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Familiarizing yourself with the concepts and terms present in the crypto space can seem daunting, but once you get to grips with them you will begin to realize how often this language pops up in the real world. Here is what you need to know.
What is the metaverse?
The very first reference of a metaverse appears in the author Neal stephenson 1992 novel, The Snow Accident. Since then, it has become a catch-all term that captures both virtual and augmented realities as they are captured and experienced on the internet.
The Metaverse has gone through a lot of iterations in popular culture. More famously, social media company Facebook was recently rebranded as “Meta,†referring to plans to create an online world in which people can communicate and interact using virtual reality headsets.
The metaverse also has applications in the crypto space. Crypto game companies such as UFO Gaming refer to the “Dark Metaverse”, a virtual space where players can come together to create their own clans, own and trade virtual lands, and earn NFTs and cryptocurrency.
Cryptography cheat sheet: everything you need to know
Trying to enter and understand the Metaverse is like understanding a whole new universe, no pun intended. Here’s a cheat sheet on some of the more common terms you might come across, along with their meanings:
Altcoin: An altcoin is an alternative to Bitcoin and can include market leaders such as Ethereum, to smaller fish that are relatively low in value.
Decentralized applications (DApps): Decentralized applications refer to applications designed by a team of developers who then deploy them on a blockchain. These apps often allow you to perform actions without intermediaries, so you will find that a lot of decentralized funding is done using DApps.
GameFi: An umbrella term used to describe the financialization of gaming. A combination of the words “gaming†and “finance,†GameFi companies focus on delivering real value to virtual game enthusiasts.
Play to Win (P2E): The phrase play to win simply refers to a game model in which players are financially incentivized to continue to participate. Companies such as UFO Gaming allow players to earn in-game assets in the form of NFT and trade goods through their token, $ UFO, allowing them to earn real money while playing games of complex design.
Token: A token is often representative of a cryptocurrency denomination and can be traded as an asset on the blockchain, for investment or economic purposes.
Non-fungible tokens (NFT): Non-fungible tokens are units of value used to represent ownership of unique digital assets, including digital art or any other digital collectible.
Future plans: what to expect from the metaverse
The future of the metaverse is full of possibilities. The potential of a unified virtual experience opens up new opportunities for creatives, artists and gamers to democratize value and make new connections across the world.
Some estimate the potential value of the metaverse to run into the trillions – soon it won’t be uncommon to do business, shop, and communicate through a virtual universe, which was previously only imaginable in science – fiction. The question is not if, but when – and those of us who are learning about mainstream adoption can bet on being ahead of the game.
Photo: https://mma.prnewswire.com/media/1714556/Crypto_Games_Metaverse.jpg
SOURCE Crypto Games
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