Imagine a world where you can create avatars that respond to your physical actions, play games, work for money and socialize with people globally. It would be cool, right? That is the idea behind the “Metaverse”.
The word “Metaverse” was first used by the author Neal Stephenson in his 1992 novel, “Snow Crash”. It now describes a virtual world that allows you to control an avatar and take part in different activities. Unlike in video games where you control a character using a game controller, the metaverse is more immersive and usually involves the use of special bodysuits and virtual reality headsets.
If you’ve seen the movie “Ready Player One”, then you have a perfect idea. If you haven’t, you should. It’s great.
What’s crypto’s role in the metaverse?
Crypto serves different purposes in the metaverse. Some of these include:
Virtual payments
Crypto can serve as a means of purchasing products and services. Let’s say you own a store within the metaverse that sells customizable outfits that can be worn by avatars. Prospective buyers can pay for the outfits using a cryptocurrency of their choice. This crypto can also be withdrawn as money in the physical world.
This way, it is possible to own properties and businesses in the metaverse and get paid in tokens that can be used in the physical world. How cool is that?
Non-fungible tokens
Another important role of crypto in the metaverse is in the form of non-fungible tokens or NFTs. NFTs are special tokens that provide ownership rights to a specific digital or physical asset.
With NFTs, you can create and own virtual goods, artworks, and properties. What makes them important in the metaverse is that NFTs cannot be replicated or copied by another person.
An example is with Decentraland, a crypto-metaverse game that allows players to own virtual land and properties. When you purchase a virtual property on Decentraland, you get issued an NFT that confirms your ownership.
Let’s say the value of the virtual property increases by 20% and you decide to sell it. All you have to do is to place the NFT on sale in an NFT marketplace and once it is sold, the property is automatically transferred to the new owner.
Read our article on NFTs simplified for beginners.
Popular crypto metaverse projects
Here are some popular crypto-based metaverse projects:
Decentraland: Decentraland is a virtual world that allows users to buy land or digital real estate. It is one of the earliest and most well-known metaverses based on the Ethereum blockchain.
The Sandbox: The Sandbox is a virtual world where players can build, own and monetize their experience. It has attracted several celebrities and gaming companies such as Snoop Dogg and the Walking Dead who have all bought segments of virtual land within its metaverse.
Here’s a bonus for you
It’s game time for Africa. Nestcoin has launched the next-generation crypto-gaming platform called Metaverse Magna (MVM). Join the largest crypto-gaming community in Africa and stand the chance to earn up to $1000 a month playing crypto games.
