The Metaverse would not be possible without blockchain technology as centralised platforms are unable to provide the scalability and interactivity required for it. This article shares the core features that blockchain networks provide – the ability to purchase items, show ownership, maintain privacy, create unique content and sell it, and participate in the governance of a Metaverse. How does one connect to these worlds? Thru a crypto wallet – Zelcore, Flux’s wallet, is a user friendly, secure method.
Web 3.0 is all about decentralization and offering users the ability to customize their online experiences, no matter if they are participating in an online game, using a DeFi platform, or learning new skills. The Web 3.0 digital transition is transforming the way users are interacting with online platforms and communities, by enabling them to truly participate in virtual activities without being controlled by central authorities or giving up their personal information to big data companies. In the era of Web 3.0, the community makes both the platform rules and the content.
These characteristics of Web 3.0 are exactly what paved the way for the concept of the Metaverse as an online experience with unprecedented levels of interactivity, content creation, and community participation.
Let’s take a closer look at what is the Metaverse, how blockchain technology is powering it, and what are some popular Metaverse examples that are already available to users.
What Is the Metaverse?
The Metaverse is the idea of a virtual, highly interactive 3D cyber universe, which includes a wide range of different online spaces, packed with interactive possibilities, controlled by users through various governance models. It’s literally a futuristic iteration of the internet, except that it’s already here, with dozens of Metaverse projects already launched, and many more in the making.
On first look, the Metaverse looks like a video game, because it’s visually displayed in the form of computer generated animated content and 3D designs. That’s because massive, multiplayer, online video games were a huge inspiration for the Metaverse. Many popular online games such as World of Warcraft and Fortnite, in particular, have shaped it as these games have their internal ecosystems. Users, in these games, can trade equipment, socialize, have fun together, build relationships, and even get their own virtual jobs.
With the huge popularity of video games and the high scalability of advanced blockchains, the Metaverse was the logical next step for developers. The idea was to provide users with virtual worlds where they could do anything from playing games together, throwing parties, designing their own living spaces, organizing car races, to opening businesses, getting jobs, and making money in a virtual, blockchain-based reality.
The Metaverse encompasses all aspects of everyday life, which means users get to participate in the most advanced iteration of cyber entertainment and content creation, along with a flourishing digital economy based on crypto.
How Blockchain Technology Fits Into the Metaverse
Blockchain technology is the powering force behind Web 3.0, because centralized platforms have no way of providing sufficient scalability and interactivity needed for fully decentralized online experiences, and these are similar characteristics required by the Metaverse. That’s why blockchain networks are the best solution for truly user-centric Metaverse projects.
Metaverses include digital economies, because just like people need to have a medium for transferring value in real-life, users need to have a secure method for conducting transactions in the Metaverse.
That’s why blockchains and crypto are the ideal solution for Metaverse economies. Blockchain data blocks are immutable and once a transaction is approved it can’t be changed. Also blockchains provide great security for transferring assets, because they rely on decentralized network nodes when confirming the validity of transfers, unlike centralized platforms that use slow and robust confirmation systems.
Proof of Ownership
Users can own anything from unique clothing pieces, accessories, to pets, cars and even real-estate in various Metaverse projects. However, there has to be some way of proving ownership over a certain object in the Metaverse.
That’s where blockchains are especially useful because if you have a reliable crypto wallet like Zelcore connected to your Metaverse account, you can instantly prove ownership over your assets by searching the blockchain for the transaction and public address connected with an asset. No one can lie about owning a piece of real-estate in the Metaverse, because it’s instantly checkable on the blockchain.
Anything you own, buy, sell, or exchange with other users in the Metaverse is tokenized through blockchain technology. When you buy a special piece of equipment needed to complete a certain activity in the Metaverse, or when you buy a piece of land to build your Metaverse apartment, you’re actually dealing with NFTs. This way you can truly own your digital assets by storing them in your connected crypto wallet.
What’s even more important is that every asset in the Metaverse can be tokenized as an absolutely unique object, with no other one identical to it, thanks to NFT technology. Your virtual apartment or your Metaverse sneakers are exclusively yours, but they are also fully unique, and no other Metaverse user has something that’s exactly the same.
Remember how centralized Web 2.0 platforms simply impose company rules on all users and there’s nothing you can do about it? Well, that’s history with the Metaverse, because user governance is a key aspect of Metaverse functionalities. Of course, the developers are the ones that make these 3D universes and add features, but the users are the ones that suggest, debate, and decide on what they want to implement or take away from their Metaverse experience.
Through connected crypto wallets and asset ownership, users get to participate in the governance of the Metaverse, and their voices become the shaping force of the platforms they’re using.
Ease of Access and Interoperability
Blockchains enable Metaverses to be accessible to anyone, without the need to provide any sensitive personal information that might compromise their privacy. This is done through the connection of crypto wallets to Metaverse projects. Anyone can connect their wallet to the platform and participate in Metaverse activities without going through extensive account creation and identity verification processes associated with centralized platforms like Facebook or Google.
Additionally, various blockchains enable high interoperability by providing Metaverse developers with the tools for launching their custom chains on existing main chain infrastructure. A great example of this is the Avalanche (AVAX) blockchain which enables developers to launch customized blockchains with their own internal rules and dynamics.
Some of the most popular examples of successful implementations of Metaverse concepts are Decentraland (MANA) and The Sandbox (SAND). Both Metaverses are already trending in the top 50 cryptocurrencies by market cap, and they have thousands of active users worldwide, with high rates of new daily users.
MANA and SAND look like 3D universes where users can create their avatars, choose clothes, buy land plots, build houses, buildings, and engage in hundreds of games and quests with other users or by themselves. New content is constantly added by the developer teams, and by users who are creating their own custom content, or objects and equipment.
Many popular brands such as Samsung and Gucci have already opened their showrooms and stores in the Decentraland Metaverse, and users can go to these locations with their avatars, take a look at the displayed products and even buy unique NFTs from various brands.
Popular celebrities such as Snoop Dog and Steve Aoki are also already active in these Metaverses and even performing sold out concerts and live shows, which is just an example of the immense hype generated by Metaverse projects.
The Metaverse is definitely one of the most innovative products of the Web 3.0 era.
The idea of transforming the internet into an interactive, virtual experience situated in customizable 3D universes is still taking its baby steps, but judging by the huge popularity of existing Metaverse projects, the variety and quality of Metaverses on the market is only going to increase.
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