Metaverse Is Here. Here’s What It Means

By November 22, 2021Metaverse
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The buzzword and the inevitable Metaverse is here to stay. Will FGTs or cryptocurrencies work in it? Bitcoin, MANA, XRP, Ethereum or SAND, which one is the right choice? What does the future look like for these digital coins?

Metaverse is here and so is the cryptocurrency world. Along with the top 3 metaverse cryptocurrency you should buy; the online community is filled with the buzzword that is on the tongue of every technology and layman wandering on it: metaverse.

The metaverse has not only intrigued onlookers since its inception, but it recently gained traction when Facebook announced it would be rebranding itself to be a company that actually builds it. It also named itself Meta.

So, what exactly is the metaverse? How will users traverse through it? Which cryptocurrency is best to exchange value in? Will there be cryptocurrencies supported by it?

Recent Development by Facebook

When a TBTF – Too Big to Fail – company backs some idea or technological innovation, then the market and the world seldomly overlook that development. The market is then shaped by this backing and sentiments around the world are diverted to the underlying idea.

In the past couple of weeks, Facebook announced that it would rebrand itself by engaging in the next technological revolution: the metaverse. This innovation is labelled as the new computing platform and will be a collaboration of many companies and people around the world.

Expanding on already introduced virtual technology and experiences, this interconnection would be of virtual reality and augmented reality and would enforce the idea of a presence in the virtual world. The core idea is to interact in a digital world and bring closer the experience of in-person meetings while embracing the technological world.

Facebook’s Role

Mark Zuckerberg announced this idea in a video message and iterated that the metaverse is the next big thing that would open new doors to creative and social opportunities along with having a significant economic impact.

The company would also open doors for new jobs along with the whole world, with 10,000 alone in Europe.

So, what is this metaverse?

The Metaverse

Just like the essence of the internet, the heart of the metaverse would be its transparency and interoperability. The metaverse would not be a monopoly i.e., it would not be controlled or owned by any single company.

There are many phrases used for the metaverse: the inevitable morphing of the internet, a billionaire’s fantasy, a utopia for the initiated, an “infinite office”, a company’s brand strategy, an “NFT playground”, a sci-fi illusion. Various outlets and news agencies have given their take on the word, and many have tried to delve into the metaverse’s core functionalities.

The core operations of the metaverse would be its supportability when it comes to collaborations and partnerships across the development communities, policymakers, creators, companies, and the common expert.

Not only would it be this, but this new world would also require continuous investments in the product and talent, as well as its value proposition.

Is There ‘Real’ Money in the Coined ‘Metaverse’?

The 2003 launch of ‘Second Life’ first brought to the front the question of value transfer. Second Life was a game which could be defined as a digital world which was like a white palette, and users could buy estate and transact through actual money on the digital world’s customizable apparel.

The founders of the games’ store ‘Zooby’ earned enough attention and profit for its creators that they decided to focus on the game entirely. The shift from the physical world to the digital realm was being touted to other people, and emotional attachments were on a different level than a typical game.

The Role of Blockchain in the Metaverse

Just like the above game Second Life, there came another popular game called Axie Infinity. This game was on Ethereum blockchain, and players could buy, breed, train and do what they could do in real life to any pet to their creature in the game.

The creatures were on the Ethereum blockchain, and this allowed people and players on the platform to turn their time into cryptocurrencies.

There is a marketplace that is active and allows players to transact in exchange of cryptocurrency. The game has garnered international acclaim during the recently incurred pandemic, and many countries have seen growth with players of various ages earning money, in this way.

Currently, the lowest priced creatures called “Axies” are priced over $100. Any interested party would need to own three “Axies” to even be able to qualify to play the game.

Their Interlinking

There is no doubt that the metaverse does not depend upon cryptocurrencies or the blockchain. But the concept of a true metaverse is linked with the intrinsic definition of what the concept of blockchain is: an open, interoperable network where assets virtual in nature are transacted and exchanged and also stored via a trusted and verifiable open ledger.

Non-fungible tokens, dubbed as NFTs, will have a role to play in the metaverse along with cryptocurrencies as is evident by the fact that the company has many jobs posted on their website which require intensive knowledge of the domain and platform.

Decentraland or Fortnite – The Impending Question

There have been reports that Mark Zuckerberg has tried various metaverses and different cryptocurrency products. The question remains whether Meta would look like Decentraland – a decentralized world along with Sandbox – a user-generated cryptocurrency and blockchain platform.

Both of these domains are governed by a Decentralized Autonomous Organization (DAO) that works on smart contracts and assets which are digital in the ecosystem of the said world.

Also, tokens like SAND and Mana are currently independently exchanged between digital worlds and NF tokens. These currencies allow ownership of virtual assets and value transactions. They are also growing in terms of users and in terms of market capitalization. The future no doubt looks very promising.

Top 3 Cryptocurrencies For The Metaverse

Various cryptocurrencies which are related to the metaverse are already in the market and have gained immense traction and ownership along with acceptance. Attention of the market has been towards them and the whole world watches as to their direction and what investors are intrigued by.

The potential of the blockchain and the digital world is on everyone’s mind. Blockchain’s network and the opportunities they provide are immense, and market sentiments speak to this claim.

MANA, SAND and TLM

Decentraland and its cryptocurrency MANA have seen growth that has been in double figures 14.5% while the sandbox cryptocurrency SAND has seen gains and growth of around 5%. Also, Alien Worlds cryptocurrency TLM has seen growth of around 4%.

The charts of digital coins skyrocketed, and investors are acting with a little more risk-taking approach with sectors also looking favorable. Also, metaverse cryptocurrencies are looking good with impressive returns and a momentum-based approach to new goals.

In terms of predictions and charts, all three cryptocurrencies look very similar since almost a month when it comes to performance and other metrics. Big-tech companies and their inclinations towards technology and other market developments have shaped their momentum and all are looking good.

If we compare all of the three cryptocurrencies over the last thirty days or so, Decentraland, Alien Worlds and The Sandbox all have seen monumental growth in the figures of more than 400%, 35% and more than 450%, respectively.

Final Verdict

From the perspective of an investor, all metaverse-related digital currencies have seen growth which are phenomenal. Decentraland and its token MANA along with The Sandbox’s SAND are looking very attractive and sentiments are favoring them both. TLM is also not far behind, and we are yet to see more news from the market.

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