Metaverse: a new economy

It is expected that in the next few years we will be able to do practically everything in digital universes called metaverses.
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Metaverse a new economy - Axel Becker

By Axel Becker.

Technology is advancing by leaps and bounds. What a couple of years ago seemed like a utopia, today is a reality. The emergence of cryptocurrencies and blockchain technology is generating a revolution in different industries. To such an extent that it is expected that in the coming years we will be able to do practically everything in digital universes called metaverses. How is it possible?

Let’s start by defining what they are. This word was introduced in the 90s by the fiction author Neal Stephenson, in his book Snow Crash. The concept has evolved a lot since then. Today, we speak of the “metaverse” as a 100% digital universe in which users connect and interact with their avatars in different areas. The prefix “Meta” of Greek origin means “beyond” (for example, metaphysics studies elements beyond nature, but that are part of our reality) With this definition, we can understand the metaverse as a universe that goes beyond which we live, thanks to the use of augmented reality. 

It stands to reason that these new economies will see exponential growth in the coming years, which will boost the crypto market.

Axel Becker

To connect to these digital universes, new electronic devices are emerging, such as virtual reality glasses or haptic gloves (they allow you to touch virtual objects and feel as if they were physical).

Work, play, socialize, go shopping, go to the casino, to a concert, or to dance. Technological progress will allow us to do practically everything we know in the real world and more: the real difference will be in offering experiences that are not possible in the physical universe. For all this to work and be sustainable, a new economy must be developed, adapted to the needs and requirements of the metaverse. 

To buy or sell items within these metaverses, a monetary unit of exchange is necessary: ​​cryptocurrencies. Projects related to these digital universes usually incorporate their own tokens (for example, MANA is one of Decentraland’s tokens and SAND is one of The Sandbox). 

The success of these cryptocurrencies will be closely related to the success of the project and the design of their economies. As more people use their metaverses, the exchange of items will be greater, and therefore a growth in the market capitalization of their tokens is expected: customize an avatar by buying clothes or other unique accessories (NFTs), pay the entrance a party, or go to the movies or the theater, visit virtual stores (Samsung, Adidas, Nike, and H&M already have theirs), see their products and purchase them by paying in crypto, among other activities and entertainment.

Undoubtedly, the metaverses will be one of the greatest technological revolutions in the coming years, as they are nourished by all the advances of the internet, blockchain, and cryptocurrencies. Human relationships will become more digital. That is why it is logical to think that these new economies will have exponential growth in the coming years, something that will inevitably boost the crypto market. 

Image: Cryptopress and Free Stock photos by Vecteezy

By Axel Becker.

Content Manager

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