What is the metaverse, and what does crypto have to do with it?

The metaverse has become extremely popular when Mark Zuckerberg announced that he would change the name of his company, formerly known as Facebook, to the umbrella Meta. The company wanted to fully focus on developing its own metaverse. Yet, the metaverse was conceived much earlier, in the 1990s.

In recent years, several people and companies have been developing the metaverse on the blockchain. Below, we explain what the metaverse is and what crypto has to do with the metaverse. After reading this article, you also know how to buy metaverse crypto coins if you want to invest in the metaverse.

What is the Metaverse?

The metaverse is an online world that anyone can join. So, you could compare it to a 'server' as it is used in game terms. Here, several players can play a game at the same time. However, some metaverses go a bit further. You need VR and AR glasses to enter some of the metaverses.

VR (Virtual Reality) and AR (Augmented Reality) are techniques used to render a computer-created visualization in reality. By putting on such special glasses, it seems as if you find yourself in a different world. This is an online world that obviously doesn't really exist. The glasses and the consoles allow you to move yourself through this world.

In the metaverse, several people can be present at the same time. You see the real-time movements that others make, and you can talk to them. There is a speaker and microphone in VR and AR glasses.

Every user has a so-called 'skin'. This is the body of someone present in the metaverse. Occasionally, the visuals are so good that the online world is hard to distinguish from the real world.

Is the metaverse of Facebook and Apple, or what about?

The metaverse is a concept that was invented way back in the 90s. Tech companies have been developing it for years. In 2021, the term 'metaverse' gained a lot of prominence when it turned out that Facebook and Apple were in possession of the development of their own metaverse. Facebook has even changed the name of its parent company to 'Meta' because it wants to fully focus on this market.

However, the metaverse is not from Facebook, Apple or any other company. The metaverse is the name of the concept, and everyone can develop their own metaverse. For example, Meta has developed its own metaverse called Horizen Worlds. There are rumors that Apple is developing a metaverse, but nothing has been officially confirmed yet.

What can the metaverse be used for?

The metaverse can be used for various applications. For example, it is possible to play games with other users, to meet or work, to hold a party or to attend a concert. The possibilities are almost endless.

What does the metaverse have to do with crypto?

So, everyone can develop their own metaverse. The same goes for blockchain developers. In recent years, a number of metaverse projects have been developed on the blockchain. A blockchain must support smart contracts, so that developers have the opportunity to develop and run a decentralized application (dApp) on the blockchain. Ethereum is a popular blockchain for dApps, but it suffers from scalability issues. This causes users to pay high fees and have to wait a long time for transactions to be processed.

Within a metaverse that runs on the blockchain, users can also use the other possibilities of the blockchain. Think of cryptocurrencies, allowing coins and tokens to be used in the metaverse. In normal games you can often save money, lives and food. However, you do not own this. In the metaverse, these can be stored as a token so that you can actually store money, lives or food in your wallet. This is very popular for GameFi and Play-to-Earn (P2E) metaverse games.

NFTs also play a major role within the metaverse. These are non-fungible tokens, of which each token is unique. A unique property has been added to each token, making it possible to distinguish tokens from each other. Various data can be stored in an NFT. Think of images, videos and texts. But code for applications can also be linked to an NFT.

What is the advantage of the metaverse on the blockchain?

It is not without reason that metaverses on the blockchain are extremely popular. This is due to the decentralized nature of some Metaverses. Users have more control over their own data here and do not have to worry that their data will be sold.

The users of the metaverse also determine what further development will look like. A metaverse running on the blockchain almost always uses a DAO. This stands for Decentralized Autonomous Organization. This means that there is no central government. All decisions are made with the community. Everyone can therefore make proposals and vote when decisions need to be made.

This can be better understood when we look at how the metaverse works

User data is not stored on a central server. That is the case with a metaverse that has been developed by Meta, for example. Such a company has a lot of power because it could resell data from users. In addition, users must rely on the security of these companies so that their data is not leaked.

You can only use a metaverse on the blockchain once you have linked a wallet to the application. Your private and public key are stored in this wallet, to which your crypto assets are also linked. All the data you produce in the metaverse is stored on the blockchain. To do this, it must first be signed with your public and private key, also known as your digital signature.

No one but you can therefore access your data, unless someone comes into the hands of your private and public key. You are of course responsible for the security of your wallet, so that private and public keys cannot end up in the hands of third parties.

How do I get into the metaverse?

You will need to enter some metaverses through AR and VR glasses. Whilst others just allow you to get access through your browser. This connects you to a metaverse that runs on the blockchain, after which you link your wallet to the metaverse application. Then you get access to the metaverse. Each metaverse works differently, so it is therefore advisable to read the step-by-step plan on the website of the relevant metaverse to be sure.

Metaverse crypto projects

It is impossible to list all metaverse crypto projects. New cryptocurrencies and projects are added daily. Part of these focuses itself on developing a new metaverse. Others on additions to existing metaverses. That is why we want to discuss the two most important and well-known metaverses below.

Decentraland

Decentraland makes it possible to become the owner of a piece of land. You can buy land in the metaverse of Decentraland, which is basically an NFT. It is therefore possible to resell a piece of land (LAND) on an NFT marketplace.

You can build almost anything on this soil. It is also possible as a user to walk through the world of Decentraland and to communicate with other users. In terms of design, Decentraland is very similar to the popular game Minecraft.

The Sandbox

Also in The Sandbox, you can buy a piece of land (NFT) in the metaverse, on which you can then build anything. The possibilities are virtually endless. You have the option to customize the appearance of your character.

Nike has confirmed they are working on NFT shoes for the metaverse. This means that owners of the NFT can have their character wear these shoes. In this way, too, NFTs are applied within the metaverse.

Where can you buy metaverse coins?

You can buy metaverse crypto coins on the Knaken platform. Here we offer numerous crypto coins, including metaverse tokens and coins. Of course, we do not know what the expectation of metaverse crypto projects is, but there is always a chance that the use of these types of projects will increase in the future. If you want to invest in the metaverse, you could buy one of the following metaverse crypto projects from Knaken:

  • Decentraland (MANA)
  • The Sandbox (SAND)
  • Enjin Coin (ENJ)
  • ApeCoin (APE)
  • Axie Infinity (AXS)
  • PlayDapp (PLA)
  • Yield Guild Games (YGG)

Conclusion

The metaverse is an online world that allows you to access through VR and AR glasses. You have also been able to read how the metaverse works. This can run on a central server, but is also very popular on the blockchain. Users are then more in control of their own data, can co-decide on the development of the metaverse and can use cryptocurrencies, such as coins and NFTs.

The metaverse is often seen as a game, while there are many more possibilities. This way you can hold meetings, concerts or parties in the metaverse. It is possible to see and communicate with other users.

A metaverse coin is the cryptocurrency developed by a metaverse project. For example, MANA is the crypto coin of the Decentraland metaverse, while SAND is the coin of The Sandbox. No one knows what the future of the metaverse will look like. You could therefore invest in the metaverse by purchasing a metaverse cryptocurrency. This is possible on the Knaken platform.

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