what is a crypto metaverse |

What Is a Crypto Metaverse?

What is a crypto metaverse? Powered by the blockchain A fully interactive virtual world Possesses core attributes Leverages NFTs A...

By | 06/10/2022 2:17AM

What Is a Crypto Metaverse?

What is a crypto metaverse?

  1. Powered by the blockchain
  2. A fully interactive virtual world
  3. Possesses core attributes
  4. Leverages NFTs
  5. A social and investment opportunity

These days, more and more people tout “the Metaverse” as the next big thing that will change how we interact online forever — but not everyone seems to understand what the Metaverse is, exactly.

To help you catch up to speed with this revolutionary idea, we discuss what a Crypto Metaverse is, and why many projects and startups in the crypto arena choose to integrate into these “imaginary realms” online.

Powered by the blockchain

We should start with the fundamental piece of technology that lies at the heart of every Crypto Metaverse — the blockchain.

Originally used as an online, public digital ledger for transaction data, it has now developed into a medium for transacting all kinds of business in a digital space. Because it is immutable and transparent, it can be used for any kind of peer-to-peer interaction between users — which opens up a realm of possibilities.

For many Crypto Metaverses, they have integrated their virtual worlds and immersive services into their project’s blockchain — which could be built on platforms like Avalanche or Ethereum. This system allows users on the Metaverse to create permissionless interactions, which are automatically verified and stored on a transparent record.

A fully interactive virtual world

A fully interactive virtual world

Meta in the term means “beyond,” while verse refers to the “universe.” It’s a term used to describe a massive virtual and immersive world in which users can roam around, and interact with all the different functions the Metaverse has to offer. In this virtual reality, users are typically represented by player avatars, which they use to interact with in-world objects, construct experiences, and play with other users.

When we talk about Crypto Metaverses, in particular, we talk about an application that creates its metaverse for its project’s purposes — a common example of this is crypto games, like Imperium Empires. This project boasts the world’s first AAA space metaverse on Avalanche’s blockchain and incorporates said tech into its underlying game framework and crypto-assets.

This integration allows users to do more things than they normally could in other online spaces. In many cases, users can even shape the landscape of a Crypto Metaverse — they can stake a claim on land and form structures like buildings, parks, and other things that only exist in this virtual space.

These spaces also have their intrinsic economies and currencies, which are usually either the blockchain token (i.e. AVAX) or the native token of the project. These cryptocurrencies allow users to buy, sell, and trade virtually any digital asset they can get their hands on in the Metaverse — including digital real estate, avatar accessories, and the like.

A Crypto Metaverse is typically accessed via a computer, though some projects also allow other mediums such as a smartphone or a virtual reality (VR) headset.

While a “true” Metaverse isn’t fully in existence (yet), games like Imperium Empires offer some impressive Metaverse-like elements and provide the closest Metaverse experience for their players to enjoy. Games like this have pushed the boundaries of what gaming could be, thanks to the core attributes of a Metaverse:

Possesses core attributes

While the most popular ideas of what a “real” Metaverse is, comes from science fiction, plenty of these attributes are present in the Crypto Metaverses we know today.

The core attributes that great Metaverse projects offer are:

  • Synchronous and live — The experience of being within this space is that it provides an ever-changing landscape that exists continuously for every user, in real-time.
  • Individual and shared experiences — Every user can be a part of the Crypto Metaverse, and have their agenda. But, it should still provide opportunities for users to take part in events or activities simultaneously with other users.
  • A functioning economy — Users should be able to create, trade, and collect digital assets for their efforts within the Crypto Metaverse. These assets should have a value that other users (and the system itself) recognize.
  • An immersive platform — Should be filled with content that can be enjoyed on either public or private platforms.
  • Offers interoperability — A Crypto Metaverse needs to have digital assets, which can be interoperable with the content and experiences it offers.

Leverages NFTs

Leverages NFTs

We keep mentioning digital assets and how they’re key to a fully immersive, operating Crypto Metaverse. There are plenty of online video games where players can interact with each other in real-time, but these games don’t truly become a Crypto Metaverse without a fully-fledged digital economy based on digital assets — which is where NFTs come in.

Many of the items you’re used to collecting in games, such as outfits, accessories, weapons, armor, ships, and the like can all be NFTs within a Crypto Metaverse. These NFTs not only provide value for your player avatar but also have real-world value as they can be purchased and traded with other players. Or, they could be used to earn rewards from the game itself, which can then be exchanged for fiat currency.

As you can see, Crypto Metaverses leverage these NFTs and their cryptocurrency to create their blockchain-based economies. Users can make money by trading or grinding game missions, or use their money to buy valuable assets to boost their abilities in-game.

A social and investment opportunity

While Crypto Metaverses like Imperium Empires (and a majority of blockchain-based games in general) are still in the early stages of development, these projects present intriguing social and financial opportunities for users.

This is because they present new ways for users to enjoy a beloved pastime — gaming — with new avenues to play, invest, gather, and interact, all while offering the chance to earn financial rewards.

Further, all of these projects have immense potential to achieve true “Metaverse” status, i.e. an infinite virtual world that interacts and interoperates with various metaverse games. This could drive the blockchain gaming world towards becoming a pillar of the global economy.

By incorporating the immersive environments, the addictive playability of video games, the interactivity of player-driven events, and the value propositions of crypto games such as Imperium Empires will usher in the next phase of the internet.

Key Takeaway

What a Crypto Metaverse is are immersive virtual worlds with immense social and financial value — their use of blockchain technology and NFTs enables them to create fully functioning economies with real-life value, beyond the confines of their virtual world.