Technology has changed our lives in different aspects and will continue to do so in the future; it also has its fair share of pros and cons. Before science fiction came into existence, the internet, smartphones, cloud, and many others were ruling out here to the world. It is quite likely that the digital age’s “next major thing” is already on the horizon which has the ability to alter the environment of daily life – which is known as “metaverse”.

The epidemic of COVID19 has promoted a lot of interest in shared virtual environments or better known as “metaverse”. This sci-fi term is a combination of the prefix “meta” which means “beyond” and “universe”. It refers to the shared virtual alternate worlds where people can buy and sell their lands, buildings, avatars, and even names, all by using their Cryptocurrency. Metaverse has the financial, virtual, and physical worlds interlinked, combining the 3D world concept. People can also make friends and wander around, visit buildings, purchase goods and services or even attend events, in short, the meta-universe is the future of the internet wherein these 3D worlds the users are allowed to meet, work, play, and socialize. The metaverse term refers to a wide range of virtual alternate worlds including everything from office goods to games and community platforms. The financial, virtual, and physical worlds are interlinked.

We live in an advanced technology world where just by the click of a button on the devices we use, it gives us access to almost anything we desire and makes our lives easier. The same thing has taken a toll on the Crypto world too; NFTs, Blockchain games, and Crypto payments are no longer exclusive to Crypto enthusiasts. They are now a part of the growing metaverse and are easily obtainable. However, the meta-universe hasn’t been fully implemented, but some platforms contain meta-universe-like attributes. Video games presently provide the most immersive encounter with the meta-universe. Developers have broadened the gaming notion by holding in-game events and establishing virtual holographic economies. Cryptocurrencies are highly useful in the meta-universe, even if they are not required. They enable the development of a digital economy that is based on various utility tokens and virtual collectibles (NFTs). Wallets like Trust Wallet and MetaMask can also be beneficial in the meta-universe. Furthermore, Blockchain technology has the potential to provide transparent and trustworthy governance systems.

For example, people around the globe can benefit from GameFi’s “play and win” models that provide a stable income stream. As a result, online game jobs are highly desirable and are an excellent approach for connecting the meta-universe of the future to life because they demonstrate that people are willing to spend their time living and earning in virtual environments. Axie Infinity and Gods Unchained are the two “play to win” games that do not have 3D worlds or avatars yet. However, they can theoretically be a part of the meta-reality just to make money online.

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What is the significance of the Metaverse and why does it matter?

Imagine, if the metaverse fails poorly to live up to the lofty aspirations and visions that people have for it, then it has the potential ability to dramatically change how we interact with the virtual world. A collaborative virtual experience akin to the non-fungible tokens (NFT), could offer new prospects for creators, gamers, and artists, not only reforming but also inventing the creator’s economy. The virtual parallel reality of the metaverse has the potential to become a trillion-dollar business in and of itself. It’s a popular destination for entertainment, shopping, and even job employment opportunities. Instead of being described as an extension of the web, the metaverse is described as it’s successor. Metaverse is also being constructed with the help of Blockchains and decentralized apps.

According to venture capitalist and essayist Matthew Ball, the metaverse will be like a doorway to most of the digital experiences and fundamentally will be the key component of all physical ones for the next major employment platform. He also believes that metaverse will likely be the catalyst for the upcoming generation of businesses; this process will be similar to how the internet became famous. Perhaps, what's more, intriguing is that the rise of digital platforms could also lead to the downfall of giant traditional industries. Thus, monitoring its scale and progress should be important.

Other leading tech companies stepping into Metaverse:

Not sure if you know this but, no company or even a single person can govern the metaverse, the typical potential suspects in the IT sector have already staked their claim to the future of space destiny. Thus, for the XR Association, a consortium of IT companies like Google, Microsoft, Samsung, and Sony have joined hands with Facebook in shaping the future of “experiential reality”. As you know, in many aspects, gaming is way more ahead of other metaverse technology and it may continue to be so in the future as well. Over the years video games have embraced the concept of their in-game economies, in which the players can purchase and sell items that have no real worth beyond the game’s realm. One of the current examples is Fortnite, and the older examples include infamous video games like Grand Theft Auto V popularly known as GTA, which was out to the world seven years ago making this the sole reason why it has sustained an incredible success making over a billion dollars profit in 2020, it's all thanks to the massive online community that is still active in the online game's open-world realm. The metaverse aspires to bring and combine various in-game economies under a single virtual experience umbrella. Metaverse isn’t objective-based like how video games are, it will be more like the internet than a virtual role-playing game in terms of how we interact with it.

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Crypto fitting into the Metaverse:

There will be a demand for permissionless identification, financial services, and high-speed trade behind the scenes of the metaverse. The data will be stored and served by millions of individuals. Therefore, Cryptocurrency technology has the key to solving these issues. Companies such as Decentraland and The Sandbox have created virtual worlds that integrate Cryptocurrency, allowing gamers to design and monetize structures such as virtual casinos and theme parks. The currency utilized in Decentraland is called MANA, and it can be purchased on platforms like Coinbase. There are even casinos where you may gamble in MANA and the dealers are paid in MANA to show up for work- it is as simple as it sounds.

NFTs will be playing as the main character/part in the metaverse, allowing players to wholly and permanently own their characters, in-game assets, and even virtual holographic land. The greatest purchase to date is an NFT of a 259-parcel virtual estate in Decentraland, which was sold for more than $900,000. Therefore, it will eventually be possible to purchase and sell virtual products from various games and universe realms in an interoperable industry. In easy words let's imagine, someone selling their virtual plot of property in the Decentraland universe and using the profits to go buy Fortnite skins, -here all virtual objects and intangible items might be expressed as ‘NFTs’ making Cryptos exclusive legal tender in the metaverse. Thus, no one can predict the visual appearance of the metaverse and when it will transform to its ultimate form. Therefore, the importance of Cryptos to its evolution is undeniable. By watching the evolution of technologies over the years like virtual reality and monitoring the moves of current leading industries like Facebook getting involved in Blockchain technology and Crypto sector will play an equally important role to determine and evaluate the future of metaverse.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.