Metaverse: A Shared Virtual Environment!
Metaverse is really a fancy word. A futuristic internet and a burst of colors invite you to spend your nights and days. It is a universe of lights and noises that come at you from all directions.
It will allow you to live out your fantasies, as it is the Internet that you are not only looking at, but literally inside of it. The metaverse is sure to change the way we live.
The potential in the metaverse is noted and encouraged. Last year, Facebook changed its name to Meta, signaling the social network’s desire to be a forerunner in the new world. Interest in the project continues to grow. And also Microsoft’s projected $69 billion acquisition of ActivisionBlizzard came as part of an expansion of the metaverse.
Hype cycles in technology come and go. The metaverse may burn before it’s done. However, interest in the project continues to grow. It has become a common phrase in games, NFTs, and shopping.
Very good, enough with the explanations; Let’s go directly to the definition of metaverse!
What is Metaverse?
The metaverse is a public virtual world that can be accessed through the Internet. It can be called a virtual world that is parallel to our life in real life and has areas such as offices, houses, parks, parties, and clubs.
This digital space converges social networks through augmented reality (AR), virtual reality (VR) and cryptocurrencies that allow people to connect digitally. Users can also use a virtual reality headset and controllers to travel through the metaverse for pleasure with no specific goal in mind.
To enhance the user experience, human profiles are presented in the form of avatars and virtually connect and establish a community. Metaverse provides users with access to their digital avatars through NFTs. To prove ownership of a person, each avatar is tokenized.
Digital money is used in the metaverse to buy clothing, weapons, and protection in video games, among other things. NFT Ticketing System is used to distribute tickets to appropriate audiences at Metaverse events such as music concerts and live events.
This dream of the world is a reality! Let’s go back to the trip and see how this creative idea was presented.
Metaverse Historical Events: Timeline
In 2021, Facebook changed its name to Meta, emphasising its commitment to shaping the future of the metaverse. Two companies also introduced smart glasses (Ray-Ban Stories) and highly wearable virtual reality headsets (HTC’s Vive Flow). And Microsoft introduces Mesh, a platform designed for virtual collaboration across multiple devices.
2020: Apple introduced Lidar (light sensing and ranging) on iPhones and iPads, enabling improved depth sensing for better photography and AR, as well as paving the way for future mixed reality headsets.
2017: IKEA entered the metaverse with its revolutionary Place app, which allows you to select a piece of furniture and see how it might look in your home or office.
2016: Microsoft’s HoloLens headset was released, bringing mixed reality (AR and VR) to the masses for the first time. We can make a holographic image in front of us with HoloLens, then place it in the real environment and manipulate it with augmented reality. Also the same year, people all over the world were running around their neighbourhoods trying to catch Pokémon using the Pokémon GO augmented reality game.
In 2011, the novel Ready Player One by Ernest Cline is published. RPO went on to inspire “true” virtual reality. Facebook bought Oculus VR for $2 billion in 2014. Facebook founder Mark Zuckerberg stated at the time that the two companies would collaborate to expand the Oculus platform and seek partnerships to enable new games.
In 2009, Bitcoin was the first cryptocurrency and “changed the way we think about money.” Cryptocurrency was established by Satoshi Nakamoto as a kind of peer-to-peer payment that could be sent without the requirement of a central authority to run and maintain the network.
Roblox launched in 2006. The gaming platform has been called a “proto-metaverse with a path to the metaverse,” featuring immersive experiences, persistent avatars, and a digital economy among the core features of the metaverse.
In 2003, Second Life was launched. SL is an “immersive three-dimensional (3D) environment that facilitates high levels of social media and information engagement.” Second Life could be the first large-scale metaverse-style environment.
The concept of metaverse is not new. It was initially detailed in the novel Snow Crash, published in 1992 and written by Neal Stephenson. Several companies subsequently launched online communities based on the concept, the most famous of which was Second Life, which was introduced in 2003.
In the year 2002, digital twins were introduced. Dr. Grieves, an expert in product lifecycle management, presented the digital twin concept for virtual product design, testing, production and support.
In 1989, Tim Berners-Lee invented the World Wild Web.
Key Features of Crypto Metaverses
A powerful combination of crypto and metaverse seems more tempting, so let’s take a look at some intriguing possibilities.
In this merger, financialization is the first thing that comes to mind. Identity, digital property, and commerce are all ways that cryptocurrencies help finance assets.
Identity – User identities will be attached to a public address, similar to how decentralized crypto wallets are attached to public addresses. Your crypto wallets can be used to store more than just your tokens; they can also be used to store digital items such as avatars, clothing, accessories, and weaponry. You can keep them as a store of value in your wallet or use them in other interoperable metaverses.
Trading – Stablecoins are a great way to trade value in the metaverse. Buying and selling assets is made easy by combining the borderless nature of cryptocurrencies with the stability of cash. Existing crypto markets, particularly cross-chain markets, would encourage the sale of virtual land and property.
Digital Property – Everyone should know that due to NFTs, the concept of digital property is changing. Users will be able to obtain immutable and publicly verifiable rights to use assets in the metaverse such as NFTs, allowing them to trade on the markets.
How does the Metaverse work?
Technology has progressed faster than most people realize and will play a major role in the metaverse.
Working in the metaverse will simply require the use of digital workstations, and 3D avatars will be free to meet “face-to-face” without the use of conferencing equipment.
It aspires to be an open ecosystem that everyone on the internet can participate in using blockchain and digital assets.
It is envisioned as a public blockchain that leverages its native digital currency known as ETP, to provide a decentralized, immutable ledger to establish an “internet of value.” A “blockchain platform as a service” (BaaS) is another name for the project.
In the Metaverse environment, ETP is an ERC20 token that can be used as a medium of exchange. In a scenario where other cryptocurrencies are accepted, the ETP token can be used to make payments. It can also be used as collateral for loans on the site.
Metaverse intends to create a better foundational architecture for decentralized applications at the infrastructure level by developing a collection of foundational protocols such as Proof of Work, Identity, and Data, on which more complex systems can be built.
The token allows users full access to Metaverse services. The services can be used to store almost anything of value, such as personal information, medical records, insurance contracts, supply chain data, flight schedules, and more. As a result, the Metaverse is meant to complement rather than replace the current Internet.
For example, when you join the meeting in the metaverse space, you’ll be able to see all the profiles of the participants, as well as your previous interactions with them and information about everyone else on the call.
What are metaverse tokens?
Avatars in the metaverse use metaverse tokens as a form of currency. Users can make, buy, and sell physical and digital products, as well as tokenized cash.
Metaverse tokens, on the other hand, have value both inside and outside of virtual worlds, unlike in normal virtual world games. Metaverse tokens can be exchanged for fiat currencies in the form of cryptocurrency development company . They can also be used to authenticate ownership of linked real-world assets, such as valuables, artwork, or even coffee mugs if they are NFTs.
The most popular cryptocurrencies and tokens for the Metaverse are listed below.
Crypto Tokens Market capitalization
Decentraland (MANA) 4,246,800,634 million dollars
Axie infinito (AXS) 3,178,610,683 million dollars
The sandbox (SAND) 3,430,838,315 million dollars
Red Theta (THETA) 3,402,795,365 million dollars
APE currency (APE) 3,020,032,882 million dollars
Batteries (STX) 1,731,751,075 million dollars
Moneda Enjin(ENJ ) 1,503,910,004 million dollars
Representar tokens(RNDR) 593,814,804 million dollars
WAX (WAXP) 583,011,360 million dollars
Where and how can I buy metaverse tokens?
Metaverse coins can be traded on cryptocurrency exchanges like Binance and Coinbase. The procedure is simple and consists of a few steps, which are explained below.
1: Create an account at your cryptocurrency exchange.
2: Decide on a form of payment.
3: Buy and sell metaverse and other cryptocurrency tokens.
What can you buy in the metaverse?
Shopping in the metaverse could be fun. In the metaverse, you can buy and sell virtual real estate. You can buy a plot in the metaverse with cryptocurrency, primarily Ethereum . SAND is the money of The Sandbox, a gamified platform, while MANA is related to Decentraland. To buy the metaverse, you will need these coins.
You will also need virtual wallets like Metamask or Binance that can contain NFTs. The sale and ownership of a piece of land is recorded by transferring NFT when you buy it. The transfer will take a few seconds while it checks to see if your digital wallet has enough funds to purchase the property, after which you will be informed that you are now the legal owner of the property.
You can also shop for a car dealership, as well as shop for clothing, jewelry, food, shoes, ART, virtual pets, and digital instruments, among other things.
What can you do in the Metaverse?
Buy and monetize real estate
Meet and collaborate with remote colleagues
Socialize and make new friends
Attend concerts, trade shows, and learning events.
Play virtual reality games
Sell in-game assets for cryptocurrency tokens
Invest in digital works of art through NFT
It sounds crazy, but a virtual venue for the metaverse is set up for weddings. Couples can invite people to their cloud wedding that they wouldn’t be able to accommodate in a traditional venue.
Future of the metaverse
The metaverse seems to have a promising future. It is no longer a far-fetched idea. Activities that take place in the real world can ultimately be replicated in a metaverse in large numbers.
In a way, we have yet to enter the chaos of the metaverse. When technology is used in the same way that we use the Internet today, the future is not too far away. Softweb Solutions is always at the forefront, exploring new developments in the fields of Augmented Reality, Virtual Reality and Augmented Reality.
The metaverse, on the other hand, struggles to prove its promised potential. Players in the metaverse will need to address three frontiers to advance to the next stage of development: sourcing talented talent, making decisive investment moves, and pushing the boundaries of creative experiences.
