Cryptonomics: What is the Crypto Metaverse?

The metaverse is quickly distinguishing itself as the future of the internet, here we look at what that future means and why interaction is a huge part of it.

By
Dardania Havolli
on
September 13, 2021
Category:
Cryptonomics

Step Into the Crypto Metaverse

The metaverse is a combination of the entire internet. It effectively unites virtual reality, augmented reality, and the internet as we know it. Different iterations have already been made famous through successful games such as Fortnite. And now it is taking on a whole new level.

Neal Stephenson initially coined the term in his 1992 science fiction novel ‘Snow Crash’ that sees a delivery driving duo navigate the metaverse to free themselves from a capitalist dystopia.  The metaverse started as an escape and is now an unknown to be explored.

[The metaverse is] “the gateway to most digital experiences, a key component of all physical ones, and the next great labor platform,” venture capitalist and essayist Matthew Ball writes in his popular blog

Ball sees the metaverse as a new current that will bring about a new generation of companies, much like the unforeseen development the internet enjoyed. Crypto will, of course, play a vital role in this, as it has already begun to do so. 

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In a period where the pandemic has devastated our world as we know it, a virtual space where users are free to travel and socialize has begun to thrive. 

Crypto’s Role in the Construction of the Metaverse

Behind each successful metaverse iteration, there will be the aim of delivering permissionless identity, financial services, and high-speed exchange—all elements of crypto at its best. A mass of data will have to be stored and offered to millions—perhaps billions—of people eventually, so the security provided by blockchain becomes a necessity. 

Organizations such as DVision and The Sandbox have already constructed virtual worlds that have integrated digital assets and made trading a designated possibility within its own world. Monetized virtual casinos, races, and theme parks have become commonplace, with separate projects deploying their native tokens in the metaverse.

NFTs have already played a significant role in the crypto metaverse, whether through the purchase you wish to embody or skill traits for GameFi characters. Land itself has become a precious asset in different metaverse worlds. For example, Decentraland recently oversaw the sale of a virtual estate for more than $900,000 within their digital world. 

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The next step is to bridge the separate metaverses and provide a single interoperable marketplace, an ultimate digital matrix. This prospect is made a lot easier through token swaps because native metaverse tokens can be sold and bought on third-party exchanges. 

“I think people are truly blown away by the amount of money that players spend in digital assets. Hundreds, thousands, and probably millions of dollars spent on digital assets,” said Arthur Madrid, CEO, and co-founder of The Sandbox, explained in a VentureBeat Event. “I think making those assets NFTs, building an NFT economy, is going to add a new layer on top of the existing digital economy.”

The metaverse poses many questions moving forward to the evolution of the internet. Should the metaverse consist of multiple layers? Should all layers be interoperable? Should some have gateways? These are all questions, and more, which beset the future of blockchain, the internet, and the world.

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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