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It seems as if the virtual world is always reinventing itself these days, and the latest evidence of this phenomenon is “the metaverse”.
This is a term that many people became aware of when they noticed Mark Zuckerberg (of Facebook fame) touting it as the next big online thing, although his ambitions in that direction haven’t gone too well.The thing is though, there is just one metaverse.
The concept is sound, but at the end of the day everything comes down to the execution, and if you want an example of great execution then look no further than Swiss company DecentWorld. It’s taken the market by storm thanks to its unique proposition: selling real estate as NFTs.
You can think of such metaverse projects as taking their inspiration from the real world or having a foot in both camps.
DecentWorld’s idea is to act as a window on a virtual real estate world, but instead of users just zipping around looking at properties (and maybe checking out what their neighbors’ houses might be worth) like they would in Google Maps, in this world they can actually buy and sell them! There is real money at stake here, and real money to be made.
What Will the Metaverse Be Like?
A metaverse is a network of 3D virtual worlds that focuses on connecting people socially. The idea behind it is that people can put on their virtuality headsets and spend time with other people in 3D environments.
The immersive nature of the experience is one of its most thrilling and potentially useful aspects, but it also poses many challenges to developers.
Today’s Internet wasn’t built to accommodate so much concurrent activity. It runs on individual servers that communicate with each other as and when required, but a properly functioning metaverse will require reams of always-on connections and infrastructure of next-level complexity.
But fear not, because blockchain technology has shown up at just the right time with decentralization and community participation at its very core.
Undoubtedly, Web 3.0 networks, cryptocurrencies, and NFTs will be the innovations that underpin the metaverse.
A lot of projects seemed to have come along and put things on the blockchain just for the sake of it, but with the metaverse is easy to see that this is a marriage made in heaven.
The idea of creating virtual worlds has been around for ages, but blockchain technology has finally made it viable. Many projects are putting things on blockchain just for the sake of putting things on the blockchain, but DecentWorld is basing its metaverse on this substrate because it is ideal.
DecentWorld offers its users a virtual copy of any street in the world that they can buy as an NFT and have the certificate to prove it.
Creating such an immensely detailed experience as the metaverse is more than anyone company can pull off. The next iteration of the web is going to need incredible interoperability of content, data, digital artifacts and assets throughout.
At the moment, the Internet works because of mutually agreed standards and protocols for communications, presenting visuals, loading files, graphics, and data. But The Metaverse is going to need vastly more complicated standards to take care of interoperability across platforms.
Success in the world of video games has demonstrated that nonfungible tokens can be used to exchange virtual goods and generate value for users.
That’s why there is so much excitement around using them as a building block and indeed a springboard for this metaverse.
DecentWorld’s creators see NFT technology as the ideal doorway to this new realm. Users will need to own one-of-a-kind digital items in order to participate in the new virtual communities.
Underpinning a Fully Functional Economy
The metaverse will be a fully functioning economy that gives people and companies the power to build, invest, sell, own, and be paid for various tasks that generate real-world value.
This has the potential to create huge numbers of job roles that don’t even exist yet and also update the way that resources are monetized.
The gradual shift of consumers towards virtual services and goods will exert a great deal of influence, changing the nature of everyday lives and economies.
At the very least it will cut down on the need to commute! This sounds flippant but is actually a serious point, as it will be better for the planet while enabling workers in the remotest of locations to still participate in a high-value economy.
In the world of gaming, we saw that players would devote a working day to gathering digital assets for subsequent resale.
DecentWorld’s aim is to establish its own economy with similar benefits. It has a dynamic system that lets everyone purchase, collect, resell, or stake streets to produce yield.
That’s what keeps the metaverse moving. Just as in the real world, if you take part then you receive rewards. It’s exciting to think that this new world may bring us to a tipping point, a transformative point after which there will be no going back.
DecentWorld is based in Switzerland. It is a virtual real estate platform that uses blockchain technology to create an innovative web3 experience. The platform lets its members buy and sell streets as NFTs and bundle them into Collections. Complete Collections start to generate yield automatically, and this builds up and is shared at regular intervals. Using modern security features, DecentWorld also represents trust and transparency in the blockchain industry.