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What is The Metaverse?

8 minutes

The term Metaverse can seem a bit ambiguous and confusing. 'Metaverse' does not refer to any one particular piece of software. It could be thought of as another word for 'cyberspace'. The Metaverse is a collective of multiple different programs and virtual worlds that are interconnected and support each other. The term 'Metaverse' was coined in 1992 by Author Neal Stephson. In the novel 'Snow Crash', Stephson imagined a time where individuals interact with each other via avatars in a 3D virtual world using traditional computers or virtual reality headsets. This opened the door to virtual worlds containing businesses, and real play-to-earn mechanics using digital currencies.

What does the Metaverse mean for Cryptocurrency?

The Metaverse will need to utilize many different types of technologies in order to create the digital world people are envisioning. Mark Zuckerberg, the CEO of Meta, formerly known as Facebook, believes the main features of Metaverse are five to ten years away. However, you can already observe the technology that will eventually be vital to the success of The Metaverse being developed now. One of these technologies will be digital currencies.

In order to interact fully with this new future, a decentralised, and secure digital currency will need to be utilised. On CoinSpot we list a number of gaming and social media coins, any of which could be used to purchase items and interact with individuals in The Metaverse. Although it is possible to buy services and goods with cryptocurrencies at the moment, The Metaverse is where experts predict cryptocurrencies will actually be widely used as just that, a currency.

What are Metaverse coins?

Although not an official moniker, Metaverse coins refer to cryptocurrencies that are centered around online virtual worlds. These coins can tackle a number of virtual challenges or topics, such as social networking, microtransactions in games, or play-to-earn mechanics. Coins such as MANA can be used to buy plots of land in the virtual world 'Decentraland', and ALICE coin can be used to purchase in-game items from other players in order to decorate and interact with a virtual home. As you may imagine, coins such as these will most likely become much more practical and widely used as more individuals are plugged into The Metaverse.

In saying this however, it is impossible to know which coins will actually integrate fully with The Metaverse.

The future of Metaverse?

Unfortunately no one knows when this technology will be readily available to the masses. As mentioned previously it has been predicted to take between five to ten years until The Metaverse meets with developers' imaginations. But the technology that will power The Metaverse is already here in its infancy and will continue to grow over time. As such, Metaverse coins will be looked at with rising interest in the coming years.

Although we do not know which coins will be used in the hypothetical Metaverse, the technology and the functionality is indeed there. On CoinSpot we provide a Metaverse bundle, which allows you to buy all the Metaverse coins we list. If you are interested in the bundle you can see it here! And If you are yet to sign up, visit this page here and get trading today.

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