Wednesday, October 5

What is the Metaverse blockchain and why it interests companies


The blockchain metaverse is the new internet that every business wants to be in. The metaverse is a virtual space where people interact with each other with their avatars. The idea of ​​metaverses has been with us almost since the beginning of the internet, with spaces like Second Life or Habbo. However, the introduction of Blockchain technology and NFTs have taken metaverses a step further, by allowing individual ownership and the creation of economies and markets. In the third quarter of 2021 alone, decentralized blockchain Metaverses generated more than $ 56.37 million in transactions.

Facebook will change its name to become a Metaverse company

What is the Metaverse blockchain

Metaverses were described by science fiction writer Neal Stephenson as alternate worlds to the real one. He did so in his novel “Snow Crash,” published in 1992. For Stephenson, digital worlds represent a space where characters can escape from reality and fulfill their fantasies. With blockchain, they have taken a step further, becoming places where they can develop an entirely digital real economy. In metaverses, users can monetize their talents, buy land, art, music, or trade in various items. In large part, thanks to the NFTs.

Facebook wants to stop being a social network to be a metaverse company

The importance of NFTs

Non-fungible tokens (NFTs) are unique assets that are used for the digital representation of a physical asset or a digital asset on the blockchain. Their main characteristic is that they are finite and that they have been designed to have unique and digitally verifiable properties. In metaverses they are a key piece, since it is the tool that connects the real world with the virtual one. In “traditional” metaverses like Fornite, if for example you need a car to move from one place to another in the game, there is the possibility of buying it with real money. However, when you get tired of the video game because a better one has come out, the € 10 you spent on the car is irrecoverable.

NFTs as a digital identity in the metaverse economy

NFTs allow you to recover that money. They even allow you to earn money with the investment. In a metaverse built on the blockchain, that car is purchased as an NFT and ownership of the car is in our crypto portfolio. It is the closest thing to having a car in real life. If you get tired of the game, you can sell the car as an NFT in the game’s own marketplace. Depending on the supply and demand, or even how you have treated the car, you can make or lose money from reselling it.

More interested companies

The possibilities provided by the monetary connection between the virtual and real world is drawing the attention of companies from all types of industries. Continuing with the previous example, when buying a car in the metaverse we could go with our avatars through the dealerships of the virtual world and see which car best suits our budget or expectations. For this reason, automobile companies will probably bid in the near future for parcels located in the best places in the metaverse. Parcels through which the largest number of users pass. Similar to how it happens in real life in Puerto Banús (Spain) or Beverly Hills (California). The most expensive car dealers will be on the best streets of the metaverse.

NFT and the civilized virtual worlds of blockchain pioneered by Baudrillard

The example of cars can be extrapolated to all types of companies. The clothing stores will start buying plots to dress the avatars with their clothes. In fact, a major Spanish textile group is already looking at plots in the different metaverses. This is already a reality with art galleries, casinos or nightclubs. Probably, in a few years, all companies will have their place in the metaverse, because metaverses are the new internet.

Companies that are already in the metaverse

Facebook, one of the largest companies in the world, announced in July that it wants to stop being a social media company to become a metaverse company. Just a month ago, he said he would invest $ 50 million in two years to start designing his own metaverse. What’s more, Mark Zuckerberg’s company wants to change the company name to start his new adventure in the metaverse from scratch. To carry out this transformation, it has also announced that it will hire more than 10,000 people in Europe

What is it and how is it to enter the Decentraland metaverse for the first time?

But Facebook is not alone. Some companies like Coca-Cola have already held parties in metaverse like Decentraland. Other organizations, such as the iconic Shoteby’s art gallery, also opened a replica of their London art gallery in the metaverse, where they auction off works of art as NFTs. Amnesia Ibiza, one of the best-known nightclubs in the world, celebrated this month with a great party in the metaverse of Decentraland the opening of its first completely virtual nightclub.

The future

The pandemic has left obvious traces in its wake and, perhaps, one of the most relevant consequences is having pushed social life towards the internet. In this scenario is where the metaverse appears and all the possibilities it offers. Like Spielberg illustrated in his film Ready Player One, in real life we ​​are the people we are, but in the metaverse we can be who we want to be. In the metaverse, there are creatures, houses, land, art, furniture, stories … Well, all these creatures, houses, land and stories will require goods and services. Therefore, little by little the metaverses will be filled with companies that will offer the goods and services that we need in real life, because real and virtual life are already one.

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