With the advancement of blockchain technology, many ideas that were once only hypotheses are materializing. The “metaverse,” a virtual environment, is one of them. What impact will this world have on the global online marketplace and the conventional internet?
Neal Stephenson introduced the concept of the metaverse, a virtual world with all the possibilities of a real one, in his science fiction book “Snow Crash” back in 1992. The concept was only a pipe dream in the early 1990s, but has found new ground with the development of blockchain technology.
A completely functional economy inside the virtual world where you may buy and sell any virtual asset has been created thanks to cryptocurrencies and NFTs. A select few individuals have already been successful in making large sums of money by selling digital artwork, virtual properties, and other items. Unsurprisingly, many adamantly believe in blockchain and the metaverse.
Understanding Blockchain and the Metaverse
A virtual, online environment created using 3D technology is the “metaverse.” Modern technology developments like blockchain, augmented and mixed reality, non-fungible tokens (NFTs), and many more have a direct relationship to this concept.
Today, several blockchain-based platforms employ cryptocurrencies and NFTs, establishing an ecosystem for decentralized digital assets creation, ownership, and monetization. The idea of the metaverse is incomplete without blockchain because of the problems inherent to centralized data storage.
Because blockchain is a decentralized digital source that can operate worldwide, it fundamentally differs from the capabilities of the old internet, which naturally takes the shape of websites and apps. Any digital place may be accessed through the blockchain-based metaverse without the influence of a centralized authority.
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