Metaverse: The Virtual World that Becomes Reality

TL;DR Persistent 3D digital universes combine socializing, work, and entertainment into a single ecosystem. Although still in the early stages, projects like Axie Infinity, Decentraland, and SecondLive already demonstrate the viability of this concept. Blockchain and cryptocurrencies are essential for building reliable virtual economies, digital property systems, and transparent governance mechanisms.

Where Does the Idea of the Metaverse Come From?

The term “metaverse” is not new – it originates from the science fiction novel “Snow Crash” by author Neal Stephenson. However, what was once merely speculative fiction is becoming increasingly tangible. The metaverse refers to a network of interconnected 3D virtual spaces, functioning similarly to the current internet, but instead of websites accessed through a browser, users will navigate using their personal avatars.

The transition from abstract concept to practical reality has been facilitated by three major developments: technological advancements in virtual and augmented reality, the proliferation of sophisticated multiplayer games, and, most importantly, the maturation of the blockchain and crypto ecosystem.

Where Can We See Metaverse Elements Today?

The Roblox platform already hosts virtual concerts and mass gatherings – including a music event that attracted 12.3 million participants for the Travis Scott tour. Fortnite has evolved from a simple shooter game to a destination for cultural content and socializing. These platforms demonstrate that people are willing to spend time and money in digital worlds for much more than traditional gaming.

What is missing from these current experiences is a stable and decentralized economic system – this is where blockchain technology comes into play.

The Role of Cryptocurrencies and Blockchain in Building the Metaverse

For a metaverse to function fully, it needs solutions in six critical areas:

Digital proof of ownership: Through a crypto wallet and private keys, users can instantly prove their ownership rights over an asset. A blockchain provides an immutable and verifiable record of transactions, allowing users to demonstrate accountability and authenticity in the virtual world.

Unique digital collections: Non-fungible tokens (NFTs) enable the creation and trading of virtual items that are 100% original and cannot be counterfeited. For a metaverse that aims to replicate real-world economies with collectible goods, this is a fundamental feature.

Secure value transfer: Cryptocurrencies provide a more robust monetary system than traditional in-game currencies. If users spend hours in the metaverse and earn real income there, they will need a currency of exchange that they can trust and convert into the traditional economy.

Decentralized governance: Unlike centralized games where a single company enforces the rules, blockchain allows for voting mechanisms and democratic control. Users can have a voice in the evolution of the platform.

Global Accessibility: Creating a crypto wallet on public blockchains is accessible to anyone in the world, without the need for bank documents or verifications. This democratizes access to the virtual economy on a global scale.

Interoperability: Projects like Polkadot and Avalanche are developing standards that allow different blockchains and virtual platforms to communicate with each other. A real metaverse will need to connect multiple economies, and the technology already exists.

Practical Applications: How to Make Money in Virtual Worlds

The “play-to-earn” model is no longer theoretical. Axie Infinity has created an economy where players from developing countries can earn $200-1000 monthly from selling the Smooth Love Potion token (SLP). The famous story of Filipinos who lived off Axie Infinity demonstrates that the metaverse is not just a future entertainment – for many, it is already a legitimate source of income.

Decentraland continues to evolve by allowing the buying and selling of virtual properties (LAND) using the cryptocurrency MANA. Users can build, sell, and generate income based on their digital land. SecondLive connects socialization with NFT transactions, providing a platform where users interact in 3D and own digital objects with real value.

These examples are not isolated cases – they are the pioneers of a virtual economy that is consolidating.

The Future: Who is Building the Metaverse?

Tech giants like Meta (Facebook), Microsoft, Apple, and Google are aggressively investing in the development of metaverse infrastructure. Meta, in particular, has abandoned other projects to focus on a “metaverse-first computing platform”. The existence of a digital currency project (similar to Diem) already positions the company as a key player.

However, the decentralized nature of blockchain also allows smaller developers to participate. Open-source communities can build metaverse applications with more organic users than any centralized platform.

The next critical step will be deeper integration between the NFT markets ( like OpenSea) and 3D virtual universes. Currently, you can buy an NFT, but the places where you can use it are limited. A full metaverse would allow an NFT to have value and functionality across multiple platforms simultaneously.

Connections Amplify: From Digital Life to Remote Work

The concept of a 3D office where you can work with colleagues through avatars is no longer a fantasy – it is becoming a necessity in the post-pandemic era. The metaverse will not just be about gaming and socializing; it will be about productivity. Remote work in immersive virtual spaces could provide a balance between human connection and the flexibility of working from home.

For developing countries, the metaverse and its crypto economies open up unprecedented opportunities for participation in the global economy, without requiring traditional banking structures.

Conclusion

Although a universal and fully connected metaverse is still likely a distance away, the already visible developments show that we already have the building blocks in place. Video games provide the visual interface, blockchain provides the economy and security, and cryptocurrencies provide the currency. The question is no longer “will there ever be a metaverse?”, but rather “how soon will the metaverse become an integral part of our daily lives?” The answer seems to be: sooner than we expect.