What is a Metaverse? | 2022 Guide

The concept behind Facebook's rebranding, Meta, has been a hot issue in the media. Metaverse is a digital avatar-based universe.

The Metaverse, crypto, and EVs are among the Big Tech Winners of 2021.

Metaverse Tagged the next big thing in tech, as evidenced by Roblox’s tripling in value from its March listing to Facebook’s name change to Meta Platforms Inc. In addition, the Roundhill Ball Metaverse ETF, an exchange traded fund focused on the theme, surpassed $500 million in assets under management on Nov. 17, which doubled in just two weeks, demonstrating the rush to the space.

Crypto In November 2021, Bitcoin reached an all-time high of $68,000, and the value of a number of smaller cryptocurrencies also increased. The rise made crypto rage, and new investors chose to invest in digital currencies. Even though the crypto market is currently experiencing a price drop, many investors believe the market will recover.

EVs Even as part shortages crippled the wider automobile industry, Tesla Inc. soared to a $1 trillion market value as the electric-car maker’s shares doubled in value, driven by a sustained pickup in sales.

Introduction

Facebook announced they are changing their name to meta because they are planning on building something called the ‘Metaverse.’ So you need to understand what the metaverse is? And what is the excitement about?

In his 1992 science fiction novel “Snow Crash,” author Neal Stephenson is credited with coining the term “metaverse,” in which he imagined lifelike avatars meeting in realistic 3D buildings and other virtual reality environments.

Ever since, a number of developments have served as stepping stones toward the creation of a true metaverse. This online virtual world combines augmented reality, virtual reality, 3D holographic avatars, video, and other forms of communication. As the metaverse grows, it will provide you with a hyper-real alternative world in which to coexist.

So, does the Metaverse exist already? The short answer is no. However, one of the most well-known virtual worlds, and perhaps the closest to the metaverse ideal, is Second Life—launched in 2003. Also, games like Decentraland, Fortnite, and Axie Infinity are similar to what the Metaverse would look like.

What Is Metaverse?

The term metaverse has re-entered the crypto site because NFTs have exploded in popularity during the pandemic. Specifically, NFT gaming—-Decentraland, Axie Infinity, The Sandbox, Fortnite. The media use these games to describe what the metaverse could feel like when it is done.

It is currently difficult to explain what a metaverse really is as it is still in development. However, a metaverse is essentially a large expanse of the digital area where people can interact with each other in real-time. There, they can have similar—if not more—experiences to what they have in the actual world.

The Metaverse will function with the help of these combinations of elements.

Web 3.0

Known as the next version of the internet. The most important thing you can do with Web 3.0 is own parts of the internet. Everything that you make, purchase or sell on the internet is yours—you have the full right. All of these will be possible with the use of AI and blockchain technology, thereby making web 3.0 decentralized.

VR/AR

VR is a truly immersive experience in which a real-life world is replaced with a simulated one. AR enhances your environment by incorporating digital elements into a live view, frequently accomplished by using a smartphone’s camera.

Blockchain

To understand how Blockchain works. Think back at the story of money and how blockchain technology came to be. Suppose the world will ever get to a point where the metaverse is a registry of all digital assets. In that case, blockchain technology seems like a pretty obvious solution, given that it is decentralized.

Crypto and Metaverse

Transaction will likely happen with cryptocurrency. This is where cryptocurrencies and blockchain-based applications come in, with the potential for e-commerce and social interaction. Crypto is built for peer-to-peer interactions on the internet with a small transaction fee and instant fund settlement.

What Are Metaverse Crypto?

Here are three cryptocurrencies with potential that are cryptocurrencies and the metaverse.

Decentraland

One of the most popular Metaverses in the market runs on the Ethereum blockchain network. Users can buy virtual land and develop it for games, avatars, and other experiences using the native token MANA. The Decentraland DAO governs the Decentraland ecosystem. Owners of MANA or virtual property in Decentraland can vote on initiatives and new developments in the DAO.

The Sandbox

It is yet another user-created digital world where players can create and sell digital assets. SAND is an in-game token built on the Ethereum blockchain network. NFTs can be purchased with SAND to buy virtual land, buildings, and other items.

Axie Infinity

Axie Infinity is an Ethereum blockchain-based game. Players battle against other teams by training imaginary creatures known as Axies. Axie Infinity is a “play-to-earn” game, which means the player can earn AXS tokens by engaging. The tokens can be used to buy new Axies (which trade as NFTs), teach existing Axies to improve their qualities and purchase virtual land in the Axie Infinity realm, which will be released soon. Angel – the most expensive—Axie was purchased at 300ETH, which is almost $1,000,000.

Where to Buy These Cryptocurrencies?

These tokens can be bought, sold, and even stored on Guarda. The payment options for the purchased coins available in Guarda’s ecosystem are Visa/Mastercard and SEPA.

Conclusion

When investing in this meta space crypto, be cautious because it is still in the early stages of development. However, the link between cryptocurrencies and the metaverse will be worth watching in the coming years. In addition, many people wonder what blockchain the Metaverse will run on in the future. The metaverse hype train has already left the station, but it may take around a decade for the Metaverse to come to life.

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