The Metaverse and Crypto
The idea behind the Metaverse is to create a virtual world where people can share their ideas, collaborate and even play together. It’s a concept that has gained popularity in gaming, especially in massive multiplayer online games. These games allow users to earn virtual money and own virtual properties. Some popular metaverses are SecondLive, Axie Infinity and Decentraland. These virtual worlds are built on the Ethereum blockchain. In Axie Infinity, players can generate non-fungible tokens called “Axies”. Axies can be made up of 500 body parts and can breed with each other seven times. The offspring can then be sold on the gaming platform.
The concept of the Metaverse is also influencing the design of current internet-enabled video games. For instance, games like Fortnite and Second Life offer immersive social experiences. They also use a persistent virtual world and can be played by players from around the world simultaneously. In addition to these games, companies like Microsoft and Snapchat are incorporating the Metaverse into their products, including augmented reality filters and virtual reality glasses.
Facebook has also rebranded as Meta, which is a popular name in the cryptospace. The rebranding was a big boost for Metaverse tokens, with prices skyrocketing. Microsoft is also planning to enter the space, with the upcoming launch of MetaCity, an online city based on Minecraft. MetaCity has 70 NFT plots where people can develop different businesses.