One who is familiar with digital terms will not be new to the term "Metaverse". Metaverse create physical realities in a virtual world.
Just as there are entertainment Metaverses, there are art, social and medical Metaverses as well.
In fact, several games are built on the concept of Metaverses. Some of these games include Fortnite, Animal Crossing, and Roblox. These games and many more present a concept of virtual reality in an augmented superset.
Over the years, several industries are beginning to see reasons to build their applications on the concept of the Metaverse. The government is seeking to hold virtual-physical meetings with leaders from around the world and artists are seeing potential in using the Metaverse to hold concerts too.
What then is the importance of the Metaverse that the crypto world is seeking to adopt?
This article will extensively discuss all you need to know about Metaverse. We will also discuss it's importance with respect to blockchains and the digital world at large.
But first, what exactly is a Metaverse?
What is a Metaverse?
Simply put, a Metaverse is a concept of creating virtual spaces using a 3D augmented spectrum.
For instance, games that allow one to own lands, build cities, go outside space all operate on the concept of Metaverses. Any concept that presents a realistic virtual world is a Metaverse. This can be seen in plenty of Sci-Fi movies and even in novels.
The word Metaverse was first used in a fiction novel in 1992. The novel – Snow Crash by Neal Stephenson described it as a world outside our world.
Other examples are seen in virtual reality games like the Minecraft. Minecraft presents a unique medium for social interaction and relationships.
Students of the UC Berkeley were able to create a virtual campus on the Minecraft game. The students even conducted a virtual ceremony where each person joined with Minecraft characters.
Another application is the Roblox game. The Roblox game allows developers to create games and receive tokens as incentives. Afterwards, the developers withdraw their tokens outside of the game’s platform.
Furthermore, there is a wide application of Metaverse in the crypto world. There, Metaverses will allow users to own tokens, lands, and assets which can easily be traded while virtual money is converted to real money simultaneously.
Aside from this, there are other applications of a Metaverse in the crypto world. We’ll discuss these shortly. Before we do, here is what to know about Metaverse basic foundation.
Metaverse Basic Foundation
The basic Metaverse foundation explains the components put together to build a blockchain Metaverse. These components are open standards, the internet, hardware, open programming language, and a decentralized ledger and smart contract.
The internet is essential in creating a connection for digital assets. But the internet connection for blockchain Metaverse is highly secured.
Connections between computers on a decentralized network restrict authorized individuals or bodies like the government from gaining access. It only allows users of that network to gain total authority over their decentralized network.
Open Programming Language Standards
Decentralized Ledger and Smart Contract
Metaverses are incorporated in blockchains, so they exhibit features of blockchain technology. They offer secure and plain transactions as well as public availability and support to the blockchain ecosystem.
Blockchain Metaverse and it's Importance
Many refer to the Metaverse as a replacement for the internet, whereas, it’s in actual sense the successor of the internet. Perhaps, it can be the next trillion-dollar project.
In the crypto world, Metaverses offer new experiences to gamers and creators of NFTs. Even in the decentralized platform, it offers permissionless and transparent transactions at high speed.
NFTs serve a foundational role in a Metaverse as they offer users the complete ownership of their lands. Afterward, one can sell off their virtual properties and exchange their money for real money.
A 259 parcel of virtual land in Sandbox was sold for over $900000 and it’s still the largest to date.
Arthur Madrid says people are easily blown away by the number of money players spend on digital assets. He thinks that making NFTs assets can add a layer to the already existing digital economy.
Mark Zuckerberg even said and I quote,
"We want to get as many people as possible to be able to experience virtual reality and be able to jump into the Metaverse and to have these social experiences…",
This he said while referring to Horizon - the company’s experimental virtual reality project. Mark Zuckerberg is hoping to explore this using Facebook's oculus headsets.
Here are the main advantages of a Metaverse
- Permission to users to own their data on a decentralized blockchain without any party interference.
- More autonomic space within the digital world.
- With blockchain Metaverse, users can experience creative human experience in the virtual world. It can do this due to its augmented reality technologies.
- Blockchain Metaverse completely removes the limitation of any physical work. At the same time, creating a virtually limitless space.
Metaverses will allow fans to attend concerts virtually with characters that represent them. In April, Travis Scott helped a convert which had about 1 Million concurrent views. The concert which he held at on a Fortnite with half the attendee using the creative modes.
While we cannot predict the future of Metaverses in the crypto world, we are certain that they will cause exponential growth in blockchains.
How does a Metaverse Work?
Up till now, the application of Metaverse is not popular among people and only a few projects use them.
Just like decentralized blockchains, Metaverses aren't owned by a single individual. The project is for everyone, and is owned by everyone. So, be sure of secured transactions on the Metaverse.
To own a part of the Metaverse, one has to invest in its architecture, services, and development.
Since the project is still in its early phase, here is how it works and why it's the perfect successor of the internet.
Metaverse creators have been able to create certain items. These items are virtual assets and can be sold and exchanged for real money.
Likewise, you can transfer these items from one application to another without interference. Hence, the contents of the Metaverse is not "siloed"
Currently, there are over a thousand nodes that host the Ethereum network. Hence, the ethereum network is not held by an individual. So, one will not need any permission before carrying out any transaction.
The Ethereum network can do this due to its Metaverse projects as it will allow for permissionless transactions; transparent and quick.
And as you'll expect, the decentralized nodes are of great importance to the blockchain Metaverse. It also offers high-level security through its consensus mechanism.
To Wrap It Up
Blockchain Metaverse is changing the way we interact in the digital world. It's changing the way we carry out virtual activities by providing more acceptable and realistic features to games and apps.
One common app that is looking to adopt this concept is Facebook. And other apps are looking to work with the project as governments are looking to enhance their modes of operation. Government officials are seeking to meet via virtual-physical platforms provided by Metaverse.
The importance of Metaverse on blockchains cannot be undermined. It allows users to transact easily and is permissionless. It also enables users to accrue virtual assets for themselves and exchange them for real money. To top it all, they can transfer assets from one app to another without any interference.
In a nutshell, the essentiality of the Metaverse cannot be undermined.