Even if you aren’t particularly into technology, it’s more than likely that you’ve come across the Metaverse. Thanks to the innovations in Web 3.0, the entire Metaverse will be a decentralized platform with a blockchain-enabled economy and crypto-based assets.
Being a crypto enthusiast, you may have the edge over the newcomers to the Metaverse. However, before we dive into how you can use your favorite cryptocurrency in the Metaverse, let’s go over the basics of this platform.
What is the Metaverse?
The Metaverse is known across the world as Mark Zuckerberg’s brainchild. However, it isn’t a new idea in our world. Similar ideas can be found in fiction, most notably Ernest Cline’s Ready Player One.
The infinite possibilities in a Virtual Reality version of the internet have had tech enthusiasts excited about its creation. However, it is also going to be connected to our world as well via Augmented Reality. It will allow users to:
- Visit various places via VR
- Meet and interact with various people
- Hold virtual conferences
- Shop in VR
- Have Celebrations
- Play Games
- Trade and provide services
Users will experience the Metaverse via their Metaverse avatar, which would be a representation of their virtual self. The Metaverse would be a place for people to set up virtual businesses, own virtual property, or even promote real-world businesses.
How Will Crypto Work in the Metaverse?
As you can see, the Metaverse will also involve activities requiring monetary transactions. Being a decentralized platform, the Metaverse will require its users to make purchases in Ether or other cryptocurrencies.
Moreover, everything you purchase or own in the Metaverse will be an NFT or Non-Fungible Token. These NFTs will allow users to maintain the authenticity of everything they buy and own in the Metaverse.
For example, if your Metaverse avatar gets a new outfit, it would be an NFT linked directly to you. You would need to either purchase it via your cryptocurrency of choice or win/earn it within some activity.
Apart from this, you could even visit virtual malls in the Metaverse and browse items you would like in real life. You can pay for the object in crypto, and it will be delivered to your real-world address.
What Kind of Crypto Wallet is Needed for the Metaverse?
The requirements for a user-friendly bitcoin wallet in the Metaverse are not very strict. This means that most of your existing crypto wallets would work just as well in the Metaverse.
However, it is important to ensure that your crypto wallet supports at least one of the following currencies:
The Metaverse is coming, and it will be one of the wildest things invented by humans so far. If you’re lucky enough to have experienced crypto trading before this, you would likely make the best of this new platform.