DeFi
September 28, 2022
What is Token Burn and it's effects on price
An A-Z guide on token burning and how it is largely impacting the cryptocurrency industry.
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Like the internet was a thing of the future back in the 70s, something nobody knew how it will turn out in a few years or decades but still having a hype to it, nowadays, it's the Metaverse. Metaverse is a very vast topic and it could contain a lot of things.
It could be difficult to understand what metaverse is if you are hearing of it for the first time but a lot of people who are a part of the crypto world would have heard of it and know its meaning. It covers a lot of things like virtual realities, digital economy, virtual identities, etc.
A lot of things like that, when combined together, form the metaverse. It can include an infinite number of things in it. This article would help you understand what the Metaverse is and how it affects the crypto world.
Metaverse could often be confused as the internet but that is very far from the whole truth. You could say that the internet made the metaverse possible but it is in no way just that, it is so much more.
Metaverse is basically a reality away from the reality that we all know. It is something that is created using a lot of things like the internet, digital money, etc. The metaverse is a universe that you would not be able to tell from the actual one if you were too absorbed in it. Although, don't worry, it will be a while before something akin to the Matrix becomes reality.
The metaverse lets everyone in the world connect to each other and interact. With the internet, you are simply an observer but with the Metaverse, you become part of the thing that you were merely observing before. The metaverse enables people to share a virtual space with each other.
You can't just use the metaverse for things like games or exploration but also for things like studying, working, etc. Because of how attractive the concept of the Metaverse is, billions of people are going to get involved with it sooner rather than later.
That is also the reason why the Crypto world can benefit from it. But so long as the Metaverse does not become a reality, it needs ways that will help make a lot of people aware of its presence and that is where Cryptocurrency comes in.
The augmented reality world has opened doors for many new opportunities. People are believing in Metaverse, but the main concern is security. Data security is the concern in many cases, mainly when you shop in metaverse and share your personal details there. Spending money in the metaverse can lead to a security breach if not handled well.
Here, crypto will play an important role in the metaverse. Introducing crypto will be a huge step for the crypto world . Along with resolving issues, metaverse really needs cryptos, as the popularity of crypto these days can give a good start to the platform and many crypto users will happily join metaverse just because they can use crypto in metaverse.
Let’s look at the options that will help the metaverse and on what region crypto will improve the platform.
The plot of the metaverse data breach is that you'll contact many strangers in the virtual world and will shop and trade, over here hackers can easily hack the system or your transactions. Here, blockchain will be the hero, till date blockchain is said to be unhackable and immutable. What metaverse needs is a system like Blockchain on board to assure the protection of users.
Metaverse will need their platform to be powered by such a system which can assure the security to users, mainly when their money is being transferred. Hacking systems has become a frequent activity now, apart from crypto there are very few platforms that can keep hackers away. This newly built metaverse would like to engage their users through crypto and on the other hand crypto will pump Metaverse in terms of advertisement.
Blockchain coming in the metaverse will increase the security and safety of your crypto and will instantaneously confirm information. For the world of virtual reality, Crypto would be the most significant part of it, the system can easily rely on it, you can say blockchain at a point is necessary in the metaverse. It could guide us to how this metaverse world will run.
Transaction is the part where users would be more dicey of, you have to build the trust among the users and ensure that their transaction will be completed. Building a new full proof payment gateway will be a headache for any platform, because in its first version it will definitely have few bugs. This can easily invite hackers to the feast.
Here, blockchain would be the passway through this issue, the reason metaverse will need to make users confident enough to believe that their transaction will complete and give the feel while the transaction that they are performing it in real world.
As crypto has been running for a long time now, building a familiar interface is an obvious thing in crypto space. As the crypto works on transparency and traceability, it will grow the platform and will help to build a larger community. These factors will assure the users about their funds and can help them to easily trust the platform.
Crypto can easily provide the users to perform their transaction easily in the virtual world without breaching the security. It will provide total transparency to users and complete their translation efficiently.
NFTs are non-fungible tokens that are bought and sold virtually and they represent the ownership of a digital piece of art or any other thing in the digital format on a blockchain. Because of how a blockchain is decentralized, it offers a huge amount of possibilities to the Metaverse.
As metaverse comes with a number of possibilities itself, combining these two things will only lead to more amazing things in the future. NFTs can already be considered a part of the Metaverse because of what they are at their core.
A lot of people and companies have understood the importance of combining the metaverse and NFTs and hence, a lot of new projects have come into light that will work on capitalizing these 2 things together.
NFTS would help in shaping up the metaverse as they can be used as deeds for virtual properties. NFTs have the smart contract functionalities and that'd help in the trade of real estate as well. NFTs can also work as rewards or as the means to airdropping branded merchandise to some people.
NFTs would help in creating a transparent economy in the future with the help of metaverse as well as offer a new way of socializing. It can also give rise to a lot of new trends that the people of the future would love to invest their time and money in.
No doubt the metaverse is one exciting and thrilling concept we all are looking forward to. But the grass is not all green. So far we have seen what exactly the metaverse is, what it means to us and how cryptocurrency is going to contribute to this whole new universe.
Metaverse is a digital world or say the world of the internet and everything you do on the internet requires some level of mindfulness. Therefore, no matter how promising and exciting the idea of metaverse might sound to you, there are a few key factors that you should be aware of.
Let’s begin with something Facebook/ Meta is infamous for.
One of the main and probably biggest concerns about metaverse is the data of users. As it can be seen from the past records, Facebook hasn’t done anything worth appreciating when it comes to handling data or respecting the privacy of users.
Currently, we are living in a world where most of us live two different lives. One in the real world and one on social media. However, we are still in control of what we share on social media, what we want to express, and how we want others to see us. Basically, we are in control of our data and privacy to some extent.
Whereas in the case of the metaverse, the virtual world we are talking about is not going to be much distinct from the real world we are currently living in. It is going to be an overlap of this new universe and our existing world. People are going to spend more and more time inside this virtual world.
What it means is, the company will have the data not only about your digital avatar but they will have access to everything you do online, people you interact with, activities you do and much more. Thus, we would have to trust the company for our data.
Now, what does metaverse have to do with our mental health? Well, pretty much everything! So far as the idea of the metaverse is being presented it is safe to say that we will be having our own versions of personal worlds inside the metaverse.
A personal world where one would get to see only things they care about or opinions they believe in. Whereas, the world you live in will be different from another person and exactly like the way you want it to be. At first, it might sound like a great deal and not so bad but there’s another side to it.
As people won’t necessarily have to listen to the opinions which are different or opposite to what they believe, their minds will be limited to certain beliefs and thoughts. People will become more conservative and eventually will affect the way they live and interact with people in the real world.
We all are living in a world that is growing and evolving faster than ever. The world is changing and so is the way we live. The metaverse is just one aspect of it and whether you agree or not it is fascinating.
We have tried to make the concept of metaverse a little simpler and we hope by now you have a good understanding of it. We have seen that cryptocurrency is going to be one big aspect of the metaverse. If you haven’t yet hopped on the train of crypto, check out our other articles about the same.
Also, we have seen what are the factors we should be concerned about. However, it does not make metaverse any bad. The metaverse is just opening and as more and more companies and people join this universe, we would see solutions to those problems as well. Do let us know what you think about metaverse in the comment section.
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