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      What Is Metaverse?

      Intermediate 8m

      What Does Metaverse Mean?

      The word Metaverse first appeared in the 1992 science fiction novel Snow Crash, written by Neal Stephenson. In the fiction novel, Metaverse is the 3D virtual world where human beings' avatars interact with each other. It is described as the next generation of the Internet. The word "metaverse" is made up of the prefix "meta" (meaning beyond) and the stem "verse" (a backformation from "universe"), now it refers to a manifestation of actual physical reality, an extension of the Internet virtual that connects with the real world, similar to the world that portrayed in the movie Ready Player One and The Matri.

      How Does Metaverse Work?

      One day in the future, people are able to study, work, shop, travel, social communication, etc in the Metaverse by switching identities and freely shuttle between the physical world and the digital world anytime and anywhere. Metaverse, a virtual world built on the blockchain, is a decentralized platform that allows participants who have the right of autonomy and ownership of certain assets. Furthermore, through an immersive experience, the virtual world is getting much closer to reality.

      Metaverse can be seen as the combination of the contributions of information revolution (5G/6G), web3.0, AI, VR, AR, MR, and game engines, which make the possibility of creating the virtual world that is parallel to the traditional physical reality. It contains the technology of blockchain and the digital financial model, such as DeFi, IPFS, NFT, and other digital financial achievements.

      What Are the Historical Events Related to Metaverse?

      • Facebook Horizon was announced as a social VR world by Facebook, Inc. in 2019.
      • Travis Scott held a concert in Fortnite in April 2020.
      • Somnium Space was launched as a social VR platform that used the Ethereum blockchain in 2020.
      • Roblox goes public with a $41 billion valuation in March 2021.
      • Facebook CEO Mark Zuckerberg has announced to change the company's name to Meta Platforms Inc on 29, October 2021.

      What Are the Essential Technologies for Metaverse?

      In the view of technology, Metaverse is the component of interfaces, blockchain, contents, operation systems, which finally present as a 3D holographic interface. It may be seen as the next revolution of information. It is supposed by 5 parts of technologies:

      • Network and computing
      • Artificial intelligence (ai)
      • Game engine
      • Display technology: VR, AR, MR, XR
      • Blockchain

      What Are the 7 Layers of the Metaverse?

      There are 7 layers of the value chain of the Metaverse raised by Jon Radoff, from the experiences that people seek out to the enabling technologies that make Metaverse possible, including Experience, Discovery Creator economy, Spatial Computing, Decentralization, Human Interface, Infrastructure.

      What Are the Features of Metaverse?

      Although people take different views upon the description of the metaverse, there are still some features accepted by most of the people:

      • Metaverse can be accessed 24hours a day, it will always be on.
      • Real-time and live when you experienced.
      • There are no limitations for the population of participants.
      • It is built on the blockchain, with a decentralized economic model. Digital assets can be accepted by the virtual and physical world.
      • It is immersive, spans across platforms, vast and diverse.
      • Content can be created by everyone and governed by rules and order.

      What Is the Relationship Between Crypto and Metaverse?

      If we want to explain the relationship between crypto and metaverse, we should try to understand what is metaverse coins or tokens. The metaverse coins or tokens can be divided into NFT (Non-Fungible Token) and fungible tokens that are related to metaverse concepts or the tokens used as currencies simply in the real-world in the metaverse. Let's take the two kinds of token in Decentraland for examples to explain what is metaverse coins or tokens.

      Ethereum-based virtual world Decentraland is commonly related to Metaverse since it is a virtual world where you can play, explore, and interact with games and activities. There are three native tokens, MANA, LAND, and Estate, that serve different functions in the Decentraland.

      • MANA: An ERC-20 token that serves as Decentraland's currency, it is identical and lacks unique properties and is defined by MANA token contract. Denizens of Decentraland can create scenes and experiences for other users, like concerts, art exhibits, casinos. MANA can be used in Decentraland. For example, denizens can gamble in MANA, with croupiers who are paid in MANA to show up for work. All virtual space in Decentraland is composed of individual parcels of LAND that you may purchase with MANA in Decentraland's Marketplace.
      • LAND, and Estate: An ERC-721 token that represents parcels of digital land and merged parcels of digital land, they're not interchangeable and are referred to as non-fungible tokens (NFTs), for creating unique items like avatars, wearables, and unique parcels of land. You can also use them to create digital environments and applications on Decentraland.

      Most of the metaverse fungible tokens served with the features:

      • Base on the blockchain and can be traded in exchanges.
      • Can be used to purchase or swift to NFTs in the metaverse.

      They are the essential elements to build the economic system of the metaverse.

      How Do NFTs Work for Metaverse?

      As we have mentioned, the metaverse is supposed by 5 parts of technologies. Among them, the blockchain is the most vital part of metaverse because the metaverse economy system is built on digital assets and digital avatars. The economic system should be fair, secure, and reliable. With blockchain technology, the security of digital assets can be guaranteed. Furthermore, to truly operate the metaverse, economics and economic activities are essential parts. Without the economic ecosystem, the metaverse can not be called the "real-world ". However, the Fungible Tokens backed by blockchain can be copied and without scarcity. It can not be represented the real estate in the metaverse. But an NFT, a Non-Fungible Token, can solve this problem easily. Each NFT is unique that can be connected to a certain reality in the metaverse. Everyone can claim the unique digital ownership of Web3.0 based on unique value. Then the value can be transferred between users. Through this mode, the commercial system will be built. The metaverse economy will come true finally. So the NFT is the key to the metaverse. On the other hand, the application of NFTs have gradually become diversified from simplification. They are not just "JPEGs" that represent artworks, but also they can stand for the value of virtual assets and virtual identities. The metaverse will extend more value on NFTs.

      Related Pages:

      What Is the Metaverse in Gaming?

      The current application of metaverse is basically in the game field, though the concept covers a wide range. In the early stage, most of the metaverse concepts are around the game industry and attract a lot of players. In these kinds of games, players can purchase ownership of items in the virtual world or mint their own NFTs, which can be sold in the marketplace. Most of the play-to-earn games have the feature above. These games can be seen as prototypes of the early meta-universe. With the development of technology, after the full implementation of the meta-universe, virtual-real will be added to the games and the game platform will include the most comprehensive virtual-real interaction.

      Related Pages:

      How is Blockchain Related to Metaverse?

      When talking about blockchain, the concept of centralized and decentralized can not be avoided. Like Facebook, Microsoft, and other centralized organizations, they are looking to lead the way. The metaverse or the applications lead by these companies are centralized. Some people take the opinion that these kinds of metaverse are incomplete.

      However, decentralized games such as Axie Infinity, Decentraland, are other play-to-earn blockchain games that are run on blockchain technology that uses Non-Fungible Tokens (NFT) and cryptocurrency. They are connected through individual nodes worldwide and no specific platform will be required to access any digital space. Blockchain provides proof of the existence of digital identities, digital assets and can not be changed by any centralized organizations.

      Can You Invest in the Metaverse?

      • There is a Metaverse-centric fund, an Exchange Traded Fund (ETF) on the New York Stock Exchange, sponsored and maintained by Roundhill Investments, investors can purchase it directly on New York Stock Exchange.
      • You can invest in NFTs such as virtual real estate in the virtual world of the Metaverse projects, and can also invest in the encrypted tokens of the Metaverse projects, such as MANA. Nowadays, virtual real estate projects including Decentraland, Cryptovoxels, Sandbox, Somnium Space, etc. are very popular. The organizers of these projects also issue tokens on the platform, which are used to purchase digital assets or for games on the platform. The value of these real estates or tokens may increase in the future.

      What Are the Projects of Metaverse?

      Base on the concept of Metaverse, there are several projects released in recent years:

      • Decentraland, built on the blockchain, users can purchase land through the blockchain and determine the content released on the land. Website: https://decentraland.org/
      • Somnium Space, utilizing blockchain technology, which supports VR. Users can purchase land and design buildings in it. Website: https://somniumspace.com/
      • The Sandbox, one of the pioneers of the NFT ecosystem, providing a free space for social activities and for gamers to create games. Website: https://www.sandbox.game/en/
      • Cryptovoxels, a 3D virtual world built on Ethereum. It is also a sandbox game that creates with blockchain technology. Website: https://www.cryptovoxels.com/

      Where Can I Find Top Metaverse Coins/Tokens?

      You can check Metaverse Coins/Tokens on: Top Metaverse Tokens by 24h Price Change. On one page to find out all the Metaverse tokens and prices.

      Related Pages: Five Metaverse Investing Crypto Coins/Tokens You should Know About


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        What Is Metaverse?