Examining the position of blockchain technology in Metaverse

By introducing Metaverse technology and changing its name to Meta, Facebook announced a major change in the world of technology; A development that, according to many analysts, is comparable to the emergence of technologies such as the Internet.

Undoubtedly, creating such an environment would not be possible without the presence of emerging technologies such as blockchain and digital currencies. In this article, we examine the place of blockchain technology in the metaverse and examine various aspects of this virtual world.

What is metaverse technology?

These days, the name of ” Metaverse ” technology is heard a lot as a big development in the online life of the future; However, it seems that each person’s understanding and interpretation of this technology is different from others! The term metaverse was first coined in 1992 in a famous science fiction novel called Snow Crash by its talented author Neal Stephenson.

In this book, the metaverse is described as a virtual and imaginary world that people can connect to using fiber optic technology in a global network. Therefore, in today’s era, this technology can be attributed to Virtual Reality (VR) or Augmented Reality (AR) glasses.

The word “Meta” literally means infinite and often refers to the universe. Along with the previous description, some believe that the Metaverse will be a virtual world where users can browse and interact with others.

For example, in this interpretation, the metaverse includes a world with buildings, parks, and all other virtual elements created by software developers. This space may have urban, natural parts and even a part for players to hunt and fight with each other.

On the other hand, the corona virus epidemic caused everyone’s attention and interest to be drawn towards such a world. With the spread of telecommuting culture and the use of the Internet for work and study, people are looking for ways to implement these interactions.

Mark Zuckerberg revealed in July 2021 that his famous company, namely Facebook, intends to develop its business and create a large virtual space for work, entertainment and even social interactions.

Following this statement, Facebook changed its name to Meta on October 28, 2021. This change undoubtedly shows the high commitment and seriousness of this company for the development of the ambitious Metaverse project.

In this article, we are going to examine the place of blockchain technology in the world of Metaverse and explain the role of currencies, tokens, digital wallets and in general how the world of digital currencies interacts with Metaverse technology.

What are the features of Metaverse?

The most popular metaverse ideas come from science fiction. From this point of view, Metaverse is a limitless internet world that can display the real world on a virtual platform. As a result, the features of Metaverse technology can be categorized as follows:

• Live and Synchronous : The Metaverse is unlike pre-programmed events that occur independently. In fact, it can be said that the events of Metaverse have a completely alive and real nature. In other words, the passage of time and the process of this virtual world are exactly the same as our real world.
• Stable and ongoing nature : In Metaverse technology, there will be no such thing as restart, pause and end, and everything will continue to flow and flow forever.
• Ability to access separately and simultaneously : Any user anywhere in the world can be present in a part of the Metaverse world and participate in a specific event, place or activity.
• With an efficient economy : people and businesses in this world have the ability to create, acquire ownership, invest and buy and sell. Each of these activities is value-creating in itself and others are able to recognize this value.
• Unique experience : Metaverse has brought an experience mixed with the physical world, networks, public and private events, as well as open and closed platforms at the same time.
• Inclusive participation of people around the world : Metaverse technology is full of content and experiences that each participant has created in turn. Some of these users want organized activity and together with each other. while some of them prefer independent activity.
• A platform to create an unprecedented collaboration : Metaverse can be expected to create a platform with different and unprecedented capabilities for collaboration between its members. Metaverse technology, using digital items and assets, content and other interactive capabilities, has an incredible and very high capacity to create interaction and cooperation between people in communities.

Misconceptions about the Metaverse

All the features introduced in the previous section are part of Metaverse; But none of them alone can be a perfect manifestation of this technology.

In recent decades, we have witnessed the emergence and expansion of computer games based on artificial intelligence and online; But what Metaverse technology offers is completely different compared to such technologies.

The game world, like the world of Metaverse, includes a virtual world that is completely designed and built by the developers. However, such worlds only aim to entertain users.

Although some of the capabilities of the virtual world of games such as displaying users using special avatars, the existence of special skill systems, an entertainment experience, places to gather together and interact with others will also exist in Metaverse; But all these things together will not be enough to form the big universe that is developing.

Thanks to virtual reality technology, today we are able to experience a different and virtual world in a physical place; But the mere feeling of being in another world is not enough for Metaverse technology.

However, probably the Metaverse technology will also have entertainment parts and even a gamification mechanism. Of course, all its parts do not include games and entertainment, and it is not focused only on a specific goal.

For this reason, it can be said that Metaverse is not limited to a virtual reality or a computer game. If you are interested in getting to know and get more information about the popular Metaverse games, we suggest you read the article introducing the most popular Metaverse games.

Finally, unlike places like Disneyland, Metaverse is not centrally planned and cannot be just a virtual theme park.