Decoding the Enigmatic World of the Metaverse, NFTs, and Cryptocurrency


The enigmatic space of Metaverse imperceptibly seeps into the internet world. Metaverse, an evolved superset of virtual reality (VR) and augmented reality (AR) literally means “Beyond the Universe” or “Transcendent Universe”. It was first invented in Neal Stephenson’s science fiction novel in 1992, “Snow Crash”. According to Facebook CEO Mark Zuckerberg, Metaverse will be the Internet personified where, instead of just viewing content, we will have different experiences that we might not necessarily have on a 2D webpage or app.
What does the metaverse look like?
Have you ever imagined that a time machine in the sci-fi world would become a reality? Well, we could be close to that because in the simulated world of Metaverse. At some point in the future, people will be able to enter the Metaverse, virtually of course, and interact with the elements within, with the help of AR and VR, according to a Forbes report.
The metaverse might well be hailed as the culmination of the internet, where cyberspace is an ever-expanding, endless, parallel digital universe connected to our physical world.
But the gaming industry is already steeped in Metaverse, which can be seen in popular video games like Fortnite, Roblox and Animal Crossing.
How will the future be reshaped with Metaverse?
Metaverse isn’t just a game after all and is already envisioned by Mark Zuckerberg as virtual workspaces, which he called “endless desktops that allow greater multitasking.” Meetings in the metaverse would be inherently more collaborative and productive than zoom calls.
Venture capitalist Matthew Ball also believes Metaverse is the gateway to most digital experiences and will be the driving force behind the creation of a new generation of businesses, just like what happened with the popularization of the Internet. In his 2020 essay, he said the Metaverse would span the physical and virtual worlds, contain a full-fledged economy, and provide unprecedented interoperability. This means that users will be able to take their avatars and possessions from one location of the Metaverse to another, regardless of who is running that particular part of it, he wrote.
Where Metaverse and NFT converge with cryptocurrency?
Now, NFTs, as we know, are intangible digital art that can include photos, videos, music, clip art, uploaded to an AI. It is created by creating digital assets on a blockchain.
All three – Metaverse, NFT, and cryptocurrency – are built using blockchains and decentralized apps. Due to the fact that these are blockchain-based products, purchasing and using Metaverse and NFT with cryptocurrency would be the most preferred and viable choice in the present and in a near future.
NFTs will play a key role in Metaverse-based games, giving players greater control over their characters. At some point in the future, users will also be able to trade virtual goods. Here too, crypto-currencies could become the only legal tender used in the metaverse, all virtual objects and intangible elements being expressed in NFT.
It’s impossible for the Metaverse, NFTs, and cryptocurrencies to operate in isolation, and things will only get more exciting from here on out.
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