The Metaverse is a collection of digital environments that connect and interact with other users in real-time using a variety of technologies including virtual reality, augmented reality, and the Internet. The Metaverse’s major feature is the use of numerous cryptocurrencies to provide actual-world value to digital assets and services.
Connecting to the Metaverse doesn’t only involve playing games; it can consist of attending online concerts, talking to friends, exploring digital environments, and anything else that could be conceived and created digitally.
The Metaverse is intended to be the next step in the Internet’s evolution, which is Web 3.0. The Metaverse is a blockchain-based, decentralized platform that has no central authority. This interface enables the development of decentralized apps in which no one can remove or control access, and utilizes crypto for secure transactions.
If you’re interested in where the Metaverse came from, where it’s going, and how it may affect our lives, keep reading for all the details you need.
The Metaverse is simply the next evolution of interconnected digital systems; the term was coined back in 1992 as part of a fictional story to express how the writer expected the digital world to evolve.
In the early days of Web 1.0, when the Internet was first created, you could browse and read information, but had limited ability to interact.
In Web 2.0, interaction between users was introduced; people could create and post content, such as videos, music, articles, but all the while being regulated by large companies. It’s important to understand that, as users, we didn’t own the material, and therefore access may be restricted or denied. Furthermore, your privacy and activities are tracked for the benefit of big businesses.
Consider Canada in February 2022, whether you agree or disagree the government has tracked donations, released the private information of donors, and frozen bank accounts so that money can’t be accessed.
With evolving technologies like blockchain, it allows people to develop decentralized systems and crypto payment methods, and when incorporated with virtual and augmented reality, it has created a way for a fully immersive environment that isn’t owned or restricted by small groups, large companies, or governments.
Crypto Metaverse Trends
The most popular niches in the Metaverse right now are still all focused around gaming, and the most valuable Metaverse cryptocurrencies are dedicated to it. This is primarily because gaming has been pushing the use of crypto in the Metaverse; other technologies or areas are still trying to determine their business models.
NFT-based games alone, which are almost all connected to the Metaverse in some way, accounted for 2.32 billion in crypto revenue so far. With new games frequently released and Metaverse adoption growing, the Metaverse cryptocurrencies may soon become dominant. Virtual reality experiences are one of the most recent ways to integrate the Metaverse and accept crypto payments. Attendees of events like concerts, movie premiers, and seminars may use the Metaverse’s crypto to gain entry.
One of the major drivers of change will be how quickly people begin using crypto to pay for items rather than traditional payment methods. As more individuals enter the Metaverse, their expectations and interests would trend differently. The Metaverse, like other systems, may exhibit different trends in various users and parts of the system.
Another major development is that well-known businesses, such as Facebook and JPMorgan Chase, are beginning to venture into the Metaverse, sensing its potential and attempting to get on board early. This may have an impact on how people utilize the Metaverse and whether it can truly be decentralized. The concept of decentralized apps and payments is damaged if your access and data are still controlled by Facebook, and your finances are linked to your JP Morgan account. It will be interesting to see how these large corporations utilize the technology.
Where is the Metaverse Heading?
There’s no denying that the Metaverse and crypto will be a major, if not total, change to the Internet and how people engage with digital spaces.
Now, the Metaverse is still in its early stages and is focused on gaming and younger generations, as well as more technologically adept people connecting and having fun. The creation of the Metaverse, thus far, has been handled by independent users and small private firms.
The Metaverse might go in two different directions. The first is the original creators’ proposal, which includes decentralized apps, money, and complete privacy and security. This is the ideal and intended solution for many of the issues people face on the internet today. However, big businesses are increasingly interested in the Metaverse and crypto’s potential and want to get involved and maintain control of access and payments. While blockchain technology would continue to be used, there is nothing to suggest that access, security, or privacy would be maintained if bigger firms built their own Metaverse environments and invested money into its development.
Large businesses may be able to create better, more immersive, and entertaining digital environments thanks to AI, resulting in more people flocking to them. Control may still rest with the bigger firms, but if adoption isn’t substantial enough, independent Metaverses might become somewhat specialized or unused.
Soon, we could be witnessing virtually everything migrate to the Metaverse. With distinctive immersive experiences and simple payment methods, it will be an extension of the current internet rather than a replacement. It is my hope we follow the originators’ dream, veering from the concentrated control of large corporations.
Metaverse Impact on Crypto Overall?
Metaverse crypto options are starting to eclipse traditional crypto because there is real use and need for them as payment options, rather than being speculative commodities. Traditional crypto could remain as an investment, but Metaverse crypto would likely become a true currency that has stability based on the need within each Metaverse, similar to various country’s’ currencies.
We’re also seeing users in Metaverses buy and sell products and services through crypto, and people are starting to get paid in crypto to manage areas of a Metaverse. While it’s supremely unlikely that traditional cryptos would disappear, they could stop seeing the current exponential growth in adoption outside of people looking to invest and make money.
The Metaverse and crypto are changing the Internet as we know it.
As more and more people begin to use the Metaverse, we will see a significant change in how we interact with digital spaces and whether we can truly maintain privacy and decentralization. It’s still unknown what will happen, but it’s great that there are many opportunities for people who want to help shape the future of virtual reality and digital engagement. The Metaverse is starting to have a real, visible impact on how people perceive and interact with various types of digital environments. I’m excited to see how it shapes the future of virtual reality and the Internet overall.