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The metaverse is a concept of a persistent online 3D universe that combines multiple different virtual spaces. You can think of it as a future version of the Internet. The metaverse allows users to work, meet, play and socialise together in these 3D spaces.

The metaverse does not quite exist, but some platforms contain elements similar to those of a metaverse. Video games currently offer the closest metaverse experience that exists. Developers have pushed the boundaries of gaming by organising in-game events and creating virtual economies.

Although not mandatory, cryptocurrencies can be ideal for a metaverse. They allow for the creation of a digital economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. In addition, blockchain technology can provide transparent and reliable governance systems.

Blockchain, applications similar to the metaverse, already exist and provide people with a living income. Axie Infinity is a play-to-earn game that many users play to increase their income. Second Live and Decentraland are other examples of how to successfully mix the blockchain world and virtual reality applications.

As we look to the future, the big tech giants are trying to lead the way. However, the decentralised aspects of the blockchain industry are allowing smaller players to also participate in the development of the metaverse.