What is the Metaverse?

Nowadays, in the IT industry and other industries as well a new concept is circling around and its metaverse. A lot of people are still unaware of the term and its meaning. The correct meaning would be an online 3D universe that is a combination of different virtual spaces. It is like a future extension of internet or another dimension that will coexist with our physical world. It will allow its users to work, network or play games and socialize together in a 3D virtual reality. 

Early features

Even though metaverse doesn’t really exist yet, some elements of metaverse are visible. Currently on the market, video games are the closest thing to metaverse. Developers of video games have succeeded in making video games similar to the reality. They have added in-games events and created virtual economies. In addition, 3D virtual evets with individual avatars are considered an early part of metaverse. Of course, there needs to be improvement and more development, but the prediction is that 3D virtual events will develop into the meta world. 

Another major part are cryptocurrencies because they allow the creation of digital economy. There is also a possibility of creating crypto wallets. With blockchain technology and metaverse you can provide reliable and transparent governance systems. 

Common prediction is that tech giants will be leaders in metaverse’s development. On the other hand, smaller companies will also want to be part of metaverse. The trends are showing that different companies will need to collaborate by join ventures to be successful in metaverse. Additionally, mergers and acquisitions will be common to. The idea behind metaverse is connection between financial, physical and virtual world that grows stronger every day. They are no longer divided but managed together. Our devices are used for managing every aspect of our lives and we can access anything with a touch of a button. Or as the metaverse goal is with no touch at all. 

Defining metaverse 

Metaverse is a 3D virtual space that connects users in all their aspects of life. This feature is similar to the internet as we know and use today. Just like internet, it can connect multiple platforms that contain various sites that can be accessed through a single browser. 

The first mention of it was in the science-fiction novel Snow Crash by Neal Stephenson. The idea is that augmented reality drives the metaverse. In augmented reality, users control a character or avatar without hardware and this is how they interact with the 3D virtual world. 

Mostly, possession of valuable items and currencies helped develop the idea of metaverse. This is all potential power of future technology advancement. 

Video games and their connection to metaverse 

In the gaming world, 3D virtual reality has become very popular and video games are the closest thing to metaverse. Video games are no longer just a gaming platform. Video games now offer multiple new features and services. The new additions connect players with their other aspects of life. For example, Roblox video game hosts real life virtual events. 

How to connect cryptocurrencies to metaverse? 

Gaming does cover majority of the 3D elements of metaverse. However, it doesn’t cover every feature and element to be portrayed as the “real life 3D virtual reality”. This the part where cryptocurrencies come in. Cryptocurrencies can offer digital proof of ownership, they offer vivid transfer of value, easy accessibility and governance. The real question is how does this assist us in the future? 

It is conceptualized in a way that in the future we can purchase items, socialize with each other and work in the virtual space seamlessly. Therefore, we need to secure a way of showcasing ownership of everything. 

Metaverse’s functions: 

Many people work from home, but in metaverse people will be able to socialize with each other’s avatars also.  

There are already many examples of platforms like metaverse. The first example is SecondLive which is a 3D virtual environment where participants control their avatars for networking and socialization along with work and business objectives. 

Second example is Axie Infinity which is a play to earn game. This game is an opportunity to earn steady income. By purchasing an avatar called Axie, player can start farming a SLP token. Afterward players can sell tokens on an open market and this is the way players earn money. 

Final Thoughts:  

Nevertheless, Facebook is one of the strongest players on the market and they are a big advocate for metaverse. Zuckerberg has mentioned this as a great opportunity for supporting remote work in developing countries. Sometime in the near future metaverse can definitely be our reality and new socializing and working platform.