The term “Metaverse” has seeped into our daily vocabulary, thanks to the rapid evolution of technology. Conceived in the 1992 science fiction novel Snow Crash, the metaverse signifies the coexistence of people in a 3D virtual world with their digital avatars. It is regarded as the convergence of virtual reality, augmented reality, and video technologies. With the widespread adoption of the metaverse concept, metaverse projects have started to capture increasing interest.
In the tech industry, Metaverse is defined as a virtual realm where individuals can interact, participate in games, and explore together. This technology will offer businesses an easier way to engage with consumers and execute sales. Moreover, users in the metaverse will likely generate and sell products in this virtual domain.
Many entrepreneurs are developing metaverse projects, which have sparked considerable interest. These projects offer a glimpse into the future of the internet. Examples of such metaverse projects include Decentraland Mana, Axie Infinity, Sand, Enjin, and Star Atlas.
Among the various metaverse projects, Mana is a 3D virtual reality platform that contains 90,601 parcels. These plots are available for purchase via NFTs on the Ethereum virtual reality platform, making Mana an Ethereum-based virtual reality platform.
Enjin aims to mitigate the high fees and fraud that impede the transfer of virtual in-game items and NFTs. The platform’s cryptocurrency is called ENJ. With the Enjin Network, users can establish websites and clans, and create virtual merchandise stores for interaction.
3.Axie Infinity (AXS)?
AXS is an online game based on NFTs. Its players, known as “Axies,” collect, nurture, and combat digitized creatures created as NFTs. New players must purchase three Axie Infinities to begin the game. This platform operates on the “play to win” concept.
4.The Sandbox (SAND)
The Sandbox platform empowers users to construct their own world. Its name originates from its cryptocurrency unit, Sand. This blockchain-based platform emerged in 2020 as one of the metaverse projects.
5.Star Atlas (ATLAS)
Star Atlas is a space-themed strategy game set in the year 2620. Within this metaverse, where the currency is ATLAS, players can buy and sell NFTs. Star Atlas runs on the Solana blockchain and is supported by cryptocurrency exchanges such as FTX and Sarum.
The Relationship Between Metaverse and Businesses
Meta, formerly known as Facebook, has initiated significant investments in virtual reality. Users are expected to create a life for themselves in the virtual world through activities like traveling, working, and entertainment using VR glasses and digital avatars on the Metaverse. According to Meta’s CEO, Zuckerberg, the Metaverse will supplant today’s internet, and metaverse project software will take center stage.
Zuckerberg also stated that he envisions a more immersive internet experience, which he refers to as the Metaverse. Meanwhile, Microsoft is developing a Metaverse app called Microsoft Mesh that blends augmented reality with virtual reality.
Epic Games, the creator of Fortnite, has invested in building the Metaverse. The Roblox online gaming platform has collaborated with the skateboard sneaker company Vans to establish a virtual world, “Vans World,” where players can engage with Vans apparel and accessories in a virtual skate park.
Metaverse Labs and the Perception of Touch
Meta aims to establish the Metaverse as an alternate reality and is developing new tools and equipment at Metaverse Labs to facilitate this goal. Recently, the company has been working on a glove that provides realistic tactile feedback to users. The aim is to provide a novel experience to the user with gloves that interpret and reflect hand movements.
Imagine working on a 3D puzzle with ultra-realistic 3D avatars while wearing these gloves. As you pick up a virtual puzzle piece from the table, your fingers will cease movement, giving you the sensation of holding the piece. As you inspect the piece up close, you will feel the sharpness of its edges and the roughness of its surface.
According to Sophie Kim, UX research science director, simply combining touch with a tactile signal and a few visual and auditory signals effectively convinces the brain that it’s holding a real object.
How Do Metaverse and Cryptocurrencies Interact?
While the 3D aspect of the metaverse may seem akin to the gaming world, the metaverse encompasses all aspects of life in a virtual environment. Cryptocurrencies could provide vital aspects such as digital proof of ownership, value transfer, governance, and accessibility. Given that metaverse projects would facilitate work, social interactions, and the need for a secure way to demonstrate