1). Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence.
Anyone that has seen movies like Ready Player One, is definitely excited and thrilled about the Idea of a metaverse that can give us the opportunity to interact with people in a virtual world. A metaverse virtual reality world will be one of the most complex things built in our world today.
To be honest, the metaverse is actually far more than just a virtual reality. Today, virtual realities are mostly just employed in gaming. The metaverse however will entail a lot more including, even working, gaming, trips, site seeing and a lot.
The metaverse takes the idea of the internet to a whole new level. In the future, we dream of a place where you get to meet and interact with people on the internet without leaving your home.
There are a lot of metaverse projects out there that are waiting to just make the future more exciting. Let me tell you about a few meta projects and some things they’ll be doing to take technology a whole new level up.
The metaverse project meta hero will provide 3d scanning that can scan people as avatars and scan and physical objects in the real world into the metaverse world. This metaverse project could allow you to scan yourself and play as your character in ps and Xbox games like GTA. Isn’t that mind-blowing?
Also the metaverse project Bloktopia is a 21 story skyscraper and will allow people to own and lease real estate, learn and earn crypto in the bloktopia metaverse. Popular exchanges like Binance and KuCoin have already secured their spots. This project brings the concept of real estate in the future to a whole other level.
Most importantly, facebook’s meta will allow us to perform social interactions like hangouts and even virtual meetings. This will redefine the world of entertainment and business and bridge the gap between the physical and virtual world.
2). Explain why Metaverse and Blockchain are compatible technology pairs.
It is not mandatory that all metaverses be built on top of a blockchain. Some metaverses are built with other technologies. However, a metaverse shares certain features in common with blockchain. It these common features that make them compatible.
Decentralization
Taking a look at both technology pairs, the metaverse and blockchain are all free from centralized control. No single authority runs either the metaverse or blockchain, but each user of these technologies has a say in how the system is run and takes part in decision-making involving the development of the blockchain or metaverse. Because of this compatibility, a metaverse can be built on top of a blockchain or a blockchain can be integrated into a metaverse. For example, the Bloktopia metaverse is built on top of the polygon network.
The Use Of Cryptocurrencies
Blockchains use cryptocurrency for transactions and to pay transaction fees. In the steem blockchain, we send and receive money in cryptocurrency STEEM. In metaverses, in-game purchases do not use fiat currency but use a digital currency called cryptocurrency. In metaverses like The Bloktopia Metaverse, for example, the token BLOK is the only token to be used for payments and real estate purchases if you want to interact with the Bloktopia Verse.
NFT Use
In the real world, real estate and assets bought with physical currencies have receipts or documents that can prove your ownership of these items. In the metaverse and blockchain universe, things operate a little bit differently when it comes to proving ownership of digital assets. It is for this reason we have NFTs. NFT stands for non-fungible token and basically proves that you’re the sole owner of an asset. This technology is already being utilized by blockchains and will definitely be useful in the metaverse. If I were to purchase a land or building in Bloktopia, it will be recorded on a blockchain that I am its sole owner as proof that it really is mine.
3). 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)
Decentraland
Decentraland is a virtual game and real estate metaverse. It allows users play games as well as buy land and build in the metaverse. On Decentraland, users can create and monetize content as well as own land on the blockchain-based ledger of parcels. Real estate and in-game purchases are carried out using the native crypto MANA, which is an Ethereum-based token(ERC-20) and LAND which is ERC-721 token.
It was created 6 years ago in 2015 by Estaban Ordano and Ari Meilich. Upon its beta launch 2 years ago in 2019, real estate NFTs on Decentraland sold as little $20 spiking to more than $100,000 between 2020-2021 when NFT value tripled.
Decentraland has the following key functionalities.
Explore
You can explore the lands owned by other users here and see the beautiful structures they put up on their land. Decentralized runs beautifully wild with beautiful scenes created from the minds and imaginations of the community users.
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Create
Decentralized lets both beginners and experienced creators fill it with creations of all sorts using the a simple builder tool. Members of the community can create art, social games and applications.
Trade
To own things on decentraland you have to buy them. And what’s the point of owning something if you can’t sell? On decentraland, you can buy and sell land, real estate and avatars wearables.
MANA Tokenomics
Like mentioned earlier, Decentraland uses the MANA token for purchases. MANA started trading on 17th September 2017 and has been trading for 4 years now. MANA started trading at as low as $0.0259 since it’s launch on September 17th 4 years ago.
According to coinmarket cap, MANA At the time of doing this assignment at $3.88 with a 24-hour high and low of 4.35 and 3.87 respectively. Mana is ranked #30 with a market cap of $7,080,946270 and 24-hour market volume of $2,925,194,589. It has a circulating and total supply of $1,824,627,935 and $2,192,992,927 MANA respectively.
MANA had its all time high at $4.69 on October 30th,2021. Currently, it’s all time low is currently at $0.007883 on October 13th, 2017.
Where can you get MANA?
We can trade on some of the most popular exchanges like Binance, Coinbase, KuCoin, Poloniex, Huobi and FTX.
4). Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
I will be connecting my Metamask Wallet to Decentraland and this is how I do it.
- First, I visit decentraland
- Then on the homepage, I click on
Get Started
- On the next page, I click
connect walleton theplay using your walletoption.
- On the next page, I select my Metamask wallet since I want to connect to my metamask browser extension wallet.
- Then I click on
Next
- I click on
Connecton the next page.
- Next, I click on
Sign
- Finally, my Metamask wallet is connected.
5). Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
Exploring Features of Decentraland
After successfully connecting Decentraland to metamask, I go-ahead to first explore the genesis world. I have to say I smiled when I saw what the genesis world looked like and even though I have been reading and writing about the metaverse, this first-hand experience got me excited for the future.
Then I went back to the decentraland homepage to explore more. On the home page of decentraland, features of the metaverse I’ll take them one after the other.
- Market Place
In the marketplace, artifacts and items are categorized based on different classes. We have the newest items, latest listings and parcels and estates. Users can search for, purchase and sell items using these categories.
- Land
Here, you can find information about which area of land is owned by who and how large the area is ranked on decentraland.
- Collectibles
In this section is where you will find artifacts, items and antiques of value to collectors and are collectively called collectibles. These spread out from items that can be worn(wearables) like T-shirts to accessories like a shiba backpack or ragdoll backpack.
- My Assets
Like the name suggests, this is where you will find your assets, collectibles, antiques. If I owned any lands, items or collectibles, they would show here. My creations would also show here if I created anything.
- Builder
With the builder, you can turn your creations into life on decentraland. Build lands and other stuff using the builder. If I want to build a land or name, I click get started and I enter the name of what I intend to build and provide a small description of it.
- DOCS
Over here is where you can read to get information about decentraland and cryptocurrency in general. You can read about general information for players, how to trade tokens on decentraland, learn to build and share your creations, and learn how the blockchain works.
- Events
Events serves users information about trending events organized by other users of the platform.
- DAO
This place is where MANA holders can participate in governance via voting. Yes Decentraland allows users to participate in governance, but only users holding MANA.
- Blog
Finally, this is where users get articles containing announcements and updates of the decentraland platform.
Advantages of Decentraland
Decentralization
Decentraland is not controlled by a single authority but by the MANA holders of the community who can participate in governance. This is just like in blockchains where users stake their coins for voting rights. However on decentraland, users simply need to hold MANA to be able to vote.
Customization
On decentraland, land owners who have more money or funds can expand their territories and further customize their property in ways that will beauty it by setting up more structures on the land.
Monetization
Properties and creations of users of decentralized can be sold for MANA. Users who also have NFTs and Land have the advantage of being able to trade them for MANA, the native token of decentraland.
MANA Can Become Part Of A User’s Portfolio
It has been established that Decentraland users need token MANA for transactions. The MANA token earned from creations or from NFT sales can be withdrawn to exchanges as part of our crypto portfolio or converted to physical currency.
The metaverse is the next direction of technological advancement. The COVID period in particular showed us a lot of reasons why we need to shift to the concept of virtual worlds and virtual interactions.
The metaverse is not only going to improve social life through games and virtual interactions but through its use of cryptocurrency is boosting and advertising crypto especially metaverse crypto like SAND, MANA and BLOK.
CC:prof #wahyunahrul