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What is the Metaverse and What is its Future?

The term “Metaverse” is quite new but certainly not unfamiliar to many people. It is common in conversations around the digital economy. But what does it mean? Does it have any correlations with bitcoin? Is there any connection between metaverse and the blockchain games ecosystem?

If you have these questions running through your mind, you are not alone. We shall be unpacking the whole metaverse subject in its entirety and hopefully, by the end of this article, you will be up to speed with all that encompasses the blockchain games ecosystem. Read on.

What is the Metaverse?

Simply put, the metaverse is a fully-fledged digital word existing beyond the real world as we know it. It is made possible by the use of both virtual and augmented reality. The metaverse is made up of interconnected 3D virtual worlds that are persistent.

Components of the Metaverse

By now, you’re probably thinking, if virtual reality and augmented reality came together persistently, it would be too unreal and impossible to exist. But, think of the metaverse as the science fiction version of the physical world. A digital world on steroids.

Imagine social media platforms where you have different profiles for each social network. The Metaverse allows you to create a virtual profile of yourself that is persistent across the board.

The Future of Metaverse

The Metaverse is already gaining momentum, especially in the digital economy. Blockchain technology is at the forefront of making the Metaverse a success and this is evident in the achievements already made in the blockchain games ecosystem.

Evolution of the Blockchain Games Ecosystem

In the traditional setting, video games have been considered simply as games with no real economies behind them except for the developer whose revenue is obtained from sales. Now we have play-to-earn games where both the developers and players have a chance to make real money.

The future is promising, especially as far as the blockchain games ecosystem is concerned. We are likely going to have the gaming community double in size. The direct implication of this is that the industry will have large economies of scale characterized by a high turnover.

How Real Estate will Look Like in the Metaverse

The gaming world is not the only industry that stands to benefit from the bright future promised in the metaverse. Other industries such as real estate and live performance entertainment are going to experience drastic changes.

In real estate, we expect to see certain aspects of transactions taking place in a manner almost similar to games like “Fortnite” and “Minecraft”.

Practical Use of Non-Fungible Tokens

Today, NFTs have proven to be quite resourceful, especially in digital art. In the future, it will be possible for one to build, create, buy and sell goods thanks to the metaverse. The blockchain games ecosystem has already demonstrated how this is possible.

In the same way that you can use the tokens as the digital currency in video games, you will be able to transact, socialize, travel, and persistently experience the virtual world.

The Future of Digital Currencies

It is safe to assume that the popularity of the blockchain games ecosystem has gone a long way in enhancing the blockchain technology itself. Both Bitcoin and Ethereum, the two major cryptocurrencies are at the forefront of the metaverse and they are performing quite well. This good performance is having a domino effect on all the cryptocurrencies.

Conclusion

In summation, the metaverse is the science fiction version of the real world and comprises 3D virtual networks. Access to this virtual space is made possible by virtual and augmented reality equipment. Despite being at its nascent stage, the metaverse has already caused quite a disruption, especially in the blockchain games ecosystems. Therefore, it indicates that the future of this technology is exciting.

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