Metaverse is a term first coined in science fiction. It refers to shared virtual worlds where land, buildings, avatars and even names can be bought and sold, often using cryptocurrency. In these environments, people can wander around with friends, visit buildings and feel and touch anything they want.
The Metaverse, with a capital M, is the idea that there will be one single virtual reality that people will participate in. They will engage in this shared virtual reality space, talk to each other, hang out, play games, watch movies and do many things.
Also Read: 3 Cryptos That May Give a Possible Breakout
In a sense, it is a virtual world for open-source avatars, online games, and virtual reality devices. The question arises why metaverse?
The concept of virtual reality has surged in popularity during the pandemic as lockdown measures and work-from-home policies pushed more people online for both business and pleasure. Virtual reality encompasses a wide variety of online tools, from workplace applications to video games and many more.
It’s a vision for a new place to interact with other humans and bots to play games, conduct business, socialize and shop.
If you’ve played Pokemon Go and caught a creature that you can only see via your phone, that’s augmented reality (or location-based entertainment). How it is going to be realised.
Facebook has worked on technology that lets you use Oculus Quest to join an office space. Facebook’s Workrooms are an example of mixed reality. You use the Oculus Quest 2 to join a virtual office space, but you also can see your hands and your keyboard.
Many of the new platforms are powered by blockchain technology, using cryptocurrency and non-fungible tokens. Now what’s more.
You can navigate an office in the cloud with a full-body avatar via your keyboard. When you go to work in Virbela, you’re actually entering a virtual office. Your movements control your avatar’s movements in the virtual space. You’ll hear someone’s voice change depending on how close they are to you, and you’ll perceive.
NFT (Non-fungible Token) in Metaverse
(NFTs), allowing a new kind of asset to be built, owned and monetised. There is a new type of office platform that functions like a video game.
This is why the current use cases of NFTs have barely begun to scratch the surface of the technology. Everything will have to be represented in the metaverse.
As applications are built to handle all the use cases, the value of the blockchain ecosystem will become more apparent. This will be an exciting time for virtual worlds, as use cases are being built to demonstrate their full potential.
The concept of NFTs granting ownership over digital items has already been accepted by the mainstream. This virtual world is taking that concept into the metaverse.
Some of these platforms provide their own proprietary visuals of the NFTs to showcase what they represent. As the world shifts online, folks want to create and provide insight into their NFT products unique.
A lot of people are already up to speed on the concept of NFTs, or they wouldn’t be able to tell the difference between a painting and an image on the internet.
We already see some NFT projects moving more and more into the realm of the metaverse. Many of the concepts that form the metaverse have already been tried and adapted within blockchain gaming.
Axie Infinity is the only game in the space to incorporate non-fungible tokens into their game. The game, which was originally called Axie Habitat, is similar to Pokemon but with several key differences.
In fact, Axie Infinity is a unique and evolving game that is intended to appeal to those players who enjoy the virtual pets genre of casual gaming, as well as those more serious gamers who want to collect and battle unique digital assets.
As it levels up, they become more powerful. They also gain new abilities which can be enhanced through items or other Axies. Ultimately, it is a game where people interact with each other by buying and selling digital items halfway across the world.
Why Cryptos and NFT Will be Critical to Metaverse
The Metaverse is an engaging virtual environment that gives experiences across platforms and the real world. So, by allowing anybody to create, buy, and see NFTs in an engaging manner, it’s hoping to merge disparate online worlds into one seamless entity.
Behind the scenes of a virtual world will be a requirement to deliver permissionless identity, financial services, and high-speed exchange. In order to store and serve data to millions or even billions of people, cryptocurrency’s technology must be leveraged.
The blockchain will be one of the technologies used to help power the metaverse. It’s important that the underlying technology of the virtual world is secure.
In the Metaverse, everyone will have a digital ID that enables them to do things like open bank accounts and sign contracts. In order to handle these kinds of transactions, as well as storage for information relating to people and places, cryptos. It is not going to be possible without blockchain and crypto transactions.
Companies like Decentraland and The Sandbox have produced virtual worlds that integrate cryptocurrencies, so their users can produce structures like virtual casinos and theme parks, and monetize them. In Decentraland, the currency used is called MANA.
Someday, it might be possible to use cryptocurrencies to buy and sell virtual goods from different games and universes on interoperable marketplaces. For example, someone might be able to sell their virtual plot of land in the Decentraland world .
While we can’t know for certain what the metaverse will look like, the importance of cryptocurrencies for its growth is a certainty.
As we monitor the development of technologies like virtual reality, and the ways that current industry leaders like Facebook are getting into it. Many other companies have already jumped into this bandwagon.
Top 3 Metaverse Tokens: They Are Soaring Like Anything
Half a dozen virtual currencies, including some of the largest ones, are up by more than 50% on the day. The largest gainer of the day is ETHV (Ethverse), which is actually a token of a virtual universe built using the Minecraft gaming engine.
An increase of 11% in the most popular Axie Infinity token means that people are buying Axie Infinity tokens.
Axie Infinity is a well-known game that run on the Ronin side chain of Ethereum. The players earn by competing in PVP battles, breeding Axies and selling them to the marketplace, or collecting rare Axies. It’s idea came from the Pokemon universe, which is based around training creatures to fight against each other.
If you’ve never played this game, let me explain it to you. Players use action cards to command what action their Axies will be doing for that turn. It can be considered close to the Pokemon game. The game is growing massively. Here is the technical chart of Axie Infinity:
In the above Axie Infinity technical chart, the crypto has massively increased but for quite sometime it’s stuck in trading range.
Decentraland was created using the Ethereum blockchain. The native Decentraland currency is MANA, but the ERC-71 Non-Fungible Tokens (NFTs) standard token LAND is used to represent land ownership. The users can purchase plots of land (non-fungible unique digital assets) that they can build. These plots can also be sold on a marketplace.
As per the Mann Technical chart, it has registered a one-way sharp rally. On the hourly chart, it seems to start a fresh journey.
Ethereum-native Sandbox is a blockchai- based virtual world where users can buy, sell or even create their own digital assets. It is highly decentralized and allows for the creation of game tokens. To make blockchain technology more accessible, the SAND network combines play to earn and NFT based economies. The utility token is called SAND, used on the platform for transactions and decentralized governance.