As scrolling through Facebook or other social media apps, we often do not realize how big of an impact these social media websites have on our lives and how they tend to shape our views and consequently, our lives.
The conception of the metaverse dominating our world may sound farfetched as of now but if we look at how rapidly the metaverse is growing, its dominance is imminent.
It will mainly extend by expanding its applications in cryptocurrency, enticing the users for virtual interaction using social media apps, and finally by taking away our leisure of gaming and art and converting it into virtual reality.
What is Metaverse?
A metaverse is a conception of a virtual world where millions of people will interact with each other for various activities like gaming, communicating, or working in an online environment.
How is Metaverse growing today?
Metaverse is growing today, thanks to its following applications:
Cryptocurrencies serve as a link between the physical and virtual worlds. They allow us to calculate the value of digital assets in fiat currency and their returns over time. So basically the cryptocurrency is the currency of the metaverse. It is the money used to purchase or sell any digital set in the virtual world.
For example, in the metaverse of Decentraland’s, the native token used is MANA. That means everything on this metaverse platform can be purchased or sold if you and I have enough MANA (that sounds cool though).
Another example is the metaverse named Sandbox and the native token used in it is called SAND.
Now it must be noticed that these platforms originally use Ethereum’s network to verify transactions and expand their operations. So it can also be said that even though it seems we are dealing with MANA or SAND, the real cryptocurrency, behind the scenes is Ethereum.
Importance of Ethereum? Ethereum is the second-largest (right after the infamous and unsteady bitcoin) cryptocurrency by market cap. Now the upshot is that by expanding its application in cryptocurrency, the metaverse is enticing us all to participate in it and build our reality completely around it.
2. Social Media
The need for interaction is surging as we progress toward the virtual world and that is why if we don’t use social media, we feel left behind. The feeling that everybody else is doing something great and achieving popularity while we sit back home and enjoy books in some cozy corner (believe me this is how my retirement plans look like but still….) compels us more and more to interact.
Keeping this craving for interaction in view, last October, Microsoft announced that Teams users’ online meetings app will convert their profiles into avatars so that virtual interaction is not just encouraged but becomes a daily habit of ours.
Similarly, the tech billionaire and CEO and founder of the then-Facebook, Mark Zuckerberg, redesigned the whole concept of his company as Meta, with a special emphasis on the potential for virtual worlds.
The main point is that as our need for human interaction is increasing, the metaverse is also increasingly providing us with such social media platforms where this need can easily be satisfied. Hence this way it can cloud over all of our relations and associations with other people and become an inexorable part of our life.
3. NFT (Non-Fungible Tokens)
Just when you thought, “They can’t just make everything digital, right?” the brilliant and innovative minds of our generation thought something else. Such rapid growth of NFTs is unprecedented in the virtual world.
The whole concept of art being purchased, sold, or acquired is becoming digitized. NFTs are a form of digital ledger where what you buy online becomes a part of your reality and is stored in that ledger.
For example, if you go to the website OpenSea, the largest online market of NFT collections as of 2022, and bid for a piece of art, you will have to pay in cryptocurrency (mainly Ethereum) and it will be stored on the blockchain as your non-fungible asset.
So to conclude, NFTs are becoming a center of attention for artists all over the world, and I have personally seen many Instagram artists dedicating the whole cause of their art to NFTs and hence giving in to the ever-growing dominance of metaverse.
The Bottom Line
As ambitious as this project may sound, it’s detrimental in the sense that it will completely sever our connection with reality and whoever controls this virtual world will eventually be in control of our realities. Our main goal in life will constitute saving our virtual world while the menace of our real-world rotting away will go unnoticed and may cause serious repercussions.
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