Where Do Cryptocurrency, Gaming, and Capitalism Collide in the Metaverse World
The Metaverse is no longer a sci-fi word.
It’s not often that technology transforms our life. The world wide web, cell phone, and data centers, to mention a few, all have their origins in sci-fi. The “next best trend” in the internet era may be on its way and revolutionize daily life.
The Metaverse combines digital, augmented, and online experiences. Metaverse traits can be found in famous titles like Roblox, Fortnite, and Minecraft.
Numerous visionaries envisage a metaverse like something in science fiction books such as “Ready Player One.” The Metaverse’s core qualities are defined — it covers real and digital realms, has a properly working economy, and enables individuals to move between its many “places” while preserving their acquired commodities and avatars. Individuals would travel fluidly from location to location with thousands of other individuals inside the same digital realm.
Whether the Metaverse falls short of the grand dream that others hold for it can potentially alter how we profoundly converse with the virtual environment. A collaborative virtual experience, similar to non-fungible tokens (NFT), might open up new options for producers, gamers, and artists to restructure and create a creative economy.
The Metaverse’s digital environment has the potential to constitute a trillion-dollar enterprise in and of itself. A destination for amusement, shopping, and for some, even employment. The Metaverse is being referred to as a successor to the internet rather than an expansion of it. It’s also being constructed with the help of blockchain systems and decentralized apps.
The Metaverse will represent “the doorway to most digital interaction, a fundamental element of all real experiences, and the future big labor market,” according to venture investor and writer Matthew Ball. He thinks it will be the driving force behind creating a new generation of businesses, similar to how the internet became popular. Perhaps more intriguingly, as we witnessed with the advent of digital platforms, it might lead to the demise of existing industry leaders.
At the end of June, Mark Zuckerberg informed his Facebook staff that they would be collaborating “to assist bringing the metaverse to life.” Instagram product director Vishal Shah and Facebook Gaming’s Vivek Sharma and Jason Rubin are among the execs that have been convened to lead the project.
Zuckerberg spoke about his vision for the Metaverse. He proposed the concept of “infinity workplaces,” or digital workplaces. Mark claims that VR functions enable more multitasking and that meeting in a virtual, metaverse-like setting is inherently more cooperative and efficient. Zoom calls have obvious drawbacks, and Zuckerberg says he prefers to do virtual reality sessions if feasible.
He also mentioned how the Metaverse might help with social inequity issues. Zuckerberg asserts that a person’s physical location is significantly connected with their income potential, citing Raj Chetty’s study. However, in a world with a well-established metaverse, this concept is turned on its head, with working remotely growing increasingly accessible as augmented and virtual reality technology advances.
From its efforts, Facebook intends to be at the forefront of this evolution. It presently owns Oculus, the company behind the famous Quest virtual reality device. While virtual reality technology is still in its infancy, Zuckerberg believes it will be ready for metaverse capabilities “by the end of the decade.”
Although no one individual or business can govern the Metaverse, the typical culprits in the IT sector have already staked their claim to the space’s destiny. The XR Alliance, which includes Google, Microsoft, Samsung, and Sony, has joined Facebook in shaping the future of “experiential reality.”
In several ways, video games are ahead of most metaverse technologies, and they may continue to do so. Digital games have long embraced the notion of in-game economic systems, in which players may purchase and sell items that have no actual worth outside of the game’s realm. The most notable case is Fortnite, but previous examples include titles like Grand Theft Auto V’s sustained popularity. Even though it was published over seven years ago, the game made more than a billion USD in revenue in 2020 because of an immense online community still active in the game’s online, open-world realm.
The Metaverse aspires to bring various in-game economies together under a single virtual experience umbrella. The Metaverse, unlike video games, is not based on objective criteria. Our interaction will be more akin to how we interact with the internet than with a virtual role-playing game.
How Cryptocurrency Helps
There will be a need for peer-to-peer identification, monetary institutions, and high-speed trade behind the scenes of the Metaverse. Millions, if not billions, of individuals will need the information to be kept and supplied. Blockchain tech has the key to solving these issues.
Decentraland and The Sandbox have created online environments that incorporate Cryptocurrency, allowing players to design and monetize infrastructures such as online casinos and amusement parks. The money utilized in Decentraland is called MANA, and it can be purchased on platforms like Coinbase. In Decentraland, there are indeed casinos where you may bet in MANA and where traders are compensated in MANA to turn up for duty.
Non-fungible tokens will also play a crucial part in the Metaverse, allowing players to fully own their avatars, in-game objects, and even digital property. The most extraordinary transaction to date was an NFT of a 259-parcel digital property in Decentraland, which traded for more than $900,000.
It will soon be possible to purchase and sell digital products from many applications and worlds on interconnected markets. So, for instance, someone may sell their digital piece of property in the Decentraland universe and use the proceeds to buy Fortnite cosmetics. All digital goods and intangible things might be represented as NFTs. This will make cryptocurrencies the exclusive legal money in the Metaverse.
“I believe that the volume of cash that gamers spend on virtual goods astounds many. Hundreds of thousands, if not millions, of dollars, have been spent on online content, according to Arthur Madrid, The Sandbox’s CEO, and co-founder. “I believe that converting those commodities to NFTs and establishing an NFT economy would add a new layer to the present digitized economy.”
That being said, no one can be entirely certain what the future holds for us. With time and patience, we may have an accurate idea of what our future will be soon.