Metaverse, the Future Virtual World and its Relation to Crypto

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The world of metaverse has grown into a space for entertainment, commerce and has influenced various industries ranging from music, economics, and other industries

Ever heard of the word Metaverse? In the Crypto world, the term Metaverse is also often mentioned. So, what is the Metaverse? What does this have to do with the crypto world?

What is Metaverse?

According to Coinmarketcap, Metaverse is a virtual space created as a digital version of various aspects of the real world, be it human interactions or economic functions.

While etymologically, Metaverse comes from the word ‘meta’ which means ‘beyond’, and ‘verse’ which means ‘universe’. So the metaverse can be interpreted as a space containing matter that goes beyond all things seen in this world.

The term metaverse refers to a virtual world that resembles real life, with land, buildings, and avatars that can be bought and sold, often using cryptocurrencies.

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In this metaverse, people can do activities, make friends, visit certain places, buy goods and services, just like in real life.

The concept of metaverse was first introduced in the novel Snow Crash by Neal Stephenson in 1992. This novel tells the metaverse journey of a pair of couriers to save themselves from a capitalist dystopia.

Main Characteristics of Metaverse

The concept of depicting the metaverse is said by futurists to be similar to the depiction in the science fiction story Ready Player One. Here are some of the main characteristics of the Metaverse:

Persistent

This means that the Metaverse will continue to run without ever resetting, pausing, and will never end

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Real-time

Users can experience each experience in real-time, even if the events in the metaverse space are pre-designed.

Economic Function

Just like in the real world, the economy in the metaverse space is also fully functional. All buying and selling activities, product and service transactions are carried out with blockchain-based native currency.

Bridge with Real World

If the virtual reality metaverse only presents things virtually, then the augmented reality metaverse works the other way around. This technology will connect the virtual world with the real world through digitizing or linking the actual graphic coordinates.

Open Space for Users

One of the interesting things about In the metaverse space, one of the interesting things is the role of users as the biggest content contributors. Different from the previous version of the digital universe concept, the content and experiences are created jointly by companies and users.

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Crypto in the Metaverse Space

Crypto’s dominance has skyrocketed lately, making many application developers view the metaverse as an opportunity, including Beeple.

John Herrman of the New York Times once revealed that Beeple is developing a startup called Wenew, which will sell NFT in the form of someone’s key moments and call it the memory palace of the metaverse.

On the other hand, the CEO and founder of The Sandbox, Arthur Madrid, also said that blockchain technology and cryptocurrencies will have an important role in the future growth of the metaverse.

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