What Is the Metaverse?

What Is the Metaverse?

For decades, the grand potential of virtual worlds existed only in the pages of science fiction novels. Today, “metaverse” is one of the buzziest words in tech, and is being enthusiastically embraced by software and game developers across industries ranging from crypto and gaming — to social media. The metaverse has become a very real phenomenon featuring a number of thriving platforms with increasingly extensive crypto integrations.

A metaverse is a shared, immersive virtual world in which players, usually represented by avatars, can interact with each other, construct experiences, and create in-world objects and landscapes. Metaverses typically have their own intrinsic economies and currencies, with which users can buy, sell, and trade digital real estate, items, avatar accessories, and more. You can experience the metaverse via a computer, virtual reality (VR) headset, or smartphone.

Specifically, a crypto metaverse is a metaverse that incorporates blockchain into its underlying technology and crypto assets, such as metaverse tokens, into its economy. Examples of crypto metaverses and protocols that incorporate metaverse elements include Decentraland, Cryptovoxels, Alien Worlds, Axie Infinity, and The Sandbox. While metaverse-like environments have existed in massive-multiplayer online games for some time now, the incorporation of blockchain, crypto, and VR into the sector is not just drastically altering who can participate and what they can do, but also demonstrating the real-world market value of assets, interactions, and experiences earned in the digital realms of blockchain games. Metaverse crypto assets and items — such as digital land and objects, for example — are typically represented by different types of metaverse tokens. Their ownership is recorded on the blockchain and can even be exchanged for digital assets like bitcoin (BTC) and ether (ETH) on a number of decentralized exchanges (DEXs).

Increasingly, the real world is moving to the metaverse. A variety of companies — both mainstream and crypto native — have set up virtual headquarters in crypto metaverses and regularly hold virtual events and festivals attended by thousands of people. For example, in 2021 famed auction house Sotheby’s opened a digital replica of its London headquarters in blockchain game Decentraland. The space boasts a multi-room virtual art gallery that metaverse users can peruse. Likewise, Decentraland regularly hosts live music events, conferences, and meetups.

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