The Features of a Metaverse

The Features of a Metaverse

The metaverse, a vision of an internet-enabled virtual world where people have avatars and interact with digital assets and even corporeal objects with augmented reality, is developing rapidly as blockchain technology evolves. (source: Bloomberg)

The word metaverse is derived from "meta" and "universe" and means "beyond the universe", a world behind what we know. It also includes the idea of having one interconnected coherent space. Naavik´s team defined the metaverse as “ a persistent, live digital universe that affords individuals a sense of agency, social presence, and shared spatial awareness. Along with the ability to participate in an extensive virtual economy with profound societal impact.”

The possibilities offered by a metaverse are vast. We are now at a turning point in time where movies like the Matrix, Avatar, or Ready Player One are not far from reality as blockchain technology is developing at a rapid pace. One could buy a spaceship and fly to Mars. Moreover, the spaceship, crew, and gadgets used can be bought, traded, lent, and borrowed in both worlds with real money and property enabled by NFTs.

Most interesting metaverse features:

  • Highly social in digital realms
  • Synchronous and persistent technology
  • Massive in size
  • Endless opportunity for scalability
  • Interoperability between systems
  • Individual content creation in form of NFTs
  • Bridging reality and digital worlds

Crypto Meets the Metaverse

To understand why these concepts fit together very well, we recommend reading our article on NFTs, as they provide the fundamental infrastructures that will drive the development of the metaverse and its core functions described above.

As NFTs enable a new form of digital and transparent ownership, they will drive the economy within metaverses and even connect them to the real world to enable efficient trading of metaverse assets on global markets.

The most developed metaverse concepts

Reef’s Strategic partnership with Realm

Realm, a play-to-earn Metaverse, is building on Reef Chain. Realm is a community-driven open-source project to create personalized metaverses. As a multichain platform, Realm aims to create a new paradigm in the NFT space with living NFTs and magical realms.

Realm allows users to create and engage with immersive art and exhibitions, explore to collect rare NFTs and play games and earn $REALM tokens for mastering the realms. Users can also create their own realm by combining music, art, and games to create the perfect realm and mint it as an ERC-1155.

Reef and Realm’s collaboration will be very beneficial to the Realm Metaverse because building on Reef Chain will allow the Realm marketplace and platform to operate at lightning-fast speeds with near-zero gas fees.

Find out more about Reef and Realm’s partnership now

Conclusion

It is certain that the Metaverse technology will rapidly evolve being boosted by the rise of crypto, the gaming industry, and the creator economy.

All three trends get connected and optimized by the opportunity of real ownership via NFTs documented on a blockchain. Once the trust in this technology is established they will push users into the growing metaverse trends and the creator economy will experience even more growth in the future. If you’re interested in some virtual events, check out NFT Plazas!