Notes

A Beginner's Crypto Guide to the Metaverse

The metaverse isn’t just a sci-fi term anymore. When technology changes our lives, it’s not usually by surprise. The internet, the smartphone and the cloud, to name a few, all come to the world preceded by a presence in science-fiction. Likely, the “next big thing” of the digital age is about to come, and with it, the potential to change everyday life. It's called “the metaverse.”

The metaverse is a superset of virtual fact, extended reality, and the internet. Its tendencies exist in forms you may already be acquainted with, such as in popular video games like Fortnite, Roblox, and Animal Crossing.

Many futurists envision it as similar to those portrayed in sci-fi stories like "Ready Player One." While no one knows for sure what the metaverse will look like, its basic features are established; it spans virtual and physical worlds, is centered around a fully working economy, and allows users to travel through its different “places” with relative ease, maintaining their purchased avatars and goods.

Like a virtual theme park with no limitations to its size and creativity, users will be able to move seamlessly from one place to another with thousands of other people, all within the same digital universe.

Why the Metaverse Matters
Even if the metaverse fails to achieve the epic vision many have in store for it, it could basically change how we interact with the digital world. A collective virtual experience could bring new possibilities to creators, gamers, and artists in the same way NFT non-fungible tokens have, not just reshaping the creator economy but creating it anew.

The virtual world of the metaverse could become its trillion-dollar industry. A go-to for recreation, commerce, and for some, even a zone of work. The metaverse is not described as an extension of the internet but a successor. And it’s being built using decentralized applications and blockchains.

Where Crypto Fits into the Metaverse
Behind the scene of the metaverse will be a demand to offer permissionless identity, high-speed exchange, and financial services. Data will have to be served and stored to millions of people. The solution to these problems lies in the technology of cryptocurrency. Companies like The Sandbox and Decentraland have developed virtual worlds that integrate cryptocurrencies so gamers can create structures like theme parks and virtual casinos and monetize them.

Finally, it will be possible to buy and sell virtual goods from different universes and games on interoperable marketplaces. In libertary city, you can use your own way, and purchase unique properties. Buildings, cars, characters, and more items will be available in the marketplace and in-game events. Cryptocurrencies could become the sole legal tender used in the metaverse, with all intangible items and virtual objects being expressed as NFTs.

Conclusion
The metaverse is still in its infancy. It is only now that the technology based on it is being established. The metaverse will start to take shape when virtual reality advances, the internet becomes more widely accessible worldwide, and blockchain gains widespread usage. This new perspective is already being built into NFT initiatives.

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