Something we should all know: What is the Metaverse?

Is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.

🔹The metaverse isn’t fully in existence, but some platforms contain metaverse-like elements. Video games currently provide the closest metaverse experience on offer. Developers have pushed the boundaries of what a #game is through hosting in-game events and creating virtual economies.

✅Although not required, cryptocurrencies can be a great fit for a metaverse. They allow for creating a digital economy with different types of utility tokens and virtual collectibles (#NFT). 👉 The metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. Also, blockchain technology can provide transparent and reliable governance systems.

🕹Blockchain, metaverse-like applications already exist and provide people with liveable incomes. #AxieInfinity is one play-to-earn game that many users play to support their income. #SecondLive and #Decentraland are other examples of successfully mixing the blockchain world and virtual #reality #apps.

🚀When we look to the #future, big tech giants are trying to lead the way. However, the #decentralized aspects of the b-chain industry is letting smaller players participate in the metaverse’s development as well.

🔸How does crypto fit into the metaverse?

#Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a #virtual #world that can cover all aspects of life. #Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility.

✒️Source: Binance Academy