Summary
The Metaverse is an online immersive space that connects users’ lives between the digital and real worlds. Integrating technologies such as augmented reality (AR), virtual reality (VR) and blockchain, Metaverse opens up a new digital way of working, socializing and leisure.
Projects such as Decentraland and SecondLive are already experimenting with earn-by-play games and other blockchain applications to achieve community unity and pursue the goal of collaborative projects. In addition, technology giants have followed development trends and built their own metaverses.
Multiple metaverses coexist and all parties will benefit if they can interconnect with each other. Blockchain technology provides a unique way for metaverses to interoperate, allowing users to transfer cryptocurrencies, items, and other digital assets between metaverses.
Introduction
When talking about technology, cryptocurrency and the future of the Internet, people can’t help but think of the concept of the “metaverse”. The era of the Metaverse has not yet fully arrived. But what’s clear is that both small projects and global companies are actively building the future of the digital space.
What is the Metaverse?
The Metaverse refers to the concept of an interconnected virtual universe that people can explore through 3D avatars. We can think of it as the next stage in the evolution of the internet, providing a more immersive and interactive online experience.
The Metaverse integrates various technologies, including augmented reality (AR), virtual reality (VR), and blockchain. Users can transform digital visual elements into the real world through AR cameras, and wearing VR headsets can create computer-generated virtual environments for users to explore. At the same time, blockchain technology can realize digital certification of ownership, digital collectibles, and value transfer attributes.
The NFT platform builds a bridge between gaming projects and the cryptocurrency community, and the Binance NFT Market also contributes to the development of the gaming metaverse. In addition, the community-led BNB Smart Chain (BSC) hosts various Metaverse projects. Fortnite also developed the Metaverse platform, connecting more than 350 million players in its own virtual world.
While the Metaverse is still in development, it will expand beyond gaming platforms in the future. For example, applications such as digital identity, remote working, and decentralized governance will all be areas expected to benefit from the Metaverse.
What can be done in the Metaverse?
The Metaverse creates a shared virtual space that combines physical and digital. For example, with the help of VR headsets, companies can enter the metaverse to participate in mixed reality meetings or sign contracts without being present at the same physical location at the same time.
Similarly, people can buy groceries through virtual channels, show NFT collections to online friends, and visit art exhibitions in the comfort of their own homes.
The emergence of the earn-while-playing game "Axie Infinity" and the office social tool Gather Town prove that working in the virtual world is full of endless possibilities. Users can have fun, meet friends, trade with digital currencies, and even make a living from it.
The online digital world built by "Decentraland" combines social elements with cryptocurrency, as well as NFTs representing game skin collectibles and virtual real estate. For example, players can purchase a 16x16 meter plot using Decentraland's native cryptocurrency MANA. These parcels are issued on the Ethereum blockchain as non-fungible tokens (NFTs).
Ultimately, the metaverse will promote collective consciousness and allow humanity to work together to pursue common interests. For example, the game “Fortnite” successfully hosted Travis Scott’s “Astronomical” virtual concert, attracting 12 million listeners worldwide. Different from ordinary concerts, gamers can interact with famous rappers through virtual avatars and enjoy the visual feast of 3D animation.
Is there only one metaverse?
The concept of the Metaverse suggests that this is a virtual foundation shared by everyone. But as we have seen, multiple metaverses exist independently.
Therefore, individual Metaverses within the entire set of Metaverses have specific functions. Just as every social media platform offers specific services to its target users, the Metaverse brings distinctive virtual possibilities. As mentioned in the above example, one metaverse may focus on gaming, while others may focus on conferences or concerts.
Cryptocurrency metaverse projects such as Axie Infinity, Decentraland and SecondLive have each shown their unique abilities to build their own metaverse. In addition to the blockchain-based metaverse, technology giants are advancing the layout of the metaverse. For example, Facebook changed its name to "Meta" and invested billions of dollars to fully develop Metaverse content, software, and AR and VR headsets. Major companies such as Microsoft, Google, and Tencent are also creating Metaverses and developing new technologies to enter the field.
Ideally, there should be interoperability between metaverses. Metaverse interoperability means that one or more metaverses can easily interact and exchange data. Users can transfer assets such as NFTs and cryptocurrencies between interoperable metaverses.
Many developers and protocols rely on blockchain technology to connect the metaverse. First, blockchain technology is decentralized and transparent. Second, it can provide digital proof of ownership, authenticity, value transfer, and accessibility.
Assuming that the two earn-by-play games can interoperate and are created on the same blockchain, players can switch between the two games and the virtual items created in them will be safe and worry-free. In other words, users can use their own guns, skins, and other in-game items in both virtual worlds. Additionally, blockchain bridges enable the transfer of cryptocurrencies and other digital assets between various blockchain networks.
The future metaverse network
The Metaverse is still in its early stages of development. No one knows how powerful the Metaverse will be in the future, but it is undoubtedly a technology category that has attracted much attention from investors and developers. As mentioned earlier, the Metaverse will be composed of multiple independent Metaverses. Nevertheless, technologies such as blockchain and cryptocurrency will play a core role in connecting multiple virtual worlds.
In the long term, we will see multiple metaverses with different uses forming one metaverse. A network constructed from multiple metaverses will help expand and popularize the applications of the metaverse.
Summarize
New projects emerge in the market, existing projects develop new features and services, and the Metaverse grows with them. There are already successful Metaverse projects in the cryptocurrency space, including blockchain-native projects like Decentraland, as well as welcoming traditional market players like Fortnite and Meta. As technologies such as AR, VR and blockchain mature, we are expected to witness the rise of the virtual metaverse. This new cross-border force is highly anticipated.