What is the Metaverse and What Makes it So Special

The metaverse is described as a virtual shared space created by the concurrence of virtually enhanced physical reality, augmented reality, and in fact the web. Currently, nobody knows exactly what the metaverse will look like, but its basic characteristics are established. It spans physical as well as virtual worlds and centres around a completely functioning economy. Moreover, it allows users to travel through its different “places” with relative ease, maintaining their purchased goods and avatars.

Even if the metaverse fails to achieve phenomenal results, it could fundamentally change the world. A collective virtual experience could bring new opportunities to gamers, creators, as well as artists. The virtual world of the metaverse could transform into a trillion-dollar industry.

Tech giants and the metaverse

This summer, Mark Zuckerberg revealed interesting facts about his company’s plans. The co-founder of Facebook outlined his ambitions regarding the metaverse. Zuckerberg discussed the idea of virtual workspaces, which the company’s CEO called “infinity spaces”. Working in virtual reality allows for greater multitasking, and meetings in a metaverse type of environment can be collaborative according to Zuckerberg. Mark Zuckerberg already prefers to do his meetings in VR if possible.

No one has the ability to control it, but tech giants are already staking their claim on the future of space. Microsoft, Google, Sony, Samsung, joined the social media giant in the XR Association. The purpose of the XR Association is to shape the future of ‘experimental reality”.

Cryptocurrencies and new opportunities

In the background of the metaverse will be a demand to provide permissionless identity, as well as high-speed exchange. The answer to the challenges stated above lies in the technology of cryptocurrency. At the moment, no one can say for sure what the metaverse will look like, the importance of cryptocurrencies for its growth is a certainty.

Several companies developed virtual worlds that integrate cryptocurrencies so gamers can create structures like virtual casinos and monetize them. In the case of Decentraland, customers can use the currency called MANA. They can purchase MANA on exchanges like Coinbase.

Non-fungible tokens will also play an important role in the metaverse, giving users complete ownership of their characters, etc. Ultimately, users will be able to buy and sell virtual goods from different games and universes on interoperable marketplaces. For example, someone might be able to sell their virtual plot of land in the Decentraland world and use the funds to purchase Fortnite skins.