Many things are coming these days. First, it was Bitcoin, then altcoins, then blockchain technology, then Metaverse, and who knows what is coming in the upcoming days. You can play decentraland, a 3D virtual world game, which will help you understand the metaverse better.
In this article, you will find out about Metaverse, Cryptocurrency, and what is the relation between cryptocurrency and the metaverse.
What Is Metaverse?
Sit tight, there will be a lot of heavy words coming toward you. In simple words, Metaverse is a virtual space, and most of the time, it is the same as real life, but all the things inside it are virtual. There are also 3D universes, persistent and multiple realities.
The concept came first when there was a need to meet people virtually. So metaverse helps us in a lot of sectors, like it can create a virtual workspace, help us to socialize, and be one of the craziest things for the gaming communities.
I think you have heard of or experienced virtual reality. VR is the technology behind the three-dimensional worlds and has some specific functions. On the other hand, Metaverse is a shared, open and virtual world that users can experience from any location in the world.
Many people state Metaverse as augmented reality. You can control avatars or characters there. For example, you can wake up in the morning and connect with it. After that, you can attend your office, complete your work, talk to every in your office, connect with other people and manage your finances inside the metaverse.
Basic About Cryptocurrency
In simple words, cryptocurrency is a digital currency. The main reason behind making cryptocurrency was to find an alternative payment solution. Also, cryptocurrencies are decentralized and encrypted.
That means there will be no authority to look over the transactions. In simple words, there will be no governing bodies. Also, crypto transactions are safe and secure. People can send and receive the money within a few minutes anywhere on this planet.
So, different platforms are introducing different cryptocurrencies. But, the only problem that occurred was when people would have to use those cryptocurrencies. Let me give you an example.
Suppose you have Bitcoin, but there is no platform that accepts Bitcoin. So, there will be no use of Bitcoin without transactions. But, if there is a platform that accepts Bitcoin as a payment option, both value and usage will increase. We can not use Bitcoin to give payments to regular shops, but what if there is a virtual shop?
Crypto As Key To Metaverse And The Future
Now coming to the connection between Cryptocurrency and Metaverse. So, both of these are virtual. Metaverse is a virtual universe, and Cryptocurrency is a virtual currency. Simply put this way, virtual currencies for virtual worlds. We need money to live our regular life, and we need cryptocurrency to enter and stay in virtual life.
One example is the Highstreet platform. It is a play-to-earn commerce platform. You can invest in this platform and can earn also. You can also shop on this platform. This platform is basically a connector between web3 space and online retail. You can use the token ‘HIGH’ to buy things on this platform.
Suppose you have entered into a metaverse and are playing games, shopping at different outlets, buying NFTs, and so many other things. So you will need specific tokens for a specific metaverse. Let me give you an example.
You can take Sandbox as an example. This platform has created a virtual world or a metaverse of its own. You can buy and play different games, you can also invest in different NFTs. All you need is the specific cryptocurrency ‘SAND.’ With this, you can customize your avatar, purchase equipment, and other essential things in the games. For land and asset purchasing, ‘SAND’ can also be used.
So, cryptos are the pass or the key to enter and use the metaverse. If you want to be in the metaverse or use all its features of it, then you will need cryptos. For example, there are different metaverse created by different companies.
We need different currencies to use in different countries. In the metaverse, the same thing happens. So, you will need specific cryptos for a specific metaverse. And the future is near when there will be no social gatherings, and everything will be done in the metaverse.
There are a lot of benefits when it comes to metaverse and cryptocurrency. First of all, all platforms are decentralized, so there will be no governing bodies to look over. So, there will be no rules and regulations to use that. Also, you don’t need to pay taxes. But, you need to pay the platforms a small fee.
Also, the metaverse is easy and simple to use, though the technology behind it is very hard to understand, even for professionals.
Please let us know in the comment section if you still have any doubts.