How Meta Universe masters blockchain based crypto currencies
The term Metaverse consists of 2 parts: “meta” means “beyond”, and “verse” originates from “Universe”. The Metaverse is a meta Universe, a persistent virtual environment, created by many participants. Decentralized internet environment controlled by individual users rather than by big companies.
One of the Metaverse main features is the presence of an independent virtual economy, for the safe and continuous functioning of which blockchain technology and the circulation of cryptocurrencies are used.
Metaverse opens up plenty of business opportunities and a million ways to make money. Virtual assets earned in the Metaverse become quite tangible and real due to the blockchain and numerous cryptocurrencies.
Blockchain powers the Metaverse
Blockchain is a public digital ledger where transaction data is recorded.
Transactions utilizing a blockchain network are decentralized, peer-to-peer and exclude intermediaries. Bank is not needed any more. This increases the transaction speed and reduces its cost.
The blockchain network is able to operate with an unlimited number of participants at the same time.
Blockchain allows digital transactions in the Metaverse to be
- cryptographically secure
Decentralized payment systems are called cryptocurrency. Why crypto? Because cryptography is used to secure transactions.
Blockchain based crypto currencies were invented exactly for business transactions in a digital world. With the advent of the Meta Universe, crypto immediately took over the function of serving the interaction between users. Cryptocurrency-backed transactions are conducted across all virtual ecosystems and it is clear that such payments will prevail in the future.
The Metaverse economy imitates the real economy, and cryptocurrencies are replacing fiat money in this virtual universe.
Сountless Metaverse users can economically interact with each other without intermediaries, without payment systems, only through blockchain-based crypto.
Metaverse related crypto and NFTs
Cryptos and tokens used in the Metaverse are a type of digital currency that can be used to make purchases and other transactions in the Metaverse.
NFT is a unique indivisible token stored in the blockchain. NFTs are digital property, ownership is guaranteed due to a special certificate with metadata. When purchasing an NFT, you are not buying a digital work of art; in fact, you are purchasing a token certificate, which may guarantee your exclusive rights, or may not guarantee anything other than the possession of a unique digital certificate.
Even after you purchase the NFT artwork, it remains on the Internet: anyone can download your digital picture, print it, and hang it on the wall, and the data about you as the NFT owner is available in the blockchain system. It’s such a fine line between digital property and public digital records in fact.
One way or another, people are buying and selling NFTs, virtual land plots in Metaverse, digital goods and services.
A special role belongs to games in the Metaverse, this is a real business and a real money turnover, realized due to crypto and blockchain.
Most blockchain games are tied to the internal Metaverse gaming crypto on a specific platform. For example, Decentraland uses MANA, Sandbox uses SAND crypto token, and so on. Each platform promotes its own games and native tokens.
Variety of crypto in the Metaverse
Numerous crypto currency projects exist in different virtual Metaverse environments.
Many platforms use Ethereum, Solana or other blockchains.
Top crypto tokens in the Metaverse in 2022 are:
- MANA (Decentraland)
- SAND (Sandbox)
- APE (ApeCoin DAO)
- FLOKI (Floki Inu)
- HERO (Metahero)
- HIGH (Highstreet)
- ATLAS (Star Atlas)
- TVK (Terra Virtua Kolect)
- EPIK (Epik Prime)
- ENJ (Enjin)
The first half of 2022 has been a test for many cryptocurrencies. The price of SAND, APE and other crypto fell sharply (lost up to 90% of their value).
However, the virtual economy in the Metaverse will eventually acquire real features, and transactions for crypto-tokens will become as common as buying food for cash at a local convenience store.
The crypto market in the Metaverse is changing rapidly. In the near future, many crypto tokens will become more universal, available for settlements not only on their “native” platform, but also in other Metaverse environments, this is an inevitable process of globalization that awaits the meta universe soon.
Invest or not invest?
The Metaverse concept is strongly associated with blockchain and cryptocurrency. Investing in NFTs and crypto tokens looks promising. But don’t forget about asset diversification. Follow the rates of cryptocurrencies in dynamics. Intuition and information will help you make the right decision, which of the Metaverse crypto is better to invest in. There may be losses at first, but in the long term, crypto tokens in Metaverse will become profitable digital assets that can turn into quite material goods.