You may have heard about the Metaverse in terms of virtual reality, but what is it in terms of the crypto world?
The Internet, though not all-encompassing, has changed society dramatically. A social network allows users to connect with people they otherwise would never have met. New technology has revolutionized how we work, play, and learn.
The possibilities are so limitless it can be difficult to imagine something that hasn’t yet been done or accomplished through it. One way to look at this state of affairs is by thinking of our universe itself. Just as the universe contains galaxies upon galaxies of stars, planets, and other celestial objects, the Internet is rapidly spawning new networks, websites, and platforms. The Metaverse is one example of this.
Understanding the Metaverse
A metaverse could be defined as “the sum of all virtual worlds” because it is an interconnected set of virtual spaces. The term was originally coined by Neal Stephenson (author of Snow Crash) and referred to as a collective virtual shared space created by millions of linked servers, simulating environments and avatars for millions of users across the planet.
The Metaverse can be thought of as an immersive parallel virtual reality-based 3D social network. It’s an online space where people can interact with each other in much more realistic ways than on current social networks.
In the Metaverse, people can visit different virtual worlds, each with its unique theme and setting. They can also create their virtual world or join one that’s already been created by somebody else. Socializing in the Metaverse feels more like being in the same room as somebody else rather than just exchanging text messages or talking on the phone.
Several key features set the metaverse apart from other online spaces:
- Avatars: In the Metaverse, users can represent themselves using customized 3D avatars. This allows for a high degree of expression and immersion.
- Persistence: In the metaverse, objects and environments are usually persistent, meaning they remain in the same state even after users have left them.
- Social interaction: The primary purpose of the metaverse is social interaction, allowing users to meet and interact in virtual spaces.
Decentraland: A Case Study
Decentraland is a virtual reality platform that allows users to create, experience, and own digital content. One of the key features of Decentraland is its decentralized real estate market. This means that users can buy and sell parcels of land within the virtual world using the native MANA token, where the blockchain verifies land ownership.
Potential Impact of the Metaverse on the Crypto Industry
The potential implications of the Metaverse are vast and could revolutionize how social networking is done and how business is conducted on the Internet. As for its effect on the crypto industry, opinions remain divided.
Some experts say that the Metaverse will require new crypto platforms, tokens, and stablecoins, providing investors with opportunities to invest in the burgeoning space. Moreover, cryptocurrencies can help users to confirm their ownership in the Metaverse.
Others remain skeptical and believe the possibilities and forecasts are being overhyped because VR has been around for decades. Moreover, the space may not be decentralized, unlike the crypto industry.
The recent development of social VR platforms could indicate that the Metaverse is starting to take shape. Social networks today are very popular, but they’re limited in what you can do with them. The Metaverse promises to change all that by giving us an online space to be more creative and expressive. It could also become a powerful tool for business and education. We’ll have to wait and see how it develops over time.