Metaverse: Does the future of crypto depend on this?

Boxmining

30.4K views 742 3 years ago

Description

What are the implications for cryptocurrency with the introduction of the metaverse? The idea of metaverse came from the 1992 science fiction novel called ‘Snow Crash’ and describes the vision of a fu...

What are the implications for cryptocurrency with the introduction of the metaverse? The idea of metaverse came from the 1992 science fiction novel called ‘Snow Crash’ and describes the vision of a full connection between our physical world and virtual or augmented reality. It is a fully interoperable plethora of places that are interconnected, inviting the users to seamlessly switch between platforms, games and places within a shared virtual world and with the ability to carry all kinds of assets from one place to another. 0:00 Introduction 0:58 What is MetaVerse? 2:06 Implications of MetaVerse 4:00 How does it impact crypto? 5:16 Privacy concerns? 6:43 Conclusion ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📖 Guides, tutorials and insights: https://boxmining.com/ Recommendation List: https://www.cryptoatlas.io/Boxmining 🌼Buy & Sell Bitcoin: https://join.swissborg.com/r/michaeOQZM 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Binance Exchange : http://boxmining.co/binance ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬Disclaimer▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

AI Analysis

The Metaverse, a captivating concept that even led Facebook to rebrand as Meta, is essentially a full connection between our physical world and virtual or augmented reality. It’s envisioned as a seamlessly interoperable network of digital spaces, allowing users to move freely between platforms, games, and places while carrying their digital assets. While it sounds like something out of a sci-fi movie like "Ready Player One," many believe it's poised to redefine how we interact, work, and socialize, and its potential impact on the crypto world is massive.

Here's a breakdown of what the Metaverse is all about and its implications:

* What Exactly is the Metaverse?
* The concept originated from the 1992 science fiction novel "Snow Crash," describing a future where physical and virtual realities are deeply intertwined.
* It's a "sexy, aspirational name" for a future involving virtual or augmented reality. Think of it as a shared virtual world where you can seamlessly jump between different platforms and games, bringing your digital items with you.
* Facebook's commitment to the Metaverse is significant, owning Oculus, which manufactures VR headsets and is building a 3D virtual platform called Horizon, somewhat like "Minecraft with avatars but without the blocks." Major tech players like Apple are also heavily investing in augmented reality.

* Why the Metaverse is the Future
* Several societal shifts point towards the adoption of the Metaverse, such as the need for reduced travel due to climate concerns, and an increasing focus on localized communities.
* Many jobs are becoming remote, and social interactions, and even large-scale events like arena performances, are moving online.
* The COVID-19 pandemic significantly accelerated this trend, with everything from exclusive Hollywood parties moving to Zoom to artists like Ariana Grande performing concerts within video games like Fortnite.
* The use cases are endless; for example, Decentraland already hosts casinos where people gamble with Mana tokens, and BMW is developing digital factories for training.
* The experience is currently more virtual, but in the future, it's expected to be much more realistic and 3D, and likely even more cost-effective than doing things in person due to travel and time expenses. While human interaction will always be vital, a lot of what we do now could eventually be replaced by Metaverse activities.

* How the Metaverse Impacts Crypto
* The announcement of Facebook's rebranding to Meta instantly caused a massive surge in GameFi tokens. For instance, Axie Infinity jumped 13%, Sandbox was up 54%, and Decentraland saw a whopping 157% increase, all within a 24-hour window. This is just the wild world of crypto!
* It's expected that Metaverse-related coins will continue to pump in the short term due to the increased spotlight and money flowing into the space.
* In the long term, the sector has a very bright future.
* NFTs (Non-Fungible Tokens) are crucial for the Metaverse to truly work. Avatars are more than just in-game characters; they are projections of one's identity. NFTs are the key to making these avatars and other digital assets portable across different 3D platforms.
* A significant challenge right now is that avatars aren't compatible across platforms, highlighting why interoperability is such a core focus for developers like Mark Zuckerberg.

* Privacy Concerns in the Metaverse
* A major concern, especially with Facebook's involvement, is centralization. There are worries about Facebook tracking facial movements and moods, leading to highly targeted ads based on how you're feeling that day. Some people even fear it could lead to a "personal matrix" for surveillance.
* The key question is how to support the Metaverse while also benefiting from decentralization.
* The answer lies in decentralized Metaverse crypto projects like Decentraland and The Sandbox. For the Metaverse to reach its full potential, it needs the ability to create and trade digital assets (like crypto and NFTs) without being controlled by a single entity.
* Trust is a huge factor; people wouldn't fully trust centralized companies like Facebook or Amazon to genuinely represent their privately owned digital assets.
* The ideal outcome is a Metaverse that's an extension of ourselves and the open internet. However, if it's merely a "super Facebook," it might still achieve mainstream success and bring more people into crypto, but it won't realize the full, decentralized potential that many envision.
* It’s important to expect some bumps along the way. Remember Google Glasses? They failed to gain mainstream acceptance due to privacy concerns and their awkward appearance, so the Metaverse won't necessarily have a completely smooth ride.

Transcript

So, Metaverse. It sounds like a very cool name. In fact, Facebook is going all in on Metaverse and even changed the name to Meta. But what exactly is Metaverse and how does it affect crypto? Because at the end of the day, that's all we care about, right? Let me tell you what Facebook might look like in the future. All of your friends will be VR avatars and all of your posts will be hyper-realistic 3D videos with perfect lighting and sound effects. It's going to change how we see social media fo...

So, Metaverse. It sounds like a very cool name. In fact, Facebook is going all in on Metaverse and even changed the name to Meta. But what exactly is Metaverse and how does it affect crypto? Because at the end of the day, that's all we care about, right? Let me tell you what Facebook might look like in the future. All of your friends will be VR avatars and all of your posts will be hyper-realistic 3D videos with perfect lighting and sound effects. It's going to change how we see social media forever. Obviously, it's just my imagination because I watch too much Black Mirror. And you probably have to wait a bit longer because it's not coming out anytime soon. But in the meanwhile, we got this video to show you what Facebook could look like if they don't get any better at innovating and how it will be way different than anything you know or love today. Hey guys, Jamie here to tell you everything you need to know about Metaverse. Basically, it's a real-life version of the movie Ready Player One. At the moment, there isn't a real-life example other than the movie, so that's about it. That's the end of the video. I'm just joking. Even though you might hate my annoying voice, I still have to tell you more about Metaverse because I believe it's the future and it's going to affect you and me. The idea of Metaverse came from the 1992 science fiction novel called The Snow Crash and it described the vision of a full connection between our physical world and virtual or augmented reality. It is a fully interoperable plethora of places that are interconnected, inviting users to seamlessly switch between platforms, games and places within a shared virtual world and with the ability to carry all kinds of assets from one place to another. I'm totally with you. In the simplest explanation, the Metaverse is just a sexy, aspirational name for some kind of virtual or augmented reality play. And by now, I'm sure you already know Facebook is going all in on this thing. Facebook owns a company called Oculus, which manufactures and sells VR computers and headsets. Oculus is also making a 3D virtual platform called Horizon. Think Minecraft with avatars but without the blogs. Facebook and Apple and others have also invested heavily in augmented reality, so it's pretty clear to me that Metaverse is the future and here are the reasons why. Climate will need reduced travelling, focus on localisation and communities and therefore, a lot of jobs will be remote and so will socialising and arena performance and so on. Not to mention, COVID-19 is leading us to faster adopt the Metaverse, people working at home a lot more than even exclusive Hollywood parties moved into Zoom. Ariana Grande performed concerts inside a hit video game Fortnite. Metaverse has so many implications and doesn't just have to be inviting friends to come over and visit your virtual house. Their use cases are endless. For example, Decentrum today is running all these casinos where people can gamble with their mana token. BMW is already working on building a digital factory to train people before they go work in a real factory. And you'll see that all the signs are here to tell us that Metaverse mass adoption is coming. Although right now, I see the experience to be more virtual than something like, you know, like riding a roller coaster, I do believe in the future the experience will be more real, more 3D and probably it will get more expensive to do things in person than virtually because of travel course or time. Of course, we still need some human interaction but a lot of what we're doing right now will probably be replaced by Metaverse. So, what's the impact on crypto? Since the announcement from Facebook that they will be changing the name to Meta, almost all the GameFi tokens got pumped. For example, Axie Infinity was up 13%, Sandbox was up 54% and Decentraland was up 157%. All of these tokens are pumped within a 24-hour timeframe. Welcome to the world of crypto. I think Metaverse relinked coins will continue to pump in coming weeks due to the Facebook news. Money will start flowing into the space and Metaverse will be in the spotlight for a while. And overall in the long term, the sector is going to have a very bright feature. Turning to blockchain, if the Metaverse concept is to work this time around, NFT could play an important role. Avatars aren't just something that should live in a single game or on Twitter. An avatar is actually a projection of one's identity. NFTs are one way to enable portability across 3D platforms. But today's avatars are not compatible with each other and that will need to be changed. Hence, Zuckerberg's repeated reference to interoperability. Now, move on to the scary part. What about privacy? What about Facebook tracking your facial movements, your moods? What do you think of being targeted with ads based on how you're feeling that day? The main concern people have for Facebook is its centralisation. Well, there are a mixture of opinions of the mood for Facebook. Some people are saying it's for surveillance that Mark Zuckerberg wants all of us to be in this personal matrix. Well, I'm not going to comment on that in this video. But what we do know is that Metaverse is the feature, at least I believe that. And the question becomes, how can we support Metaverse but also enjoy the benefits of decentralisation? The answer is through Metaverse crypto projects like Decentraland and The Sandbox in order to reach its full potential. If you want to build a digital world, you need the ability to create and trade digital assets. This can be your crypto but also NFTs. You need digital representation for everything that you want to trade digitally, which is in Metaverse full vision. Literally everything. This digital assets can furthermore not be controlled by just one or even a few big companies since there would never be enough trust in the likes of Facebook or Amazon or basically any other centralised entity to represent privately owned digital assets. If the Metaverse can be an extension of our sales and the open internet then it's a win from me. But if it's just a super Facebook then it'll probably still be successful as more people would definitely know about crypto but not within the capacity of its full potential. I would say expect some hiccups along the way. Take Google Glasses as an example. Alphabet launched Google Glasses years ago but due to privacy concerns and its awkward appearance prevented it from gaining mainstream approval. So just don't expect it will be completely smooth. So that's it for today's video. Of course, never financial advice. Always do your own due diligence. If you find the content helpful, do leave me a like and subscribe to the Vox Binding channel. Follow me on the Crypto Gems channel and Instagram for more regular updates and I'll see you guys very soon.