Metaverse: Is It Really The Future Of Technology?

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If we were to name the number-one digital trend of 2021, it would be metaverses. Although the media agenda is currently intercepted by crypto giant collapses, record inflation rates, and market downtrends, it is still a much-awaited technology that could potentially revolutionize the web scene. 

Seriously, what is a metaverse? 

Metaverse is a broader concept rather than a technology. That’s why there are so many different interpretations of the term. In simple words, it is virtual reality. If we were to dig deeper, the metaverse would become a combination of multiple technologies, such as virtual reality and augmented reality. 

It can be described as a digital universe where people interact with each other via avatars, perform different activities, purchase and sell things, etc. Many also think of the metaverse as a paradigm shift from text-based online communication to a 3D model — a sort of a parallel world where people would experience their digital lives. Theoretically, the possibilities are endless, as we can translate almost any real-life activity into virtual reality. 

Why do we need it? 

Well, do we need video games or, perhaps, 3D movies? No, but everything besides eating, sleeping, and breathing is extra. As for the possibilities of the metaverse, there are several approaches:

A space where people can interact, buy and sell goods, such as real estate or services. 

Such platforms exist today in the blockchain gaming industry — they allow users to communicate, trade, conduct various activities and earn rewards. 

A full-on parallel interconnected universe where millions of people worldwide interact with each other daily. 

This is still a theory due to several significant limitations. First, there would be no wide adoption unless accessing a metaverse is effortless. Currently, we would need a VR set, which is expensive and not widely used. Moreover, such a metaverse should be interconnected, meaning people from different platforms should be able to communicate and transact with each other. Easier said than done from a technical point of view.

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Are there actual metaverses today? 

Yes and no, as the answer depends on how you choose to interpret a metaverse. However, several tech giants have already taken the course for creating a functional and accessible virtual reality. 

Decentraland 

According to the project’s documentation, Decentraland is a decentralized virtual reality platform on the Ethereum blockchain. It allows users to create, experience, and monetize their content and applications. Participants can own parts of the virtual space by buying native tokens LAND and MANA, powering the virtual space economy. The monthly active user base of Decentaland reaches 300,000 players. 

Axie Infinity 

Today, it is one of the most popular blockchain games: its weekly active users record in November 2021 was 2,3 million players. Axie is a popular new trend called “play to earn” — participants buy magical creatures Axies, complete quests, and get rewards in native tokens AXS and SLP. The game’s popularity is primarily due to the community seeing it as a money-making tool. Players can also purchase virtual plots of land from the game’s world, Lunacia.

The Sandbox 

The Sandbox is an Ethereum-based platform that operates as a decentralized virtual gaming world. Players can buy and own slots of digital space called LAND to create their own gaming experiences for others and monetize them, as well as host virtual contests and events. 

As for the metaverse in the broader sense, such reality is yet to be invented. The two most famous companies currently working on such technology are Meta (formerly Facebook) and Microsoft. 

How can I benefit from using a metaverse? 

The easiest way would be to participate in the virtual gaming world and earn rewards. We have told you about three such platforms above, but many more are currently available on the market. However, mind that the profitability, as well as the entry threshold, would vary for different ecosystems.  

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