The metaverse is a hot topic these days because of its vision and considerable promises of better online interaction and a steady income. It might become the next big thing after the internet, and it might happen sooner than we expect thanks to the numerous metaverse projects that are in development right now.
Blockchain technology and cryptocurrencies have a great potential for the creation of a noteworthy and ethical metaverse, but before explaining why, let’s see how this new concept is expected to function.
In essence, the metaverse will be a virtual world, but at another level. It will combine augmented reality, virtual reality, and the physical environment we live in to create a medium where human interaction has no boundaries, where you can travel anywhere you want without leaving your room, and where you can run businesses and earn your living in an easier way, all via a customizable 3D avatar. This concept might seem almost impossible to accomplish, but all of the shortcomings of the metaverse can be solved by blockchains and the unique characteristics of cryptocurrencies.
Some of the most famous metaverse projects are actually games that are based on blockchain technology, for example, Decentraland, Axie Infinity, The Sandbox, and Bloktopia. These allowed us to see what impact can crypto have on the future of the metaverse, and, as it turns out, it didn’t disappoint.
The benefits of a crypto metaverse
Decentralization
Maybe one of the biggest benefits of a crypto metaverse is the fact that it would be decentralized. There won’t be a company or any other central entity controlling all the aspects of the metaverse according to their rules, and there won’t be intermediaries that handle your transactions.
This is possible thanks to the blockchain responsible for maintaining transparency for the entire network. If all the information is publicly available and it cannot be corrupted so easily, this technology will be more trustworthy. In addition, governance could be truly democratic since nothing on the blockchain can be modified without the users’ approval, and this would also be a crucial asset of the metaverse.
Accessibility
Another important benefit is the accessibility that this technology offers. Imagine that anyone in this world could be able to access a platform to do things that would be impossible in their areas. For example, owning a blockchain wallet is more convenient than having a bank account because there are more opportunities available, such as playing crypto games that generate income.
The power of NFTs
An ethical metaverse would have to include a way to prove the authenticity of the users’ belongings, and this is where NFTs come into the picture and offer a great solution. Because these tokens are unique and cryptographically secure, everybody can prove the provenance of their land, houses, cars, pieces of art, and so on. This system is already very efficient in the digital world, with many artists moving their work in the decentralized space.
Compatibility
If the metaverse is to become such an important and complex aspect in the future, it’s natural to possess an economic infrastructure as well. And what better option than cryptocurrencies? Decentralization, easy transactions, and real-world value are just some of the advantages that this currency could add to the metaverse.
Since the blockchain could easily host such a virtual world, the crypto economy would be directly connected to it, and the financial matters would be easier to implement. In addition, transactions would become safer when using cryptocurrencies rather than in-game currencies.
Interoperability
Last but not least, another crucial pillar for the metaverse could be the interoperability that the blockchain can provide. The metaverse isn’t intended to be restrictive in the sense that a user has to choose which virtual platform to be part of but to allow access to whichever virtual world the users desire, based on their needs at that moment. This freedom of movement implies that the users’ belongings have to travel as well, and this is where the blockchain offers yet another technological benefit. The metaverse will become even more appealing when there is a guarantee that you won’t lose your possessions when visiting another platform. This aspect will enhance the already advantageous side of a virtual world, and it will render it more ‘real’.
The future of the metaverse will undoubtedly be very connected to the crypto world. All the benefits of blockchain technology might be the answer to the many shortcomings that this new concept deals with. It’s just a matter of time.
At IXFI, we are strong believers in a better, decentralized future. If you’re ready to embark on this journey with us, join Your Friendly Crypto Exchange and discover the joy of trading crypto in an easier and more reliable way than you’re used to.
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