There has been a lot of talk about the metaverse itself on our discord server and here on the Crypto Academy page as well. Interest in it is growing, the greats of the entertainment industry, sports companies and large companies are announcing their intention to join. In the previous section, we reviewed what a metaverse is. In this section, we’ll look at how cryptocurrencies fit into the metaverse, how they switch to video games, and how to make that money in the metaverse.
How are video games related to the metaversion?
Due to the emphasis on 3D virtual reality, video games currently offer the closest metaverse experience. However, this is not just because they are 3D. Video games today also offer services and features that extend into other aspects of our lives. A video game called Roblox even hosts virtual events like concerts and meetings. Players no longer just play the game, but use it for other activities and other parts of their lives in “cyberspace”. In a multiplayer game called Fortnite, for example, 12.3 million players took part in Travis Scott’s virtual in-game music tour.
How cryptocurrencies fit into the metaverse
The game provides a 3D aspect to the metaverse, but doesn’t cover everything you need in a virtual world that can cover every aspect of life. The crypt can provide the other key components needed, such as digital proof of ownership, transfer of value, governance, and accessibility. But what exactly do they mean?
If we work in the metaverse in the future, socialize, and even buy virtual objects, or if we want to take part in decision-making in the meta-space, we will need to secure ownership.
Some video games already include some basic solutions, but many developers use cryptography and blockchain as a better solution. The blockchain provides a decentralized and transparent way to manage topics, while video game development is more centralized.
Blockchain developers are also taking ideas from the world of video games. Gaming is common in decentralized finance (DeFi) and GameFi. It looks like there will be enough similarities in the future to make the two worlds even more integrated.
The most important aspects of the blockchain that fit the metaverse are:
- Digital Proof of Ownership: By owning a wallet that provides access to private keys, you can immediately prove ownership of the activity or an asset in the blockchain. For example, you can show an exact transcript of your transactions on the blockchain at your workplace to prove your accountability. The wallet is one of the safest and most reliable ways to prove digital identity and ownership.
- Digital collectibility: just as we can determine who owns something, we can prove that an object is original and unique. For a metaverse that wants to involve more real-life activities, this is important. NFTs allow us to create objects that are 100% unique and can never be accurately copied or counterfeited. A block chain can also represent the ownership of physical objects.
- Value Transfer: A meta contest will need a secure value transfer method that users trust. In multiplayer games, in-game currencies are less secure than cryptocurrencies in the blockchain. If users spend a lot of time in the metaverse and even make money, they will need a reliable currency.
- Governance: it is also important for users to have some kind of interaction to create and control the rules of a version. In real life, we can have the right to vote in companies and elect leaders and governments. The inhabitants of the metaverse will also need to implement a kind of governance model, and the blockchain is already a proven way to do this.
- Accessibility: Public blockchains are open to anyone in the world to create a wallet. Unlike a bank account, there is no need to pay maintenance fees or provide personal information. One of the easiest ways to manage your finances and digital identity.
- Interoperability: Blockchain technology continuously improves compatibility between different platforms. Projects like Polkadot (DOT), ICON (ICX), and Avalanche (AVAX) allow you to create custom blockchains that can work together. A single meta-contest should link multiple projects, and blockchain technology already has such solutions.
What is metaverse work
As mentioned, the metaverse will unite all aspects of life in one place. Your work can also be related to the metaverse and provide you with an income that can be used directly in the metaverse. In fact, works of this kind already exist in a similar form.
GameFi and play-to-earn models now provide a steady source of income for people worldwide. These online works are the first experiments in the evolving metaverse before our eyes. There is already a strong propensity for people to live in virtual worlds and make money. Play-to-earn games like Axie Infinity and Gods Unchained don’t even have 3D worlds or avatars. The principle, however, is that these too can be part of the metaverse as a way to make money in an entirely online world.
Examples of metaverse
Although there is no single connected metaversion yet, there are plenty of platforms and projects similar to the metaversion that already exist. These typically include NFTs and other blockchain elements. Let's look at three examples:
Axie Infinity is a game that gives players in developing countries the opportunity to make a steady income. By purchasing or giving away creatures known as Axie, the player can start farming the Smooth Love Potion (SLP) token. When sold on the open market, someone can earn roughly between $ 200 and $ 1,000, depending on how much they play and how the market price changes.
Although Axie Infinity does not provide a unique 3D character or avatar, it does allow users to work in a metaverse-like manner. It is also used in some areas of Southeast Asia as an alternative to full-time employment or assistance.
Decentraland is an online, digital world that combines community elements with cryptocurrencies, NFTs and virtual real estate. In addition, players take an active role in managing the platform. They also use LAND, 16 × 16 meter plots of land that users can purchase in the game with the MANA cryptocurrency. The combination of all this creates a complex crypt economy.
SecondLive is a 3D virtual environment where users manage avatars for socialization, learning, and business. The project also has an NDP marketplace where collections can be exchanged. In September 2020, as part of its first anniversary, SecondLive hosted the Binance Smart Chain Harvest Festival. The virtual exhibition showcased various projects from the BSC ecosystem for users to explore and interact with.
What could be the future of the metaverse?
We do not yet know the answer to this question. However, what is certain is that Facebook is one of the loudest advocates for creating a unified metaverse. Because of Facebook’s Diem stabilcoin project, it could be of particular interest to the crypto-based metaverse. Mark Zuckerberg mentioned that with the help of a metaverse project, he wants to support teleworking and improve the financial opportunities of people in developing countries. With this move, Facebook can provide a good starting point for uniting these worlds. Other big technology companies have also set out to create a meta-version, including Microsoft, Apple and Google.
As for crypt-centric meta-competition, further integration between NFT markets and 3D virtual universes seems to be the next logical step. NDP owners can already sell merchandise from multiple sources in marketplaces such as OpenSea and BakerySwap, but there is no 3D platform for this yet.
We recently opened the # play-to-earn room on our Discord server. Come and join us, let's talk about games. Play-to-earn games often go hand in hand with NFTs. Questions, ideas and issues related to traditional NFTs are still the subject of the #nft room.
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