The metaverse, cryptocurrency, Web3. Apart from being hot buzzwords in technology, what do all three have in common? Many tech developers and investors see the metaverse and crypto as part of Web3 — a decentralized internet controlled by individual users instead of corporations.
The metaverse (three-dimensional immersive virtual worlds) and cryptocurrency could become interdependent despite being very different. The question arises in the reader’s mind, “What is metaverse crypto?” they will get the answer in the following article.
The Metaverse and Crypto
To understand cryptocurrency and the metaverse, we must begin with a fundamental piece of technology: blockchain. Blockchains are public digital ledgers used for recording transaction data, initially created by Bitcoin creator Satoshi Nakamoto. Peer-to-peer transactions using a blockchain network can be conducted without the involvement of intermediaries (such as banks or tech companies). In addition to reducing costs, it can speed up transactions.
On the internet, traditional fiat currencies still play a role in commerce. Digital-native currencies based on blockchain were developed to transact business in the digital age. Some also see metaverses as a way to create permission-less interactions between internet users using blockchain technology, which creates 3D virtual worlds and immersive services.
Metaverse Shopping
In today’s digital world, players can interact with many immersive 3D worlds in real-time, such as video games. Until these 3D worlds have a fully developed digital economy, they don’t truly belong to the metaverse.
A number of these games and services allow you to purchase digital items. In the world of video gaming, this practice is very common. With outfits and accessories, you can customize your in-game appearance and performance. Like cloud computing, cloud computing offers a free or inexpensive starter package but charges extra for premium features.
In the metaverse, you might be able to try on virtual clothes before you buy them in the real world. Nvidia CEO Jensen Huang speaks about “digital twins” of physical world locations whenever businesses plan for manufacturing projects or designing and building properties.
What is Metaverse Crypto, NFTs?
Cryptocurrencies and blockchain-based applications can be used for e-commerce and social interaction. Direct peer-to-peer transactions over the web offer near-zero fees and instantaneous funds settlement.
The metaverse is primarily reserved for video games and other imaginative start-ups. During the first half of 2022, turmoil in the crypto space casts a shadow over the metaverse and its viability as a fully-fledged digital economy. There are, however, four early-stage projects that bridge the crypto-metaverse gap that can be watched.
1. The Sandbox
The Sandbox allows players to create and sell digital content within the game’s user-created digital world. Using the Ethereum blockchain network, SAND acts as an in-game currency. Several cryptocurrency exchanges offer these tokens for sale and purchase. A virtual land, building, accessory, and another item such as NFT can be purchased using SAND.
2. Decentraland
A metaverse experience based on the Ethereum network is Decentraland. MANA tokens can be used for virtual land purchases, avatars, digital accessories, games, and other experiences. Defcentraland is controlled by Decentraland DAO (decentralized autonomous organization). DAO members can vote on initiatives and new developments and own MANA or virtual property in Decentraland.
3. Axie Infinity
The Ethereum blockchain could be compared to Nintendo’s Pokémon franchise for Axie Infinity. Teams compete against each other to train and battle fantasy monsters called Axies. Players can earn AXS tokens by participating in Axie Infinity, a “play-to-earn” game. In the Axie Infinity universe, tokens can be spent on new Axies (trading as NFTs), training existing Axies, and the upcoming launch of virtual land. (At the time, the price of Ethereum was $820,000), making this the most expensive Axie to date.
4. Crypto Baristas
Crypto Baristas brings together physical and virtual worlds with an NFT project. Coffee enthusiasts can meet in a metaverse through a Crypto Barista NFT character. Virtual coffee isn’t the only thing you can get here. Additionally, Coffee Bros., which partners with coffee farmers worldwide, will be funded through the project.
