What is Metaverse in Crypto and Other Important Things You Should Know

Moneymax

Moneymax

Last updated June 07, 2022

When you think about the future of gaming, what comes to mind? VR? Augmented Reality? These are part of the future of gaming, but another platform is starting to gain traction — blockchain games. 

As mobile gaming and cryptocurrency become more popular in the Philippines, it's essential to understand the technologies that make them work. This article will answer what is Metaverse blockchain and how it makes digital assets like tokens and virtual reality games possible. Learn how it works and its potential in generating income through investments in digital assets. 

What is Metaverse and Its Origins?

The Metaverse is a term coined by Neal Stephenson in his science fiction novel Snow Crash[1] to describe a virtual reality (VR) world where users can interact with each other and computer-generated characters and objects. The word "metaverse" is a portmanteau of the prefix "meta" (meaning "beyond") and "universe." 

Stephenson described the Metaverse as "the next place to be," an extension of cyberspace that would be used for more than just communication and information exchange. In Snow Crash, the Metaverse is a 3D virtual world where users can create avatars to represent themselves and interact with others in various ways, including flying, driving, and shooting.

How Does Metaverse Work?  

The metaverse is a digital universe that exists beyond the physical world. It’s a place where people can interact with each other, and with digital content more immersive than ever before. 

The metaverse is also a platform for creating and sharing new experiences, for commerce, and for entertainment. 

What are the Key Features of Metaverse?

what is metaverse - features

Some of the key features of the metaverse include the following:

Social Experiences

The metaverse will allow you to share immersive experiences with other people, even when you can’t be together in person. This could include attending a virtual concert or exploring a shared virtual world. 

Read more: How to Use the Binomo App: Your Guide to This Rising Online Trading Platform

Business Applications

The metaverse will also offer new ways for businesses to connect with customers and employees. For example, you could hold a virtual trade show or conference or provide virtual customer support. You can also have a virtual working environment with other colleagues, like how Facebook does it with Horizon.[2]

3D and Augmented Reality

The metaverse will use 3D and augmented reality technologies to create lifelike experiences. This could include projecting a virtual world onto the physical world or creating three-dimensional avatars that can interact with each other.

Metaverse vs the Internet

what is metaverse - metaverse vs internet

The difference between the metaverse and the internet is the metaverse is a three-dimensional, immersive environment, while the internet is a two-dimensional, text-based medium. 

The metaverse also uses virtual reality and augmented reality technologies to create life-like experiences, whereas the internet does not.

But the metaverse is still in its early stages of development. Still, it has the potential to revolutionize the way we live, work, and play. It’s a persistent, online virtual world that uses 3D avatars to represent users and is intended to be scalable to accommodate large users simultaneously.

What are Some Examples of Metaverse Crypto Projects?

A number of different crypto projects are working to create, integrate, and power metaverse, and each one has its unique approach. Some of the most popular metaverse crypto projects include Decentraland, The Sandbox, Axie Infinity, MetaCosmos, Somnium Space, and CryptoVoxels. 

Decentraland

what is metaverse - decentraland

In case you haven't heard of this one yet, Decentraland is a decentralized virtual world that's built on the Ethereum blockchain. In Decentraland, users can purchase plots of land and are free to develop them however they wish.  Decentraland's virtual world consists of parcels of land, each with its unique coordinates. Users can explore the world, meet other users, and participate in various activities.

Two different types of tokens govern operations within Decentraland: LAND and MANA

LAND is a non-fungible token (NFT) used to define the ownership of land parcels representing digital real estate. Meanwhile, MANA is a cryptocurrency used to purchase land or goods and services within Decentraland.

The Sandbox

what is metaverse - the sandbox

The Sandbox[4] is a decentralized gaming platform where users can create, play, and monetize their own games. The platform uses Ethereum blockchain technology to ensure that all game assets and transactions are secure and transparent. 

The Sandbox also has its own virtual currency called SAND, which can be used to purchase in-game items and services. It’s unique because it allows players to own their game assets. Any entities or characters created in The Sandbox can be sold or traded on the secondary market outside of the game. This provides a considerable earning potential for dedicated and creative gamers. 

The Sandbox also has a robust community-building system. Players can join or create groups called "Foundries" to collaborate on game creation. Moreover, The Sandbox hosts frequent community events and competitions where players can win prizes and earn SAND. 

In short, The Sandbox is more than just a gaming platform— it's a vibrant community of creators and gamers, all coming together to build the next generation of games.

Axie Infinity

what is metaverse - axie infinity

Perhaps you're already playing this crypto game. Axie Infinity is a digital pet universe where you can collect, breed, and battle your adorable creatures called Axies. In this world, every Axie is one-of-a-kind and owned by you forever. 

Think of it as a cross between Pokemon and Tamagotchi, but on the blockchain. In addition to taking care of your Axies and watching them grow, you can also put them to work in the decentralized game economy by playing minigames or breeding new generations of Axies. 

And because Axies are stored on the Ethereum blockchain, you always have full ownership and control of your little digital pets. No centralized company can shut down your account or take away your Axies. 

Players can earn two tokens, Axie Infinity Shards (AXS) and Smooth Love Potions (SLP), by playing Axie Infinity in either Adventure or Arena mode. 

AXS serves as a governance token, allowing token holders to vote on the future development of the gaming experience. SLP is used to purchase items in the game's shop, power up, and evolve Axies.

How to Buy Metaverse Crypto like MANA, SAND, and AXS

You can purchase Metaverse crypto tokens like MANA, SAND, and AXS from various crypto trading platforms, including Binance, KuCoin, and Gate.io. 

  1. Set up an account on one of these exchanges and then deposit Bitcoin or Ethereum into your account.
  2. Once you’ve done this, you can use the BTC or ETH to purchase the desired Metaverse token. Each exchange has its own process, so be sure to check the instructions on the specific exchange you’re using. 
  3. Generally, you’ll need to find the trading pair for the Metaverse token you want to buy and then place an order to purchase it. Once your order is filled, the tokens will be deposited into your account on the exchange.
  4. You can then withdraw them to the crypto wallet of your choice. But before making any purchases, be sure to research each exchange and Metaverse token. This way, you'll ensure you're getting what you want and that the transaction is safe and secure.
  5. If you want to trade your metaverse tokens or treat them as investments, like holding them for a few years until their value increases, you may do so as well, depending on your risk level.

Note: Cryptocurrency and tokens are highly volatile and unpredictable, giving you a high risk of losing your money. 

Final Thoughts

The metaverse is a fascinating and rapidly emerging technology. Its origins are steeped in gaming and virtual reality, but its potential uses extend far beyond. 

As more people become educated about the metaverse and its capabilities, we can only imagine the amazing things that will be done with it. Especially the potential in helping you generate income through investing in Metaverse tokens like MANA, SAND, and AXS. 

If you want to stay ahead of the curve, keep an eye on metaverse projects and how they evolve. And if you have any questions, feel free to reach out to us! We love talking about new technologies and helping our readers understand them from a financial perspective. 

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