Beginners Guide

Metaverse: A shared Virtual Environment! 

Author: Qadir AK

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Author

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Metaverse is a fancy word for sure, but it’s so much more. Prepare for the future of the internet, a universe of lights and noises, a reality that is different from the one you know.

A form of the Internet we don’t just look at and use, but can literally enter- The Metaverse will surely change the way we live.

The potential of this technology has been noticed and encouraged. Last year, Facebook rebranded as Meta, indicating the social network’s desire to be a forerunner in the new world. Moreover, interest in the project is still growing. For example, Microsoft’s projected $69 billion acquisition of Activision Blizzard was portrayed as part of Metaverse’s expansion.

Hype cycles in technology come and go. The Metaverse may burn out before it’s ever realized. However, that doesn’t seem to be the case at the moment. It’s become a common phrase in gaming, NFTs, and shopping.

Alright, before we move further, let’s dive into the definition of Metaverse!

What is Metaverse? 

The Metaverse is a public virtual world that the internet can access. It can be referred to as a ‘virtual world’ that parallels our IRL lives and activities, like having areas like offices, houses, parks, parties, and clubs.

This digital space converges social networking through augmented reality(AR), virtual reality(VR), and crypto, allowing people to connect digitally. Users can also use a virtual reality headset and controllers to journey through the Metaverse for leisure with no specific objective.

To improve the user experience, the human profiles are presented as avatars and connect virtually to establish a community. Furthermore, Metaverse provides users access to their digital avatars through NFTs to prove ownership of a persona, and each avatar is tokenized.

Digital cash is used in the Metaverse to purchase clothing, weapons, and shields in video games, among other things. In addition, the NFT ticketing system is used to distribute tickets to the appropriate audiences at Metaverse events such as music concerts and live events.

This dream of the world is a reality! So let’s go back to the journey and see how this creative idea came into existence

Metaverse and Cryptocurrencies!

Spending virtual money in the virtual world! Both Metaverse and cryptocurrency seem to go hand in hand. Both the concepts are an integral part of WEB 3.0, the third-generation internet.

Read more about this buzzing concept before moving further!

As cryptocurrency becomes the main medium of exchange for people buying and selling in the metaverse, its users will become increasingly comfortable with methods of acquiring, handling, and storing it.

For example – if this involves the money crossing national borders, which, with traditional currency, can often incur heavy fees. This, in turn, will mean that banks and other existing financial institutions are likely to step up their efforts to facilitate cryptocurrency or blockchain-derived financial models.

The function of cryptocurrencies in supporting metaverse and metaverse economic development and innovation is similar to that of real money in the world economy through trade and finance. People will use it for trading, shopping, and paying in those virtual worlds.

Key Features of Crypto Metaverses

A potent blend of crypto and metaverse appears to be more enticing, so let’s look at some intriguing possibilities.

In this merger, financialization is the first thing that springs to mind. Identity, digital ownership, and trade are all ways that crypto assists in financing assets.

  • Identity: Users’ identities will be attached to a public address, similar to how decentralized crypto wallets are tied to public addresses. Your crypto wallets can 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 utilize them in other interoperable metaverses. 
  • Trade: cryptocurrencies are a great way to trade value in the metaverse. Buying and selling assets are made easier by combining the borderless nature of crypto with the steadiness of cash. Existing crypto marketplaces, particularly cross-chain marketplaces, would encourage the sale of virtual lands and properties.
  • Digital Ownership: Everyone should be aware that due to NFTs, the concept of digital ownership is shifting. Users can gain immutable, publicly verifiable rights to use assets in the metaverse as NFTs, allowing them to trade in marketplaces.

How does the Metaverse work?

Technology has progressed quicker than most people realize and will play a significant role in the Metaverse.

Working in the Metaverse will merely need the use of digital workstations, and 3D avatars will be free to meet “face to face” without using conferencing equipment. 

It aspires to be an open ecosystem where everyone on the internet can participate by utilizing blockchain and digital assets.

It is envisioned as a public blockchain that leverages its native digital currency, ETP, to provide a decentralized and immutable record to establish an “internet of value.” A “blockchain-as-a-service platform” (BaaS) is another name for the project. 

In the Metaverse environment, ETP is an ERC20 token that can be utilized 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 top of which more complex systems may be built.  

The token enables users with full access to Metaverse’s services. The services can be used to store nearly anything of value, such as personal information, medical records, insurance contracts, supply chain data, flight itineraries, and more. As a result, 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 of the participants’ profiles, previous interactions with them, and information on everyone else on the call.

What Are Metaverse Tokens?

Avatars in the metaverse utilize metaverse tokens as a form of currency. Users can manufacture, purchase, and sell physical and digital commodities and tokenized cash. 

Metaverse tokens, on the other hand, have value inside and outside the virtual world, unlike regular virtual world games, as they can be traded for fiat currencies in the form of cryptocurrency. They can also be used to authenticate ownership of tethered real-world assets such as valuables, pieces of art, or even cups of coffee if they’re an NFT.

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 only a few steps, which are explained below.

1: Create an account with your cryptocurrency exchange.

2: Decide on a form of payment.

3: Purchase and sell metaverse and other cryptocurrency tokens.

What can you buy on metaverse?

Shopping in metaverse could be fun too! You can purchase and sell virtual real estate. You can purchase a plot in the metaverse with cryptocurrency, mainly Ethereum. SAND is the money of The Sandbox, a gamified platform, whereas MANA is related to Decentraland. To purchase the metaverse, you’ll need these currencies. 

You’ll also need virtual wallets like Metamask or Binance that can hold NFTs. For example, the sale and ownership of a piece of land are registered by the transfer of NFTs when you purchase it. The transfer will take a few seconds as it checks to see if your digital wallet has sufficient funds to purchase the property, following which you will be informed that you are now the legal owner of the property. 

You can also buy a car dealership and shop for clothing, jewelry, food, footwear, ART, virtual pets, and digital instruments, among other things.

What can you do in the Metaverse?

  • Purchase 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 artwork through NFTs

It sounds crazy but a virtual venue in the Metaverse could also be set up for weddings. Couples can invite people to their wedding on the cloud that they wouldn’t be able to accommodate in a traditional venue. 

Metaverse Historical Events: Timeline

  • In 2021, Facebook changed its name to Meta, emphasizing its commitment to molding the metaverse’s future. Smart glasses (Ray-Ban Stories) and highly portable virtual reality headsets (HTC’s Vive Flow) were also introduced by two businesses. Additionally, Microsoft unveiled Mesh, a platform designed for virtual collaboration across multiple devices. 
  • 2020: Apple introduced Lidar (Light Detection and Ranging) to iPhones and iPads, allowing for enhanced depth sensing for better photographs and AR and opening the path for future mixed-reality headsets.
  • 2017: IKEA entered the metaverse with their revolutionary ‘Place’ app, which allows you to select a piece of furniture and see how it might appear in your home or office.
  • 2016: Microsoft’s HoloLens headsets were 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 actual environment and manipulate it with augmented reality. Also, the same year, people around the world were running around in their neighborhoods trying to catch Pokémon using the augmented reality game Pokémon GO.
  • In 2011, Ernest Cline’s novel Ready Player One was published, inspiring “true” virtual reality. Facebook purchased Oculus VR for $2 billion in 2014. Facebook founder Mark Zuckerberg claimed 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, which ” changed how we think about money.” Satoshi Nakamoto established the cryptocurrency as a peer-to-peer payment that could transfer funds without requiring a central authority to run and maintain the network. 
  • Roblox was released in 2006. The gaming platform has been termed a “proto-Metaverse with a Path to the Metaverse,” featuring immersive experiences, persistent avatars, and a digital economy among the metaverse’s core characteristics.
  • In 2003, Second Life was launched. SL is a “three-dimensional (3D) immersive environment that facilitates high levels of social networking and information engagement”. Second Life could be the first large-scale, metaverse-style environment.
  • The concept of a metaverse isn’t new. It was initially detailed in the novel Snow Crash, published in 1992 by Neal Stephenson. Several firms launched online communities based on the concept afterward, the most famous of which was Second Life, introduced in 2003. 
  • In the year 2002, Digital twins were introduced. Dr. Grieves, a product lifecycle management expert, introduced the digital twin concept for virtual product design, testing, production, and support.  
  • In 1989 Tim Berners-Lee invented the world wide web.

Future of Metaverse

The Metaverse appears to have a promising future and is no longer a far-fetched notion. Activities being carried out in the actual world may ultimately be replicated in the Metaverse in large numbers.

Softweb Solutions is always on the cutting edge, exploring new developments in augmented reality, virtual reality, and augmented reality.

The Metaverse, on the other hand, strives to prove its promised potential. As a result, players in the Metaverse will need to address three frontiers to advance to the next stage of development:
obtaining talented talent, making decisive investment moves, and pushing the bounds of creative experiences.

FAQ

What is Crypto interaction in the Metaverse?

Cryptocurrencies in the metaverse can be used to pay for everything from NFTs to virtual real estate to avatar shoes. For example, MANA, Decentraland’s native token, can be used to buy and sell anything on the platform.

Metaverse Is centralized or decentralized?

There are two types of Metaverse platforms: those owned by a single entity such as Fortnite and Roblox and those founded and established by communities. The more decentralized the digital world becomes, the more control consumers have over the project.

What can I do in Metaverse?

Real estate acquisition and monetization, Concerts, trade shows, and education, Virtual reality games to play, Work, social interactions, and revenue-generating are all possibilities in the Metaverse. 

How does NFT impact metaverse?

You’d get proof of confirmation from the Metaverse in the form of NFTs, which would be guaranteed by the blockchain. NFTs are especially vital for creating unique spaces and boosting the digital community and social experiences.

How Do I Make Money in the Metaverse Now?

Many people found that investing in property in these metaverses was quite profitable. And have been able to make money from the metaverses that are currently in existence through monetizing property, like art galleries, playing games, promoting businesses, and many more. 

Well Done! You have now completed the Lesson.

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