What is metaverse?

Although the word metaverse is entering the popular vocabulary in 2021, the truth is that it has been around for some time. Science fiction author Neal Stephenson first coined the term “metaverse” in his 1992 novel Snow Crash. The novel was about a common virtual reality world in which the characters used to escape the limitations of the somewhat dystopian techno-capitalist future in which they existed. In the metaverse it was possible to have different bodies and special powers as in a video game, but also our own virtual territory, run companies, play games, work and also participate in conflicts through espionage, sabotage or battle.

Snow Crash was an ironic riff from cyberpunk literature that explores the effect of technology on our social relationships. Cyberpunk has speculated on such issues as realistic virtual worlds, cybernetic augmentations to the human body, advanced AI, etc. Although it often took place in dystopian settings, the futuristic technology envisioned by the writers inspired many creators in the tech industry who continued to work on the internet and social media platforms, gaming, VR, and of course crypto.

As major tech platforms like Meta (formerly Facebook), Epic Games, and others announce their plan to make the metaverse commonplace, it’s no surprise that blockchain projects are eager to showcase their applications in the metaverse. With their expertise in creating digital items of value and automated transactions, blockchains could power the economy of these virtual worlds.

What is the role of cryptocurrencies in all of this?

One of the main problems that the crypto sphere presents is that it arrived in a world already controlled by centralized institutional powers. The territory in which people live is controlled by different states, which have their own fiat currencies and financial institutions. Bitcoin (BTC) was originally created to be as widely usable a digital currency as cash, but in practice the opportunities to buy goods and services with BTC remain limited, and it is judged primarily by its dollar value. Even when some countries are introducing their own digital currencies, these are still centralized fiat currencies.

Similarly, cryptocurrencies such as Ethereum (ETH), Solana (SOL), and others trying to present blockchain versions of existing centralized financial services run into the problem that the latter are going to keep on their turf, even when it means adopting some. blochchain innovations on the way. However, in a blockchain-based metaverse, DeFi could become the gold standard.

While NFTs have shown how valuable certificates that correspond to digital objects can be, many NFTs are still pieces of digital media – images, videos, audio files, etc., without much use in real life. But what if they could also represent digital objects that have use value in a digital world? Your house, your clothes, even your body in the metaverse could be an NFT.

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Digital currency for digital worlds

In essence, the metaverse would be the next level of the Internet, in which we move interacting through computer screens and keyboards and, more naturally, we interact directly through our senses. It should bring the worlds of social media, gaming, e-commerce, and the crypto sphere together into virtual worlds, with the exciting potential of making new experiences available to us.

The virtual world of the metaverse represents an unexplored territory in which crypto can establish itself without the restriction of having to operate under the traditional power structure of states and banks present in the physical world. With our avatars in the metaverse potentially moving and working on virtual land owned by blockchain companies, using cryptocurrencies such as cash and NFT to verify ownership of objects, this offers interesting use cases for a whole range of tokens that can be integrated into such a system. type.

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Which metaverse cryptocurrencies you can’t miss

Blockchain companies have been involved in virtual reality for some time. Platforms such as Decentraland, Sandbox and Somnium Space have been creating social platforms in which the user can interact, buy digital real estate, buy and use virtual objects and do business. The metaverse is currently an upward trend in the crypto community, with many projects jumping on the bandwagon, but certain tokens especially stand out. Many of them use the “play to win” model, in which activities in metagames can reward players with cryptocurrencies.

Axie Infinity (AXS) is one of the most popular metaverse tokens right now. Axie Infinity is a blockchain-based game in which players breed, battle, and trade monsters called Axies, a concept similar to that of Pokémon. The AXS coin functions as a governance token, giving players control over the direction of the game’s development.

Enjin Coin (ENJ) is the currency of the Enjin Network, a social gaming platform that allows its users (at the time of writing, around 20 million) to create websites and clans, chat and host virtual goods stores . Virtual items are ENJ valued NFTs that users can freely trade with each other or settle to receive their ENJ value.

Shiba Inu (SHIB) announced its partnership with a AAA game studio along with William Volk, former Vice President of Activision, for mobile game development and its own metaverse. The momentum of SHIB and the outstanding character of its partners make it a currency that we should not lose sight of.

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How close are we really to the metaverse? Should you invest?

Does this mean that we should all invest some money to create our real estate metaverse right now? As always happens with emerging technologies, any investment in metaverse projects is a bet on future events. Will competing metaverses be interoperable? If not, what projects will be successful? How plausible is your product? To what extent is it sustainable? These are the questions to ask yourself when considering investing in the metaverse. Online trading games and digital land development are just the beginning. If you can pick a winner (or invest in a diverse pool to increase your chances), tokens that are widely used in metaverse activities could become very profitable.

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Trade metaverse tokens and more with StormGain

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