The new Internet will redefine how we relate to our environment. The Metaverse will improve many processes and activities from the physical world, eliminating their limitations. These improvements include the economic and personal finance spheres, and this is why the crypto ecosystem and Metaverse are deeply linked.
This reality is happening right as you read this. Recently, Facebook changed its name to Meta. Other large companies such as Microsoft, Nvidia, and Epic Games, are betting on adapting to this model. They believe that the Metaverse will become popular over time.
The Metaverse combines physical reality with augmented reality (AR) and virtual reality (VR). Therefore, it is the next stage in digitalizing the everyday world. It will allow us to eliminate problems related to the distance between people, and we will be able to carry out activities such as studying, working, and training, among other things.
The Metaverse will require its own economy to function properly. Therefore, crypto will play a critical role in the Metaverse.
But, this concept is just in its infancy, and there is still a lot to learn. Thus, today we have presented five interesting facts about the crypto Metaverse.
Three decades of Metaverse
You might assume that the Metaverse emerged in 2015, at most. But, the truth is that the 90’s kids are turning 30, and so is the Metaverse concept. The first mention of the term dated back to 1992 and appeared in Neal Stephenson’s novel Snow Crash.
In this novel, the term refers to a collective shared virtual world. It is often compatible with external reality but enriches it in many ways.
A year after the novel’s publication, a U.S. publishing house released a MOO (MUD, object-oriented), a text-based online virtual reality system to which multiple players connected simultaneously. Called “The Metaverse“, it was part of the BBS Illuminati Online. This system was the forerunner of Internet forums.
Following this idea, developers have created their metaverses, but not necessarily crypto. Unfortunately, some of these digital worlds eventually collapsed and disappeared, while others still witnessed something that did not come to fruition. For example, we find Oz Online, Habbo Hotel, and Second Life.
Metaverses inside the Metaverse
Metaverse refers to an environment where people interact and exchange experiences virtually. This environment is a metaphor for the real world, with its participants represented by avatars.
Contrary to what many people believe, the Metaverse will not be a parallel reality. Instead, it will be an extended version of the Internet as we know it today. In these lines, we have spoken of the Metaverse as something that will happen, but it is already happening. The Metaverse is a virtual space to break the physical rules that limit this universe. In it, our imagination flows freely.
There is no such thing as THE Metaverse. Instead, it is more like several small metaverses combined. Each Metaverse has different functions. For example, the most relevant crypto Metaverse at the moment is Decentraland, which we will review later. But, Decentraland is not the same as Horizon Worlds, the Meta (Facebook) metaverse, or Microsoft’s own Microsoft Mesh.
With metaverses, it is similar to the Internet: several networks coexist, but not all of them are compatible. For example, some social networks, web pages, emails, instant messages, streaming, or games are isolated.
All metaverses have the same premise: creating virtual worlds where users interact. But, there are different metaverses. For example, the crypto Metaverse uses blockchain, while others focus on work, education, gaming, etc.
The most relevant crypto in the Metaverse
The most relevant crypto in the Metaverse arrived when the crypto market was in its early days. This is Decentraland (MANA) and, since 2021, has been the most valuable Metaverse project.
It raised $26 million in its ICO (Initial Coin Offering). The MANA token (Ethereum’s ERC-20) is to buy virtual items and land lots. Moreover, this crypto ecosystem of the Metaverse works with a DAO (Decentralized Autonomous Organization) that has voting power over its development.
Decentraland is a virtual space where users can create their avatars, meet with friends, organize meetings and events such as concerts, and create NFT art.
Fashion week and real-state market in the Metaverse
The NFTs (Non-Fungible Tokens) are the most popular technologies in the A digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... More market. They play a crucial role in the crypto Metaverse. NFTs are a way to guarantee the authenticity and exclusivity of digital items. Therefore, users must certify their purchases if metaverse transactions occur.
Thus, NFTs are vital within the crypto Metaverse. One of the most unusual cases is that you can purchase your real estate in the metaverse. An example is the real-estate market around Decentraland, The SandBox, and Axie Infinity.
In the metaverse, we even had a fashion week already. It was celebrated in March, and Dolce & Gabbana chose cats with glasses and hairstyles to present their models. This fashion week proves that the use of NFTs in the metaverse will continue to increase. Therefore, we will see more exciting use cases of NFTs in the metaverse.
The Crypto metaverse is the rising star
The Metaverse will be the ideal space for more and more people worldwide interested in crypto. The combination of innovations that the Metaverse employs has already attracted users. According to Grayscale, virtual world users have rapidly grown over recent years. By November 2021, “Web 3.0 Metaverse virtual worlds have nearly 50,000 all-time users (active wallets as proxy), up ~10x since the beginning of 2020”, they said.
By June 2022, metaverse cryptocurrency growth was 400% year over year. This growth was unusual as the broader market is down. The crypto metaverse’s popularity is such that even the South Korean government has become one of its first investors. Currently, we are seeing the tip of the iceberg in the development of the crypto metaverse.
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