What is the Metaverse? Notable Metaverse Projects

Recently, after Mark Zuckerberg announced the renaming of Facebook's parent company to Meta and declared that the social network Facebook would gradually evolve into a Metaverse, the term Metaverse immediately became hot and piqued the interest of many. So, what is the Metaverse? Do the Metaverse, Blockchain, and Crypto have a close relationship? Let's find out in this article!

I. What is the Metaverse?

The Metaverse is a digital virtual space created from the internet and tools such as virtual reality (VR) technology and augmented reality (AR) technology.

The Metaverse is understood as a virtual space existing parallelly with the real world. Here, developers provide tools and allow users to freely create content without any barriers, making user experiences as authentic as possible.

II. Origin of the Metaverse

The term Metaverse originates from the famous science fiction novel "Snow Crash" by writer Neal Stephenson, published in 1992. According to Stephenson, the Metaverse is a new world created by computers, allowing rewriting of social norms and value systems, while also liberating oneself from darkness, eliminating cultural and economic rigidity.

III. Key Features of the Metaverse

A Metaverse typically needs to have the following features:

• Sustainability: Constant development and improvement of services and ecosystems within.
• Immersion: Reflects the authenticity of the Metaverse, evaluating how much user experience in the Metaverse matches up with the real world.
• Openness: Allows users to participate in the Metaverse with unlimited creative space.
• Economic System: A parallel economic system to the real world where participants can easily convert assets between the Metaverse and real life. Participants can also innovate, create within the Metaverse to accumulate and increase their wealth.

IV. The Metaverse and the Cryptocurrency Market

In the cryptocurrency market, the Metaverse will retain its core technology while combining with Blockchain technology, allowing extended connectivity with the surrounding world and removing geographical barriers.

The decentralization and scalability of Blockchain provides an ideal environment for Metaverse applications to develop more robustly in the future, aiming for a new electronic industry.

V. The Role of Cryptocurrency in the Metaverse

The role of cryptocurrency is crucial for the Metaverse, simply because the Metaverse, akin to the real world, will need its own economy. The most significant difference is that it is a flat world with no differences in language, geography, or any hidden regime or organization; everyone is equal.

In simple terms, although the Metaverse is a virtual world, all interactions within are real. Thus, the economy in the Metaverse needs a transparent, uncontrolled storage system by any organization. To meet this, cryptocurrency along with Blockchain technology is the most suitable option. Hence, the role of cryptocurrency in the Metaverse is of utmost importance.

Some notable Metaverse projects in the cryptocurrency market include MAMA, SAND, YGG, GHST, TLM, ... If you want to own these tokens, you can purchase them on exchanges like Binance, Gate.io, Coinbase Exchange, ...