Around the Blockchain is your favorite Cryptocurrency show discussing Bitcoin, Ethereum, Cardano, and the top altcoins. Our four crypto experts include Gareth Soloway, Crypto Keeper, Sin City Crypto, & Ben Armstrong. Tune in for their insightful crypto analysis!
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What is the Metaverse?
What is the Metaverse? A metaverse is a world where gamers can own and operate virtual lands, play games and earn money. Blockchain-based apps such as SecondLive and Decentraland enable users to participate in this type of gaming and earn money. The Axie token, used to purchase items and services, is a popular form of currency in these virtual worlds. The Axie can be made from over 500 different body components. In addition to that, it can breed up to seven times, and its offspring can be sold on the gaming platform.
The early versions of the Metaverse focused on gaming platforms like Minecraft, but it’s now becoming possible to use it for business and collaboration purposes. In fact, Facebook’s metaverse is so advanced that it will soon be available through desktop computers, game consoles and virtual reality headsets. Millions of users can use this space to work, collaborate and play with each other. Some companies are already operating in this world. A plot of digital land in Decentraland, for instance, sold for $2.43 million. Epic Games announced a $1 billion funding round in April 2021.
While the concept of a metaverse is far from new, it is still a very controversial one. Many crypto fans fear that a large-scale corporation will take over and control the virtual world, turning it into a centralized app store for products. However, the reality is that millions of young people spend hours every day playing non-crypto virtual worlds. So, what are some of the risks of a Metaverse? This is something that will have to be explored.