Over the past decade, we have become more and more dependent on the Internet and the recent pandemic has strengthened our reliance on the virtual ecosystem. While this dependence has served us in many ways, it has also created concepts of identity theft, arbitrary censorship, improper rent withdrawals (in the form of privacy costs), or sudden termination of accounts. Thus, some group or authority may control our behavior and conduct by controlling our virtual world.
In addition, spending more time online has led to the creation and consumption of more value digitally. To maximize this value, our society needs to allocate serious time and capital to virtual environments, and this requires making the environment sustainable, safe and robust. Blockchain has proven to be one such solution.
Blockchain has come into our lives as a ‘light at the end of the tunnel’ as it can protect us from control and censorship of group and higher authorities while providing a secure and sustainable ecosystem. Blockchain has changed our mindset of security from “Secure is Private” to “Secure is Public”.
And thus with the power of blockchain and the Internet, our virtual world is set to take a new leap and connect with our real world (augmented reality) in ways never thought of before. It can be called the metaverse in short.
Metaverse for Beginners:
The metaverse is a digital world in which everything we can imagine can exist. The word ‘meta’ means ‘beyond’ and ‘shloka’ means ‘universe’, and therefore the metaverse is an extension of the universe of physical and virtual reality.
The metaverse is the collective, shared virtual space that is created when the physical field converges with the virtual realm, which includes virtual reality, augmented reality, and the Internet. The metaverse has the potential to become a distinct individual economy in the coming decade.
The concept of the metaverse may be better understood by Steven Spielberg’s 2018 adaptation of Ernest Cline’s Ready Player One (2011).
While everyone is still contemplating what the Metaverse ecosystem will look like, a writer named Matthew Ball tries to explain the idea of this ecosystem as follows:
- fiercely social
- live and synchronous
- massively scalable
- hardware agnostic
- highly interoperable
- economically fertile
- a bridge between worlds
- full of content
To read Matthew’s thoughts about the Metaverse, click here.
It is important to understand that the metaverse does not need to involve a blockchain to exist, but the blockchain will play an important role in its development, in order to make the ecosystem fair and secure for all participants. With the metaverse, humans would evolve into a fully evolved digital species.
Check out the guide below to learn how to invest in the Metaverse Index:
Now, let’s discuss more on the integration of the Metaverse with Blockchain and Cryptocurrencies.
Crypto meets metaverse
Digital assets and crypto seem to be the most essential workspaces to drive the emergence of a true metaverse. Hence, we hear and see NFTs everywhere.
MTHN tokens are the first step in integrating individual ownership with digital assets. A non-fungible token (NFT) is a digital item that can be created, sold or bought on an open market, and owned and controlled by any individual user, without the permission or endorsement of any centralized company.
For digital items to have real, lasting value, their existence must be independent of the entity that may at any time decide to remove or disable the item. NFTs enable for the first time a decentralized, universal digital representation and ownership layer through which scarcity, uniqueness and authenticity can be managed transparently.
Therefore, crypto may be the necessary cornerstone for the metaverse.
Why you need to know Metaverse?
Now we address the elephant in the room, why am I dumping so much technical stuff on you. Simply because I’ve identified an opportunity and I want you to see it too.
The 10 biggest companies in the world today are those that adopted the Internet when either no one knew about it or if they knew, there was a lot of doubt about it. We may be the earliest identifiers of a potential new age Internet.
There are many crypto projects trying to develop a complete blockchain-based digital ecosystem. And since it is based on the blockchain, we can participate in the projects by owning their token. One such project that I am admiring these days is decentralized.
Decentralized is a 3D space where you can create virtual worlds, play games, explore museums filled with NFT art, attend live concerts, and more. It was works in a standard web browser to give you access to crypto and NFT features. You can buy and sell property, create and sell virtual art for art galleries, or create worlds. Several companies have invested in land in decentralized, and some of them may be willing to pay skilled builders to develop it.
No limit to what you can be done in this space. Therefore, I am very impressed with the idea of this new generation of technology that could change the world and our portfolio for good in the near future. I will keep you updated about such projects and will let you know about all the important changes.
Please note that I am not a financial advisor and nothing stated above constitutes financial advice. Please Explore about this before investing.
Tell me your thoughts on the above.