The metaverse, a futuristic utopia that seeks to unite the real and virtual worlds, has left the pages of science fiction books and has landed on the tables of investors and large corporations. The potential surrounding this idea is so great thathe even got Facebook to change his name to “Meta”.
In this guide, we explain what the Metaverse is and why major conglomerates want to ride the wave. It also explains how to invest in this new market? and the relationship between this universe and cryptocurrencies.
What is the Metaverse?
The Metaverse is a kind of new layer of reality that integrates both the real and the virtual world. In practice, it is an immersive virtual environment built using various technologies, such as: virtual reality, augmented reality and holograms.
Think of the movie The Matrix to visualize the concept. In the film, people live in a virtual reality developed by a killer artificial intelligence that uses their bodies to generate energy. In this universe, which is not quite real yet, people can communicate, work, study and socialize with each other through their 3D avatars. In other words, the goal is that humans are not just observers of the virtualbut let them be a part of it.
Which technologies are involved?
To bring the Metaverse to life, a number of technologies should be used:
“VR”, an acronym for Virtual Reality, refers to a three-dimensional environment built using software. In front of access this simulation of reality, users need computers, virtual reality glasses, headsets and other equipment. There are consoles and games that use this technology.
Unlike virtual reality which brings the user into the virtual worldAR (augmented reality) does the opposite and inserts virtual data into the real world.
There are several smartphone games that use this technology. There are also AR glasses that display information about their lenses.
Blockchain and cryptography
Blockchain, cryptocurrencies and NFTs (non-fungible tokens) also support the Metaverse. Thanks to them it is possible to move values and save virtual properties.
What is the relationship between the Metaverse and the cryptocurrency market?
The Metaverse has its own virtual economy and people can work, buy houses, buy clothes, go to parties, meet and live online lives.
The blockchain and the technologies that “run” on it, cryptos, NFTs and others are: essential to this new reality.
Blockchain could be the foundation of the Metaverse economy. This technology, born in late 2008 with Bitcoin (BTC), makes it possible to create immutable records without recourse to a third party, and is quite a governance tool. Cryptocurrencies would be the medium of exchange for these platforms.
Finally, NFTs are used to store and exchange properties and virtual objects. Non-fungible tokens are: digital certificates for everyone to see and confirm the authenticity, but that no one can change.
The Metaverse Crypto Economy
A Metaverse economy has already been built on the blockchain, with products and services.
- Music: Singers and DJs are already organizing events in digital environments and get paid for it.
- Advertising: The owners have built billboards and have started selling these spaces to players who want to advertise in some way.
- Casino: There are casinos on Metaverse platforms where players can gamble and win or lose certain cryptocurrencies.
- Art: Virtual artists also sell their works recorded on NFTs in these digital environments.
Enthusiasts see the evolution of the internet in the Metaverse. Others see it as a privacy risk and an addictive drug.
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