EXPLORING & UNDERSTANDING THE METAVERSE INNOVATION.
In the beginning God created the Universe and the users. The Universe was without the internet, and curiosity was upon the face of the users. The spirit of technology was hovering over the Universe, and a section of the users called Programmers said, let there be internet and there was internet. The Programmers and other users saw the internet was good, and they segmented it into different sections, they called the static web WEB1, they called the centralised but dynamic web and social media WEB2, and the decentralised web WEB3.
With the quest of improving the internet and giving users more experience on the internet outside the Universe. The Programmers and some users are saying let there be Metaverse, and there might be Metaverse. Understanding the Metaverse innovation and the existing sections of the internet powering the soon to be in existence Metaverse is the main content in this context. Increasingly, connections between the financial, virtual and physical worlds have been linked.
Not surprisingly, the prerequisite to understanding these connections is definitely having a clue of how cryptocurrencies work. An experience with video games will give you a quick insight of what the metaverse entails.
SO, WHAT EXACTLY IS THE METAVERSE?
“It’s a concept of an online, 3D, virtual space connecting users in all aspects of their lives. It would connect multiple platforms, similar to the internet containing different websites accessible through a single browser. The concept was developed in the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future. The metaverse will be driven by augmented reality and virtual reality, with each user controlling a character or avatar. For example, you might take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the metaverse. It is a bit similar to the concept of working remotely and joining office meetings via Zoom or Video conferencing app. In the long run the idea is to have a unified metaverse platform that can connect every individual in the universe together to perform and be able to replicate all the universe activities in the metaverse as well.”
Presently, we can already see some aspects of the metaverse in existing virtual video game worlds. Games like SecondLife, Fortnite and work socialization tools like Gather.Town as well as other platforms like DecentraLand, Axie Infinity, UbutuLand and CryptoVoxels bring together multiple elements of our lives into online worlds. While these applications are not the metaverse, they are somewhat similar. The metaverse still doesn’t exist yet, but the aforementioned platforms are the closest and present utilities giving us the Metaverse like services.
Besides supporting gaming or social media, the metaverse will combine economies, digital identity, decentralised governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain the potential to power this future technology.
YES, CRYPTOCURRENCIES & TOKENIZATION COMES IN HERE.
Cryptocurrencies are synonymous to digital currencies, examples of which are Bitcoin, Avalanche, Polkadot, Solana, Ethereum, Cardano, Mana and lots more. You must have been thinking if the Metaverse is going to be a replica of the Universe, then what is the buying and selling process going to look like. Cryptocurrencies will be the determining factor of your purchasing power in the metaverse. It’s the blockchain powered financial system creating a Digital economy streamlined with your cryptocurrencies wallets available to humans in the Universe. Cryptocurrencies will be the Metaverse monetary system just like we have a Centralized and Traditional monetary system in the universe. Working in the metaverse will definitely be encouraged as cryptocurrencies which are incentives received for services offered in the metaverse are spendable in the Universe and vice versa. Attending a paid metaverse event like music concerts, purchase of tickets, purchase of event halls, purchase of land, purchase of artworks, and other things will have its value determined and pegged to different cryptocurrencies. Examples of such are cryptocurrencies like MANA which is the official coin/token enabling financial transaction in Decentraland metaverse.
Every item and properties purchased in the metaverse are classified as collectibles. In the Universe collectibles can be compared or classified as goods. When you purchase goods in the universe, you are expected to get an invoice or receipt as proof of ownership and transfer of asset. In the case of metaverse, collectibles are tokenized and have a registered public address on the blockchain. What does that mean?
How am I going to explain this in its simplest form? Lol, here we go.
It’s a programmed structure and way of splitting items, goods, properties and services into different units attached to a unique identification mechanism secured by a distributed ledger system known as the blockchain. Cryptocurrency wallet address and Tokenisation is serving as a feature and part of the metaverse innovation enabling Proof of ownership, Digital collectability, Transfer of value, Accessibility and Interoperability.
For instance, in the universe, there are assets, goods and credentials that are non-interchangeable, non-divisible and unique, examples of such is your birth certificate, your artwork, academic certificates among others. These types of assets are classified as Non-Fungible Asset and tokens in the metaverse. Hmm, a lot of explanation around the metaverse, I believe practicing and trying it out will be a driving force towards perfection as well as understanding your chances of getting acquitted with this technology.
HOW CAN YOU EXPLORE AND GET YOURSELF STARTED WITH THE METAVERSE?
You can explore the Metaverse as a random user, creator as well as a collector, while we don’t yet have a single, linked metaverse, we have platforms and projects similar to the metaverse. Typically, they incorporate non-fungible tokens and other blockchain elements. Let’s look at three platforms with links to get you started.
Second Life ( https://secondlife.com/ ) : Second Life is a 3D virtual environment where users control avatars for socialising, learning, and business. The project also has an NFT marketplace for swapping collectibles. In September 2020, Second Life hosted Binance Smart Chain’s Harvest Festival as part of its first anniversary. The virtual expo showcased different projects in the BSC ecosystem for users to explore and interact with.
Axie Infinity ( https://axieinfinity.com/ ): Axie Infinity is a play-to-earn virtual environment that’s provided players in developing countries an opportunity to earn consistent income. By purchasing or being gifted three creatures known as Axies, a user can start farming the Smooth Love Potion (SLP) token. When sold on the open market, someone could make roughly $200 to $1000 (USD) depending on how long they work and participate as well as the market price at that particular point in time. While Axie Infinity doesn’t provide a singular 3D character or avatar, it gives users the opportunity for a metaverse-like job. You might have already heard the famous story of Filipinos using it as an alternative to full-time employment or welfare.
Decentraland ( https://decentraland.org/ ): Decentraland is an online, digital world that combines social elements with cryptocurrencies, NFTs, and virtual real estate. On top of this, players also take an active role in the governance of the platform. Like other blockchain games, NFTs are used to represent cosmetic collectibles. They’re also used for LAND, 16x16 meter land parcels that users can purchase in the game with the cryptocurrency MANA. The combination of all of these creates a complex crypto-economy.
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