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META FORCE LIBRARY
META FORCE LIBRARY
Metaverse
How the Metaverse works?
The Metaverse is often compared to the invention of the Internet because it has the potential to revolutionize our lives in much the same way. Just imagine being able to lead a full digital life in the Metaverse, where you can meet colleagues from all over the world, study at the best universities, attend virtual events and conferences, and even try on and order clothes from your favorite brands.
The Metaverse is a shared virtual world where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrencies. The real-world counterpart to the Matrix is the Internet.
Major players from the world of the web and technology are already making plans to create the Metaverse. For example, in 2021, Mark Zuckerberg announced the start of work on a "3D Internet" that will completely change our perception of interacting with content - we will not consume information, but be inside it.
On the Meta website, the definition reads as follows:
"The Metaverse is a collection of virtual spaces that you can create and explore with other people who are not in the same physical space as you."
There are many concepts of the Metaverse, but the most well-known belongs to venture capitalist Matthew Ball. In his vision, Ball outlines seven characteristics of another world:
- The Metaverse never stops: it cannot be paused, erased, or completed.
- All events within the universe occur in real-time, and actions are not dependent on external factors.
- There are no limits to the number of people who can inhabit the Metaverse.
- The Metaverse has its own economy: people earn "money" for their "work" and own and manage property.
- Elements of the real world can be used in the Metaverse: for example, working on your laptop in a virtual space.
- The Metaverse is filled with "content and experience" created by its users, both individuals and organizations.
- Designing the Metaverse is relevant in educational and corporate environments, as well as in communication.
How to earn in the Metaverse?
The Metaverse can bring income. For example, through advertising: events are held inside Fortnite, combined with what is happening in the real world. That is, advertisers can get a virtual world created specifically for them.
And the creative mode provides almost limitless opportunities for customizing costumes, game plots, and even individual in-game worlds. Blockchain technology can be a good support here.
And the creative mode provides almost limitless opportunities for customizing costumes, game plots, and even individual in-game worlds. Blockchain technology can be a good support here.
NFT can protect rights to digital assets, virtual real estate, and land in the Metaverse.
All internal operations in the Metaverse are conducted in their own cryptocurrencies.
In addition, there is a concept of property rights - for example, you can buy a house. Property rights in the virtual world are also based on blockchain technology through NFT (Non-Fungible Token) - a non-interchangeable certificate.
In addition, there is a concept of property rights - for example, you can buy a house. Property rights in the virtual world are also based on blockchain technology through NFT (Non-Fungible Token) - a non-interchangeable certificate.
What are non-fungible tokens?
Non-fungible tokens (NFTs) are a new type of virtual asset that has largely contributed to the growth of the metaverse.
NFTs are non-material digital elements - images, videos, or game elements.
NFT owners are recorded on the blockchain, allowing them to trade NFTs as a replacement for the digital asset they represent.
NFT owners are recorded on the blockchain, allowing them to trade NFTs as a replacement for the digital asset they represent.
Who are the major players in the NFT market?
The Metaverse can be broadly divided into two different types of platforms.
The first is focused on building the Metaverse on blockchain using NFTs and cryptocurrencies. Platforms like Decentraland and The Sandbox allow people to buy virtual land parcels and create their own environments.
The first is focused on building the Metaverse on blockchain using NFTs and cryptocurrencies. Platforms like Decentraland and The Sandbox allow people to buy virtual land parcels and create their own environments.
The second group uses the Metaverse to denote virtual worlds in a more general sense, where people can meet for business or leisure. In July, Facebook Inc. announced the formation of a product group to work on the Metaverse.
Roblox, Fortnite, and Minecraft, gaming platforms where users can compete and collaborate in games, as well as create their own, fall into this category.
Roblox, Fortnite, and Minecraft, gaming platforms where users can compete and collaborate in games, as well as create their own, fall into this category.
Buying NFTs and earning money in the metaverse
While many metaverse platforms provide free accounts for people to join, those buying or trading virtual assets on blockchain-based platforms must use cryptocurrencies.
Some blockchain-based platforms require Ethereum-based crypto tokens, such as MANA for Decentraland and SAND for The Sandbox, to purchase and trade virtual assets.
Some blockchain-based platforms require Ethereum-based crypto tokens, such as MANA for Decentraland and SAND for The Sandbox, to purchase and trade virtual assets.
In Decentraland, users can trade NFT artworks or charge for entry to a virtual exhibition or concert.
They can also earn money by trading land, the prices of which have sharply risen over the past few years.
On Roblox, users can earn money by charging other users for access to games they create.
They can also earn money by trading land, the prices of which have sharply risen over the past few years.
On Roblox, users can earn money by charging other users for access to games they create.
Open and fair economy
Now users and companies have the opportunity to transfer real assets and services into a virtual decentralized environment known as the metaverse. One way to attract more real assets to the metaverse is to use innovative gaming models with blockchain-compatible games.
One such model is "play-to-earn", which not only attracts players but also expands their possibilities in blockchain games. By using NFTs, players can participate in the in-game economy of the metaverse and receive rewards for added value, essentially earning money while playing. The play-to-earn model is fair because players fully own their assets, unlike traditional games.
