If you ask someone from 30 years ago about creating a virtual world, they’ll probably ask if you want to create a movie script. Fast forward to today, and the metaverse is one of the buzzwords in technology alongside artificial intelligence and IoT. The idea previously envisioned in movies and TV shows has finally come true.
A metaverse is a virtual environment with numerous players piloting their avatars. These players can communicate in the metaverse and create virtual items. This virtual world is unique because it has its economy, currency, real estate, items, etc.
The metaverse in blockchain technology uses cryptographic tokens in its economy. In theory, a metaverse could use coins like btcusdt to drive commerce in the virtual environment. However, popular metaverses like Axie Infinity and Decentraland have chosen to create their tokens.
How Blockchain Incorporation Affects the Metaverse
The metaverse has been around in the traditional gaming industry before companies used blockchain technology. However, blockchain greatly improves virtual worlds by validating the possibility of a crossover between the real world and a virtual environment.
Cryptocurrency tokens incorporate elements in the metaverse. Any player who owns land or art in the crypto metaverse can sell it for coins like Bitcoin on digital currency exchanges.
Interestingly, our physical world is tapping into the potential of the metaverse. Some crypto companies have established their headquarters in virtual environments and have even held virtual events. For example, one of the most popular auction houses, Sotheby’s, recreated its London headquarters in the main blockchain metaverse, Decentraland.
Characteristics of cryptographic metaverses
These are the characteristics of cryptometaverses:
The first virtual environments were created and operated by gaming companies. On the other hand, crypto metaverses are operated by everyone on the blockchain network. Players are typically on the blockchain network, so no entity owns or controls crypto metaverses.
Using digital currency in crypto metaverses allows them to connect to crypto markets. Virtual currencies have value and can be exchanged for fiat money on exchanges. Similarly, tokens earned from selling items in the crypto metaverse can be exchanged for currencies like Ethereum and Bitcoin, and thus sold for money.
Cryptocurrency metaverses are virtual environments that can be quickly incorporated into the real world. The use of blockchain technology allows access to valuable cryptocurrencies.
Unlike traditional metaverses, a crypto metaverse is owned and controlled by the players of the game. This type of virtual blockchain environment also presents the idea of a metaverse with a real economy.
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