By
Chimamanda U. Martha
April 12th, 2024
Metaverse is not a monotonous and simple entity. All experience here is developed in the form of social interaction. It can be deemed the next generation of more complex and 3D internet.
Recently, Facebook has announced that it is creating a product team to work on “metaverse”. The team is led by Vishal Shah (Instagram VP), including Vivek Sharma (Facebook Gaming VP), Jason Rubin (Facebook Gaming director), Facebook Horizon team, AR/VR content team, and Unit2 Games team (purchased last month). Previously, Mark Zuckerberg also tweeted that Facebook would strive to build a maximalist, interconnected set of experiences straight out of sci-fi — a world known as the metaverse.
The metaverse has been the topic in and out of the crypto industry in a short time due to the propaganda of Facebook and its own increasing popularity.
Concept of Metaverse
“Metaverse” was first proposed in the Snow Crash by science fiction writer Neil Stephenson 30 years ago. In his initial creation, with the digital Avatar, people can live in a virtual 3D space, where everything in the real world, such as eating, doing exercises and social interaction, can be copied digitally and completed. In addition, people can also attempt to realize their “ambitions” which are difficult to realize in the real world, such as teleportation.
In the virtual world, people can live another life while their activities are in sync with those in the real world and always online, just like the “OASIS” in Ready Player One. There is a fully operated economy, commodities, contents and IP, and users and companies can create contents and trade commodities. Stephenson called the virtual world “metaverse”.
Though people have different ideas about the concept of “metaverse”, one thing is for sure, the metaverse refers to an immersive virtual space.
NFTs in Sync with Metaverse
NFTs have changed the trade pattern of traditional virtual commodities and capitalized virtual commodities. They can map any data onto the chain via a link, are the “entity” of their assets, and realize their value circulation. Through mapping digital assets, equipment, decorations, and land property rights own tradable entities.
NFTs can be the entity of metaverse rights due to their features. Programs are able to confirm users’ permissions by recognizing NFTs, which can also be the tokens confirming the rights of the information world. Therefore, decentralized transfer of the virtual world rights can be realized, to trade virtual property rights without third-party institutions. Actually, NFTs are a digital “key” and can be transferred and executed conveniently, and a series of permissions are available beyond centralized services or database, greatly enhancing the efficiency of transactions and transfers of digital assets without any third parties.
The combination of metaverse and NFTs makes the NFT-based metaverse finance possible, to further shorten the distance between the metaverse and human beings.
Now the value index of Metaverse is rising, and the publicly listed enterprises or NFT platforms contributing to metaverse value index are top institutions with great market value and future potential in the virtual economy field, indicating that the whole value of the metaverse virtual economy is growing positively.
Realistic Demands for Building Metaverse Economy
Metaverse is not a monotonous and simple entity. All experience here is developed in the form of social interaction. It can be deemed the next generation of more complex and 3D internet. To build such a metaverse ecology, high-level infrastructure, HMI devices, and spatial rule algorithms are required.
Besides, the decentralization derived from blockchain is necessary to operate a new space fairly and normally. Blockchain technologies are able to release financial assets from centralized control and custody. As the NFTs and blockchain are optimized by mini transaction types required for games and metaverse step forward, it is a matter of time from the concept of metaverse to implementation.
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This article is provided for informational purposes only and does not constitute investment advice.