Welcome to the Metaverse

You may have heard the term metaverse being thrown around, as many large companies like Meta (formerly Facebook) and Microsoft are working on building leading-edge technology that allows uses to interact with virtual worlds. Even other upstarts like Roblox and Snap, as well as many other small tech companies and start-ups are building the technology to create virtual worlds that mimic our physical world.

So what exactly is the metaverse? In this Tokenmason article, we explore what the metaverse is and how it can impact our daily lives and the implications it brings to the digital economy. You may have watched the movie Ready Player One or played games like Fortnite or Minecraft – these are all examples of the metaverse where users interact with each other virtually.

What is the Metaverse?

The metaverse is essentially a collection of virtual worlds, where users can meet, play games, chat and purchase things virtually. In science fiction and now becoming a reality, the metaverse is a third iteration of the internet (otherwise termed Web 3.0), which is a universal and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR).

It is believed that the term “metaverse” was first used in Neal Stephenson’s 1992 novel Snow Crash, in which the author described the metaverse as a virtual world in the future, where virtual assets such as real-estate can be bought and sold by users wear VR goggles and inhabit 3D avatars outside the physical world.

Broadly speaking, the metaverse has three core elements. These include a VR/AR interface, digital ownership (such as NFTs and transactions are facilitated on the blockchain using cryptocurrency) and the use of avatars as the graphical interface to interact with other users in the metaverse. Versions of the metaverse have existed before such as the game Second Life, however the wide adoption of blockchain technology has accelerated the development of metaverse. 

Examples of the Metaverse

The most obvious version of the metaverse already exists in the form of video games like Roblox and Minecraft. Roblox is a game world where players can create and share their own games and projects, eliminating many barriers to entry for games creation. In Minecraft, players can create almost anything out of building blocks and interact with each other in the virtual world.

With the creation of NFTs, its now possible to own virtual real-estate in the metaverse. The virtual platform Decentraland users can buy and sell digital real estate using the cryptocurrency MANA, while exploring, interacting and playing games within this virtual world.

The metaverse is also adopted in social media, particularly Meta (formerly Facebook). As more people around the globe interact online, the next iteration from Web 2.0, which was all about social media is now Web 3.0 which is about the metaverse. Meta already own hardware used in the metaverse like Oculus, which is one of the most established virtual reality headsets and also launched Horizon Worlds, available for Oculus users to collaborate and interact in virtual reality.

Even the tech giant Microsoft acquired the VR company AltspaceVR in 2017 and since launched virtual avatars, meetings and metaverse features into Microsoft Teams. Proponents of the metaverse claim that the metaverse is just getting started and will be revolutionary platform for users around the globe to collaborate, socialize, learn and even transact with one another seamlessly without any physical boundaries or limitations.

How TokenMason Can Assist

TokenMason is a leading blockchain development company and helps organizations build customized blockchain solutions such as launching your own NFTs, as well as ICOs and other blockchain-related games and apps related to the metaverse.

Submit an enquiry if you would like to receive a quote for your customized blockchain project or discuss a strategy to make your blockchain-related idea a reality. TokenMason welcomes the opportunity to discuss how we may be able to assist.