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The Metaverse: What is the role of cryptocurrencies?

Science is dashing forwards. That is no secret. Within the last couple of years we have seen a step rise in technological development. It almost seems like the development of new technologies  and its implementation in human life are growing exponentially, thriving like the roots of a tree. Many of the technologies we have not even dreamt of ten or fifteen years ago are now the very basis of our daily lives. While the invention of social media has brought a great deal of comfort and opportunities to our lives and may have contributed in some ways in the fight against inequality by giving each and everyone the chance to raise their voice and be heard, big tech giants like facebook have been swallowing all competition, eliminating alternatives and creating a vast monopoly which as well poses great dangers.

Facebook, which has been constantly growing for the last 18 years eating up all other social media like the messenger service Whatsapp and Instagram, is a machinery that will not stop growing under any circumstances. That is why it is no wonder that alleged lizards like Mark Zuckerberg are developing their sci-fi dreams further trying to create new platforms by connecting all the dots on the social media map. While the giant facebook produces a yearly revenue much bigger than the gross domestic product of the whole country of Lithuania, it often was referred to as a nation, influencing politics and opinions all over the planet. What the CEO Zuckerberg is after now, is creating more than a country, a whole new world.

It is not surprising that the development of social media is connected to other major technological developments such as the introduction of the new digital currencies like Bitcoin and the Altcoins. You can find more about cryptos and the experiences people had at https://coincierge.de/bitqt/. But how will those two ideas work together and who can the digital future without physical meetings and fiat currencies look like?

What is the Metaverse?

First things first. For those of us who didn’t watch the rather scary and very poorly entertaining video of a Mark Zuckerberg explaining his fantastic ideas, we have to explain. In recent weeks the tech giant Facebook has suddenly decided to change its name to Meta. The apps like Facebook, Instagram and Whatsapp will keep their names but now they will be all under the umbrella of Meta. The idea of Mark Zuckerberg is to create a virtual world called ‘Metaverse’ in which users can meet via avatars in a virtual reality. According to Zuckerberg, people will be able to hang out, play games, watch videos, have meetings, build up businesses, go shopping and much more. 

Many may not know that virtual reality glasses and its computer and software are already widely used in the gaming, tourism and hotel sector for instance. What Zuckerberg wants is to make this technology available for everyone and create a Matrix-like second world in which we can operate with each other.

Cryptocurrencies in the Metaverse

Of course we expect you to at least have heard about the new digital currencies that cover the media all around the globe since they exploded. The biggest crypto currency Bitcoin has sharply risen in value after its introduction making investors extremely wealthy overnight. Since then countless other crypto currencies have been introduced to the market, some of which were equally successful. While countries like Venezuela have already adapted the new digital coins in their financial system, others are expected to follow and some say that these new currencies will replace all fiat currencies within the next couple of years.

Before the introduction of the Metaverse, companies like The Sandbox and Decentraland have developed ways to include crypto currencies in new virtual worlds. One of the industries that is known for walking close to the Zeitgeist and being extremely quick in adopting new technologies is the gaming and gambling industry. Being worth billions this industry has invested heavily in the research and developments of virtual reality and has integrated Bitcoin and the other coins in their systems. The new digital coins are known to be much faster, safer and practical than former transaction methods which makes them especially interesting for gambling operators.

Also the Metaverse is planning to integrate the new digital coins in its system. Coins like Bitcoin will be represented as tokens to be used within the games in virtual reality. While playing games in Decentraland for instance requires the exchange of crytos to so-called MANA, the Metaverse will most likely have its own form of tokens.

Furthermore, the crypto technology will not only be integrated in the form of coins, but its NFT technology will also deliver a vital part to the entire structure the Metaverse is based on. So it is clear that such developments will go hand in hand integrating each other into one another.

Posted by on 15. February 2022. Filed under New Media & Software. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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