Metaverse Basics: Guide

“Metaverse” was first used in the novel Snow Crash by Neal Stephenson, published in 1992. 

Now it’s a major buzzword that’s garnering significant attention. Many are even considering it to be the next big thing which will alter the online life of everyone. 

The pandemic fuelled interest in the Metaverse as well. Also, on 28 October 2021, Facebook changed its name to Meta, thereby reflecting its more significant commitment to forming a virtual environment – the Metaverse. 

Are you a metaverse enthusiast?

Read through to learn more about it.

What is Metaverse?

Metaverse is primarily an expected future internet iteration, often referred to as Web 3.0. This evolution of the internet will likely see the rise of virtually integrated or online 3D environments which offer users access to augmented reality and virtual reality experiences.

How does the Metaverse work?

In general, the Metaverse features two types of platforms. 

The first platform involves leveraging cryptocurrencies and NFTs to develop blockchain-based metaverse startups. You can purchase virtual land and develop your settings on The Sandbox and Decentraland platforms.

The second one uses the Metaverse to describe virtual worlds in general, where you may meet for enjoyment or business. 

Even though several metaverse services provide free accounts, people who trade or purchase virtual assets on blockchain-based platforms must use cryptos. Many blockchain-based platforms like The Sandbox’s SAND and Decentraland’s MANA need Ethereum-based crypto tokens to sell and buy virtual assets.

You can charge for admission to a virtual concert or show or trade NFT artworks in Decentraland. Also, you can earn money by trading land. This has witnessed a considerable rise in value recently. Further, you can charge other users on Roblox for access to games and make money.

Metaverse and crypto

These are some of the critical areas in crypto or blockchain that align with the Metaverse’s envisioned design:

• Proof of ownership

Blockchain provides digital proof of ownership for assets in the Metaverse. You can be the owner of a crypto wallet, and the private keys can be proof of your ownership of activities or assets on a blockchain. Therefore, metaverse crypto projects can have highly secure and robust methods for establishing digital identity and proof of ownership.

• Uniqueness of collectables

You must show the originality and uniqueness of assets in the Metaverse for the suggested real-life activities. Blockchain technology can offer an ideal representation for ownership of physical assets, and non-fungible tokens can help develop unique assets.

• Interoperability

The feasibility of top-notch metaverse crypto projects depends on the interoperability element that blockchain facilitates. Blockchain can allow compatibility between various spaces in the Metaverse. For instance, projects like Polkadot and Avalanche enable users to develop custom blockchains that can interact with one another.

Major metaverse crypto projects

• Axie Infinity (AXS)
• The Sandbox (SAND)
• Decentraland (MANA)
• Metahero (HERO)
• Gala (GALA)
• Sensorium Galaxy (SENSO)
• Somnium Space (Cube)

What can you do in the Metaverse?

It is possible to do a bunch of different things in the Metaverse, including:

• Monetise and purchase real estate

Real estate sales are one of Metaverse’s top use cases. Metaverse platforms are segregated into parcels, basically, land blocks that can be bought using the unique crypto token of an environment. After you buy real estate, you can lease it to a VR event organiser or a property developer for monetisation. Alternatively, you can sell it at a greater value.

• Develop games, scenes and other VR experiences

Some metaverse platforms comprise built-in tools through which users can develop in VR. For instance, Horizon Worlds provides pre-built sounds, layouts, shapes, physics properties, etc., to allow users to create their own VR worlds.

• Collaborate and meet with remote colleagues

The Metaverse will integrate in-person interactions into a digital space, revolutionising remote work. You can use collaboration tools to work with your colleagues, including VR keyboards, infinite whiteboard canvas, etc.

Metaverse risks

• Ransomware attacks
• Cyber harassment and bullying
• Identity theft
• Unauthorised data collection by organisations
• Social engineering attacks
• Changes in perception of the real world
• Deepfake videos

Future

Metaverse is indeed one of the technology world’s biggest trends. The drastic growth in value of metaverse tokens and rebranding of Facebook showcase crucial proof of the feasibility of Metaverse.

While time will say what impact the Metaverse would have on the digital space, for now, it seems reasonable to assume that it will stay, considering all its drawbacks and benefits.

Also, blockchain is among the vital technologies which will shape Metaverse’s future. Thus, tech and crypto enthusiasts must keep themselves informed about it besides the details mentioned above.