This short explanation video introduces viewers to the Metaverse and its economic potential via the lens of blockchain technology.
Jackson DuMont, Director of Video at Cointelegraph, discusses the “next big thing”: the Metaverse. He delves into the who, what, and why of the Metaverse and the ways in which its blockchain technology has the potential to transform internet users’ online life.
Neil Stephenson invented the word in his 1992 novel Snow Crash. Although collaborative virtual spaces are not a new concept, increased activity and development inside them have transformed them into a new economic virtual realm that matches the current physical economy.
“The metaverse is identical to the existing version of the internet,” Dumont noted, but it is on its way to becoming fully immersive, in part due to the involvement of tech and social media heavyweights such as Meta and Microsoft in its progress. Meta, on the other hand, has invested billions of dollars and is placing itself at the center of the “multibillion-dollar eden” while amassing profits.
The Metaverse seeks to improve upon several aspects of cyberspace, including user privacy, data protection, trestle transactions, and permanent record keeping. This is where blockchain technology enters the picture. Metaverses adhere to the same principles of blockchain-based systems, including permissionless access, resistance to censorship, security, and decentralization.
“Blockchain and crypto assets are fundamental to creating a safe virtual reality. And NFT technology will also be the foundation for property ownership in the metaverse.”
Decentraland and The Sandbox are two metaverses that have witnessed the highest volume of virtual real estate and non-fungible token sales in the last year. Dumont notes, however, that interoperability across individual virtual worlds is critical for the Metaverse to gain widespread adoption. This means that users will be able to move across virtual spaces using the same avatars and digital items, for example, connecting a metaverse life from Ethereum to Solana.
What binds together all of the metaverses, which are now operating independently, is a bigger community with a common goal: to construct a new internet infrastructure capable of supporting the Metaverse. Among the most significant hurdles are developing augmented and virtual reality gadgets with faster internet connections and superprocessors capable of rendering hyper-realistic visuals.
The video concludes with a grandiose declaration: “Humanity is currently developing the most comprehensive parallel world that has ever existed.” However, how long would society have to wait before completely submerging itself in this fantasy?
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.