The Metaverse

The metaverse is an idea for a 3-dimensional, online virtual environment that connects users and enables them to carry out any activity as they would in real life. The idea of a persistent, networked, 3D cosmos that combines many virtual spaces known as the metaverse was first developed in a sci-fi book many years ago. Thanks to the metaverse, users may collaborate, play games, and socialize in these 3D places. Although the metaverse is not yet fully realized, certain platforms do have characteristics that offer similar experiences e.g. video games offer a metaverse experience through the hosting of in-game events and the development of virtual economies.

Every user will control a persona or avatar in the metaverse, which will be powered by augmented reality. The metaverse will support social media and games as well as the economy, digital identities, decentralized governance, and other uses.

For the metaverse to  encompass  all aspects of  life, it needs a means of exchange and a decision making system. This is where crypto and blockchain technology comes in. Blockchain can provide a system to prove ownership of assets and currency, provide a mechanism for collection and transfer of value and also a system of governance.

Some GameFi and NFTs like Axie Infinity, SecondLive, etc. already use the metaverse in their applications. Facebook is also a forerunner for the development of a unified metaverse. Although the metaverse is not fully here yet, we have already started enjoying the experience and its benefits.

References (Example)

[1] <Binance Academy>, '<What is the Metaverse?>' (online, <2022>) <https://academy.binance.com//en/articles/what-is-the-metaverse>.
[2] BULB, 'Write to Earn. Read to Earn' (online, 2022) <https://www.bulbapp.io/>