Metaverse

What is Metaverses

A Metaverse or Meta-universe is an ongoing digital space in which users can interact with virtual worlds and other users in real time.

It is noteworthy that the word “Metaverse” first appeared in the book “Snow Crash” by writer Neal Stephenson. With this term, he refers to a large-scale online space that united people around the world. For almost 30 years metaverse were forgotten, but today their popularity is gaining momentum again.

Much hype began in 2021 around metaverse. However, the concept can be found in movies such as The Matrix, Blade Runner and other movies in the sci-fi or fantasy category. The gaming industry is also filled with many similar concepts, such as Second Life – a three-dimensional virtual space, with elements of a social network, where more than 1 million users decide how to look, interact and what to do. In addition, the Metaverse concept can be found in games such as Cyberpunk 2077, Fallout, Fortnite, Final Fantasy and many others.

The Metaverses can be considered a convergence of physical and augmented reality that exists in online space. Unlike conventional virtual reality used for gaming, Metaverse is applicable to any line of work: work conferences, concerts, watching movies or just relaxing.

We will not delve today into the terminology and the many meanings inherent in the term Metaverse, but we will look at this sector in the context of cryptocurrencies and blockchain technologies.

It is worth noting that Web 3.0 is the working name for the new version of the Internet, of which metaverse are an integral part.

General features of the Metaverse

There are many concepts of the metaverse. Perhaps the most popular of them belongs to Matthew Ball, an investor from the US. According to Ball, a “Brave New World” called a metaverse has the following characteristics:

• The Metaverse is constantly in motion and never stops. It cannot be deleted or pressed to pause.
• Events within the virtual world take place in real time.
• There is no limit to the number of people who can visit the metaverse at the same time. Even if all of Earth’s inhabitants enter the Metaverse at the same time, there is still room for just as many more visitors.
• In the parallel universe people can work, receive salaries, and dispose of property.
• Since reality and virtual space are closely connected, any surrounding objects can be used in Metaverse. For example, write code while in virtual space.
• Metaverse combines assets into one whole. For example, weapons from Call of Duty and Counter-Strike, cars from Need for Speed and another games, where the same cars can be sold to friends.
• The metaverse is evolving and gaining experience. First of all, its design will be in demand in corporate, educational and communications environments.

However, in order for all these principles to be realized, Web 3.0 must first be created, which means that blockchain is essential.

Let’s look at how it works:

In Metaverse users interact using a virtual reality interface. They can be compared to social networks, but with a deeper immersion. With its close connection to blockchain, Metaverse unlocks its potential. Both concepts complement each other perfectly.

To enter the Metaverse, most often all it takes is:

1. Go to the website;
2. Link your crypto-wallet;
3. Start the game.

This works differently in each Metaverse, but all of them are easy to install and don’t require many gigabytes of free disk space.

Cryptocurrencies has become the core of the VR economics. Through the creation of new tokens, major firms are raising money in the ecosystems of the metaverse.

The fact is that in the meta universe, ordinary players become in fact investors. At the same time, token holders can pay for services, purchase accessories and even virtual land plots. This is profitable especially in the first stages of the game, because later the user can sell the acquired property at times more expensive.

In addition, assets such as NFTs allow you to prove the uniqueness of digital art, and web3 wallets allow you to confirm the right to manage an action or object. Cryptocurrency can be used for voting. Token holders have the right to vote for protocol changes or participate in them themselves. In-game currencies eliminate the possibility of an account or account lockout because they have no regulator. Thanks to a wide range of different blockchains, developers can launch projects on a wide variety of networks.

To understand how blockchain and Metaverse are related, let’s list the main areas of work of this tandem:

NFT

Blockchain-based tokens confirm ownership of digital assets. This includes not only digital artworks, but also land parcels in metaverse, various game items, cards and avatars.

Cryptocurrencies

Blockchain is the foundation upon which most cryptocurrencies are built. In meta universes, cryptocurrencies fulfill the same functions as fiat money in real life. They are used to pay for goods and services. One of the most popular areas is investing in land plots of metaverse for further renting and resale.

Gaming

Thanks to the rapidly growing Play-to-Earn (P2E) concept, players in Metaverse can convert their experience into real money. These are awarded for activity, completing missions, winning tournaments and more.

In this way, blockchain and metaverse work in tandem. Metaverse is constantly evolving and improving through the use of such technologies.

Another important element in the metaverse, Artificial Intelligence that adapts to users’ actions. AI helps to create virtual characters to interact with people, learn from their behavior and offer more natural forms of communication.

AI also enables the creation of complex and dynamic virtual spaces that can respond to users’ actions in real time.

Examples of Metaverse projects

• Sandbox
• Axie Infinity
• Decentraland
• CEEK VR
• Spatial

Conclusion

The development of metaverse is only a matter of time. It is difficult to predict how sharp the growth will be today, since the success of metaverse depends largely on the improvement of technologies: hardware (VR-headsets, tactile gloves, sensors, etc.), network bandwidth, and computing capabilities of gadgets. However, there are already experts who are extremely optimistic: for example, the American investment bank Citi predicts that the metaverse economy will grow to $13 trillion by 2030.