What Is Metaverse?

Since Facebook rebranded the company name to Meta in October 2021, the discussion around the “Metaverse” or virtual world where everyone can interact and do activities seems to be endless. The changes made by Facebook are in line with Zuckerberg’s goal of creating a platform that is more than just a social networking platform but also incorporates ordinary life into the digital realm. So, what is Metaverse and what impact does it have on crypto? We will discuss this further in this article.

Definition of Metaverse

Metaverse is a digital world where users can interact in real-time with each other to get the experience they want. This new technology is basically a large digital space that offers many activities that are similar to real-world experiences and even more. A virtual world is a metaverse if it offers a wide variety of activities and does not focus on just one thing.

💡 The word “metaverse” was first used in Neal Stephenson’s iconic cyberpunk novel “Snow Crash”, which was published in 1992.

For example, a game like Fortnite is limited as it only offers entertainment to its users. On the other hand, a Metaverse will offer various activities for its users such as entertainment, buying and selling activities, and various other communal activities. In this case, a metaverse acts as an extension of the real world and the activities we normally experience.

Characteristics of a Metaverse

Not all virtual world experiences is a metaverse. A digital world must meet several characteristics in order for us to categorize it as a metaverse.

• 📹 Live and real-time: A metaverse must have a persistent, separate time of its own, just like in the real world. It also needs to be synchronized in real-time.
• ️🗓️ Continuous: It doesn’t stop, it doesn’t pause and it doesn’t end. Metaverse is a continuous experience that has endless possibilities with no end.
• 🎆 Unlimited activities: Metaverse is a digital space with a wide range of activities from entertainment to work to business. Ideally, these activities are created by their users along with businesses and even governments.
• 💸 Functional economy: A functional and sustainable economic system that benefits its user is a must-have characteristic for a Metaverse.

Why cryptocurrencies are important in the Metaverse

Metaverse is an important innovation in the world of cryptocurrency. Big companies and businesses such as Facebook, Microsoft, and Nvidia announced that they will enter the industry. So, when these Metaverses become fully operational, they will become something very popular. This massive trend will eventually provide opportunities for collaboration with projects in the crypto world. Eventually, this technology will help speed up the adoption and public trust in cryptocurrencies.

In addition, blockchain technology can be the key to data and privacy protection in the metaverse. Payments using cryptocurrencies also simplify the transaction process because of the decentralized and fast system. NFTs technology also helps ensure the identification and authenticity of every asset. Then, the economic model in NFT and DeFi already proves that it can give financial incentives to attract many people.

Read more: What is NFT and Why Is It So Popular?

What can you do in the Metaverse?

Entertainment

Currently, most metaverses are still very much focused on the gaming and entertainment industry. The gaming Metaverses like Sandbox and My Neighbor Alice are games where the players interact with hundreds of people at the same time. This is an important aspect of the metaverse which provides an interactive social experience.

In addition, the technology has huge potential for the entertainment industry like music and movies also have huge potentials. Imagine attending a music concert with 3D avatars where you can interact with other fans and the band itself. This can offer a very unique and novel experience, unlike anything we have currently.

Business

Large companies can use the Metaverse to sell and showcase their products digitally. Brands like Adidas have bought land rights in the Sandbox with plans to create virtual exhibitions and eventually open digital stores. These digital stores and virtual experiences can be combined with physical rewards and incentives to attract even more people. The technology basically opens up opportunities for many industries to take advantage of the digital space as a place to market their products and brands.

Community

The Metaverse can be a place where different communities come together and talk about the things they love. This virtual world provides a new digital space where various social activities can occur. For example, those who love Snoop Dogg can now join the private party event in the newly opened Snoop Dogg estate in the Sandbox. This highlights the potential of the metaverse as a broad and free decentralized social space.

Several cryptocurrency projects building a Metaverse

Some cryptocurrencies are already building their own metaverse. However, these projects are still in their early stages where activities and the number of players who can participate are still very limited.

Sandbox

The Sandbox is a virtual world with an ecosystem that focuses on games, NFT, and user-generated content. Sandbox gives its user the freedom to create whatever they want through various applications and tools.

• Voxedit: A 3D voxel editing program to create any objects in the Sandbox metaverse such as avatars, items and even animals. These objects are tokens called ASSETs and use the ERC-1155 NFT token standard.
• Sandbox game maker: A free 3D game maker for sandbox that does not require deep coding knowledge. An important tool for user-generated content within the Sandbox.
• Sandbox Marketplace: A digital marketplace for all objects and items from the Sandbox game.

These three tools help create a virtual space where the communities are given the freedom to create their own content and experience. Now, Sandbox already has partnerships with major companies such as Atari and Adidas. This puts Sandbox as one of the big players in the crypto metaverse industry.

Read more: What is the Sandbox?

Decentraland

Decentraland is a virtual world where players can buy and sell digital properties called LAND. In addition, Decentraland’s metaverse facilitates exploration, interaction, and a wide variety of virtual games, similar to Sandbox.

These digital properties can be purchased and then filled with decorations and activities to suit the owner’s needs. However, many parts of Decentraland are already divided into districts with specific themes. Currently, the largest district is the Cyberpunk district.

Apart from being a creative medium, many Decentraland players monetize their LAND through rentals, advertising and paid experiences using MANA tokens. All assets in Decentraland are in the NFTs which then can be sold or traded. With its world already running, MANA is one of the metaverse experiences that are playable and easily accessible.

My Neighbor Alice

My Neighbor Alice (MNA) is a metaverse that gathers all the players on an island. After purchasing a plot of land, players will be able to design and decorate their property to make it as unique and as special as they want. Users can experiment with landscapes, using in-game objects such as vegetation, furniture, buildings or animals. They can also perform daily activities and participate in competitions and quests to earn more rewards.

My Neighbor Alice has a more story-driven and narrative-driven experience of its own combined with elements of social interaction. This makes MNA more game-like than any other metaverse. However, the MNA developers say that in the future all players will have the ability to create their own activities and experiences.

My Neighbor Alice will be more appealing to people who prefer a gaming experience with DeFi elements of crypto sprinkled in.

Buying Metaverse coins

You can start investing in metaverse coins such as SAND, ALICE, and MANA by buying them in the Pintu app. Through Pintu, you can buy these cryptocurrencies in an all-in-one convenient application.

Pintu is also compatible with popular wallets such as Metamask to facilitate your transactions. Download the Pintu app on Play Store and App Store! Your security is guaranteed because Pintu is regulated and supervised by Bappebti and Kominfo.

Conclusion

Metaverse is a digital world that gives users the freedom to do various activities. It is a digital space that combines elements of entertainment, financial systems, and business in one place that can be easily accessed anytime. It is an extension of the activities in the real world.

Cryptocurrencies have an important role in the formation of a free, secure and decentralized metaverse. The blockchain network and financial model in the crypto world can help develop the technology. In fact, there are already several projects in their early stages that are already functional.

References:

• Jean Folger, Metaverse definition, Investopedia, accessed on: 02-12-2021
• Cryptopedia, What is a crypto metaverse?, Gemini, accessed on: 02-12-2021
• Eric Ravenscraft, What is the metaverse, exactly?, Wired, accessed on: 3-12-2021
• Avyan, What Is the Metaverse?, Coinmarketcap, accessed on: 3-12-2021
• Cointelegraph, What is metaverse in blockchain?, Cointelegraph, accessed on: 3-12-2021
• Eli Tan, A crypto guide to the metaverse, Coindesk, accessed on: 3-12-2021
• Alex Heath, Meta opens up access to VR social platform Horizon Worlds, The Verge, accessed on: 14-12-2021