Home » Metaverse Explained: Its Uses and Role of Crypto in Metaverse

Metaverse Explained: Its Uses and Role of Crypto in Metaverse

Metaverse has been in the news a lot lately. It is the “Next chapter of the internet,” according to Facebook (now Meta) CEO Mark Zuckerberg. The term has garnered even more popularity after Facebook changed its name to Meta and led to the development of the Metaverse along with other brands like Microsoft. So what is Metaverse, how it will affect our lives in the future, and what role will cryptocurrencies play in it. We will discuss all these things here.

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What is Metaverse?

Metaverse will be a wide collection of games and 3D worlds that will be linked together to create one giant virtual world. It is a combination of games, social media, virtual reality (VR), augmented reality (AR), and cryptocurrencies. It will be an always-on live service that you can interact with or without Virtual reality glasses.

Metaverse will be a large digital space that will allow you to interact with others or play with them in real-time using your digital avatars. Games like Minecraft, Roblox, GTA Online already act as a virtual world where you can interact with other players, build, create and earn money for doing tasks. Metaverse will try to connect these games and more together to provide a seamless experience.

Possibilities In Metaverse?

The internet has revolutionized the way we live, interact and do our day-to-day tasks. But it is restricted to a 2D plane. But a virtual environment creates several possibilities that are interactive and immersive. the Metaverse can provide a host of features for professional as well as personal uses.

Learning

It can provide interactive learning methods for kids. Like actually visiting a historical place and getting a 3D tour. You can visit different regions of the world to learn and explore about them and their wildlife. Or understand significant events in history by actually being present there.

Professional

Think of having a zoom call in a virtual conference room. You can do a similar thing in a zoom session but instead, you will be able to interact with them as well. You will be able to create virtual 3D models for presentations that give a better perspective of your ideas.

Entertainment & Games

You will be able to watch movies in a virtual theatre that provides the same experience with the comfort of your home. Or relive your old memories on a huge screen. It will also change how you play your games. Think about actually racing your dream cars with friends or playing football with your friends on the other side of the world.

Advertising

You could try out any outfit without even visiting the store. Car companies can provide a virtual simulation of their latest model and you can hold a life-size model of a product before buying it. Brands will be able to sponsor different worlds in Metaverse to advertise their products.

Role of Crypto in Metaverse

Metaverse will allow people to use various cryptocurrencies as in-game currency. These will allow you to buy items in Metaverse. You will be able to earn them as tokens in various worlds by doing tasks and since cryptocurrency holds real-world value, you will be able to sell them in exchange for fiat money (cash). You can check out the best Metaverse coins.

It will provide great emphasis on creativity and you will be able to create designs that you can use throughout Metaverse. NFTs will have a greater impact in Metaverse. Let’s say you buy an NFT from the NFT marketplace and then you will be able to use it throughout any place in the Metaverse. You can integrate it in your avatar or use NFT as your name. Since NFT has proof of ownership, your unique NFT will not be copied.

Current State of Metaverse

Over the years, the internet has changed significantly and created a lot of baggage and negative appeal, especially with social media platforms. This is why huge brands want to explore a new sector which is Metaverse. Currently, a lot of huge names like Facebook and Microsoft are working on bringing Metaverse to life and making it accessible to everyone.

Brands have been working towards different aspects of building Metaverse like hardware, software, financial frameworks. Let’s discuss brands who are leading the development os Metaverse.

Facebook

Facebook as we discussed changed its name to Meta. They also own oculus which sells VR headsets and working towards making a space where people can interact without any restrictions no matter which headset or console they use to access these Metaverse games.

Microsoft

Microsoft is working on AR and VR lenses. They showed a demo of how their Holo lens can be useful to integrate augmented reality in our world while providing VR functionalities as well as working on virtual spaces to be more accessible. They also own Minecraft which is considered to be a current Metaverse game.

Google

Google has already worked in the field of Metaverse with their canceled Google glasses and their Google cardboard projects. Most of their apps have compatibility with VR experiences and Youtube already supports watching videos in VR. And given Google is the worlds biggest search engine, there is no way one can imagine a Metaverse without Google. They are working on providing interactive experiences.

Decentraland and Sandbox

Metaverse games like Decentraland and Sandbox also exist that have their own complex currency system using crypto tokens and use their character skins or land as NFT. Games like these help create an active and loyal userbase and a developer-supported platform that constantly gets updated. These also help create a Financial framework using the DeFi network with platforms like Uniswap and decentralized exchanges.

Also, read | Easy Steps to Convert Bitcoin and Other Cryptocurrencies Into Cash

Apple is also rumored to be working on its VR goggles. Many new brands are also working on it and as the progress grows and the more Metaverse comes to reality, more brands and games will see its potential and join its development.

Wrapping Up

All these possibilities are the reason why there has been so much attention towards Metaverse lately. The concept is not new but we have means and technology to connect people worldwide and build a giant interconnected virtual world today.

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