Blockchain is Bigger Than Crypto: Enter The Metaverse
Recently, the world has been swept up in the exciting ascent of a new financial asset: cryptocurrency. For many years, few people understood what it was, and even fewer grasped how this asset could be leveraged to introduce inclusivity, transparency, and democracy to the world of finance.
Analysts argue that for many first-time investors aiming to strike digital gold, the ideological aims and practical benefits of crypto mostly took a backseat to the pursuit of profit. As we are now discovering, this crypto rush may have unfortunately left some remarkable technological advancements offered by blockchain technology neglected.
Tapping into Blockchain’s Full Potential with The Metaverse
Blockchain technology underpins all cryptocurrencies, allowing users to track how crypto is transferred to prevent double-spending, an ability that may have more utility than is obvious at first glance. In a world where young people are spending increasingly more time interacting with their iPhones, PCs, and gaming consoles, the emotional investment they commit to their favorite streamers and video game characters has increased accordingly.
Spurred on by the COVID-19 pandemic, the metaverse is a concept that has steadily been gaining tangibility since it leaped at us from the pages of sci-fi novels. Today, the metaverse refers to an experience of the internet that is as immersive as reality. While billions of users access the internet, a growing cause for concern is data security and privacy. As we step into a future where much of our work and play may be done over the internet, these issues gain renewed relevance.
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Why Do We Need a Metaverse?
To many, blockchain is the answer to the question of how to introduce privacy and security into the metaverse. Just as the internet is a collection of websites and platforms loosely connected by a hardware infrastructure, so too is the metaverse a constellation of different programs. Blockchain technology is integral to a metaverse that can perform cross-platform transfers of digital assets without 3rd party oversight. To find out more about blockchain and the metaverse, we sat down with Leila Hurstel, Chief Metaverse Officer at Verse Estate and founder of AllStarsWomen DAO.
The metaverse is geared to radically transform several sectors, reports Leila. As recently as late 2022, footage has been circulated showing the metaverse as an underdeveloped, body-only form of a traditional web conferencing tool. This is far from being the only instance of the metaverse being used, however, with multiple companies developing immersive 3D experiences for a variety of purposes. The metaverse is imagined as an exciting platform for users to experience their favorite shows and video games while also interacting with major brands from the real world.
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How The Metaverse Integrates Entertainment
Leila lists companies such as Gucci and Nike as being blockchain pioneers who have recently ventured into selling their goods on the market where more of their customer base is spending an increasing portion of their time. The metaverse also holds unique possibilities for artists and entertainers, with Travis Scott demonstrating that live performances in the metaverse can still be lively, exciting events with his Fortnite collaboration.
The metaverse aims to draw from multiple fields, including music and even movies, to create a central entertainment platform users can seamlessly navigate through. In order to achieve this, one of the most important goals for advocates of the metaverse is undoubtedly creating an open web in a transition popularly known as Web 3.0.
The Infrastructure of The Future: Web3.0
One of the many misconceptions that surround the decentralization movements is the idea that the changes being advocated for are purely technical in nature. As Leila explains, decentralization relies not only on the distribution of computational responsibilities but also a participation in the economy like never before imagined.
Under the model of Web 3.0, creators would take more authority over their creations. Digital artists and content creators will have access to more monetization options with the rise of NFTs, allowing them to collect royalties on work without lengthy and expensive litigation processes, for example. A Web 3.0 infrastructure would also allow users to carry over their unique avatars across multiple platforms, allowing them to build a stronger sense of identification with their avatar and further increase the immersive experience.
How Far Away is A True Metaverse?
The concept of a metaverse is loosely defined and seems subjective to at least some degree. You can easily make the argument that we already live in a prototypical metaverse today, with many of our children spending 8+ hours on their phones daily and even longer on other devices.
As the metaverse continues to evolve towards an interoperable platform that allows users to seamlessly navigate between various digital worlds, it's hard to predict what users will find most attractive about the metaverse. It could be the possibility of hosting work meetings in a fun visual space, or the idea of buying your favorite pair of Nike shoes while playing your favorite video game, or something else entirely.
Would you like to find out more about how the metaverse is expected to impact global industries such as eCommerce? You can listen to Leila's full episode on your favorite podcast platform or watch it in crystal clear HD on YouTube.