The metaverse began as a strictly sci-fi term, referring to a virtual universe commonly accessed via virtual reality technology crypto. However, things have changed significantly since then, and the term “metaverse” has become widely used.
Whether it’s popular GameFi companies such as UFO Gaming adopting the term for their platform (all of their games exist in the ‘Dark Metaverse’) or Mark Zuckerberg rebranding social media company Facebook as ‘Meta,’ the term appears to be everywhere.
Acquainting yourself with the concepts and terms used in the crypto space may seem intimidating at first, but once you become familiar with them, you’ll realize how frequently this language is used in the real world. What you need to know is as follows.
How Is The Metaverse Defined?
The first time a metaverse mentioned is in Neal Stephenson’s 1992 novel Snow Crash. It used to describe both virtual and augmented realities captured and experienced online.
In popular culture, the metaverse has undergone numerous iterations. With Meta, Facebook’s most recent rebranding, users will be able to communicate and interact using virtual reality headsets.
Additionally, the metaverse has applications in the cryptographic space. Crypto gaming companies such as UFO Gaming make reference to the ‘Dark Metaverse,’ a virtual space in which players can form clans, acquire and trade virtual land, and earn NFTs and cryptocurrency.
Crypto Cheat Sheet: All You Need To Know
Entering and comprehending the metaverse is analogous to comprehending an entirely new universe, no pun intended. Here is a cheat sheet for some of the most frequently encountered terms, along with their definitions:
Altcoin: An altcoin is any cryptocurrency that is not Bitcoin. It can range from market leaders such as Ethereum to smaller fish with little value.
Decentralized Applications (DApps): Decentralized applications designed and deployed on a blockchain by a team of developers. These applications frequently enable you to conduct transactions without the use of intermediaries, which explains why a large portion of decentralized finance conducted via DApps.
GameFi: A catch-all term for the financialization of gaming. Combining the terms ‘gaming’ and ‘finance,’ GameFi companies dedicated to providing tangible value to virtual gaming enthusiasts.
Play To Earn (P2E): The term “play to earn” refers to a gaming model in which players financially rewarded for continuing to participate. Companies such as UFO Gaming enable players to earn in-game assets in the form of NFTs and trade them for real-world currency via their token, $UFO, allowing them to earn real-world cash while playing complexly designed games.
Token: For investment or economic purposes, a token often represents a crypto denomination and traded on the blockchain.
Non-Fungible Tokens (NFTs): Non-fungible tokens used to represent unique digital assets like digital art or other digital collectibles.
Future Plans: What Can The Metaverse Expect?
The metaverse’s future is brimming with possibility. This new opportunity for creatives, artists, and gamers to democratize value and create global connections opens up new possibilities.
In the not-too-distant future, it will be common to conduct business, make purchases, and communicate via a virtual universe previously only imaginable in science fiction. Who knows, maybe we’ll be familiar with it before widely adopted.