypto Fit Into the Metaverse
The 3D aspect of the metaverse is already being provided by gaming. However, this does not cover all that is required in the virtual world. Nevertheless, the key aspects needed may be provided by cryptocurrency. Some of these may include accessibility, governance, transfer of value, and digital proof of ownership.
Furthermore, many developers see blockchain and crypto as better options even as some basic solutions are already contained in video games. It is due to the development of video games being more centralized. Cryptocurrency fits into the metaverse in the following key aspects:
- Digital proof of ownership: By having access to the private keys of the wallet you own, you can instantly prove ownership of an asset or activity on the blockchain. For instance, you can display accountability by showing an exact transcript of your dealings on the blockchain.
- Transfer of value: There will be a need for the metaverse to be able to securely transfer value. This means it should be one that users can trust. Crypto on a blockchain is more secure than in-game currencies in multiplayer games. Users will need a reliable currency if they earn money since they spend a long time on the internet.
- Digital collectability: It is possible to show that an item is unique and original. This is important for the metaverse looking to incorporate more real-life functions. Objects that are 100% unique can be created through NFTs. Additionally, the ownership of physical items can be represented with a blockchain.
- Governance: Users must be able to control the rules of their interaction with the metaverse. There can be voting rights in companies to elect governments and leaders. There would be the need for fair governance to be implemented by the metaverse. A proven way to do this is the blockchain.
- Interoperability: Blockchain technology keeps on improving its compatibility between multiple platforms. Projects such as Avalanche (AVAX) and Polkadot (DOT) allow for custom blockchain creation. There will be the need for a single metaverse to connect to multiple projects. This is a solution that blockchain technology already has.
- Accessibility: Anybody from anywhere in the world can create a wallet on public blockchains. Unlike opening a bank account, there is no need to provide any details or pay any money. This makes for an easy means to manage finance and digital and online identity.
Here is a step-by-step guide on how to invest in the metaverse
There is no single, united metaverse in sight yet. However, recent developments point to the possibility of it being created. In the meantime, there are metaverse-like projects we can all enjoy. These projects together with blockchain technology are continuously being integrated into our daily lives.
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