Crypto virtual economies are the future frontier of global cryptocurrency landscape, and the Metaverse is leading this Web 3.0 internet transformation. The Metaverse is a network of linked, immersive, three-dimensional virtual environments in which people from all over the globe may interact in real time in order to create a permanent, user-owned internet economy that connects the digital and physical worlds.
While this new industry is still in its infancy, several critical components have begun to emerge and are altering everything from e-commerce to media and entertainment to real estate. The Grayscale Decentraland Report and Decentraland Tour helped to bring this notion to life by showcasing one of the most popular blockchain-based virtual worlds. Projects such as Decentraland are establishing an open-world Meta-verse in which users can log in to play games, earn MANA (Decentraland’s native token with which users can purchase NFTs such as LAND or collectibles, and vote on economy governance), or create NFTs, granting them real-world interoperability in exchange for the value of their in-game time.
The promise of this development has begun to interest Web 2.0 corporations such as Facebook, which is rebranding as “Meta.” At this tipping point, additional top Web 2.0 technology businesses will almost certainly need to investigate the Metaverse in order to remain competitive, and the attention has sparked a new wave of investment in this growing crypto area.
Today, the Metaverse is expanding at a rapid pace, both culturally and financially, thanks to Facebook’s Meta name change last month. Since the concept is steadily becoming more mainstream as various big-name corporations embrace it, some experts have dubbed it “the next major investment trend.”
According to Igor Tasic, founder of advisory firm Meta Ventures, the Metaverse has the potential to be the ultimate equalizer of the first half of the twenty-first century by creating an actual global plaza for people to be included, integrating their physical and digital existences in an authentic hybrid experience, a claim that has been echoed by other experts. He went on to say that we are now in an era of transition in the Metaverse. We used to refer to the internet as the “web,” “Infoway,” and now as “the cloud” only a few years ago. A more natural future stage of the internet looks to be the Metaverse; it is here that the experiencing part of the internet will take place. A note to investors from Morgan Stanley stated that — a concept that includes the creation of an alternate universe where people can model their image to whatever they want and perform real-life tasks such as buying things, gaming with friends, and other activities — “has the potential to fundamentally change the medium through which we socialize with one another.”
Bringing us to the main point of the article, What is the Metaverse? And how can it benefit crypto traders?
What is the Metaverse?
The Metaverse is loosely defined as the next internet. It’s an extensive online world where people will interact through their digital selves. Companies like Meta Platforms, previously known as Facebook Inc. are at the forefront of developing Metaverse experiences, services, and hardware.
The concept was introduced in various science-fiction novels and movies. Oftentimes, the concept is a dystopian world where climate change has triumphed, the world is in chaos, and the Metaverse is an escape.
What’s interesting is that this concept is slowly turning into a reality. Tech companies are aspiring to create a virtual world where it would be possible to do anything. Interestingly, the concept is slowly turning into a reality. Popular games like Roblox and Fortnite have been able to provide Metaverse-esque experiences.
Soon in the future, it could allow people to do almost anything from shopping to attending school, to participating in work meetings from across the world. Tech giants and game studios such as Unity, Nvidia, Microsoft, and Meta are striving to build their own platforms with different elements.
Now that we know what the Metaverse is, how does it benefit crypto traders?
The Metaverse and Opportunities for Crypto Traders
Cryptocurrencies are a fundamental part of the Metaverse because it allows users to prove ownership of their assets, which will create incentives for investors to invest. Cryptocurrencies are the reason why this virtual world is possible because it provides a potential alternative to a world where ownership is more centralized.
Blockchain technology such as NFTs and social tokens are already fueling a major component of the Metaverse. NFTs and social tokens are used for everything from playing games to earning income to serving as incentives for holding virtual concerts for influencers and fans.
This could be the tipping point for the rise of mainstream adoption of cryptocurrencies. The virtual environment needs digital currencies to provide a payment system without any barriers and drawbacks.
Virtual economies based on “play-to-earn” gaming models and NFTs could gain traction now. Traders could invest in Metaverse platforms and make quite a lot of money.
For example Decentraland, an example of a Metaverse world could greatly benefit thanks to the rising interest among the crypto community. What’s interesting is that since the Metaverse is dependent on cryptocurrencies to provide a robust and fast payment system, every Metaverse has its own utility token. Decentraland also has its own token, called MANA. What’s unique is that after Facebook’s Meta announcement, MANA surged more than 225% in value.
With the rise of Metaverse platforms, we could see an increase in Metaverse tokens that fuel their respective Metaverses. Since the sector is fairly nascent, traders can make big profits from investing early in Metaverse platforms.
And that’s not only it. The Metaverse isn’t just a social hangout place. It’s a whole ecosystem within an ecosystem. Traders can make passive income from engaging, playing games, governing, and just being part of the Metaverse, the possibilities are endless!
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