The metaverse explained

Metaverse became a hot topic when Facebook changed its company name to “Meta” in 2021. More than a marketing strategy, Facebook Founder Mark Zuckerberg showed the world how serious the company is in being the first to build a metaverse.

Companies racing to pioneer a metaverse see a virtual world with people represented by avatars. People can shift to another dimension and perform day-to-day transactions without moving from their couch.

For most people, the ideal metaverse is decentralized. Humans will have to trust the system and not be dependent on a central government.

Blockchain technology is at the core of metaverse’s innovation.

With its successful role in decentralized finance (DeFi), blockchain technology is crucial in creating a digital economy within the metaverse.

Users can buy and sell commodities or services while inside the metaverse because of the proven advantages of blockchain technology.

Everything about the metaverse remains speculative, but some play-to-earn games already give humans a glimpse of this cyberworld.

Players of Decentraland use cryptocurrency to purchase a virtual lot. The 3D virtual space allows players to socialize and govern. There is a marketplace for selling or trading in-game items.

Axies are creatures taken care of by players. They battle against each other for Smooth Love Potion (SLP) tokens. Players can also complete tasks to earn SLPs.

SLPs can be traded in cryptocurrency exchanges, and eventually converted into fiat money.

Some see Axie Infinity as a model of how jobs can be created in the metaverse.

A user, represented by a farmer tends to his crops and flock to earn cryptocurrency.

Each farmer owns a spot on the map. Products such as bread, milk, and oil can be sold in trade centers.

The game incorporates the workings of an economy. Earnings are based on factors such as production costs and proximity to the marketplace.

Socialization, education, business, and entertainment are just some of the real-world activities that can be interweaved to the metaverse.

With all of these possibilities in mind, institutions are invested in taking their services to the next level to avoid being obsolete.

With giant companies already investing billions, the metaverse landscape might take shape sooner than the world expects. Taking into consideration the companies’ visions for the metaverse, critiques worry that the innovation will blur the lines between the real world and the digital universe.

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