If you are in the crypto world, you’ve probably heard of the metaverse. It’s a term often used to describe a new collection of virtual reality worlds that are powered by blockchain technology. We’re going to explain what it all means below.
What is the metaverse?
The word metaverse refers to the universe outside reality, which is in a virtual dimension. The word meta means beyond and verse is turned. So the metaverse is what’s beyond what surrounds you. That is why many call the entire universe generated in the blockchain “the metaverse”. Your identity is your wallet, which helps you access all the content and places: from virtual worlds to galleries and marketplaces.
CHARACTERISTICS OF THE METAVERSE
The metaverse is a network of virtual worlds that are connected through the blockchain. Cryptovoxels and Decentraland are two such worlds sharing a common economy. If I own an NFT of an artwork in one world, I can share it in both worlds. The two virtual worlds are connected by the same underlying technology.
The Opensea Network is a collection of virtual worlds in which you can enter using the same identity: your wallet. You are the same number whether you are in Cryptovoxels, The Sandbox or Decentraland. It all works like this: the NFTs (non-fungible tokens) that you buy from Opensea can be displayed in galleries across the metaverse.
This is achieved thanks to standards such as the ERC (Ethereum Request for Comment) of Ethereum. Also, thanks to projects like Cryptoavatars, which make it possible for you to have the same avatar throughout the metaverse , you could look the same no matter where you are.
The metaverse works with the same economy as many other cryptocurrencies (Matic, UNI, etc.), all of which use Ethereum. This economy allows anyone to buy and sell different assets—like wearable NFTs, virtual properties, avatars…etc.—and invest in any number of projects. People can also invest in the popularity of individuals by buying their social coins.
More and more projects use governance tokens in their operations. With these tokens, users who hold project-specific tokens have the power to vote on key decisions regarding the project. For example, in virtual worlds, like Decentraland, users who hold LAND can vote on what they want to do with their land.
Unlike a static, offline virtual world, the metaverse is constantly changing. This is just like the real world—events happen whether you’re online or not. The time in the metaverse is called cryptotime because a week in the physical world seems like a month in this virtual world because of the number of events that are constantly happening.
The metaverse is a world that offers experiences in both the physical and virtual worlds. For example, there are crypto art galleries in the physical world where blockchain NFTs are exhibited. In addition, Cryptovoxels is creating a room that connects the physical world through webcams with the virtual world. Thus, both worlds can interact.
Main virtual worlds of the Metaverse
Decentraland: Decentraland is a virtual world in which you can own limited non-fungible tokens (land) and build them however you want. These are limited, as new ones are not created often, so they are of great value. The owners of the plots themselves decide on the future of this world. In addition, it is organized in different thematic districts and has a very active community and several casinos and museums.
Cryptovoxels: Cryptovoxels is a virtual world in which users can buy plots of land to mount whatever they want on them. Artists, gamers and anyone with an interest in using the platform for creativity can participate. This post tells you everything you need to know about Cryptovoxels.
Somnium Space: Somnium is the next virtual Beverly Hills. They use high-end technology like Virtual Reality glasses and an advanced graphics engine. Therefore, the world is not as accessible to everyone. You can create your own space in this world, just like the rest of the virtual worlds. They also have special cars and yachts that you can buy with a special currency called Non-Fungible Tokens ( NFTs ). You can read our post “What is Somnium Space?” for more information.