What is a metaverse?

The modern digital age continues to surprise us with new technological breakthroughs. One of the most famous is the concept of metaverses. It all started with bold ideas in books by science fiction writers. However, now metaverses are gradually becoming a part of our lives due to the fusion of virtual reality and crypto technology. In this article, we broke down the history of the development of metaverses and told what to expect from them shortly.

Origins of metaverses

The concept of metaverses first appeared in the imagination of science fiction writers. They envisioned worlds where people could become anyone they wanted to be and experience incredible adventures while exploring new realities.

Here are some examples:

• "Simulacron-3" — Daniel F. Galouye. This 1964 science fiction novel describes a world where reality and virtuality merge into one. The protagonist begins to suspect that his world may just be a virtual simulation. Throughout the story, he is looking for answers to his questions.

• "Snow Crash" — Neal Stephenson. This novel, published in 1992, introduced the concept of a "metaverse" in the context of a virtual world that exists parallel to reality. In this book, the author introduced a virtual space where users can interact, create, trade, and socialize.

What came next?

Over time, this idea has evolved from fantasy to reality due to the development of virtual reality and blockchain technology.

Particular interest in it skyrocketed after the emergence of Facebook in the field and the surge of startups in crypto. This has led to an explosion of attention and investment. However, games are only a small part of the potential of metaverses.

A metaverse is a concept of digital space that combines the real and virtual worlds within computer networks. It encompasses the idea of creating vast and interactive three-dimensional virtual environments where users can interact, communicate, work, entertain themselves, and create new objects.

The metaverse can also be perceived as the next stage in the development of the Internet.

Despite its complexity and ambiguity, this concept usually includes several key components: a three-dimensional digital space using virtual reality (VR) and augmented reality (AR) technologies, blockchain with NFT, and elements of artificial intelligence.

What are metaverses for?

In the past, the main point of a metaverse was to escape from reality. Today metaverses have made a significant transformation. The main focus is on human interaction. The metaverse offers new ways to communicate and work together in today's digital reality.

Let's look at a few examples of how metaverses are used:

• Entertainment and gaming

Metaverse provides extensive opportunities to create interactive game worlds where players can interact with the environment and other players. An example is the game Roblox, where users can create their games and virtual worlds.

Especially relevant now are games that offer play-to-earn technology. In games such as The Sandbox or Decentraland, you can earn real money by implementing and monetizing your creative projects.

Education in metaverses

Metaverses also provide unique opportunities for learning in a wide variety of fields. They can serve as an important platform not only for simulating various practical scenarios but also for providing dynamic interactions between students and teachers.

Imagine a situation: a student suddenly appears on a battlefield, observing historical events through his own eyes. He can immerse himself in the atmosphere of the past and become an active participant in these events.

• Art and culture

Metaverses also serve as a platform for artists and creative individuals to create and showcase their artwork. An example is the Voxels project, where artists create virtual galleries and exhibitions.

Voxels utilizes NFT technology, which allows artists to create unique digital assets. These NFTs indicate ownership of specific works and can be sold or transferred to others.

Blockchain and the meta-universe

The metaverse can successfully integrate cryptocurrency as it provides the opportunity to form a digital economy using a variety of utility tokens and virtual collectibles (NFTs). In this context, cryptocurrency wallets such as Trust Wallet and MetaMask, as well as blockchain technology, play a crucial role by providing transparency and trustworthy system management.

Metaverse and NFTs

Non-fungible tokens (NFTs) are tokens that are unique and non-transferable. They play a crucial role in the development of the metaverse. NFTs represent virtual assets: collectibles in games, images, or videos. The ownership information of NFTs is recorded on the blockchain.

NFTs also have the features of smart contracts that automate various transactions. Thus, you can use NFT not only to invite friends to your virtual space but also to access events. For example, to festivals or private parties.

To learn more about the NFTs - read our article on the EXBI blog (https://blog.exbi.trade/en/posts/fungible)

Conclusion

Most of the potential of the metaverse remains undiscovered and is being discussed on a theoretical level. However, gaming communities are doing their best to bring the boldest ideas to life.

Metaverses aren't only crossing virtual reality and cryptocurrency technologies. It's a space where reality and virtuality intertwine in symbiosis, representing the potential for creating a more interactive reality.