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What is Metaverse?


In the previous blog, we discussed the NFTs which can be used in Metaverse. In this current blog, we will see what is Metaverse and what is its relation with NFTs.

The metaverse is hardly a brand-new concept, but the speed with which it recently began making headlines is impressive. Facebook is responsible for setting the metaverse buzz in motion. The company, a pioneer in social media (in a sense the earliest version of the metaverse itself) recently went through a major rebrand. Facebook is now Meta, and the company has plans to make significant moves in the metaverse world in the years to come.

What is the metaverse?

The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.

The concept was developed in the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future.

How does crypto fit into the metaverse?

Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility.

If, in the future, we work, socialize, and even purchase virtual items in the metaverse, we need a secure way of showing ownership. We also need to feel safe transferring these items and money around the metaverse. Finally, we will also want to play a role in the decision-making taking place in the metaverse if it will be such a large part of our lives.

Is the metaverse the future of social media?

2021 saw a great deal of money and resources poured into the metaverse. With platforms like Meta and businesses like Nike (who recently partnered with sneaker-centric metaverse giant RTFKT Studios) investing massive amounts of money and resources into the metaverse, there are clearly people and businesses out there who do think it’s the future of social media.

But the answer is still a bit up in the air. This version of the metaverse is very young. While 2021 may have been a breakout year for it, it’s actually the next few years that will determine its staying power

Metaverse examples

While we don't yet have a single, linked metaverse, we have plenty of platforms and projects similar to the metaverse. Typically, these also incorporate NFTs and other blockchain elements. Let's look at few examples:

SecondLive

SecondLive is a 3D virtual environment where users control avatars for socializing, learning, and business. The project also has an NFT marketplace for swapping collectibles.



Decentraland

Decentraland is an online, digital world that combines social elements with cryptocurrencies, NFTs, and virtual real estate. On top of this, players also take an active role in the governance of the platform.




That's it for this blog. Thanks for reading and keep learning :-)

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