Metaverse

Shiba Inu Taking Us to The Metaverse.

SHIBA Inu coins are one of the latest cryptocurrency tokens to hit the market, created as an alternative to Dogecoin. And now they're taking on the Met...

by Niaz Amjad
Feb 09, 2022

What is the Metaverse?

In the broadest terms, the metaverse is understood as a graphically rich virtual space, with some degree of verisimilitude, where people can work, play, shop, socialize. Currently the easiest way to invest into the metaverse is by purchasing cryptocurrency all you need is a digital wallet to store the digital tokens and the ability to exchange the digital assets. Metaverse takes elements of VR, AR, and mixed reality (MR), and spins it together into a combo of real and virtual worlds where the user smoothly transits from one world to the other.

Can I buy land in the Metaverse?

Users can purchase plots of land in the metaverse through platform’s marketplaces. Users also can purchase land through third party NFT platform’s such as OpenSea and Rarible. The surge in popularity of the technology has meant big business. Some of the big players currently in the Metaverse eco system include Decentraland, Enjin, The Sandbox and Bloktopia.

Metaverse Market Leader?

Meta. Meta is the main company developing Metaverse for users and players to be in the vast network of real-time 3D virtual worlds while maintaining identity and payment history. As of writing though Axie Infinity (AXS) is the biggest Metaverse cryptocurrency that has already attracted more than 3 million active players on the platform. Axie Infinity became well known among other play-to-earn games as a currency that provides a source of real-word income for its players.

Is virtual reality a metaverse?

The metaverse is an open, shared, and persistent virtual world that offers access to the 3D virtual spaces, solutions, and environments created by users. On the other hand, virtual reality is the technology for creating three-dimensional virtual environments with specifically targeted functionalities. Crypto metaverses are immersive virtual worlds with immense social and financial potential. Their use of blockchain infrastructure enables them to tape into the wider crypto economy, making virtual items exchangeable for real economic value beyond the confines of the metaverse.

How the Metaverse will change cryptocurrency?

The Metaverse and cryptocurrency seem to be concepts that go hand in hand virtual worlds and virtual money to spend in them. Metaverse and cryptocurrency are separate concepts and can happily exist without each other. As we’ve seen with Bitcoin, which has utility in the real world as well as the virtual world. And many visions of the metaverse – including Mark Zuckerberg’s only tangentially involve crypto and blockchain technology.

Currently the Oculus Quest is the VR headset with the most traction and popularity in the sector. Social networks are betting big on the metaverse with Facebook recently changing their name to Meta. Smart contracts and blockchain technology are growing fast and we can only imagine as this technology continues to grow where this technology takes us.