Social media giant “Facebook” changed its name to “Meta” to show its dedication to the metaverse space. Tech titan Microsoft has also expressed an interest in the space. It raised the value of its projects that focused on the crypto space’s metaverse vision. But what exactly is the metaverse space, and why is it a hot topic in the blockchain market?
What Is the Metaverse?
The metaverse is a shared, virtual world. People can access it using different devices, such as smartphones, computers, and game consoles. Meanwhile, some metaverses are only accessible with augmented-reality glasses and virtual-reality headsets.
This virtual space is immersive. Avatars typically represent players or participants, and they can interact with each other. They can make in-world items, develop or alter landscapes, and create experiences.
What Is the Metaverse in Crypto?
The metaverse in crypto integrates digital asset blockchain into its base technology. It also incorporates crypto assets, like metaverse tokens or coins, into its economy.
Metaverse-like landscapes have been around for some time now. They come in the form of massive multiplayer online games, like Roblox and Fortnite. Integrating crypto, blockchain, and virtual reality into this sector transforms the following:
- Who can join or take part in the metaverse
- What participants can do in the metaverse
- How participants interact in the metaverse
- How the real-world market value of assets work in the metaverse
Also, ownership in crypto metaverses is recorded on the blockchain. More often than not, it can be traded for various digital assets, such as ether and bitcoin, on several decentralised exchanges (DEXs).
Why Is the Metaverse Hot on Blockchain News?
The crypto metaverse supports decentralised online virtual environments. For this reason, blockchain experts predict that it has the potential to be the next form of the internet.
Moreover, recent developments show that the real world is slowly but surely moving to the metaverse. Besides Facebook and Microsoft, many mainstream companies and crypto natives have been setting up crypto metaverses. Many of them hold regular online events that thousands of people attend.
What Are Some Examples of Crypto Metaverses?
Decentraland has a metaverse that is operational and accessible. And crypto investors can visit its website for a first-hand look at the space.
Many experts in cryptocurrency asset management in the UK also say that now is the time to start investing in metaverse tokens. Their top picks include MANA (Decentraland), AXS (Axie Infinity), SAND (The SandBox), and ENJ (Enjin Coin).
Yes, the hottest crypto game of 2021, Axie Infinity, is a metaverse. Other popular blockchain-based games include Alien Worlds, Splinterlands, CryptoMines, and Bomb Crypto.
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