Imagine a world where the physical things we are mostly familiar with becomes digitalized and on the other end, the digital and virtual stuffs on the other hands takes turn to become a reality.
This is one of the ideal intent and package encapsulated in the Metaverse
Metaverse as the Next Level of Future Technology
Neal Town Stephenson in 1992, was of the view that there could be a direct interaction amongst humans on the internet where they can have a complete feel each other rather than a mere chatting, introduced a concept that is known as metaverse
**Metaverse is a concept created whereby human beings will be able to interact, represent themselves and also feel their senses in the internet virtually. The term cannot be said to be a new concept because it has always been in existence but it can be said to be popular or recognised not too long ago by the Facebook's CEO, Mark Zuckerberg.
He brought to light his intentions of renaming his company, meta.
The Metaverse is made up two words paired together which are Meta and Verse. And from a simple definition, meta simply means something that is beyond and verse is a prefix of universe. So putting the words together, we have Metaverse meaning "beyond universe". This is to say that Metaverse is a technology that wants to build a digitalized world that is beyond the universe, metamorphosing what we see as imagination to reality.
The Metaverse is out to spice up the day to day activity by getting these activities digitized. It is a multipurpose technology that can revamp NFTs, gaming, business, goods and services, work, and so much more.
In my opinion, I believe that the Metaverse is the next level of technology because it is believed to be a marketplace for physical things but in the digital world, and also a better internet experience in the future.
Individuals can create their own property virtually and then can sell this virtual property with a better experience and value than how it would have been sold physically
As at the time of creating this post, Metaverse had a market capitalization of $30 Billion which means that the technology is fast growing and will soon have a larger adoption.
There is infact a better and more rewarding level of technology with the Metaverse.
Metaverse and Blockchain are complementary technologies.
The metaverse is a technological advancement that aims to provide users with the most enjoyable and engaging digital experience. It's a world of access and liberty, and if there's one thing that totally agrees with these concepts, it's blockchain technology
We're talking about a virtual notion here, and the most functional, popular, and widely used virtual technology at the time is cryptocurrency. It is true that operations in the virtual world cannot develop without the use of blockcain technology, which allows the metaverse to be facilitated. There are already numerous meeting points between blockchain and metaverse, demonstrating their high level of compatibility. So, what do these specific areas entail?
Method of Making Payments
A virtual tender is required to operate and deal in the metaverse's virtual environment. This is where blockchain, as an integrated element of the system, may be quite valuable. In the metaverse, virtual assets will have associated values that can be satisfied with digital money. The usage of blockchain currency to fund transactions will be beneficial.
Users can also convert their assets into non-fungible tokens and keep them that way. Designs, music, land, buildings, and other metaverse components might all be issued as tokens, and blockchain technology can help with this.
These assets will be secured on blockchain networks as a result of the establishment of NFTs, making their details legitimate and verifiable. Exchange if these assets have a well-defined path that can be verified.
Working System
As I previously stated, the cryptocurrency sector is digital and virtual. The assets developed, such as coins and tokens, are virtual. The metaverse is an example of an innovation that focuses on bringing humans together in the digital realm. Both are about operating in the digital realm as if it were the real world. As a result, the two can share concepts and protocols and can be utilized together.
Means of Storing Information
The use of blockchain technology allows for the secure recording of transaction details. Such data is irreversible and cannot be changed. The virtual world will require records of its activities and transactions, and blockchains appear to be the greatest option for data storage. When it comes to the metaverse's protocol, decentralization is a key component. As a result, there are lots of applications where blockchain can be used.
Control and Running
Metaverse development aims to grant power to everyone to build projects and take part in the creation of the ecosystem which means control will not be coming from just one source. This aligns with the structure of the blockchain industry.
This development seeks to give everyone the ability to establish projects and participate in the ecosystem's growth, implying that control will not come from a single source. This is consistent with the blockchain industry's structure.
Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project (Don't choose projects that have been discussed in the discussion above). (Screenshot Required)
I want to carry out fundamental analysis of Decentraland which is a blockchain-based metaverse project.
DECENTRALAND
Whenever a list of top ranking projects are mentioned, Decentraland will always be among the top. This is because the project has a very wonderful structure, user interface and a beautiful financial status. Speaking of virtual programming and metaverse, this is also an excellently written package, programing wise.
Early Beginnings
In the year 2021, Decentraland was launched officially and sent out to the world. This project had been planned some years before this date. In 2017, the developed token of the project was given out to the publich during the intitial coin offering which generated revenue of about $24 million. The original developers of this products were Ariel Meilich and Esteban Ordano. They are now referred to in past tense because they relinquish their positions to become inactive advisors.
Some Information about Decentraland
The metaverse project is organized to make it possible for users to exhibit their creative potentials by building unique designs and structures. In Decentraland, the major procedure is to acquire a holding in the metaverse called LAND and then develop the space in what ever format you wish. It could be a house, a hotel, a market place and so on. Decentraland allows users to have fun by developing their own spaces sometimes referred to as scenes.
This metaverse is like a physical world and the land area is divided among users who are able to purchase the plots. In Decentraland, there are 90,601 individual parcels of LAND or plots which are partitions of the metaverse space offered to users. The units of LAND represent an asset which is an ERC-721 non-fungible token. Individual LAND size is 16m by 16m equivalent to 256 square meters. Just as in the physical world where locations can be traced through unique coordinates, the portions here have specifically assigned coordinates.
In an organized city, there certain demarcation of areas. There are residential areas, commercial areas and the likes. In Decentraland, the various parcels are grouped together depending on how well they share certain characteristics. These are called districts or communities. There are over 40 such districts. At times, some districts are dissolved of they fail to meet some criteria.
Operation of Decentraland
Users in Decentraland buy parcels of land which gives them the access to operate in the metaverse. The purchased plots can be developed into structures, interactive games, sprawling 3D scenes of some other interactive experiences. In the developed scenes, depending on what is built, users can visit these scenes and access the services provided there if such an event I held.
Users can play games, attend exhibitions, concerts and also interact with other users of the platform. With the large user base of Decentraland there have been lots of amazing creations which should interest a user. Users with lovely created scenes can make more income from the there as there will be more people interesesd in visiting such a land parcel to have fun and also enjoy the offer.
Tokens
A unique token has been developed for the project. It is called MANA. MANA is an ERC-20 token on the Ethereum network.
MANA token is to help in facilitating transactions in the metaverse like names, avaters, outfits, scenes, purchasing LAND and other assets.
MANA ranks at #30 with price of $3.93 . It current total supply stands at 2.19 billion MANA. The projected total supply is 2.8 billion MANA . This may not be feasible as the burning of over 600 million MANA during LAND auctions had brought some reduction. The current market capitalization stands at $7,225,615,405.66 USD, with a circulating supply of 1,824,627,335 MANA. Its all-time high value is $4.69 attained on Oct 30, 2021. Its all-time low value of $0.007883 was reached on Oct 13, 2017 about 4 years ago. It has since increased by about 50134.93% till current period.
As a virtual world, there are certain assets that are not interchangeable. These assets are minted as non-fungible tokens called LAND. This is developed using the Ethereum ERC-721 protocol. LAND tokens are gotten by burning MANA.
Investment Opportunities
Decentraland is focused on bringing much entertainment while enriching the users greatly. The assets owned by users are tickets to making much income. By mere holding assets, users stand chances of making money as these assets like the MANA token has been experiencing great surge in price. Users can as well engage in trades using their tokens. Once they have been able to develop their LAND parcels, they can use it to make money. They can sell it, rent it out or offer it for paid usage. They can also host events in their scenes to make additional income.
Governance
Decentraland is governed by the community. There is decentralized autonomous organization (DAO) structure of governance used to direct the affairs of the metaverse. MANA holders detect how the Decentraland world behaves. Depending on the proportion of their holdings, they are assigned a certain percentage of voting power. With this power, they participate in taking decisions and running the metaverse. This is done by proposeling policies and organizing voting on them as well as other issues like updates, upcoming LAND auction, regulations on building and so on.
Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
Step 1
Pick the option play using wallet on the page.
Step 2
Select the type of wallet you want to connect with. In my case I picked Metamask wallet.
Step 3
I selected how I want to connect the wallet either through a browser or through the app. I liked the wallet app option.
Step 4
Install the app in a device. Click the option to install.
Step 5
I was redirected to he Metamask wallet apple in my device and it landed in the opening page.
I'm going to look into the Decentraland Metaverse.
This is, as I already mentioned, one of the most incredible projects. It has a number of unique features and user interfaces. When you first visit the site, you will be directed to the landing page, where you will be asked to get started. Two buttons appear when you click this option. The first is play using your wallet, which allows you to explore the gaming options, and the second is play as a guest.
BUILDER
Here, a person can utilize his or her LAND to build unique articles in the metaverse. There are many different building tools and three-dimensional items to use. This tool can be used by a user to develop something artistically in his or her space.
Other user's work and creations can be found here as well.
MARKETPLACE
In Decentraland a marketplace exists Many users would be interested in exchanging their valuables for tokens. One can conduct business in this location. There is a catalog of auctioned things here. Here you'll find a selection of the NEWEST ITEMS as well as the LATEST LISTING. This list includes a wide range of goods, including clothing, LAND chunks, names, and more. Their costs are also listed. Users may choose which things they wanted and then purchase them.
DOCS
This is where all of the project's documenta are shown. There is a list of protocols used, as well as the technology used and the functionalities available. The components of the metaverse are briefly described and explained in this section. This DOC section can provide users with instructions on how to access and use these various functionalities. There's also a list of the project's social media handles.
Every user is welcome to join the platform's Telegram social media group. This is shown by an icon in the top right corner of the page.
- EVENTS
Users have the opportunity to create events, gaming sessions, music concerts, giveaways, art exhibitions, and much more in this virtual environment that allows them to create and construct. Users can find those events and participate in them in the section. Users can also host their own event and share it with the rest of the community.
- DAO
The metaverse's governance structure is the Decentralized Autonomous Organization. This page contains information on this organization, including its functions and strengths. The purpose of the DAO, its responsibilities, and how it operates are all explained here. There is a section on this page where a user can vote for policues that have previously been proposed. This entity is governed by an SECURITY ADVISORY BOARD, whose job it is to ensure that the metaverse is secure and that a high-level firewall is in place. As a result, the DAO is guided by the board on numerous action plans.
If a user selects the voting option, they will be directed to a page with a list of things for which voting is being held.
- BLOG
section for Decentraland. There are publications, articles, and news items about the metaverse in this section. Authors generate articles about items in the metaverse as well as the metaverse itself in this space. There are committee reports, documentation of the question-and-answer session, and notices of modifications, among other things. There's a drop-down menu for checking out the blog's authors.
These are some of the features available on the Decentraland metaverse
Conclusion
The metaverse is really an exceptional technology which has come to stay and we we believe it will bring so much innovation to the world at large in the nearest future.