The Metaverse – a digital playground for future generations

The word “Metaverse,” first used in science fiction by author Neal Stephenson in his 1992 book Snow Crash, is coming to life faster than we could have imagined.

The Metaverse, a virtual reality world that is unquestionably more immersive than physical reality, is undoubtedly where all the action will take place in the future as people increasingly connect to it.

Holograms will replace things like digital screens, and virtual assets represented by non-fungible tokens (NFTs) will be in high demand as more and more people around the world spend a lot of time creating this alternate reality.

While gamers who have already spent hours playing in the virtual world with their VR headsets can understand this vision, it may be more difficult for others to understand why 2022 is predicted as the year of the gold rush. of the Metaverse.

Metaverse a powerful and autonomous company

The crypto space, as it currently exists, and the major leaps in establishing the Metaverse as a powerful self-sustaining enterprise of the future are necessary to appreciate the limitless possibilities presented by the Metaverse.

Digital assets such as cryptocurrencies, stablecoins, and NFTs help business owners and developers create a transactional foundation that can support the metaverse through Blockchain technology.

Digital assets unlike fiat currencies

These digital assets have all the characteristics of fiat money or other forms of store of value, such as gold, but none of its drawbacks.

They offer an unprecedented level of security in the conventional financial industry and can be done online without the involvement of a centralized authority from any mobile or desktop device.

Due to their widespread use, these virtual assets are now a multi-trillion dollar asset class used to conduct business in virtual environments such as the Metaverse.

Virtual assets like Bitcoin (BTC) are poised to be the metaverse’s preferred currency for the foreseeable future, as they give asset holders immutable proof of ownership and reward them with returns on investments in many multiples. .

The future potential in the metaverse is endless

Decentraland, a 3D virtual environment created to encourage social interaction, is a great illustration of the potential for metaverse enhancement.

The platform, launched in 2017 and also accessible from a standard computer, allows users to create virtual worlds using digital objects that are replicas of real objects and to interact with the digital avatars of other members of the community. On this metaverse-like platform, everything from a jacket to cars and even real estate is generated and traded using the native digital token MANA.

The site has thousands of users, and in the past two years, the value of its MANA token has grown more than 20 times. A digital plot of land in Decentraland was recently sold for a record $2.43 millions of US dollars in cryptocurrency, highlighting the seemingly limitless potential of the metaverse to build an alternative economy far larger than even some physical economies of the present. This transaction took place in November 2021.

Businesses join the bandwagon

Popular companies are also jumping on the metaverse bandwagon in one way or another. Some do this by providing NFTs of their best-selling items, while others invest billions of dollars in researching and creating the technologies that will power the metaverse in the future.

NFTs will serve as placeholders that represent virtual things in these virtual environments while cryptocurrency will serve as the financial basis for all transactions in the metaverse. A new investment strategy is taking over the world and creating wealth like no other industry in an unbalanced society as investors and collectors grab hold of these digital assets.

As the Internet transforms into Web 3.0 and more programmers come together to contribute and push the boundaries of the metaverse, it is evolving into a playground where virtual representations of the real world are turning to gold at a rapid pace. .

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Harold B. McConnell