For quite a long time, the only place where virtual worlds existed were Hollywood movies and sci-fi literature. However, things have changed. In the past few years, the world was finally introduced to cryptocurrencies on the big stage. It took a while for everyone to accept them, but people now see them as an excellent opportunity to invest. In cryptocurrencies, many saw the potential for realizing the sci-fi idea of an immersive virtual world that can be sustained by dealing with cryptos.
Cryptocurrencies and altcoins were popular for years, but in 2021, NFTs were first introduced to this booming market. Short for non-fungible tokens, they further deepened the idea of creating virtual worlds where gaming and living with crypto is a reality. The idea was presented on the big stage by none other than Facebook founder Mark Zuckerberg, who called the company’s upcoming virtual world ‘metaverse’.
First Things First – What’s the Metaverse?
Metaverse is the hottest topic in the crypto and tech community. First introduced by Facebook founder Zuckerberg, it showcases the grand potential of virtual worlds. The metaverse is now willingly embraced by big companies and developers across numerous industries. Some of these include crypto, gaming, and social media.
The idea behind it is creating a shared and immersive world where players can interact via avatars. They can construct experiences, create their own landscapes, and also create metaverse objects later on the market. Of course, the metaverse won’t accept dollars or Euros. Its official currency will be cryptos and most likely in-world intrinsic currencies that can be used to buy, sell, and trade real estate, avatars, accessories, and items.
Fueled by crypto, you can play games in the metaverse too. You know how an online casino that accepts Ethereum can be used to spin slots and play roulette? Well, you could do that in the metaverse with crypto or your own, in-game currencies. It’s an exciting world to build and experience on VR devices, smartphones, tablets, or computers.
It’s an exciting virtual world that can reshape the gaming industry, especially the one based on crypto.
What Does This Mean to Crypto Gaming?
Metaverse games are a social and economic opportunity that no one can rival. Crypto and NFT metaverses are still in beta stages of development, but the concept is already well developed. These metaverses will give players new and unique ways to play games as well as interact with others and invest.
This is most likely what the budding cryptoverse truly needs. Crypto casino sites are already popular, but they could become a pillar in the global gaming community once the metaverse takes off. The blockchain is an exciting technology that will work wonders for gaming-tailored metaverses. Metaverse games fuelled by cryptocurrencies will become a central piece of Web 3.0 and the metaverse itself, and it’s easy to see why. They combine the playability of video games with the interactive nature of social media and the investment value of cryptocurrencies. What’s not to like?
Wouldn’t it be exciting to play games with crypto in VR in a world where you build the rules? Of course, the metaverse is not quite ready so it’s time to stop with the Ready, Player One comparisons. There’s still a long way to go, but it’s on the right track.
Key Features of the Crypto Metaverse
Designers of crypto metaverses have many key features in mind. Of course, decentralization is the big idea here, but metaverses will also keep other things in mind.
- Provable and User Governance: the in-world currencies in crypto metaverses will take shape in the form of NFTs. As you probably know so far, they hold a special value to gamers. They update all in-game items with transparency and give them access to asset markets. With each NFT being unique, developers can code them easily, proving their provenance in the game (or world).
- Decentralization: crypto metaverses are decentralized, even with many of them being owned by big corporations such as Facebook. The whole idea behind crypto metaverses is decentralization, and since this is a virtual world we’re talking about, no bank or financial organization can put their fingers on it.
- Real-World Economic Value: will metaverse cryptos and in-world currencies be valuable in the real world? Yes, they will. Every developer will have to consider the real-world economic value of the in-game tokens. Avatar and NFT holders will most likely be able to trade them at NFT and DEX marketplaces, converting their virtual metaverse investments to real-world value.
The metaverse still has a long way to go, but as an idea, it’s already reshaping the gaming industry. With NFTs and new cryptocurrencies created in metaverses and holding real-world value, we believe that this virtual world of metaverses may even reshape society as we know it.
The future is certainly bright for cryptocurrencies, not just in real life, but in the virtual one as well.