If youโve paid any attention to emerging tech trends over the past year, you will have heard of the ๐ฆ๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐ โ a term for connected, virtual worlds that is being described as the next iteration of the internet. Youโre probably also aware of blockchain and NFTs (non-fungible tokens) โ both of which are hot topics right now.
For anyone that does need a primer โ current thinking on the โmetaverseโ is that it is the term for persistent online worlds, where users can have shared experiences, often through virtual or augmented reality interfaces, allowing for richer immersion than existing online services.ย ย
But, as with other game-changing applications of technology โ artificial intelligence (AI), for example, or the internet of things (IoT) โ the metaverse and blockchain are not concepts that have evolved and exist in isolation. Their true potential will be unlocked when they are applied together. Because the fact is they all have many features and functions that complement each other, enabling them to converge in ways that make them more than the sum of their parts!
Gaming
Gaming will undoubtedly be one of the most exciting use cases for the metaverse, and once again, innovation in this space is being driven by blockchain. The Sandbox is a virtual world where anyone can create their own games and environments and use the Ethereum-basedย blockchain currency $Sand to buy and sell digital goods and assets. The Sandbox is already home to well-known brands, including Atari and Aardman Animations, creators of Shaun the Sheep.ย
Crypto gaming is already big business and covers both online casino-style games as well as the more recent gaming paradigm that’s become known as “play-to-earn.” One of the most popular at the moment are Axie Infinity, Pokemon, Oneto11…
If, as everyone from Mark Zuckerberg to tech venture capitalists believe is the case, the ๐ฆ๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐ lives up to its hype, we can expect blockchainย gaming to explode in the next few years.ย
NFTs
According to many predictions, ๐๐ ๐๐ฌ โ which stands for Non-fungible tokens and was picked as the word of the year for 2021 by Collins Dictionary โ are set to play an important role in the ๐ฆ๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐. Put as simply as possible, ๐๐ ๐๐ฌย are tokens that live on a ๐๐ฅ๐จ๐๐ค๐๐ก๐๐ข๐ง and can be used to prove ownership of connected digital assets. Primarily we’ve seen them used for trading pieces of digital art, but in theory, they can be connected to anything, including virtual avatars, game assets, and real estate (or should that be unreal estate?)
A key use (quite literally), say some, will be for accessing areas of the ๐ฆ๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐ and proving that someone has the right to control who can or canโt visit or use a particular piece of a virtual environment. Many of the blockchain games that will exist in the metaverse will use NFTs, too, as rewards (as an alternative to the other common type of ๐๐ฅ๐จ๐๐ค๐๐ก๐๐ข๐ง -dwelling token – cryptocurrencies โ which are fungible, and therefore not unique.)
One of the main functions ofย NFTs within the metaverse will be to assign value to objects. As anything that is digital fundamentally exists only as ones and zeros, it can theoretically be duplicated and distributed an infinite amount of times. ๐๐ ๐๐ฌ provide a framework for attributing value to digital objects because they can be used to prove that someone is the rightful owner of a particular object.
๐๐๐๐๐ง๐ญ๐ซ๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง
Itโs important to remember that, as with any predictions about the future, much of this is still speculation โ because no oneโs exactly sure how the ๐ฆ๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐ will work just yet. People like Mark Zuckerberg have their own ideas, of course, and are throwing a lot of money into making them a reality. But will the reality be a corporate-controlled, centralized ๐ฆ๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐? Or will we end up with something much more decentralized โ much like the concept of ๐๐ฅ๐จ๐๐ค๐๐ก๐๐ข๐ง itself? ๐๐ฅ๐จ๐๐ค๐๐ก๐๐ข๐ง and its capacity to enable smart contracts and decentralized autonomous organizations (DAOs) offer the possibility of alternate digital realities that arenโt under the ownership of Silicon Valley mega-corporations. They can be “owned” by the people who use them and governed by taking part in secure voting processes and utilizing advanced ๐๐ฅ๐จ๐๐ค๐๐ก๐๐ข๐ง functions such as staking.ย
In truth, itโs likely we will end up with something of each โ corporations building and maintaining their own metaverses where they make the rules, existing alongside publicly-owned decentralized metaverse. The interesting part will be to see how they play together โ will an avatar that’s been born and leveled up in a DAO-driven public metaverse be welcome within the walled garden of Mark Zuckerbergโs private metaverse? Who will have the final say over establishing fundamental principles of society, such as identity or property ownership, within the metaverse? These are important questions, and we can be fairly certain thatย blockchain will have a crucial part to play in establishing the answer.
๐๐๐๐๐๐๐๐ – ๐๐ก๐ ๐๐๐ญ๐๐ฏ๐๐ซ๐ฌ๐ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐๐จ๐ง๐ญ๐๐๐ญ๐ฅ๐๐ฌ๐ฌ ๐๐๐จ๐ง๐จ๐ฆ๐ฒ
๐ต๐ข๐๐๐ – ๐โ๐๐๐๐๐๐ – ๐๐๐ก๐โ – ๐ถ๐๐๐๐๐๐ก – ๐โ๐๐๐ – ๐๐๐๐ฆ – ๐ธ๐๐๐.