What is the Metaverse? Metaverse is a different domain where fiction is reality. The metaverse brings into existence several fictional elements that one could not fathom earlier. The concept of the metaverse is to use AR and VR to create a platform or a medium where people can come and either explore, purchase or enjoy a world as no one has ever seen before. This was a while ago now there’s much more to it than that. In recent years the metaverse has become a platform where the access and usage of the blockchain have incredibly flourished.
So before diving straight into the blockchain, one must understand what it is and certain examples to fortify its existence. The blockchain is a very secure encrypted medium that requires a lot of power to access while at the same time providing room for newer discoveries. 2 products that the blockchain produced which have started or have been generating incredible yield are:
- NFTs
- Cryptocurrency
That’s not all! There’s more to it than just that but that’s further into the blog.
A Timeline
It hasn’t been long since the blockchain has been merged into the metaverse but to make it easier and more understandable it would be better to sort it out in accordance with time. So, simply sorting them put in chronological order of occurrence this is the origin, the establishment, and of course the merger of blockchain technology.
Appearance
- So the first time blockchain made a major appearance is in 2004 and while it was an interesting concept not many took it seriously. This was the start of something incredible but no one recognized it at first.
- 2009 is when bitcoin was revealed to the world, and this was also when it was blockchain made its proper debut as something existent and accessible. So all that remained was to find out whether this was a fad or something greater. Back then a bitcoin was a little over a dollar and today it’s more than a kidney.
- In 2015 the boom happened where Cryptocurrency and blockchain would shock the world with their incredible rise in value and usage. This was about the same time that several people started using Crypto as a form of payment. Coincidentally this was also the day the first NFT was mined.
- In 2016 cryptocurrency went mainstream and became widely known with the launch of several other cryptocurrencies.
- In THE FOLLOWING Years of 2017, 18, 19, 20, 21, and 22 the blockchain and the crypto market took a few hits but then a new player came to the save. Yes, NFTs brought back life to t the blockchain by introducing different concepts and ideas like NFT gaming, Sports NFTs sophisticated NFTs, and so on. The most incredible of all this is the merge with the metaverse.
- Earlier this year Ethereum(a famous cryptocurrency) announced that it would merge with the metaverse and while this did reduce the initial value it sure has an incredible platform for growth.
NFTs & The Metaverse
So we know that NFTs are works of art that are either audio or visual-based and are integrated with blockchain technology. We also know that the metaverse is an external platform that is confluence and created to enable fiction into reality. So what happens when these 2 merge? Well so basically NFTs were initially sold as art but then when things started developing, they started venturing into a domain where many had a lot of skepticism about, gaming. So basically gaming has been revolutionized well at least not completely yet, into something that could be a source of income. This is something incredible given that it completely contradicts the popular saying that our parents say like “ gaming will get you nowhere!”.
So NFTs are basically implemented in several ways to make the game more profitable, such as making power-ups, playable character skins, weapons, characters themselves, and every little add-on as NFTs.
So this is one way NFTs are being integrated into gaming but in the metaverse, it’s a completely different ballpark. The metaverse is quite literally an NFT mine. This can be taken both literally and figuratively because NFTs can be mined on these platforms. There are several places where NFTs can be purchased and bought basically an abundance of NFT marketplaces. Apart from this, these NFTs can be used in several different ways. So some of these NFTs are virtual plots of land in the metaverse that can be used as mined to gain points that can, later on, be converted to money. So in simpler terms, the involvement of NFTs and the merger of it with the metaverse will create an incredible platform for virtual gaming and financial growth. Not to mention that it would also add up to your investment portfolio.
In Conclusion
NFTs merging with the Metaverse is of great benefit for both the blockchain and the metaverse itself. Not only does it allow several users to earn money through easy means, but it also enables them to pay their bills with games. Furthermore, immersive gaming is getting increasingly popular and the number of streamers and gaming influencers is steadily increasing, not to mention the NFT and crypto market. So with all this going on in the back and the merger and the absurdly increasing price of NFTs, this merger is an incredible opportunity.
