It is easy to get lost in a crypto metaverse, a virtual environment with vast economic and social potential. Through the utilisation of blockchain technology, they get access to the wider crypto economy, wherein virtual objects may be traded for real world currency outside of the metaverse.
Metaverses are poised to become a pivotal component in the future generation of blockchain-based games on the web because of the unique combination of VR’s fully immersive surroundings, games’ captivating playability, social media’s networked involvement, and crypto’s currency exchange.
The Metaverse: What Is It?
The vast potential of virtual worlds was previously only seen in the pages of science fiction. Developers in industries as diverse as cryptocurrency and gaming—and even social media—have embraced the concept of a “metaverse” with open arms in recent years. The metaverse is now a concrete thing, with many flourishing platforms including crypto in ever-increasing ways.
A metaverse is a collaborative, fully realised virtual environment in which users (represented by avatars) can engage in social activities, build narratives, and shape the environment. Users are able to purchase, sell, and trade digital real estate, products, avatar accessories, and more through the usage of the metaverse’s native economy and currency. All you need is a computer, a virtual reality (VR) headset, or a smartphone to enter the metaverse.
To be more precise, a crypto metaverse is a metaverse that uses blockchain as its underlying technology and employs crypto assets like metaverse tokens for its economy. Decentraland, Cryptovoxels, Alien Worlds, Axie Infinity, and The Sandbox are all examples of crypto metaverses or protocols that feature features of a metaverse.
While metaverse-like settings have been present in MMOGs for some time, the introduction of blockchain, crypto, and VR is not only expanding the demographics of the industry but also proving the real-world worth of digital assets, interactions, and experiences gained through playing blockchain games.
A variety of metaverse tokens are used to represent various forms of crypto assets and items in the metaverse, such as digital land and objects. Their ownership is recorded on the distributed ledger (blockchain), and they may be traded for cryptocurrencies such as bitcoin (BTC) and ether (ETH) on several decentralised exchanges (DEXs).
More and more of our daily lives are taking place in the metaverse rather than the real one. Companies of all stripes, from the well-established to the newly minted crypto entrepreneurs, have established online presences in the crypto metaverses, and thousands of individuals frequently attend online conferences, conventions, and festivals hosted there.
In 2021, for instance, the famous auction firm Sotheby’s created a duplicate of its London offices in the virtual world Decentraland, which is powered by the blockchain. There are several virtual art galleries for visitors to examine in this area. It’s not uncommon for live concerts, conventions, and meetups to all take place in Decentraland.
Crypto Metaverses: The Basics
In general, crypto metaverse creators aim to set their universes apart from others by emphasising the basic specifications:
Decentralization
Crypto metaverses are often decentralised, with some or all components of metaverse games built on blockchain technology, in contrast to early virtual worlds which were owned and controlled by enterprises. This means that blockchain metaverses are often incompatible with the established business models and value-extraction techniques used in the digital gaming industry as a whole.
Due to its distinct structure, blockchain games can provide players with more equal access to engaging content. This also implies that all users have equal stakes in the metaverse. The game might endure forever, even if the developers of the metaverse blockchain suddenly stopped working on it.
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Provable provenance
Crypto tokens, such as non-fungible tokens, are used to represent in-game items in crypto metaverses (NFTs). Obtaining and completing goals in video games may be a very rewarding experience. NFTs provide much-needed transparency and access to asset markets, updating the norms of in-game products.
Unique NFTs allow for simple coding of metaverse tokens and goods to verify the authenticity of user-generated content and other gaming assets within a given game.
User governance
Decentralized autonomous organisations (DAOs) and governance tokens are used in crypto metaverses like Decentraland to give players a voice in the game’s development and evolution. This means that metaverses can develop into full civilizations in their own right, complete with economies and democratically elected leaders, rather than just being a fun form of online gaming.
Real-world economic value
The economies of crypto metaverses are intertwined with the larger crypto economy due to the widespread use of crypto currencies and blockchain infrastructure within these worlds. Metaverse tokens, avatar skins, and digital real estate may now all be traded on decentralised exchanges (DEXs) and non-fungible token (NFT) marketplaces, giving their owners access to real-world liquidity for their virtual holdings.
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Metaverse Video Games Present a Unique Social and Economic Opportunity
Even while crypto metaverses (and NFT games in general) are just getting started, the social and economic potential of these new worlds is exciting to contemplate. Users of crypto metaverses may find new methods to have fun, make money, socialise, and network.
The growth of individual metaverse platforms is impressive, but the ability for metaverse games to communicate and collaborate with one another is what might make the blockchain gaming ecosystem a cornerstone of the global economy.
Metaverse games are positioned to become a critical component of the future generation of the internet because they combine the immersive landscapes of virtual reality with the addictive playability of video games, the interactivity of social media, and the value propositions of cryptocurrency.
