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Blockchain and the Metaverse
Blockchain technology is a crucial part of the Metaverse. Blockchain enables users to create virtual objects and worlds. The blockchain is the backbone of Decentraland, a virtual world built on Ethereum. To own land, users buy land tokens, which are non-fungible. Moreover, the metaverse is decentralized, so no central authority can control users’ behaviour. Users can use their tokens for various purposes, such as games and social spaces.
The term “metaverse” is a combination of the prefix “meta” and the word “universe,” and it refers to shared virtual worlds wherein people can purchase avatars, buildings, and land. They can also buy goods and services and use the metaverse for events, such as parties and corporate functions. The idea behind the Metaverse is to use a user’s computer as a virtual place to interact with others and work.
The concept of a virtual metaverse was first mentioned by Neal Stephenson in his 1992 cyberpunk novel, Snow Crash. The metaverse describes a future where people can escape physical reality to experience virtual environments. Since then, various technologies have been invented that make this idea possible, including virtual reality and cryptocurrency. In 2018, the popular cyberpunk novel “Ready Player One” introduced virtual reality to the world. And soon after, Facebook began investing in virtual reality hardware and the platform Oculus.
The Metaverse will be accessible through various platforms, including desktop computers, game consoles, and virtual reality glasses. The virtual world will allow millions of users to collaborate, play, and work together. Some video game companies are leading the way in developing the Metaverse, including Epic Games, creators of the popular Fortnite. Meanwhile, Coca-Cola has also created digital tokens to enter the Metaverse. But before the hype can build, it must be made accessible to everyone.
