Metaverse. What is it?
Metaverse has suddenly become a major trending topic, even though the concept has been around for close to three decades. Metaverse blockchain technology is still under development, but the concept of this digital world is well-developed with roots extending decades into our past. The word “metaverse” is a combination of two words “meta-” and “verse”. The word “meta” is a prefix of Greek-origin meaning “beyond” while “verse” comes from the word “universe”.
What is Facebook’s idea of metaverse?
On 28 October 2021, Facebook announced that it has rebranded itself as Meta Platforms Inc., or Meta. According to Mark Zuckerberg, the CEO of Facebook, he estimates it could take five to 10 years before the key features of the metaverse become mainstream since the features such as Ultra-fast broadband speeds, virtual reality headsets, and persistent always-on online worlds are already up and running.
How is Metaverse Function?
It was said that this metaverse opens up entirely new vistas of possibilities, giving you the space you need to do whatever you want: gathering with others, working, playing, shopping, creating, or learning about new places and ideas. The metaverse puts not just the entire physical world at your fingertips but the capabilities of your own mind in the power of your own hands.
In the metaverse, you’ll inhibit your own space and interact with others using an online avatar that enables you to move, speak and act freely. You’ll have complete autonomy to do whatever you want, including owning virtual property, much as you would own actual real estate. You can even create a property, such as art or buildings, and you can sell that property to other metaverse users, exchanging the property for non-fungible tokens (NFTs) or other units of value.
Is Crypto the Key to the Metaverse?
With the increase in the popularity of metaverse, there are multiple metaverse cryptocurrencies were created such as Decentraland (MANA), The Sandbox (SAND), Star Atlas (ATLAS), Axie Infinity (AXS), and Enjin (ENJ). Although metaverse blockchain technology is well-established, the metaverse itself is still evolving, which means that it hasn’t yet taken its eventual form.
Thus, NFTs and crypto are ultimately the keys to accessing the virtual reality of the metaverse. With NFTs, you can access digital assets ranging from virtual homes and businesses to digital clothing for your avatar, digital art, or other virtual items. Your NFTs are secured by the metaverse blockchain and protect your digital property from duplication or hacking. While NFT and cryptocurrency have proven their potential for growth and possibility, which is why people are increasingly coming to see them as an investment opportunity.
To conclude, currently, the metaverse is the new technology that people are eagerly exploring. Many opportunists have set up their visionaries on the concept of the metaverse, dreaming of a way to move beyond the physical limits of our world to explore boundless horizons and create new possibilities for this technology to become more powerful in the future. The metaverse has the potential to unlock numerous possibilities, but the real promise ultimately lies within the user itself.
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