Can There Be More Than One Meta-Universe?
Meta universe is an online, immersive environment that connects its users with their digital and real world lives. Combining technologies such as augmented reality (AR), virtual reality (VR) and blockchain, the meta-universe offers brand new digital ways to work, socialize and relax.
Projects like Decentraland and SecondLive have already started experimenting with play-to-win games and other blockchain applications, enabling their communities to come together, work and move towards a common goal. In addition to these, technology giants are building their own meta universes in order not to fall behind.
While it is possible to find many meta-universes, it may be beneficial for all of them to be able to connect with each other. Blockchain technology offers a unique way for meta-universes to work together. In this way, users can have the potential to move cryptocurrencies, products, and other digital assets between meta-universes.
Meta universe is one of the words people use when they think about the future of technology, cryptocurrencies and the internet. In fact, we can’t fully experience the meta-universe today. However, it is noteworthy that small projects and global companies are working hard to build the future of digital worlds.
What is meta universe?
The meta-universe is a concept of interconnected virtual universes that can be explored through three-dimensional avatars. You can think of it as the next phase of the internet, offering more immersive and interactive online experiences.
Meta universe brings together technologies such as augmented reality (AR), virtual reality (VR) and blockchain. AR allows users to transfer digital and visual elements to the real world using a camera. VR, on the other hand, produces user-created virtual environments that users can explore with their VR glasses. Meanwhile, with blockchain technology, it is possible to prove digital ownership, acquire something in the digital environment and transfer value.
NFT platforms such as Binance NFT Marketplace also contribute to the development of meta-universe games by acting as a bridge between gaming projects and crypto communities. Besides, the community-driven BNB Smart Chain (BSC) also hosts many metaverse projects. Moreover, Fortnite has developed a meta-universe platform that connects 350 million users in its virtual world.
Although the meta-universe is still in development, it doesn’t seem like it will be limited to gaming platforms only. For example, digital identity applications, remote work, and decentralized governance are just some of the industries that could benefit from the meta-universe.
What can be done in the meta universe?
The meta-universe creates shared virtual environments that bring together the physical and digital worlds. For example, businesses can start using the meta-universe to host mixed reality-style meetings using VR glasses or sign contracts without having to be physically in the same environment.
Similarly, you can interact with virtual aisles to do your grocery shopping, show your NFT collections to your friends in the virtual environment, and visit art exhibitions from the comfort of your home.
Play-win games like Axie Infinity and tools that allow socializing while working like Gather.town have already proven that working in virtual worlds is possible. They invite users to have fun, meet others, make transfers using digital currencies and even earn a living.
On the other hand, Decentraland is also an online digital world, successfully combining social elements with NFTs representing almost everything from cryptocurrencies and collectible cosmetics to virtual real estate. For example, using Decentraland’s native cryptocurrency MANA, users can purchase plots of land measuring 16×16 meters held as NFT (unique token) on the Ethereum blockchain.
Finally, thanks to the meta-universe, human communities can come together around common interests. For example, Fortnite hosted 12 million users from all over the world at Travis Scott’s virtual Astronomical concert. Unlike a regular concert, the actors were able to interact with the famous rap artist and enjoy the animated and 3D visuals thanks to their avatars.
So is there just one meta universe?
The concept of meta-universe suggests that there is a common and shared virtual environment that everyone shares. However, as we have seen, there can be many separate meta-universes.
Therefore, within many meta-universes, each meta-universe has a specific function. Just as every social media platform offers certain services to its users, meta-universes offer different virtual possibilities. As in the examples we gave earlier, one meta universe might focus on games, while others might focus on get-togethers or concerts.
Crypto metaverse projects such as Axie Infinity, Decentraland, and SecondLive each take a unique approach to designing metaverses. Alongside the blockchain-based meta-universes, big tech companies are also moving at full speed in the meta-universe world. For example, Facebook changed its name to Meta and invested billions of dollars in developing meta universe content, software, and AR and VR glasses. Similarly, big companies like Microsoft, Google and Tencent are building their meta universes and stepping into this world by developing new technologies.
It’s actually ideal if the various meta-universes are interoperable. The interoperability of metaverses means that one or more metaverses can easily interact and exchange data. Interoperable meta-universes allow users to move assets such as NFTs and cryptocurrencies from one meta-universe to another.
Many developers and protocols rely on blockchain technology to connect meta-universes. First of all, blockchain is decentralized and transparent. It also offers digital proof of ownership and authenticity, transfer of value and accessibility.
For example, if two play-to-win games can work together and are developed on the same blockchain, players can switch between the games in question, and the virtual goods they own within the games can be used and secured in both games. In other words, they can use the weapons, skins and other items they have in the games in both virtual worlds. There is also the possibility of using blockchain bridges to move cryptocurrencies and other digital assets between different blockchain networks.
The future of metaverses
The meta-universe is still in the early stages of development. No one knows in which direction the process will evolve. But there’s no doubt that it’s a tech industry that draws capital and developers attention. As mentioned earlier, the meta-universe will likely consist of many different meta-universes. However, technologies such as blockchain and cryptocurrencies will likely play a very important role in connecting many virtual worlds.
In the long run, we may see that many meta-universes with different purposes may become part of a single meta-universe. Networking across different meta-universes can increase adoption.
The meta-universe continues to grow as new projects come to market and existing projects develop new functionality and service areas. There are already successful meta-universe projects within the crypto ecosystem, such as Decentraland with its own native blockchain. Besides, there are players from traditional markets such as Fortnite and Meta. With the advent of AR, VR, blockchain, and other technologies, it is highly likely that we will see new, exciting meta-universes rise without borders.