What is the Metaverse & What Role Will NFTs Play In It?
What is the Metaverse & What Role Will NFTs Play In It?
Ever heard of the metaverse? The term has been thrown around a lot in the media lately, with the likes of Mark Zuckerberg stating he wants to turn Facebook into a metaverse company. But if you are just hearing about the term metaverse for the first time, it’s easy to get a little bit confused. Not to worry!
In this guide, we take a look at what the metaverse is, how it will change the Internet, and what roles blockchain and NFTs are poised to play in the metaverse.
What is the Metaverse?
The term metaverse is a blend of two words; the prefix “meta” meaning beyond and verse from “universe”. But, what exactly is it?
The metaverse is the predicted next phase of the Internet, which will see the merging of the physical world with virtual reality (VR), augmented reality (AR), and extended reality (XR).
Just the way the world wide web is a network of linked websites, or how the physical universe is a cluster of worlds that are linked in space, the metaverse can be envisioned as a bunch of virtual worlds that are interconnected.
But, how exactly will the metaverse do this?
Think of the metaverse as an alternative digital reality where people will not only be able to work and socialize but also play.
Imagine driving down the street and thinking about an item you need for your home. A vending machine then appears with the item you were thinking of in different variations. You stop, pick the item from the machine and continue driving as it gets shipped to your home.
Next, imagine leaving the house and there is an accident ahead. Accidents, as we all know, always cause traffic. Now, instead of driving into traffic, your brain-computer interface device alerts you and offers an alternative route for you to use.
Or a colleague adds a new item to your calendar. Instead of waiting till you get a notification, your avatar informs you of it and opens the notification, so you know what meeting or event it is.
That is what the metaverse is expected to be like.
While the metaverse will require more computing power, tools, and code that is yet to be written, it is poised to revolutionize the way we work, interact, socialize, play, and live.
Why Does the Metaverse Matter?
The metaverse will be the first thing you’ll want to check when you wake up. It’ll have an avatar that will most importantly be able to guide you, amongst other things. But, why exactly should you care about the metaverse?
The metaverse, once built, will take over the Internet.
Whoever builds it and how it’s built will have a huge impact on both society and the economy. So far, Facebook is one of the companies looking to take the lead in shaping the metaverse. Facebook’s CEO, Mark Zuckerberg, has spoken about the metaverse to not just his employees but also at conferences and with journalists.
The metaverse will have three key aspects: interoperability, presence, and standardization.
The metaverse will enable people to be virtually present, in virtual spaces, with others.
Interoperability means people will be able to effortlessly travel between virtual spaces with similar virtual assets, like digital items and avatars.
The standardization aspect of it is what will allow for the metaverse to function.
Currently, just like there are early versions of Web 3.0 — what is believed to be the next frontier of the Internet — there are also early versions of the metaverse.
Today, the closest semblance of the metaverse comprises the likes of Fortnite, an online smash-hit game, Roblox, a digital game platform, and Second Life, which views itself as a virtual world and not a game.
If you are still struggling to understand the metaverse, a good source to consider is Neal Stephenson’s 1992 novel, “Snow Crash”. Stephenson, a sci-fi writer, is believed to have coined the term the “Metaverse.” Alternatively, you can also watch Spielberg’s movie, “Ready Player One,” which was released in 2018.
One of the most important features of a functioning metaverse will be the propensity to instantaneously and seamlessly move your assets and avatar from one world to another. Currently, blockchain is the only technology that can make that possible.
Blockchain-powered metaverses that include non-fungible tokens (NFTs) and cryptocurrencies will play a key role in the metaverse. NFTs are digital assets that represent unique real-world or virtual objects such as music, art, video, and in-game items. Additionally, NFTs guarantee the authenticity, track the ownership and monetization of digital artefacts.
While virtual showcases for NFTs already exist, they will be a lot more common in the metaverse. Moreover, they won’t just be used for art, music, and concerts but in fashion and real estate, among others.
In the metaverse, cryptocurrencies, such as stablecoins, will likely be used for payments in virtual worlds as they are Internet-native, borderless, and can be processed in seconds at next to no cost.
The blockchain will play a critical role in helping boost the adoption of the metaverse once it’s created, as it provides many of the technical requirements needed for the metaverse to take off.
Dive into the Metaverse with Trust Wallet
As the metaverse experiences its early beginnings, Trust Wallet already enables you to dive in and explore new virtual worlds that give you a glimpse into the future.
What’s more, the leading mobile crypto wallet allows you to store all your unique crypto collectibles, in-game assets, and NFTs in one place.
Trust Wallet’s features allow anyone with a smartphone to securely access virtual universes via its in-app DApp browser while providing secure storage for 160,000+ digital currencies and tokens across 12+ blockchains.