What is the Metaverse, and how is it the next big thing in cryptocurrency?
Facebook dropped a bombshell a few weeks ago when it disclosed a big rebranding project that saw the company’s name change to Meta. This has reintroduced the meta idea in technology to the mainstream. However, the concept of a metaverse isn’t entirely new. Indeed, metaverses have been a hot issue in the computer sector for quite some time. However, Facebook’s seemingly innocuous choice to alter its name could have far-reaching implications for how global companies construct themselves around the planned metaverse.
A metaverse is a virtual world on the internet that allows people to accomplish anything they can do in real life but in a digital realm. Users would be able to engage in routine activities such as working, exercising, shopping, and socializing with this type of setup. Within that virtual world, people would be able to form businesses, make huge purchases, and attend large public events. The technologies that power virtual reality, augmented reality, social media, and blockchain are all used heavily in a metaverse’s operation. This is why Facebook’s embrace of the metaverse paradigm has sent shockwaves through the blockchain and cryptocurrency communities.
Because of the way a metaverse works, the virtual environments that make up these metaverses require some form of virtual currency. This is precisely where cryptocurrency emerges as the most ideal form of transactional currency. Imagine visiting crypto casinos to put your bets as a user of these metaverses. You may even use cryptocurrency to purchase pricey artwork from virtual art galleries. Essentially, any financial transaction carried out in this metaverse will necessitate the employment of bitcoin technology. Many existing metaverses already accept cryptocurrency as a recognized form of payment for genuine platform transactions. Decentraland, for example, is a popular metaverse that only accepts the MANA token as a method of payment within the platform. Following Facebook’s announcement of its foray into the metaverse, cryptocurrencies such as Decentraland and Enjin have seen significant gains.
There’s also the developing trend of non-fungible tokens, or NFTs, which is a factor to consider. Simply described, NFTs are digital art, video game items, memes, sports trading cards, or any other virtual product or commodity that may be traded. The Washington Newsday Brief News is a daily newspaper published in Washington, D.C.