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How Decentralized Finance Can Help Create A Green Metaverse

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Dec 8, 2021

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    The term “metaverse” refers to virtual environments that blur the lines between digital and physical space.

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    You open your eyes to the dazzling sunlight, all snuggled up in your spacious home right in the center of a lake, exactly how you desire.

    You get up, go to your friend’s high-rise apartment, and acquire a dog and a cat, along with a plot of land, all in one day! You also sell your historic car in order to purchase an upgrade.

    Back on your way, you decide to go to a Taylor Swift concert because, well, why not? So you listen to some of her songs, return, and purchase a Bored Apes NFT (Non-Fungible Token) to add to your collection.

    To address these difficulties, Energyfi.io is developing green and cost-effective Decentralized Finance by offering a comprehensive set of DeFi capabilities on Energy Web, Avax, Near, and Bsc, while also accelerating their adoption.

    Features

    The Energyfi.io platform comprises a variety of features, all of which are intended to facilitate the adoption of Green networks and the establishment of an eco-friendly Decentralized Finance.

    This includes features like as cross-chain Launchpad, Dex, Staking/Farming, and Lending.

    EnergySwap

    EnergySwap is a cross-chain and environmentally friendly DEX.

    By becoming the most profitable choice for liquidity providers on the crypto market, EnergySwap focuses on supplying adequate levels of liquidity.

    EnergyPad is a permissionless, rugpull-proof, cross-chain ILO platform.

    Let us accelerate the adoption of green networks by making them available to project creators and investors.

    EnergySave Farm EFI tokens and earn by providing liquidity in selected pools, or Stake EFI and earn a percentage of swap fees proportionate to your stake in the staking contract.

    EnergySave is a novel approach to generate passive money.

    Energyfi.co is devoted to designing a Green Metaverse through EnergyPad by assisting the funding and development of Metaverse-based software on low-carbon blockchains like as EWC, AVAX, and NEAR.

    Platform Usefulness

    The EFI coin will have a variety of applications, including governance and platform utility. It will also be necessary to hold an EFI token in order to utilise some of the services.

    Deflationary System

    Each transaction incurs a 0.5 percent burn, as specified in the EFI smart contract.

    The greater the volume, the more deflationary EFI.

    Visions that are centralised versus decentralised

    The two major conflicting metaverse visions are private versus public.

    The privatised metaverse is a centralised future in which large corporations, such as Facebook’s “Meta,” control how people “socialise, learn, collaborate, and play.”

    This is accomplished through the use of virtual reality (through headgear that project a digital world) and augmented reality (such as glasses, that project digital things over the physical world).

    First, Facebook tried a blockchain and cryptocurrency experiment with Libra (rebranded to Diem).

    Now, crypto enthusiasts are heated up again about Facebook’s attempt to steal and monopolise another Web 3.0 (participatory web) innovation, as Facebook revealed that their metaverse will use non-fungible-tokens (NFTs) to represent and exchange digital assets.

    COVID-19

    COVID-19 greatly affected supply chains due to lockdowns, shipment delays, and supply interruptions, resulting in cancellations in some industries like automotive and increased demand in others like consumer electronics.

    As a result, nation-state technical advancements are vulnerable to supply chain limitations.

    These disruptions have highlighted the fragility of the microchip supply chain, resulting in rising geopolitical tensions between nation-states over microchip production.

    Anyone with a smartphone and a near-field communication (NFC) reader can scan the microchip to validate the private key and open access to the tokenized assets contained in the contract, confirm an identity, or even initiate real-world actions.

    By embedding a SiLo microchip inside any physical item, it becomes a crypto asset that can be validated on chain and interacted with in real life.

    Investors and Bankers

    However, this universe is fraught with peril and is far from altruistic. Investors and bankers are split on how cryptocurrencies will play out in the end, but they do agree on one thing: prices have been exceedingly volatile.

    While Bitcoin, Ethereum, and others gain more Wall Street acceptability, the larger universe is occupied by an ever-increasing number of new and unproven meme coins, some of which are so dubious that they are referred to as shit coins.

    There is no certainty that these tokens can be exchanged into cash due to technical disruptions and abrupt price swings. In the crypto realm, being scammed at some point is also considered a rite of passage.

    That may be OK for wealthy investors who can bear the risk, but it may leave market participants exposed, including those in underdeveloped countries.

    Infinity Boom

    Axie, which is leading the “GameFi” movement, has already produced more than $2.5 billion in trade volume.

    Several other competitors are gaining traction by offering games that entice players with the promise of cryptocurrency.

    Venture capitalists and hedge funds are attempting to profit from this new online gold rush, in which billions of individuals are expected to swipe, crush, shoot, or kill in the hopes of earning digital tokens.

    In comparison to the many shockingly realistic games available, Axie isn’t much to look at. It revolves around Pokemon-like characters who fight and reproduce in a simple strategic game.

    The potential to earn money by playing a game has changed the lives of some gamers, particularly in the Philippines, where the pandemic has left many out of work.

    At least until their prices go up- according to the platform.

    It’s impossible to estimate how many people are playing for money.

    However, all signs lead to a positive outcome. One indicator is the interaction between games and digital wallets, which are accounts that consumers use to receive and store cryptocurrency. 

    Social tokens are a sort of cryptocurrency based on a community, influencer, or brand.

    They may be a part of a metaverse or have no connection to it. It’s just another method to diversify your crypto portfolio beyond Bitcoin, Ethereum, and the traditional altcoins like Filecoin and Litecoin.

    Conclusion

    The fundamental difference between an open, decentralized, crypto metaverse and a closed, extractive, corporate metaverse is how individuals will access digital worlds. Kong Land is a crypto-state with the culture, manufacturing capacity, and knowledge to compete for an open metaverse.

    Crypto projects that run like governments will compete with large corporations and nation-states as new political players as they grow.

    The emerging war for the future of the metaverse presents an important topic of the investigation into the risks and opportunities of cyber-civilization as the difference between physical and digital places continues to blur.

    To achieve its goal of “interdependence,” the crypto community will need to continue to emphasise the value of open technical design and democratic governance.

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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