What Is The Metaverse?
The Metaverse is trending in the tech world — Facebook has rebranded its name to ‘Meta’, there has been a drastic growth in Metaverse tokens’ value, and a lot of activity combining blockchain projects with the Metaverse. However, if you’re still not quite sure what we’re referring to when we say ‘Metaverse’, read on…
Disclaimer: The article is only for educational purposes.
In October 2021, Facebook CEO Mark Zuckerberg announced that Facebook would rebrand to Meta Platforms Inc, also known as Meta. When this happened, cryptocurrencies took a giant leap. Meta will run Facebook and its other brands such as; Whatsapp, Instagram, and Oculus, with Zuckerberg estimating that it could take five to ten years before the critical features of the Metaverse become mainstream.
Now, what do you envision when the word ‘Metaverse’ comes to your mind? Surely it’s related to ‘universe’, right? Well yes, to some degree. The Metaverse is a virtual ecosystem where people interact, transact, and share values — like the universe, just virtually. Digital currencies will hold an important place in the Metaverse, and share a common principle of community ownership.
For quite some time, the Metaverse concept has been navigated in our society through entertainment via books, films, games and other media. The word ‘Meta’ derives from the Greek word meaning ‘beyond’. Following on, the term ‘Metaverse’ was introduced in the 1992 science fiction novel “Snow Crash” by Neal Stephenson. The novel is based on a futuristic setting wherein humans engage with each other and software agents as avatars in an internet-like and online-enabled virtual space. The author described this virtual space as the Metaverse, representing his vision of the internet’s future evolution based on virtual reality technology.
The Metaverse applies to games like World of Warcraft (based on closed metaverses) and can build other human-based ecosystems, where people can work, societies can create their own rules and financial systems.
Web 3.0 will be the foundation for the Metaverse and is currently driven by the technological advancement of 5G, AR/VR, and Blockchain technology. Blockchain technology enables the existence of cryptocurrencies such as; Bitcoin (BTC), Ether (ETH), and the ZB token. Blockchain technology will improve financial connectivity, allowing tokens and currencies used within a metaverse to transfer from the virtual into fiat currency.
Blockchain applications allow adequate proof for the future growth of metaverse blockchain and crypto projects. Metaverse projects are increasing substantially. To name a few, the top metaverse blockchain and crypto projects are Decentraland, Bloktopia, The Sandbox, Enjin, and Star Atlas. The projects are based on 3D universes, VR games, and buying digital assets like land, equipment, ships, and crew.
Overall, we are still in the preliminary stages of development in the Metaverse. Blockchain technology can provide the Metaverse interoperability, security, ownership, and decentralization. This year, we anticipate seeing new job creation inside the Metaverse, from developers working on gaming and NFT transactions for luxury brands and social media platforms to gamers monetizing their skills.
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