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Interest in Metaverse has risen since the CEO of Facebook, Mark Zuckerberg, announced the rebranding of Facebook to Meta.
The term Meta is not new. It was first coined in the 90s, and since then, it has inspired the novelist to write about a parallel digital world. Perhaps, you can even say that the popular Movie Matrix results from the concept Meta.
The development of Metaverse is driven by many big names such as Microsoft, Meta, and small-scale projects that are working towards creating game design happening in Metaverse.
What’s more, much of the Crypto technology development has perfectly matched the needs of the emerging Metaverse.
Because of the tailor-made Crypto technologies, Metaverse can integrate applications such as social media platforms, virtual real estate sectors, virtual events, and diverse work opportunities.
While you are spending more time in Metaverse, the real money will hardly have any value. Only NFTs and Crypto can be used for transactions in Metaverse. To get hold of NFTs and Crypto that you can use, visit the tesler trading platform.
What Is Metaverse?
If you are an otaku and have watched Sword Art Online, Overlord, or No Game No Life, it would be easy for you to understand the concept behind the Metaverse.
For the definition – Metaverse is a collective virtual space created by the convergence of virtually enhanced physical and digital reality.
Was that too hard to understand?
If so, perhaps this will help you!
Like we live in a world called reality and have a physical existence, Metaverse talks about a digital reality that we see in computer games. You need highly advanced electrical devices to connect with the Metaverse.
That means, Metaverse is device-independent and is not owned by a single vendor. It is an independent virtual economy that is supported by the NFTs (Non-Fungible Token). This is where the Metaverse is connected to Cryptocurrency.
To better understand Metaverse, you can think of it as the internet, which started as an individual bulletin board and independent online destination. Eventually, these destinations become states connected to each other.
Why Is There Hype Around The Metaverse?
There is a lot of excitement around the Metaverse. Much of the excitement is driven by the mega technological companies that are actually working towards making the Metaverse concept come true.
Moreover, the activity taking place in a siloed environment can take place even in a single Metaverse.
For instance:
- Purchasing outfits and online Avatars.
- Buying digital land and constructing virtual homes.
- Virtual social gathering.
- Visiting virtual social homes. Buying Digital art and NFTs.interacting with digital humans.
- Visiting all your favorite places in the digital world.
The list just continues…
How Is Metaverse Connected To Cryptocurrency?
The Metaverse is a virtual world that lets the users create their real-life experiences on the virtual platform by creating their Avatar. Although the concept was already there in the market, it started gaining traction during the COVID 19 pandemic.
Just like you can do anything in the real world, you can do almost the same thing in the virtual world. You can eat, exercise, work, shop, do business and even make art.
If the virtual world mirrors the real world, it needs an economy and currency to sustain itself. This is where people are looking at Cryptocurrency. Cryptocurrency has all the features to become a currency of the virtual world.
In fact, some Metaverse is already using Cryptocurrency as a form of payment. The use of Cryptocurrency in the virtual world has made it easy for the individual to make payments. Furthermore, with the help of Cryptocurrency, digital assets can be owned through NFTs.
While Metaverse still needs to work on its full dive technologies, Facebook has already rebranded itself to revive interest in this technology.
Where To Start?
The idea of the Metaverse is still in its infancy. Indeed there are a lot of different ideas of what these digital spaces will take.
While many companies are thinking of adapting to Metaverse, companies like Facebook have already invested in it.
This also allows crypto investors to get involved in the virtual world and become a part of the new economy.
