You may have heard a lot about metaverses lately. Let’s find out what everyone’s talking about and how it relates to the Crypto World.
What is Metaverse?
The metaverse has been a hot topic of conversation recently. It may seem very close to the gaming experience. Nonetheless, the metaverse has its peculiarities. Participants are more involved in this case, they really influence the way metaverse develops and they don’t live their lives according to a script.
To develop a metaverse it is crucial to be able to exchange information and make payments fast. Moreover, it is extremely important to provide an opportunity to create products on the platform easily. These problems are solved with the help of blockchain technology and cryptocurrency.
Now let’s take a look at some key components that are significant for the metaverse:
Since the metaverse recreates a world with shops and services, it needs an economy. This is where cryptocurrency comes in handy. It is used as a means of payment. The most significant feature of crypto for the metaverse is the high-speed peer-to-peer transactions. Each metaverse has its own currency, but this is not new. It actually repeats what we already have, when each platform creates crypto for inside use cases only.
Another key thing for Metaverse is NFT, which can come as images, video, gaming items. NFTs basically form the metaverse, filling it with items that act like things and products in real life.
What are the examples?
Undoubtedly, we cannot talk about a complete metaverse so far, all the existing projects that try to build it are under development currently. However, we can already see some trends and directions in which metaverses are heading.
The Sandbox metaverse grew from a game. It has something in common with the popular Minecraft. Here participants use various resources to build their own worlds, completing tasks and interacting with each other. Sandbox has created a new level gaming community.
Decentraland gives people an opportunity to buy and sell virtual real estate, participants are engaged in social life through games. Decentraland is based on the Ethereum blockchain. To make purchases on the platform users need to have MANA tokens.
Bloktopia is one of the newest metaverses. The basic idea of this project is to build a space where anyone could learn about crypto. Moreover, participants can develop their own projects and sell them on the platform. To interact with the platform it is necessary to be the owner of its native token BLOK.
It seems that metaverse has a chance to change the way people communicate even more than the Internet did. This time we may actually get an opportunity to have a whole universe hidden in our smartphones and laptops. Perhaps, we can expect a period of time filled with arguments about how healthy it is to live your life online. On the other hand, recent years showed how important it may be to be able to maintain social and business life no matter what.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.