Technological innovations and developments link different aspects of the financial, virtual and physical world. We can access anything we want with just a few clicks on our devices. Cryptography and blockchain is a unique and disruptive space. Blockchain games, NFT, and crypto payments are jointly developing what we call the “metaverse”. But what is the metaverse and how does cryptography fit into this concept? We’ll see.
The term “metaverse” is used to describe the future iteration of the Internet. It is made up of static, shared, and online 3D virtual spaces connected to a virtual world. It connects multiple platforms just like the internet connects different websites in one browser. Originally, the concept was developed into a science fiction novel Snow Crash, written by Neil Stephenson. Before, it was a fancy idea. But with technological innovations, this could soon become a reality.
The concept of the metaverse is powered by augmented reality. Some aspects of the metaverse can be seen in virtual video games such as Second Life or Fortnite, or workplace socialization tools such as Gather.town. They collect the elements of our lives in the online world. These applications are not the metaverse, but are related to it.
The Metaverse hasn’t fully seen the light of day, but we’re starting to see the growth of what could be the basis for a future Metaverse reality. For example, in addition to gaming and social media, the virtual world connects economies, decentralized governance, and other applications. Valuable objects and coins can be created and developed in a single linked virtual space. They sound familiar?
Since the concept of the metaverse is related to 3D virtual reality, video games offer the closest virtual experience to users, as they provide many characteristics that can transcend certain aspects of our lives.
For example, Roblox video games host virtual meetings and virtual concerts. Besides playing the game itself, players can use it for other activities and parts of their lives in cyberspace. Note that when multiplayer Fortnite took the Travis Scott virtual in-game music tour, 12.3 million players participated.
Video games offer a 3D glimpse into the virtual world, but that doesn’t include everything you need to complete the metaverse. Cryptography can provide other important aspects of the metaverse, such as digital proof of ownership, value transfer, accessibility, and governance.
In order to fully exist the metaverse, we will need to work, socialize, and purchase virtual items within an ecosystem. We’ll need a secure way to show ownership and bring those items or money to virtual reality. If this becomes an important part of our lives, we will also want to play a role in the management and decision-making of the ecosystem. Blockchain can provide a decentralized and transparent way to deal with issues that may be critical to the metaverse:
Digital Proof of Ownership: You can instantly verify your business and assets if you have a digital wallet. A wallet is the most secure way to digital assets and identities.
digital collectibles: Since the Metaverse reproduces actual activities, it is important to show that the item is original and unique. With the help of NFT, we can create 100% unique objects that cannot be copied. This concept can also be used to represent ownership of physical items in the metaverse.
value conversion: The metaverse requires a secure way to move items and currency. In most current virtual reality platforms, in-game currencies are less secure than blockchain. If users are earning money in the Metaverse, they will need a secure and reliable way to send and receive currency.
Verdict: In the real world, we have a voting system to elect leaders and governments. It is also important to have the ability to control the interaction rules in the metaverse. With decentralized engineering, blockchain provides a demonstration ground for implementing governance in the metaverse. Blockchain has already proven its ability to implement fair governance.
Interoperability: Blockchain technology improves compatibility between different platforms. Cryptographic projects such as Polkadot (DOT) and Avalanche (AVAX) allow users to create interactive custom block chains. Blockchain has the ability to create a single metaverse that can connect multiple virtual environments.
Facebook is one of the strongest voices of the current generation supporting a unified metaverse. CEO Mark Zuckerberg has revealed his intention to develop the Metaverse project. The project will support remote work and improve financial opportunities for people in developing countries, by bringing together aspects of social media, communication and cryptocurrency. This will be supported by the development of the stable platform, Dim, which could become the dominant cryptocurrency in such an environment. Other big tech companies like Microsoft, Google, and Apple are also aiming to create the metaverse.
The next step in creating a unified virtual space will be the integration of NFT markets and 3D virtual worlds. While users can sell their products on many NFT marketplaces such as OpenSea, there is currently no popular 3D platform. That could change soon. It is not impossible to develop applications related to the metaverse for blockchain programmers.
While the creation of a unified metaverse may take several years, we can already see developments that may lead to its creation. Video game platforms such as Fortnite and Roblox provide a virtual experience to users, as blockchain technology is increasingly connected to our daily lives. These technologies will only grow.
Entry What is the metaverse? It was first published in Bitcoin, Cryptocurrency, and Blockchain News.