Is There Only 1 Metaverse? Can There Be More?
Its users’ digital and physical lives are intertwined in the metaverse, an immersive online environment. The metaverse offers new digital methods to work, socialize, and unwind by integrating technologies like augmented reality (AR), virtual reality (VR), and blockchain.
Play-to-earn games and other blockchain applications are already being tested by initiatives like Decentraland and SecondLive, allowing communities to come together, collaborate, and work toward shared objectives. To stay up with the trend, tech titans are also creating their metaverses.
Even if there may be numerous metaverses, connecting them would benefit all of them. A novel approach to metaverse interoperability is provided by blockchain technology. This might make it possible for users to transfer objects, virtual currency, and other digital assets between the metaverses.
What exactly is a metaverse?
One term that comes up when discussing the future of technology, cryptocurrency, and the Internet is the “metaverse.” Although the metaverse is still in its infancy, it is clear that local initiatives and multinational corporations are working to create the digital spaces of the future.
A collection of interconnected, virtual realms that may be explored using 3D avatars is known as the metaverse. With more immersive and interactive online experiences, you might think of it as the next step in the evolution of the Internet.
The metaverse uses modern innovations like blockchain, augmented reality, and virtual reality. While VR creates computer-generated virtual landscapes that users explore using VR headsets, AR creates digital visual elements that can be morphed into the real world using a camera. Blockchain technology, meanwhile, makes it possible for digital collectibility, digital ownership verification, and value transfer.
By serving as a conduit between gaming projects and cryptocurrency communities, NFT platforms like the Binance NFT Marketplace are also advancing the gaming metaverse. In addition, several metaverse projects are hosted via the community-driven BNB Smart Chain (BSC). Fortnite built a metaverse framework that linked its virtual world’s 350 million users.
The metaverse is still being developed, but it will probably go beyond game platforms. Examples of possible industries that can profit from the metaverse include applications in digital identity, remote work, and decentralized governance.
How does the metaverse work?
The creation of shared virtual environments combines the physical and the digital. Businesses might begin utilizing the metaverse, for instance, to organize mixed reality meetings using VR headsets or to sign contracts without being present physically.
Similar to how you could shop online by navigating virtual aisles, showing off your NFT collections to online friends, and viewing art exhibits without ever leaving the comfort of your home. Axie Infinity and Gather are two examples of play-to-earn games and workplace interaction tools.
The functioning elements of the virtual worlds can already be seen throughout the town. They invite users to socialize, make new friends, engage in cryptocurrency transactions, and even make money.
In contrast, Decentraland is an online, virtual environment where social aspects, cryptocurrencies, and NFTs are successfully combined to represent everything from cosmetic items to digital real estate. For instance, a player can buy 16×16 meter land parcels issued as NFTs (non-fungible tokens) on the Ethereum blockchain using Decentraland’s native coinage, MANA.
Finally, the metaverse makes it possible for human communities to coalesce around common passions. For instance, Travis Scott’s virtual Astronomical concert, which had over 12 million listeners globally, was famously hosted by Fortnite. Unlike a typical concert, gamers could communicate with well-known rappers through their avatars and take in animated 3D graphics.
If there is only only one metaverse, then?
According to the idea of the metaverse, there is one virtual space that everyone can access. But as we’ve shown, there can be different metaverses that exist independently of one another.
Metaverses offer unique virtual possibilities, much as each social media network offers its customers unique options. As a result, each metaverse serves a particular purpose within the larger metaverse. Similar to the prior instances, some metaverses might focus on gaming while others might focus on gatherings or concerts.
Big tech is advancing the metaverse narrative in addition to blockchain-based metaverses. For instance, Facebook changed its name to Meta and spent billions of dollars creating metaverse software, headsets, and content. Similarly, major corporations like Microsoft, Google, and Tencent are creating metaverse and foraying into the market with new technology. Axie Infinity, Decentraland, and SecondLive are three examples of cryptocurrency metaverse initiatives that each take a different approach to metaverse development.
Interoperability between the many metaverses is ideal. The capacity of one or more metaverses to communicate and share information is known as metaverse interoperability. Users would be able to transfer assets, such as NFTs and cryptocurrencies, between interoperable metaverses. Many developers and protocols back blockchain technology to link metaverses. It’s decentralized and transparent, to start. Additionally, it can provide digital proof of access, ownership, validity, and value transfer.
For instance, players might switch between two play-to-earn games, and their virtual objects could be formed and secured in both games, provided the two games were interoperable and based on the same blockchain. In other words, users could use their virtual weapons, skins, and other goods in both realms. Additionally, it is possible to transfer cryptocurrencies and other digital assets between blockchain networks by using blockchain bridges.
The metaverse of the future
The metaverse is still developing and has a long way to go. Nobody can predict how it will turn out, but there’s no denying that it’s a technological area that developers and investors are interested in. As previously stated, various separate metaverses will likely make up the metaverse. Nevertheless, the interconnectivity of many virtual worlds will probably be greatly facilitated by technologies like blockchain and cryptocurrencies. In the long run, different metaverses serving distinct purposes may merge to form a single metaverse. A web of several metaverses could promote increased adoption as well.
The market for new projects is expanding, and those already in existence are adding new features and services. Successful blockchain-native enterprises like Decentraland and players from more conventional markets like Fortnite and Meta already exist in the crypto realm. With the development of blockchain, augmented reality, and other technologies, interesting new borderless metaverses are expected to emerge.