In a previous blog we have discussed NFT’s however we believe that there is a subject that is tied to NFT’s that we haven’t talked about yet which is the metaverse.
What exactly is it? What relationship does it have with NFT’s and crypto? Should you invest your time into the metaverse? All these questions and more in today’s blog
What is the metaverse?
The term metaverse is a quite broad term, but it generally means a space online where people can gather and interact in a more immersive way, this could be using a VR or a regular game.
The metaverse is not fully out yet however some game studios redefined what a game is and what it can do by making their own economical systems in game and hosting in-game events.
Cryptocurrency are great for creating those economic systems and different utility tokens (NFTs), the blockchain technology can be used to create a reliable governance system.
What does gaming have to do with any of this?
Games provide the nearest experience to real life, the game Fortnite is a good example of this as it hosted a musical concert of rapper Travis Scott, around 12 million people were present in that event.
Unlike fortnite which is a battle royal shooting game, some games are based on the idea of the metaverse and have crypto and NFT’s embedded in them, games such as axie infinity, decenterland, star atlas and many more.
In some of these games you can get hired in game and get paid in ETH which can be later converted into fiat currency.
Some users have claimed to make 200$/month hosting a casino on decenteralnd.
How does crypto help the metaverse?
We have already mentioned that cryptocurrency can help create an in-game economy as the developers can create a token or a coin that can later be traded with either ETH or SOL which can be traded or sold for fiat currency, so the first point is to create value.
We also said that the blockchain can be used to make a governance system which can allow the moderators of the game to know which player holds what item thus creating a proof of ownership