Metaverse and Blockchain - Crypto Academy / S5W1 - Homework Post for @wahyunahrul
Hey Steemit!
I hope you all are doing well. Here is my homework post for Professor @wahyunahrul. I hope you guys will find this post interesting.
Q. Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence.
Many people think that creating a metaverse technology, which extends beyond our existing universe of clearly divided physical and virtual realms, would be a huge economic gain worth billions of dollars.
Social media and blogs ushered in Web 2.0 in the early 2000s, making it more interactive than Web 1.0. Many technical trends are emerging and converging to create a Web 3.0 that is tactile and decentralized. These include virtual reality, 5G networks, blockchain, digital wearables, and even brain-computer interfaces.
They all contribute to the disintegration of the boundaries between real and virtual worlds. However, when it comes to the metaverse, it is essential to remember that it isn't just a collection of virtual worlds but a place where both the physical and the virtual are brought together via digital twins and mirror worlds and 3D printing.
The metaverse seems to have a conceptual reach that is infinite. Your neighbourhood, your town or metropolis, and even the whole solar system will be included in this discussion. Additionally, it will serve as a testing ground for social, economic, and cultural change. Of course, there are those of us who have grown up in a digital world where everything is a game, but it's the digital natives who live in today's metaverse of Fortnite, Roblox, and Minecraft who are most likely to succeed in the future metaverse.
Q. Explain why Metaverse and Blockchain are compatible technology pairs.
In Metaverse, the economic system is implemented in large part thanks to the use of blockchain technology. Without blockchain, the economy of Metaverse will ultimately be dominated by someone. Metaverse resources and products cannot be valued or exchanged in the same way as the actual economy if the community doesn't support the blockchain. With the advent of NFT-based blockchain technology, the Metaverse was further awakened and energized. Web 3.0 and Blockchain 3.0 have made Metaverse a reality for the globe at large.
Individuals may appear in the Metaverse by scanning themselves in 3D or by changing themselves into avatars. Metaverse characters, and not simply video game characters, are recognized as entities that resemble clones. People in the Metaverse build things other than their avatars to exhibit their individuality there. This is shown using the blockchain's NFT technology.
This last year has seen a dramatic rise in the use of blockchain technology. Many individuals are utilizing it, as well as a wide variety of businesses and organizations are developing their businesses on Ethereum and other blockchain networks. As a result, our proto-metaverse is being affected by technology in a variety of ways.
Non-fungible tokens (NFTs), many of which are issued in conjunction with works of art, have had one such effect. The "NFT metaverse" exhibition was established this year by Sotheby's, one of the world's most prominent auction houses, who saw the potential of this invention.
In Decentraland, the first decentralized virtual environment, Sotheby's London headquarters has a digital representation. By 2021, the virtual gallery will have an entrance with a digital avatar of its London commissioning agent Hans Lomulder to greet visitors, according to a June 2021 piece.
Digital fashion is another area where NFTs play a role, with users buying stuff to style their avatars. When Balenciaga unveiled its autumn collection this spring, for example, it was presented as a playable video game. Roblox also offered a Gucci Dionysus bag digital counterpart for almost $4,000, which was more pricey than the actual bag.
First-hand accounts like this show how the virtual economy might be transformed by decentralized technology. This fledgling metaverse may benefit from the ideas of blockchain technology if we can incorporate them into its basis.
Q. Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project (Don't choose projects that have been discussed in the discussion above). (Screenshot Required)
RFOX VAULT
Redfox Labs built this to offer retail shopping to the Metaverse. According to them, they are the first blockchain venture builder in Southeast Asia. For land and digital assets, they primarily use the RFOX token as a means of payment, and for incentives, they use the VFOX token.
For what reason do I believe it's so special? I'm not saying they're the greatest, but there will be more fashion houses, streetwear brands, and entrepreneurs in the future. In the Metaverse, you'll be able to shop for your favourite items. I'm not suggesting that the Metaverse is their only store; they'll presumably have a physical store as well, but you'll be able to shop there, and there'll be a lot of incentives to do so, like discounts and special drops.
You'll be able to communicate with the artists, the founders, and the whole community. There are many possibilities in the Metaverse for those who are interested in fashion on a physical level. It's possible to have numerous galleries, various businesses, and it may be updated regularly. Consider it.
What if every time you walked into the shop, something new was waiting for you. One hour was all that was available for you to get your hands on the blouse or jacket you wanted. That's what's going to be enormous, and it's going to be highly exclusive.
Q. Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
These are the following steps to connect your wallet to RFOX:
Step 1: First of all, go to the website of RFOX . On the top right there will be a connect button, click on it.
Step 2: In my case, I am choosing MetaMask wallet. You can select any other wallet too, which will be shown in the available options. So I clicked on MetaMask option.
Step 3: Enter your password in the password box and click on Unlock.
Step 4: Click on Next.
Step 5: Click on Approve.
Step 6: Click on Switch network.
Step 7: Our wallet has now been connected. You can check it by seeing the wallet address that is highlighted in the box.
Q. Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
The Sandbox
An Ethereum virtual world where gamers can create, control, and monetize their own gaming experiences have been created.
Disrupting established game developers like Minecraft and Roblox is the purpose of NFTs and rewards for involvement in the ecosystem, which is a non-fungible token (NFTs).
The Sandbox Metaverse is based on CoinGecko ranks The Sandbox as one of the top five Metaverse projects, accounting for 7% of the market.
The first and most important reason we like The Sandbox is that it provides a framework for creating virtual worlds and video games inside them. Using blockchain and smart contracts to produce content improves the user experience. For instance, the Sandbox Game Maker exemplifies this idea well.
There is also a program called VoxEdit that anybody may use to begin producing assets. Creating 3D assets would be an incredible experience. A user's NFT works may be published and sold via VoxEdit. You can find out how to use VoxEdit by clicking here.
It is possible to sell Assets on the NFT marketplace after completing them by placing a first selling offer. A "Main Hub soon" special experience is also coming to The Sandbox. People will be able to gather here and engage in conversation.
We're pretty sure you've seen "The Walking Dead." There is the only reason why this franchise has purchased the property in Sandbox. Please read this guide if you're interested in buying property in the "The Walking Dead" area of the game.
Is this metaverse becoming viral? Snoop Dog is in The Sandbox, one of the first signs. A special NFT collection allowing him to conduct live concerts and engage with gamers will be available.
The Sandbox's native token, $SAND, is used for all transactions. By doing so, they may have access to our platform and take part in activities such as gaming, wagering, and earning points and awards. SAND tokens are traded on over 20 different markets. These include crypto.com, Bittrex, Kraken, and Polionex.
Getting Involved in Sandbox Activities
By the end of 2021, the Sandbox will be ready for use. However, OpenSea now allows you to purchase a parcel.
Early access to Season 0 events is being reserved for Landowners first. In the future, more participants will be allowed to participate on a pre-registration basis.
Visitors visiting The Sandbox's official website will need to go to the Maps section. On the first day of the activities, the majority of the map will be obscured by fog. After that, events and activities will be enabled in a timed manner during the event's duration. SandBox Marketplace also offers a large range of NFTs for purchase.
The Sandbox can provide the following advantages:
- Ownership
The player who possesses assets is entitled to ownership rights on the blockchain. Using tokens, any asset may be traded at any time and in any way the owner desires. Even if the game is cancelled, the asset's owner will retain ownership rights.
- Immutability Security
The NFT gaming assets are protected and immutable, thanks to blockchain technology. In addition, tokenization and trading of all assets in the crypto market provides more protection than in the non-crypto market, where more valuable things are vulnerable to fraud or theft.
- Trading
Unlike other cryptocurrencies, gamers may manage their gaming assets on blockchain gaming platforms just like any other crypto token. In addition, there are no restrictions on how these assets may be traded between users.
- Incorporating several systems
Assets, avatars, lands, and other game objects will be unrestricted and may be used in other games that allow for their use.
Conclusion:
For the most part, the metaverse may be summed up as a 3D virtual world where users can communicate with each other via the use of avatars. In a metaverse, it might seem like you're living in the actual world. User avatars let them accomplish various activities online that they couldn't do in the real world, including work, play, and commerce. In another term, the objective seems to create metaverses that are as nearly identical to our worlds as possible. It's now possible to access many parts of the metaverse via services like Facebook's Horizon and Epic Games Fortnite, which provide virtual worlds for gaming.
Different types of metaverse exist, and they are not all equal. There will be a greater buzz about metaverses now that Facebook is rebranding as Meta. However, the name "metaverse" was not coined by Facebook, and it was not the first one to be used internationally. The term metaverse may be used in any 3D virtual environment that is permanent, shareable, and 3D. Do you remember Second Life?
Despite Facebook's Meta massive funding, there are already initiatives like Decentraland and Cryptovoxels run by decentralized web3 communities that use blockchain technology.
As a medium and proof of ownership, non-fungible tokens may be used for art. Thus, a metaverse-driven economy of digital art may be the future of network-based transfer.