Cointelegraph’s Jackson Dumont, video director, touches on the “next big thing”: metaverse. It explains who is behind Metaverse and why and why, and delves into how blockchain technology can change the lives of Internet users on the Internet.
The term was originally coined by Neal Stephenson in his 1992 novel Snow Crash. Although not a new concept, the recent increase in activity and the development of virtual collaboration spaces has transformed it into a new economic virtual world that competes with today’s physical economy.
“Metaverse is exactly the same as the current version of the Internet,” Dumont explained, but it’s about to be completely engulfed, especially with technology and social media giants like Meta and Microsoft playing a major role in its development. When it comes to Meta, the company has invested billions of dollars and positions itself at the center of a “billion dollar paradise” while making money.
Some of the features that Metaverse hopes to improve in cyberspace include user privacy, data protection, overhead transactions and unchanging record keeping. This is where blockchain technology comes into the picture. Metaverses works on the same values as blockchain-based systems, such as unrestricted access, censorship, security and decentralization.
Blockchain and crypto assets are fundamental to creating a secure virtual reality. NFT technology will also be the basis for property ownership in the meta-version. ”
Decentraland and Sandbox are two metavers that have seen more sales of virtual property and non-fungible tokens (NFT) in the last year. Dumont notes, however, that for a wider spread of the usual Metaverse, the key is the interplay between separate virtual worlds. This means that users will be able to move from one virtual room to another using the same avatars and digital elements, for example by linking the life of the meta-verse from Ethereum to Solana.
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What unites all Metaverses, which now operate separately, is a large community with a common common vision: to build a new Internet infrastructure that can support Metaverse. Unique challenges include developing virtual and augmented reality devices with faster internet speeds and ultra-high-end processors that handle ultra-realistic graphics.
The video concludes with a sublime statement: “Mankind is in the process of creating the most advanced alternative reality that has ever existed.” But how long does society have to wait until it is completely engrossed in this imagination?