An amalgam of two words, “meta”, meaning beyond and “verse”, meaning the universe, the term Metaverse became popular when Mark Zuckerberg first used it to change the name of the infamous social media application, Facebook.
Metaverse is usually the imaginary realm where players can move around, interact with other players in their vicinity, and develop buildings, hospitals, parks, and even their dream homes. As this universe isn’t real, it is seen with the aid of Virtual Reality (VR) or Augmented Reality (AR) goggles.
Metaverse is a very old term and is much more familiar among gamers. But, during the pandemic and Facebook’s change of name, it sparked interest among people, especially the youth.
What Makes a Metaverse?
Just as in real life, Metaverse is ever-going. It doesn’t stop or pause, and neither can it rewind. Pre-scheduled or independently organized events can occur like in the real world.
Businesses and individuals can create their assets and valuables in the Metaverse. The very famous ones are the Non-Fungible Tokens (NFTs). People can invest in art or similar stuff through NFTs and make up their properties. The users can exchange the NFTs for cryptocurrencies and buy other stuff from the Metaverse.
People can also become a part of a fair, concert, or any activity by getting together in the Metaverse or even in their agency.
The expansive range of contributors usually consists of self-employed people or those who are informally employed.
Are Virtual Reality and Metaverse the Same?
Virtual Reality means an artificial reality, literally. It is mostly used for gaming setups and digital content experiences. Plus, it doesn’t have ongoing functionality. Yes, you have to be online with other players to proceed with a game, but when the goal is met, or the level ends, another level starts from the beginning with possibly new players.
This isn’t what the Metaverse is about. Metaverse has real people at its backend, and they can invest in finances that make them real money.
Metaverse & Its Functionality
Two categories of people can be discerned in the Metaverse.
One who comes to enjoy the Metaverse meets new people and even conducts meetings. A production team for the Metaverse has been assembled, as per Facebook, now renamed Meta.
The second is the business fanatics. It involves using non-fungible tokens and cryptocurrencies to create blockchain-based assets. A person must only deal in crypto to trade virtual assets on blockchain-based platforms despite mediums offering free platforms.
Blockchain and Metaverse
The Metaverse is online, so it is susceptible to getting hacked or personal data breaches. As people are trading in thousands of dollars, it is necessary that their assets are secure and their identity or personal information doesn’t get sold online.
Blockchain’s secure and reliable encryption has made it the first choice of protection for the Metaverse. Blockchain allows swift verification of information as well as safely encrypted transactions.
As there is the trading of assets happening on the Metaverse, it will require an unswerving platform for the dealing of money. Though the Metaverse is a world beyond our reach, people will want the dealings to happen rapidly as they do in real life. So, blockchain can do that job efficiently while considering the data’s security.
Metaverse is the future. It has gained popularity rapidly over the past two years and will only grow further. The bitcoin era is upon us, and gaining more knowledge about it doesn’t require any investment of money. Give it some time; you might buy a new NFT or sell BTC for big profits in a few months!