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Metaverse: What is the relationship with cryptocurrency and how will it change your life. Once reserved for sci-fi movies, the metaverse has cryptocurrency and major tech companies as allies.

Metaverse is no longer a term restricted to science fiction films.

When technology changes our lives, it doesn’t usually happen overnight. The Internet, smartphones, and the cloud, for example, have reached the world preceded by their copies in fictional films. It is quite possible that new technologies have this potential to change the landscape of everyday life. This is the “metaverse”.

The metaverse is defined as a shared virtual space created by the convergence of the Internet, augmented reality, and a truly enhanced physical reality. Their tendencies exist in forms you may be familiar with, such as in the popular video games Roblox, Fortnite, and Animal Crossing. The term first appeared in Neil Stephenson’s 1992 science fiction book “Snow Crash,” in which two pizza delivery men travel through the metaverse to save themselves from a capitalist dystopia.

The metaverse imagined by many futurists is similar to that depicted in science fiction stories such as Player #1. Although we don’t know exactly what the metaverse will look like, its key characteristics have been outlined: it extends from the real to the virtual world, is centered around a perfectly functioning economy, and allows users to easily navigate through its “different spaces.” , while keeping the avatars and merchandise they purchased.

Think of an amusement park that is not limited to size and creativity. Then imagine being able to seamlessly transition from that environment to a virtual concert with thousands of other people, all in the same digital universe. This may be possible thanks to these new technological frontiers.

Why is the metaverse important?

Even if the metaverse does not live up to the expectations of many, it may change the way we interact with the digital world. Just like what happened with NFTs, the collective virtual experience can provide new opportunities for creators, players and artists, but it will not only reshape this area of ​​the economy, but also create a new one.

The virtual world of metaverse could become its own trillion dollar industry. The first choice for leisure, commerce and for some even the workplace. The metaverse is not described as an extension of the internet, but as a successor, which is built on blockchain and decentralized applications.

Venture capitalist and essay writer Matthew Ball writes that the metaverse will become “the gateway to the most digital experiences, the key to all physical experiences, and the next great platform to work.” He believes that the metaverse will be the driving force that will create a new generation of business, just like what happened with the popularization of the Internet. Perhaps most interestingly, it could lead to the downfall of current industry leaders, as we have seen with the rise of digital platforms.

Facebook’s entry into the metaverse

End of June, Mark Zuckerberg He told his Facebook employees that they would be working to “help bring life back overseas”. The company has appointed a team of CEOs to lead the project, with big names from product segments in Instagram and Facebook Games.

In an interview with The Verge, Zuckerberg laid out his ambitions for the possibilities of the metaverse. He discussed the idea of ​​virtual work environments, which he called “endless desktops”. According to him, working with virtual reality can improve multitasking activities, and meeting in an inherently metaverse-like virtual environment can be more collaborative and productive. Zoom calls have clear limits, and Mr. Zuckerberg says he already prefers to hold his meetings in virtual reality if possible.

The entrepreneur also highlighted how to make a file metaverse It can promote solutions to social inequality. Drawing on the research conducted by Raj Shetty, Zuckerberg points out that a person’s location is closely related to their financial capabilities. The idea he came up with was that as technology expands into the realms of virtual and augmented reality, remote work becomes more efficient and accessible.

Zuckerberg also explained how Facebook’s investment in virtual reality technology will bring us into this world. Facebook currently owns Oculus, the maker of the Quest VR headset. While virtual reality technology still has a long way to go, according to the founder of the social media giant, the headset will be ready to take off in the “metaverse” “by the end of the decade.”

Other tech giants are investing in the metaverse

No company or person can control the metaverse, but some doubt that the tech world is already claiming its share of the future of space. The GoogleMicrosoft, Samsung and Sony have joined Facebook in a consortium of technology companies looking to shape the future of “experimental reality.”

Video games are ahead of other metaverse technologies in many ways and can continue their pioneering role in space in many ways. For many years, video games have relied on the concept of an “in-game” economy, in which players can buy and sell goods that have no real value outside the game world itself. The most recent example is Fortnite, but another example that has maintained its continued success is Grand Theft Auto (GTA) V, which despite being released more than 7 years ago, has made over $1 billion in 2020 thanks to a large online community. which is still active in the gaming world.

The metaverse aims to connect ‘in-game’ economies under the guise of a Virtual experience. Unlike the world of video games, the Metaverse is not objectively based. Our relationship with her will be more like the way we approach the Internet than a kind of virtual game where we embody other characters.

Cryptocurrency location in metaverse

Behind the metaverse cameras, there will be a demand to provide permissionless identities, financial services and fast exchanges. Data will need to be stored and made available to millions, if not billions, of people. The answer to these problems lies in cryptocurrency technology.

Companies such as Decentraland and The Sandbox have developed virtual worlds that include cryptocurrency so that players can create and monetize structures such as virtual casinos and theme parks. In Decentraland, the currency used is MANA, which is available for purchase from brokers such as Coinbase. There are also casinos in Decentraland where you can bet in MANA, and retailers are paid with this currency to operate.

The NFT You’ll also play a major role in the metaverse, giving people complete ownership of their characters, in-game objects, and even virtual lands. Decentraland’s NFT recently sold for more than $900,000, the largest sale to date.

Ultimately, it will be possible to buy and sell assets from multiple games and worlds in interoperable markets. So anyone can sell their virtual land from the world of Decentraland and use the money to buy Fortnite skins, for example. Cryptocurrencies could become the only legal tender used in the metaverse, where all virtual and intangible items are expressed by NFTs.

“I think people are really surprised by how much money players are spending on digital assets. Hundreds and thousands and maybe millions of dollars have been spent on digital assets,” said Arthur Madrid, CEO and co-founder of Sandbox. “I think turning these assets into NFTs, creating an economy based on NFT, it will add a new layer to the existing digital economy.”

While no one can predict exactly what the metaverse will look like, or when it will reach its final form, the importance of cryptocurrencies in their growth is certain. As we watch the development of technologies like virtual reality, and how current industry leaders like Facebook are getting involved, developments in blockchain technology and the cryptocurrency industry will play an equally important role in shaping the future of the metaverse.

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