We’re all familiar with the word universe to describe the totality of everything that exists, including all matter and energy, the physical laws and constants that govern them, and all space and time. In other words, the universe is the sum of all things. But what’s the metaverse? Let’s break it down. The prefix meta (Greek origin) in modern language means “beyond” or “higher.” Metaverse simply loses the “uni” in universe and replaces it with meta.
What Is the Metaverse Crypto?
Defining the metaverse is difficult but it has now evolved to mean virtual, interactive worlds linked to our physical world. The metaverse is a collective noun that encompasses all virtual worlds, or metaverses, that offer interactivity. However, there’s a difference between interacting with a virtual world in a game like World of Warcraft and experiencing a metaverse. Game development veteran and CEO of Playable Games, Raph Koster, defines metaverse as a virtual world that blends with the real world. For example, a student’s avatar could attend a virtual classroom that mirrors their actual classroom, while simultaneously sitting beside a student who is physically present in the real classroom. In another case, an employee could sit at a virtual desk and get paid a real salary.
Genesis of the Metaverse
In his science fiction novel, Snow Crash (1992), author Neal Stephenson coined the term metaverse, referring to a virtual reality simulation where people can interact with each other, as well as digital representations of real-world entities. The Wachowskis’ Matrix franchise further popularized the metaverse, where the titular matrix is a simulated reality where intelligent machines create a simulated world to keep humans docile. These fictional narratives provided inspiration for the virtually limitless potential of the metaverse using current and emerging technology including augmented reality and virtual reality.
The Purpose of the Metaverse
The metaverse is in its infancy. The future will determine its purpose. Right now, the metaverse offers virtual worlds where people can socialize, create, buy, sell, learn and play with a connection to the real physical world. Technologies beyond the horizon will realize the potential and direction of the metaverse.
From Metaverse to the Crypto Metaverse
The crypto community repurposed the term “metaverse” to refer to decentralized virtual worlds incorporating the blockchain, where users can own their assets, and transactions are recorded on a public ledger. These metaverses are sometimes called crypto metaverses, metaverse crypto, or virtual blockchain worlds (VBWs). Games are the most dominant applications harnessing crypto.
Crypto Metaverse Games
Game developers are the dominant players integrating crypto-based tokens for buying and selling game assets, as well as in-game microtransactions. Four of the best non-fungible token (NFT) games include Axie Infinity, The Sandbox, Gods Unchained and DeFi Kingdom. Gameplay may give players the opportunity to earn NFT game assets like avatar armor, music, art or practically anything you can think of. NFTs can be sold in a marketplace, then converted to fiat currency on an exchange. The first and most well-known crypto metaverse is Decentraland, a decentralized virtual world built on the Ethereum blockchain.
In Decentraland, users can purchase land parcels that they can use to build whatever they want, from simple 3D scenes to complex games and applications. Decentraland is powered by the Ethereum-based MANA token. Blockchain games can also offer Decentralized Autonomous Organization (DAO) meaning that the game is not controlled by a single entity. Instead, it’s governed by all the players who have an economic stake in the game powered by crypto.
Crypto Metaverse — Moving Beyond Games
Beyond games, the crypto metaverse has gained a foothold with big brands. Adidas sold $22 million worth of NFT shoes in less than 10 minutes. Top Shot, an NBA highlight reel platform minted on the blockchain, had $230 million in sales in 2020. Approximately 7 million people representing 224 countries visited Nikeland, Nike’s virtual store on Roblox. And Sotheby’s metaverse reinvented its staid auction house image when it sold an NFT of digital art for $69 million, the third-highest price ever paid for a piece of digital art. Companies see the potential of building brand experiences through virtual worlds and customer interaction. The metaverse offers that opportunity and crypto becomes a means to purchase in a virtual world and redeem in the physical one.
The Crypto Metaverse Is Just Beginning
Crypto already plays a fundamental role in gameplay and brand experience. With Facebook rebranding as Meta and internet giants like Google and Nvidia heavily investing in the metaverse, crypto would seem to be the logical eCommerce currency in virtual worlds as new applications are imagined and developed. Bloomberg estimates that by 2024, revenue from the metaverse market may approach $800 billion. Exponential growth means a robust crypto infrastructure is essential. Our mission at TransitNet is to tighten the security of cryptocurrency assets with the first offchain title registry of record for digital wallets. Protect yourself — reach out to us to keep abreast of our latest technology.
Sources
Adidas – Into the metaverse
Bloomberg – Metaverse may be $800 billion market, next tech platform
Forbes Advisor – Top NFT Marketplaces Of 2022
Gods Unchained – Gods Unchained
Next Advisor – Want to Buy Crypto? Here’s What to Look for In a Crypto Exchange
Nikeland – Nikeland
Online Etymology Dictionary – meta
Sotheby’s Metaverse – Sotheby’s metaverse
Venture Beat – Raph Koster’s real talk about a real metaverse
Wired – What Is the metaverse, exactly?
