What is the Metaverse
The word “metaverse” has been on everyone’s lips from Silicon Valley to Shutterstock ever since the tech daddy himself, Mark Zuckerberg announced earlier this year that the future of Facebook would be in the metaverse. I must admit, at the time I didn’t pay it much mind, I mean, Facebook announces and releases stuff all the time. But boy was I wrong to do that.
Facebook’s rebrand looks to be the core of technological growth in the coming years. So, what exactly is the metaverse? Defining the metaverse and truly understanding how it affects the internet is important but don’t worry, I won’t let you get left behind in the technology train. According to Protocol – a renowned platform dedicated to authentic technology news -, “The metaverse, at its core, is an embodied internet: a social sphere where people will be able to meet with the help of personalized avatars that make them feel more present than a plain video call. It’s synchronous, which makes it feel more like real life than today’s feed-based social media. Instead of catching up on what others have been up to, you’ll meet with them in real-time.” That sounds really cool, right?.
In simpler terms, the metaverse will be persistent, just like the world around us. This means that when revisiting the metaverse, you won’t lose all your saved data and you won’t have to start over from scratch. It’ll basically be like real life, encompassing all the things you like to do in the real world with friends; such as going to concerts, visiting art galleries, playing games, hanging out, dating, and, yes, working and shopping.
What is Blockchain
This is not as novel as the metaverse but regardless, here’s a clear description of what Blockchain is according to BuiltIn, “ Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity, and healthcare.” That being said, how exactly does blockchain tie to the metaverse? Well, there are many thoughts on how the metaverse will develop but it is certain that cryptocurrency will be the designated method of payment.
Metaverse and Blockchain, What are the connections?
The metaverse has had the internet in a chokehold these past months, having major brands such as Balenciaga creating a virtual fashion show, Vans creating a virtual skatepark within Roblox, Nike partnering with Roblox to create “Nikeland,” a virtual Nike apparel theme park. Additionally, metaverse has managed to garner notable personalities like decorated actors, artistes, and everyone in-between to its new world. the fresh prince himself Will Smith is seen traversing the metaverse in an Instagram post ad campaign.
The future is very bright for the metaverse but none of this would be possible without blockchain. Here’s how the metaverse and blockchain are bonded
- Crypto is going to power transactions on the Metaverse.
The metaverse is a combination of multiple elements of technology, including virtual reality, augmented reality, and cryptocurrency where users “live” within a digital universe. All elements of the metaverse work in perfect harmony. Another major part of the new virtual world is a group of people creating a new path for themselves.
That being said, all worlds need currency. This is why Cryptocurrency plays a major part in the growth of the metaverse. Cryptoassets serve as the currency and like the real world, nothing works without money. Crypto will power transactions within the system, making the world even more decentralized from its counterpart. Reliable blockchain platforms like Etheriem (ETH) and Solana (SOL) have powered Axie Infinity (AXS), Decentraland (MANA), Sandbox (SAND), Enjin Coin (ENJ), and Render Token (RNDR). These are the most popular tokens on the metaverse such as have proven themselves to be impenetrable to hacks and this is key if any virtual reality platform is going to achieve mainstream adoption.
- Instantaneous transactions.
For the metaverse to truly live up to the hype it will require and need transactions to be completed on an on-time and on-demand basis, which is something that blockchain and crypto assets can help enable building on that first point, the metaverse will require and need transactions to be completed on an on-demand basis, which is something that blockchain and crypto assets can help enable. The cryptocurrency Solana is said to perform transactions faster than two google searches, that’s speed. That said, other cryptocurrencies will follow suit, giving transactions record time speed and also being 100% error-free.
- The Metaverse need Blockchain for its security
Blockchain has proved unhackable and unbreachable and if the metaverse hopes to reach mainstream adoption in a short time, users need some sort of assurance that transactions made on the system are free from threats. The safety and security of funds in a new, largescale virtual world is paramount to its embrace by society. Plus, if users are going to fully utilize these virtual worlds for leisure, work, and socializing then they need to be convinced that the underlying currency is secure. Blockchain certainly assures all that and more
Another part of the new age technology making major waves in recent times is Crypto Gaming.
What is Crypto Gaming
Crypto gaming is a combination of betting, staking, and other online games with a cryptocurrency. This means you can stake on crypto gaming platforms using cryptocurrencies like Bitcoin, Ethereum, and Dogecoin rather than traditional fiat currency (US dollars, Euros, Pounds Sterling, etc). Aside from cryptocurrencies being used to top up accounts, there is no difference between crypto gaming and other forms of gaming. But research has shown that the benefits of crypto gaming far outweigh the others.
Crypto-gaming is going to be everything!
Gaming is going to be popular on the metaverse, especially when it infuses blockchain. Gaming with blockchain has more benefits than its fiat counterpart. Here are a few:
- Staking with Blockchains allows for gaming economies to form naturally.
In some crypto gaming platforms like Scorefam users are paid to play and rewarded a percentage on losses, giving users the opportunity to earn, win or lose.
- All are welcome to participate.
Firstly, public blockchains are open to all and permissionless. This means if you have a cell phone and an internet connection all you have to do is have the right crypto and crypto gaming accounts set and you’re good to go. Crypto gaming adoption will rise in the coming years as the growth in 4G and 5G technology is adopted in major places even outside the US.
- Decentralization is what it’s all about.
As you may know, users are adopting and shifting to a more decentralized space for finances, leisure, and career and Because blockchains are open and permissionless, anyone can build on them. Not to mention the speed and the error-free manner in with decentralized platforms perform transactions. Additionally, we can expect gaming platforms to be built on cryptocurrencies like Etherium, Solana, Cosmos, etc.
This is why Scorefam is building a formidable soccer-gaming platform that would infuse $SFT (the Scorefam Token), which will be powered by blockchain. We understand that Gaming economies are the future, and they will happen on blockchains.
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