What is the Metaverse and how is crypto shaping its evolution? - YouTube

Imagine a world without physical limitations,  where you can experience things that aren’t  

possible in the real world, with  anyone across the globe, at any time.

Welcome to the Metaverse.

Yes, I know it sounds like something straight  out of a sci-fi movie, but in reality,  

it’s already being developed. And if you have  an NFT, you might already own a part of it.

What is the Metaverse?

The Metaverse refers to a shared virtual reality  

that humans can explore and  experience via our avatars.

Instead of scrolling through the 2D world  wide web, you’ll be strolling through a 3D  

embodiment of the internet,  where instead of just viewing  

content — you’re in it. In these virtual  worlds, we’ll be able to hang out together,  

dance together, play games, learn and work  together, all within the same Metaverse. A  

shared digital reality where you’ll exist as  whoever you’ve designed your avatar to be.

Although a single interconnected  Metaverse doesn’t exist yet,  

it’s understood that it will revolve around a  fully functioning economy, allowing users to buy  

and sell goods, which they can port across  interoperable worlds within the Metaverse.

Some platforms already have elements of the  Metaverse, including games like Fortnite  

which offers shared social experiences; or Roblox,  where you navigate each world as your user-created  

avatar and can generate an income from developing  items and experiences. Then there are tech giants  

like Facebook. In August, Mark Zuckerberg  announced his vision to transform Facebook into  

a Metaverse company, with its first foray being  virtual meeting rooms called “Horizon Workrooms.”

So, where does crypto come into play?

Well, in these shared worlds, goods  and services can be bought and sold,  

just like in real life. And how would this  be possible? With blockchain technology.

Crypto-based platforms like Decentraland  and Sandbox are leading the charge in  

moving towards a true Metaverse, with  complete economies and asset ownership.

In these virtual worlds, you can own  digital assets — whether it’s land,  

your avatar’s clothes, or  artwork in your virtual home,  

and a Non-Fungible Token will confirm,  without a doubt, that you are the rightful  

owner of it. Some existing NFT collections are  designed to be deployed as Metaverse avatars.

People are already flipping virtual plots of land  for a profit in Decentraland, where recently,  

an NFT of a 259-parcel plot sold for more  than $900,000. And you can even get paid  

in crypto for working as a floor  greeter in Decentraland’s casino.

Blockchain technology will also  create new marketing paths for brands,  

through Direct to Avatar, or D2A, marketing.

In Roblox, Gucci sold a virtual bag for $4,115,  which is more than it costs to buy in real life!

D2A could prove to be a super valuable channel  since digital products and marketing campaigns  

aren’t defined by physics or any other  traditional convention for that matter.

One of the essential features of a working  Metaverse will be the ability to port your avatar  

and assets seamlessly between worlds. Meaning  you should be able to use your Sandbox avatar  

to attend an NFT Art exhibition in Decentraland,  buy that art, and display it in your Upland home.

Blockchain may be the key to achieving  portability, as it allows users’ assets  

to be decentralized and managed peer-to-peer,  rather than being maintained by a single platform.

So how will you pay each other in the Metaverse?

Cryptocurrencies are an ideal payment  method since they facilitate borderless and  

instant transactions without  the need for an intermediary.

And let’s not forget the high-speed exchange  and storage of data for billions of people  

that would be needed behind the scenes. The answer  to these problems lies in blockchain technology.

So now that the Metaverse is officially in  development, what does this mean for our future?

The borderless nature of the Metaverse means  that social inequities could be leveled out.  

In today’s world, your geographic location is  highly correlated to your financial opportunities.  

But in the Metaverse, it doesn’t  matter where in the world you are,  

as long as you have an internet connection.  

Axie Infinity is a prime example where residents  in the rural Philippines are able to generate a  

meaningful income and participate in the global  digital economy by playing the NFT-based game.

The Metaverse will be a destination for  entertainment and commerce. It’ll change the way  

we access education, and how we work. And while  we can’t predict what the developed Metaverse will  

look like, what we can say is that the role of  cryptocurrencies in its evolution is undoubtable.

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