Cryptocurrency: The Metaverse Is Coming

in LeoFinance2 months ago

The world around us is rapidly evolving. This is extremely noticeable when it comes to the world of digitization.

Throughout this decade, we are going to be heading towards what is called the "Metaverse". This is going to radically transform how we work, socialize, learn, and are entertained. The foundation for this is being laid now.

Blockchain and cryptocurrency are vital components to this endeavor. These are technologies that will enable us to switch from the physical to the digital (and eventually virtual).

Before going any further, what is the Metaverse?


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It is a concept without a true definition. Essentially we are dealing with a virtual world that encompasses everything. The line between reality and simulation will be blurred. In fact, a better way to think about it is they will be combined.

Down the road, we will not log onto the Internet. Instead, we will be a part of it. Through the use of extended realty, we will end up having a mixed reality experience. Shopping will be done in virtual stores. Projects will be worked on that are augmented and digital in nature.

Companies such as Epic Games, Facebook, and Atari are among the ones trying to make an early entry into this realm. Obviously, these companies seek to get involved so as to control the platforms they create. This goes against the idea of the Metaverse which is that it is unowned by anyone while also being completely accessible.

Nevertheless, it seems old habits die hard.

Just this week, we see a couple of instances that provide insight to where this is going.

Most of us are aware of the craze taking place with NFTs. Ultimately, the mania will die down, leaving the core benefit to shine through. NFTs provide ownership in a digital world. This is both revolutionary as well as being vital for the Metaverse.

Our present system was developed at a time when we lived a completely physical reality. That is changing. The entities that registered, debated, and oversaw ownership will not be applicable. Thus something else had to be created.

Atari is coming out with a gaming platform aptly named Atari Metaverse. One of the features that will be includes are NFTs. This will include collectibles from gaming, music, and other media.

There was a press release that announced their partnership with Bondly. From that release:

The Atari Metaverse, says Atari, will combine the best aspects of the company’s legacy gaming properties and “the most current entertainment creators in music and gaming, using Digital Collectibles and NFTs as a core component of the entire Metaverse experience”.

Bondly CEO Brandon Smith explains further that these creators will then be able to “mint their own NFT” inside the Atari Metaverse “and distribute to fans, which then become access passes to new superfan experiences”.

Certainly, a case could be made that Atari is simply using the term "Metaverse" as a marketing ploy. However, there is no doubt this is the direction things are heading. In addition to NFTs both Atari and Bondly have their own currencies which will be used for sales and purchases on the platform.

Stepping back, we can see how this is going to be part of a much bigger picture. Like pieces in a puzzle, they will eventually all be interconnected.

To get a glimpse how this might all work, in terms of combining the digital with the physical, we see what Dominos did.

dominos.png

Decentraland is our present epitome of the Metaverse concept. It is a digital location that does not exist in physical form. Yet, we are seeing the merging with the physical world. As more of the "world" is built out, aspect of the experience are being tied to real world activity.

The above tweet shows how someone was able to order a Dominos pizza from within Decentraland. This is only the start of how the Metaverse will be our core basis for all activity down the road.

Cryptocurrency is vital to this endeavor since it is a monetary system that was constructed completely in the digital realm. Unlike our present currency, which was created in physical form centuries ago, crypto does not operate within the same constraints as fiat. This will become evident as we progress through this decade and the Metaverse starts to take shape.

This is a realm which has no limits other than perhaps the amount of processing capability available, memory, and the speed of the communication system. However, all of these are growing and expanding with each passing decade.

Operating in a near infinite world being a new set of challenges. Having a monetary and financial system that is constructed based upon scarcity simply does not work. It will throttle the entire system.

Cryptocurrency, in its different forms, resolves this dilemma. There is no limit to the amount of cryptocurrency that can be created. Even more importantly, it is programmable through the use of smart contracts meaning that it can be generated for a specific purpose. Thus, utility takes on an entirely different meaning when it comes to money.

The fact that we are getting these tidbits from companies shows how this is starting to spring up.

We are embarking upon a path that is not going to result in the equivalent of trillions of dollars but, rather, quadrillions. Most of what we measure as wealth is in physical form. This takes on an entirely new set of characteristics when we enter the digital/virtual realm.

Much like the universe itself, this world keeps expanding, seemingly without limit. It also operates at a pace far exceeding what takes place physically.

The transition from scarcity to abundance is upon us. What we are witnessing today is the mere foundation upon which near infinite experiences will be built.

From the financial perspective, cryptocurrency is going to be at the core of this. When a "world" is developed, the programmer will have something else to code: the money that is used.

This is where cryptocurrency fits in.

It also means things are going to get much bigger.


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I like how they refer it as "Metaverse". NFTs craze will surely die down, but this will mark a new begin with the digital assets. I think we are in the right direction when we can focus our abundance rather than scarcity.

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The NFT craze will die down. But NFTs are here to stay.

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@shtup i totally agree with you....

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The physical is merging with virtual to create something that can be easily interjoined. In the past I use to imagine how virtual business, virtual commerce and communication will comfortably be built with people shopping on it. It's evident that systems like Atari is making it really possible

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You are actually a virtual business on here.

What you do on Hive is virtual in nature and you are generating revenue from your activity. The product you put out, your thoughts and ideas, have "buyers" when you get upvotes.

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That's actually explanatory, but then I use to wonder how the transition will work for real-time business, going virtual

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Like with the Internet, they will have to adapt or go out of business.

A lot of companies could not grasp the internet or online commerce. Instead, they just operated like they always did until they disappeared.

Blockbuster is a company that comes to mind.

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Most of them didn't even put if a fight, they just accepted to go out of business slowly. I guess we'll see the same with the next transaction, but really a lot faster and more radical.

I'd predict in 5 years from now, 30% of all wealth is bound to crypto.

A pretty aggressive forecast and one I am not going to argue against. This is spreading rapidly and development could make it so there is just so much taking place, things are growing by leaps and bounds.

The next 12 months will likely tell us how things are going. I think we are at a pivot point whereby a lot starts to take place at an accelerated way.

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I'd rather not be right, meanwhile, the world economic forum is going forward with the 'GreatReset' - 'You'll own nothing and be happy. Let them heave their GreatReset and we'll be over here just sticking to our crypto.

I sound like a crazy goose writing this, but that was their actual campaign. 🙄

true dat , !BEER


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New time is coming for nfts
Hold on

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we will not log onto the Internet. Instead, we will be a part of it

Actually, after pandemic, it became easier for people to turn themselves into a thing in the internet like an IOT. Sadly though, Metaverse looks inevitable for us and it's too strong to resist 😑

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We are embarking upon a path that is not going to result in the equivalent of trillions of dollars but, rather, quadrillions. Most of what we measure as wealth is in physical form. This takes on an entirely new set of characteristics when we enter the digital/virtual realm.

which will create a new definition and dimension of wealth,which is going to be an awesome era...@taskmaster4450

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It seems so futuristic but near. The world is changing and it is doing so at an alarming rate. Many are not ready but that doesn't matter.

Crypto like you said will play a huge part in this future that is been created in the met averse. It sounds too good to be true but I do believe we are edging towards this future. I think 5G will play an instrumental role in bringing about some of these things we envision.

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The more advanced communication systems are definitely required. How soon those roll out is anyone's guess. They are in the process of installing them.

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There is a new WAX-related Minecraft metaverse opening to the public in a few days. It is The Uplift World
They have launched the servers and invited all the WAX-related groups providing services to join. Then they have started selling land to the public and it all has been sold out. Part of the land sales goes into a rewards pool to be used to give away to users while they interact in-world, but there will be a whole economy inside just as it was in Second Life several years ago with a centralized model and is now in Decentraland in a decentralized, blockchain one.

I was involved in several projects in SecondLife back in 2007-2009 and will love to see how everything evolves in this decentralized space.

I am leading a collectible independent project there and we have been given land to build and promote the project in-game.

I had not heard of that but it does not surprise me. We are seeing the foundation placed everywhere we look.

Some aspects are further ahead than others but like blockchain, the gaps will be filled in over time.

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Much like the universe itself, this world keeps expanding, seemingly without limit.

That is exactly what I love "No Limit"
No limit for profit
No Limit for happiness
No limit is the best
The great thing about crypto is that it has no limits. Everyone can participate
Everyone can be creative
It is a wonderful world that does not stop

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It's like second life, decentralized, on steroids. I hope they make it look pretty. I am one of those lucky people that cannot play 3d games or be in 99.999% of 3d worlds. Crappy graphics and jerky cameras give me the equivalent of motion sickness.

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The digital world is definitely here to stay. I think it is more cost-efficient for businesses to release a digital asset compared to a physical asset. Once ordinary people start accepting this, the large corporations will follow them to where the money is. The profit margins are much higher digitally and if they pick a transparent block chain, people know they own that asset.

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A novelty people have not figured out yet.

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These partnership with older systems is really starting to pave the way for major adoption. Crazy thing is it mostly revolves around games and it's what I figured. People love gaming and gaming is one of the easiest ways to on board new people and have fun.

Will be interesting to see what the next few years look like in the gaming world.

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Gamification is a real things as we know. So the gaming industry taking hold is a sensible starting point.

We will see a lot merging into that.

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We are already living tied to our screens for most of the day, living completely in a digital world like decentraland on steroids doesn't sound that appealing to me. Maybe I'm just getting older :P

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Wow! 5.jpg

The metaverse will be increasingly expansive and will offer an even greater amount of opportunities for investors.

Perhaps, the "dilemma" will be choosing which options to bet on, haha!

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Still way above my head and I've been in this space for a couple years. I'm sure this is coming as you say but I don't think it will happen quite as quickly as people think. Sure, there will be a strong, vibrant segment, but I think it's going to have to be more of a generational change. The wealth of the world still lies with the oldest generation by and large. It will take some time, and only time, for that to change. Until and unless there is some sort of cataclysmic event that forces change (such as what happened with the pandemic) I don't see the "Metaverse" gaining mass adoption for at least another 20-30 years. Just my opinion. As I've said before, when I'm here I can see the world changing before my eyes. When I spend any amount of time in the "real" world, the change is very slow. Once again, another post that really makes people think.

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As I've said before, when I'm here I can see the world changing before my eyes. When I spend any amount of time in the "real" world, the change is very slow.

This is what is called the deceptive phase of advancement.

Here is an article that covers how we are seeing the first housing development of 3D homes. This was basically a prototyping technology a year ago. The first 3D printed home went on sale in January, in Texas there is now a small cluster of homes going up, and then this.

And we are only in March. Here is an example how quickly things are changing in the real world right under our eyes.

We saw the same thing about 12 years ago with smartphones. Few noticed the change when Apple introduced their first couple versions. Yet, after Android came out, boom, things changed almost overnight.

https://www.businessinsider.com/mighty-buildings-3d-printing-community-homes-california-2021-3?utm_source=reddit.com

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Don't leave the world too fast, that's deadly, unless it's already the matrix? :p

Video game company Atari will launch a crypto-casino in the virtual world of Decentraland (MANA) next month.

The Decentraland application, an interactive and open-source virtual reality platform, is a bit on the border between Minecraft and Sim City , but with a touch of blockchain and a cryptocurrency, the MANA, which allows the purchase of LANDs, or virtual plots of land.
The French company Atari intends to get a place in the XXI th century building on the area of blockchain and crypto-currencies. Recall that the company, which first made a name for itself with games like PONG, launched its own cryptocurrency called Atari Token (ATRI) in October 2020.
Since then, Atari has multiplied initiatives related to crypto-currencies and today announces the launch of a crypto-casino. This virtual space will be located on land leased for an initial period of two years on the Decentraland platform, a decentralized application based on Ethereum (ETH).
Virtual Las Vegas will offer Atari-themed games, including the “ Atari Special”, giving pride of place to skill rather than luck. Players will be able to earn the native Decentral Games (DG) token by playing with the Decentraland token (MANA), DAI stablecoin and Atari Token (ATRI).

According to Decentraland's press release, DG token holders will also be able to participate in the governance and decision-making related to the management of this virtual city.

At the end of 2020, Frédéric Chesnais, CEO of Atari, had already presented the company's bet on cryptocurrencies and non-fungible tokens (NFTs): "I firmly believe in blockchain, I think this technology is there for good, ” he said at the time.

According to him, Atari wants to make digital collectibles more dynamic and accessible in various games and applications. The company is particularly keen to target the growing market of non-fungible tokens (NFTs). The company has already partnered with the Enjin (ENJ) blockchain project to launch several NFTs.

This partnership should also allow other developers to create blockchain games under the Atari brand, through licensing agreements.

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