What is the metaverse? How blockchain, cryptocurrency, games, virtual reality and AR create a new way to experience the Internet

In July 2021 Facebook CEO Mark Zuckerberg unveiled its ambitious construction plan a metaverse.

By betting on the future of the social media giant, Zuckerberg’s move showed that building a metaverse could help Facebook go far beyond the current scope of creating a set of social applications.

This announcement not only sparked global headlines and sparked debate, but also revived interest in the metaverse and what it really is.

Here’s everything you need to know about the metaverse:

The concept was first mentioned in 1992 science fiction novel Snow disaster by Neil Stevenson.

Simply put, the metauniverse is an online, 3D universe which combines different virtual spaces. This 3D universe will allow users around the world to meet, communicate, work and participate in games together.

The metaverse will be guided augmented reality (AR) and virtual reality (VR), while users control their own digital avatars.

For example, in the meta universe, you can use a virtual reality headset to meet with a diver in a virtual room with digital avatars of other participants sitting on the same 3D table. You can then quit your job and use the same headset to join your friends in a blockchain-based VR game, where your group goes on an adventure to hunt for treasure.

And when you find the treasure, it is converted into cryptocurrency and added to your wallet. Whenever you want, you can spend your cryptocurrency in the game to buy a rare item or an elegant outfit for your digital avatar. You can even use it to buy a piece of virtual land and rent it out for online events.

In the meta universe, you can use a virtual reality headset to meet with a dive in a virtual room.

Puzzle pieces

Although such a meta-universe does not yet exist, the parts and platforms needed to build such a world are being formed.

Blockchain-based meta-universe applications, for example Axie Infinity,, Decentraland, and SecondLive already exists. These are online games that allow users to perform a series of actions, such as playing to earn, buying and selling virtual land, and more.

Currently, these games provide the nearest metaworld, along with other popular programs in the virtual world, such as Fortnite and Roblox.

For example, Roblox players are not forced to follow a fixed plot. Instead, they may attend or hold meetings and other events. According to reports, people almost spent 10 billion hours play Roblox in the first quarter of 2021, pr 42 million users entered daily.

The same goes for Fortnite. Instead of just playing the game, it’s over 12.3 million players visited Fortnite Travis Scott music tour virtually.

However, experts say that the vision of the metaverse of any centralized entity – control your virtual spaces from top to bottom – is the opposite of what the metauniverse should be.

Jerod Venema, founder and CEO real-time video calling companies LiveSwitch, claimed in a post on VentureBeat that everything Facebook does is “inside a closed experience controlled by their engineers and administrators.”

“Zuckerberg probably sees this expansion of the metaverse as a way to completely immerse his user base in Facebook and get even more data and dollars from them,” he wrote.

In July 2021, Facebook CEO Mark Zuckerberg unveiled his ambitious plan to build a metaverse.

Centralized against a decentralized metaverse

Like Facebook, Fortnite is run by a centralized organization Epic gamesand Roblox is managed Roblox Corporation. And with the like Microsoft and other centralized organizations, also interested in the metaverse, it is clear that the big technology giants are striving to become a leader.

“The metauniverse has become the latest macro target for many of the world’s technology giants. This is a clear goal of Epic Games, maker of Unreal Engine and Fortnite. It is also the driving force behind the acquisition of Facebook Oculus VR and its recently announced virtual world / conference Horizon, as well as many other projects such as AR glasses and brain-machine interfaces and communications, ”he wrote. Matthew Ball, managing partner of EpyllionCo and venture partner of Makers Fund, in his blog about the metaverse.

However, decentralized games such as Axie Infinity, Decentraland and SecondLive show that blockchain technology is the key to making smaller players truly involved in the metaverse.

Due to the nature of the open world, platforms similar to the metauniverse are transformed into digital economy with different types of useful tokens and collectibles.

In addition, any future iteration of the metauniverse will have to combine these economies, digital identities, and decentralized management, made possible only by blockchain technology.

More than 12.3 million players attended Travis Scott’s virtual music tour on Epic Games’ Fortnite.

The importance of the blockchain in the construction of the metaverse

Imagine a scenario where Facebook, Microsoft, Google, and other technology giants connect their own programs to create their own discrete metapoems.

For example, a virtual world may exist where Facebook does Oculus VR the headset can be used to interact between 3D renders WhatsApp,, Instagram, and Facebook platforms.

This 3D cyberspace is not likely to be associated with a version of Google or Microsoft, and even if it is, it is unlikely that these technology giants will allow only one of them to control the overall metaverse.

Thus, a blockchain-based model of decentralized management emerges, with multiple users, members, and community members working in tandem to develop and moderate a metacospace network. This is due to the fact that the creation of virtual spaces by users, the transfer of ownership of digital assets, financial transactions can be recorded in the blockchain.

Blockchain features allow all such transactions to be secure, public, and irreversible, thus transferring control and power to users rather than centralized organizations with private access to transaction history.

A blockchain cryptocurrency is more secure than a game currency that can be lost or stolen.

Crypto and compatibility

Blockchain technology (and cryptocurrency) allows you to turn on the meta universe compatibility,, digital confirmation of ownership,, digital asset collection (for example, NFT), value transfer through cryptocurrency, management, and more.

For example, if players spend a lot of time inside the metaworld, they need a reliable currency. Blockchain cryptocurrency is more secure than game currency, which can be lost or stolen if the security of the corporation that launches the game is compromised.

In addition, since the metaverse is a set of multiple projects, three-dimensional worlds, and virtual spaces, it requires special blockchains that can interact with each other and ensure compatibility.

Decentralization in the metaverse does not mean that the big technology giants are avoiding blockchain technology. In fact, some approve of his influence on the creation of the metaverse.

For example, the developer of Epic Games and Fortnite Tim Sweeney is a big supporter of blockchain and supports “decentralized computing technology, which is the basis of cryptocurrency.”

In an interview with New York Times, Sweeney said that one day it will be possible to “have a tunnel” from Roblox to Fortnite and other games, connecting them all in some futuristic world.

Facebook is also working on a plan built around a digital wallet called Newthat allows users to trade Diem – stablecoin, the value of which is pegged to the US dollar. This platform provides free person-to-person transfers within the country and abroad.

The metauniverse is a collection of several projects, three-dimensional worlds and virtual spaces, and special blockchains are required to ensure interaction.

In the metaverse

Although the metauniverse is still far from becoming a reality, building blocks are falling into place.

Facebook and other technology giants may have initial success with their first versions of cyberspace. It is generally easier to offer virtual spaces to existing customers on platforms than to a new, decentralized network to attract new users.

But to build and manage a metacosm in its true sense, a number of other technologies (other than blockchain) need to advance enough.

This is because the meta universe is conceptually an extensive network of interconnected, real-time 3D worlds that demonstrate continuity in terms of digital identity, objects, transactions, payments, and so on. In addition, an unlimited number of users should potentially experience it synchronously.

According to Matthew Ball, the eight key areas that need improvement and can be seen as a stack to create and feel the metaverse are:

equipment: VR headsets, tactile gloves, industrial cameras, scanning sensors for creating and interacting with the metaverse

Chain: high bandwidth and decentralized data transfer between regions for real-time permanent connections

Calculate: supply of computing power to support visualization, data processing, artificial intelligence, projection, etc.

Virtual platforms: immersive 3D simulations of worlds with a large ecosystem of content developers and creators.

Exchange tools and standards: protocols, services and mechanisms that serve as compatibility and compatibility standards.

Payments: on-ramps, digital currency exchange and support for fiat and cryptocurrency payment processes.

Metaverse content, services and assets: design or creation, sale, storage and protection of digital assets related to user data and identifiers.

User behavior: significant changes in consumer and business behavior, based on trends and demonstrating global social significance, directly or indirectly related to the metaverse


On October 25-30, 2021, YourStory’s flagship startup and leadership technology conference will return to its 13th issue. Subscribe to updates on TechSparks or express your interest in the partnership and speaker opportunities here.

To learn more about TechSparks 2021, click here.

Leave a Reply 0

Your email address will not be published. Required fields are marked *