The world around us is rapidly evolving. This is extremely noticeable when it comes to the world of digitization.
Throughout this decade, we are going to be heading towards what is called the "Metaverse". This is going to radically transform how we work, socialize, learn, and are entertained. The foundation for this is being laid now.
Blockchain and cryptocurrency are vital components to this endeavor. These are technologies that will enable us to switch from the physical to the digital (and eventually virtual).
Before going any further, what is the Metaverse?
It is a concept without a true definition. Essentially we are dealing with a virtual world that encompasses everything. The line between reality and simulation will be blurred. In fact, a better way to think about it is they will be combined.
Down the road, we will not log onto the Internet. Instead, we will be a part of it. Through the use of extended realty, we will end up having a mixed reality experience. Shopping will be done in virtual stores. Projects will be worked on that are augmented and digital in nature.
Companies such as Epic Games, Facebook, and Atari are among the ones trying to make an early entry into this realm. Obviously, these companies seek to get involved so as to control the platforms they create. This goes against the idea of the Metaverse which is that it is unowned by anyone while also being completely accessible.
Nevertheless, it seems old habits die hard.
Just this week, we see a couple of instances that provide insight to where this is going.
Most of us are aware of the craze taking place with NFTs. Ultimately, the mania will die down, leaving the core benefit to shine through. NFTs provide ownership in a digital world. This is both revolutionary as well as being vital for the Metaverse.
Our present system was developed at a time when we lived a completely physical reality. That is changing. The entities that registered, debated, and oversaw ownership will not be applicable. Thus something else had to be created.
Atari is coming out with a gaming platform aptly named Atari Metaverse. One of the features that will be includes are NFTs. This will include collectibles from gaming, music, and other media.
There was a press release that announced their partnership with Bondly. From that release:
The Atari Metaverse, says Atari, will combine the best aspects of the company’s legacy gaming properties and “the most current entertainment creators in music and gaming, using Digital Collectibles and NFTs as a core component of the entire Metaverse experience”.
Bondly CEO Brandon Smith explains further that these creators will then be able to “mint their own NFT” inside the Atari Metaverse “and distribute to fans, which then become access passes to new superfan experiences”.
Certainly, a case could be made that Atari is simply using the term "Metaverse" as a marketing ploy. However, there is no doubt this is the direction things are heading. In addition to NFTs both Atari and Bondly have their own currencies which will be used for sales and purchases on the platform.
Stepping back, we can see how this is going to be part of a much bigger picture. Like pieces in a puzzle, they will eventually all be interconnected.
To get a glimpse how this might all work, in terms of combining the digital with the physical, we see what Dominos did.
Decentraland is our present epitome of the Metaverse concept. It is a digital location that does not exist in physical form. Yet, we are seeing the merging with the physical world. As more of the "world" is built out, aspect of the experience are being tied to real world activity.
The above tweet shows how someone was able to order a Dominos pizza from within Decentraland. This is only the start of how the Metaverse will be our core basis for all activity down the road.
Cryptocurrency is vital to this endeavor since it is a monetary system that was constructed completely in the digital realm. Unlike our present currency, which was created in physical form centuries ago, crypto does not operate within the same constraints as fiat. This will become evident as we progress through this decade and the Metaverse starts to take shape.
This is a realm which has no limits other than perhaps the amount of processing capability available, memory, and the speed of the communication system. However, all of these are growing and expanding with each passing decade.
Operating in a near infinite world being a new set of challenges. Having a monetary and financial system that is constructed based upon scarcity simply does not work. It will throttle the entire system.
Cryptocurrency, in its different forms, resolves this dilemma. There is no limit to the amount of cryptocurrency that can be created. Even more importantly, it is programmable through the use of smart contracts meaning that it can be generated for a specific purpose. Thus, utility takes on an entirely different meaning when it comes to money.
The fact that we are getting these tidbits from companies shows how this is starting to spring up.
We are embarking upon a path that is not going to result in the equivalent of trillions of dollars but, rather, quadrillions. Most of what we measure as wealth is in physical form. This takes on an entirely new set of characteristics when we enter the digital/virtual realm.
Much like the universe itself, this world keeps expanding, seemingly without limit. It also operates at a pace far exceeding what takes place physically.
The transition from scarcity to abundance is upon us. What we are witnessing today is the mere foundation upon which near infinite experiences will be built.
From the financial perspective, cryptocurrency is going to be at the core of this. When a "world" is developed, the programmer will have something else to code: the money that is used.
This is where cryptocurrency fits in.
It also means things are going to get much bigger.
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