Talks about the metaverse and the play-to-earn gaming model are all the rage right now, given the popularity of NFTs and cryptocurrencies.
A metaverse is a digital space that includes user-created content and social interaction. This is a virtual world in the digital realm that allows each user to not only interact with it but also create content that influences that immediate digital environment. Each world in the metaverse is interconnected and persistent, just like our own universe.
Origin of the Metaverse Concept
The idea of a social, immersive 3D cyberspace was first proposed by Neal Stephenson in his 1992 sci-fi novel "Snow Crash." When Stephenson described it as a virtual world, he picked the word "metaverse" because it's a synonym for the term universe. Now, over 25 years later, supporting technologies such as blockchain and virtual as well as augmented reality devices have advanced enough, and now we're on our way to building Stephenson's vision.
A common analogy is the comparison of the web to a series of tubes. Each tube contains information about people and places all over the world that you can access from your device. Just as the internet is a series of tubes, so too is Stephenson's metaverse.
NFTs in a Metaverse World
NFTs are the focal point of the metaverse, and for a good reason. NFT enable ownership in a digital world that mimics the real world. For instance, your identity in the metaverse can be represented by an avatar made in the form of an NFT. This allows you to have a unique tamper-proof identity in a virtual world. Your avatar can be designed through a combination of your preferred characteristics, including race, hair color, etc.
Play to Earn in Metaverse Gaming
The concept of play-to-earn in the metaverse is facilitated by NFTs. Metaverse-ready gaming applications can use NFTs to build in-game assets with real-world value. Players who earn these NFTs through gameplay can later cash them out for real money. For instance, you could be the owner of a unique skin that is fully owned by you and not some centralized gaming company.
The value of the NFT would increase with time as more people start playing the game and want to own a piece of it. You can then trade or sell your NFTs to gain more money.
NFTs are the key to building out the metaverse world envisioned by Neal Stephenson. While the metaverse can be used beyond gaming, play-to-earn is the future of gaming, and the prosperity of NFTs will lead to greater awareness and adoption of this gaming model.