CRYPTOCURRENCY:
Any virtual or digital currency which has no central authority is cryptocurrency. It uses cryptography to secure transactions. Cryptocurrency contains the decentralized blockchain transaction system.
NFTs:
NFTs are unique digital collectibles on the blockchain that makes the representation of a character in the game. This feature is used in games as any character, consumables, and other tradeable items. It gets popular in the Game-fi world as a pathway to earn yield. In this, you can also sell your in-game NFTs to another player to earn. Some popular NFTs are Axie Infinity, Sorare, Gods Unchained, etc.
METAVERSE:
Metaverse is a concept of an online, virtual space and 3D hub which connect users in all aspects of their lives. It is an effort to connect the users in all aspects of their lives via a single browser. It facilitates the users from assessing different websites. This concept was firstly used by a writer in his fiction science novel Snow Crash by Neal Stephenson. But this seems to be a reality in 2k22 in the games like Second Life and Fortnite. These games are working as gather town for the users that bring multiple elements on the same page.
CRYPTOCURRENCY, NFTs, AND THE FUTURE OF METAVERSE:
Cryptocurrency is now a day connecting with the metaverse so rapidly. The users can play games and earn at the same time and same place at Game-fi. In the future times, the metaverse globalize rapidly and we work or even purchase virtual items in the metaverse. This will not be a surprise if it happens in this globalization era. But there will be some problems that arise in the way of ownership, and identity checks. Due to the anonymous id system, so many people feel insecure while transferring the items and money in the metaverse. But the solution to this problem is also present by some developers who use crypto and blockchain instead.
The use of blockchain provides a transparent way of transactions already due to its decentralized authority. Because video games are their development is more centralized due to specific territory. Now Gamification is getting more common in the Decentralized Finance and GameFi, so many similarities can be seen in them. These similarities in the future seem to be like two more integrated worlds.
The aspects of blockchain that suits the metaverse are arranged below:
- Digital proof of ownership
- Interoperability
- Transfer of value
- Governance
- Accessibility
- Digital collectability
In the future, this kind of situation will arise that we will be playing, earning, buying, and selling from the same metaverse. The slight phenomenon can be seen already in video games. We are already grown up in the gaming zone NFTs will become more important and diverse as we spend more time in the metaverse.
As we know so many countries do not accept cryptocurrency due to its decentralized authority. But if in the future, the metaverse will be regulated in the country it will lead to the economic growth as well. I believe that in the future the asset class will be shifted toward the virtual digital assets, and interests will shift. In the future of metaverse, we will be online for a significant time from the day. In addition to this, we will be needing a full range of crypto tokens and a full range of our digital assets as well.
The future projection of the business in the metaverse is about $800 billion by 2024. The significant advantage in the metaverse and virtual workspace is greater inter connectivity and less expenditure. The metaverse will be actualizing the basic principle of blockchain decentralization. Furthermore, the upcoming metaverse will incubate the growth of DAOs, NFTs, crypto tokens, and other virtual assets and a decentralized digital economy.
