Metaverse and Blockchain - Steemit Crypto Academy - S5W1 - Homework Post for @wahyunahrul
Hello All Steemians !!!
Today I'm going to make my Steemit Crypto Academy Homework task by professor @wahyunahrul that talking about Metaverse and Blockchain. Very interesting lessons. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills. On this occasion I will try to discuss it.
Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence
Metaverse is a very booming technology in the digital world and is a trending topic in various media. It is undeniable, the involvement of the CEO of Meta named Mark Elliot Zuckerberg is one of the factors that makes this happen because of its great influence on current and future technological developments. Over time, technological developments are very significant and have a positive impact on all users in the digital world. All things related to everyday life are very close and closely related to the use of technology that has been very good until now for everyone.
In my opinion, Metaverse has the potential to raise the level of technology in the future with the effects and influence it brings in the digital and virtual world. The concept of this technology is an important point and the main factor that makes it more and more discussed in all corners of the world. This is evidenced by the concept that allows all users to interact and be directly involved in all activities that will be carried out in the virtual digital world. This makes all users connected to the internet able to carry out activities and are like in real life.
In this case, to support and make Metaverse run properly, it certainly takes a lot of things involved that have been developed by all parties. The use of a tool called Virtual Reality (VR) is an early technology that has just been announced to the public to introduce one of the foundations of the Metaverse. This tool is believed to be able to provide a real sense to all users through all the senses in the body. This makes life and activities that occur in the digital world will virtually feel like in the real world. This is exactly what happened in the science fiction novel called Snow Crash and Ready Player One which describes what happens in the Metaverse.
The development of the Metaverse has influenced several sectors of the digital world which has made it more attractive and has an increasing adoption rate. Its believed to bring positive impacts and changes for the better in the future. This can be observed from the following:
Social Media
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The change of company name from Facebook to Meta is one of the factors in the social media sector that has made Metaverse even more considered and has excellent potential to realize virtual interactions like in the real world for all users involved. This is a great innovation and initial push where this company has a great influence and dominance in the digital world especially in the social media sector.Cryptocurrency
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The development of cryptocurrencies is increasingly showing its positive influence and use in the financial world. The Metaverse project is considered one of the supporting factors that make many cryptocurrency market players interested in investing in many projects including those that are believed to have great potential in the future. This is a form of investment that many investors have been waiting for to get new innovations to invest in the cryptocurrency world.Gaming World
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Games are one thing that has always been the interest and need of many users in the digital world. The development of the world of gaming is growing and making it have high adoption for all users with different goals with Metaverse. There are various reasons why users play different games according to their respective desires, such as for entertainment, investment, earning money, try new things and others.
Explain why Metaverse and Blockchain are compatible technology pairs
Metaverse and Blockchain are a compatible technology pair because the functions and characteristics of both will complement each other to run the system and operation resulting in very good technology quality. In this case, Metaverse is very suitable to use blockchain technology which is already very well known in the digital world to manage systems that involve many transaction activities by each user. The combination of technology that has been created and designed in such a way by all parties involved brings innovation and good technological development.
Metaverse has 7 underlying layers where one of the layers is Decentralization. This states that the decentralized system is the system adopted by Metaverse and proves that blockchain technology has an important role here. In this case, Metaverse and Blockchain are a combination of technologies that aim to eliminate the involvement of a central authority and make all users involved have full control over everything that will be done. This is a very appropriate breakthrough where many users are interested in carrying out activities and transactions in the digital world because of the decentralized system.
Blockchain has an important role in terms of recording all transactions that occur on the Metaverse made by all users. Blockchain functions and characteristics will provide a high level of security and transparency. All transactions in the Blockchain system cannot be changed by anyone, so the possibility of manipulation or misuse is very small. The use of Blockchain especially in the cryptocurrency world is strong evidence that makes Metaverse and Blockchain suitable and feasible to be compatible to achieve goals and provide maximum results to users.
Non-Fungible Tokens (NFT) is one of the important points that every user should not miss. Metaverse and Blockchain compatible technologies make NFT a digitally based certificate and asset. This is to make the system run according to procedures where the certificates and assets can be recognized as authentic and NFT is considered to be the key to access the Metaverse. All cryptocurrency market participants are familiar with NFT and some of them include the Metaverse project. The development of NFT is growing and making it have a high value in the cryptocurrency market.
In the digital world, especially Metaverse, the use of NFT is a major factor in carrying out all transactions. The use of Blockchain technology which is very attached to the cryptocurrency world is the factor that makes it compatible to do. All users can transact buy or sell land on the Metaverse using the NFT associated with the Metaverse project. The combination of Metaverse and Blockchain technology and involving NFT is the basis that makes Metaverse easier to use and makes many users more interested in getting involved and investing in the world of cryptocurrencies.
Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project
Decentraland is one of the Metaverse projects that has very good fundamentals in the cryptocurrency world. It is an Ethereum blockchain based platform that introduces and provides virtual world access to all users. As a user, you can carry out all activities like real life by exploring and interacting with the games available on the platform. It is a decentralized platform where users can manage an organizational platform called Decentraland DAO. Decentraland ICO was conducted in 2017 and raised around $26 million USD in a short period of time. This game-based virtual world was launched in 2019 and opened in 2020.
In the cryptocurrency world, Decentraland is well known in the market by investors because it is one of the most promising Metaverse projects in the future. The three Decentraland tokens are MANA, LAND and Estate which each have their own functions and characteristics. This is a platform that shows a virtual world that can be used as a place for users to buy, sell and develop LAND which includes Non-Fungible Tokens (NFT). This is a certificate or asset that demonstrates the user's virtual land ownership in Decentraland. Users can transact all other related goods and services on Decentraland using MANA tokens. This project intends to give a real-world touch to the virtual world by providing interactions such as buying a plot of land to build a virtual marketplace and environment.
Based on the picture above, you can see a few of the many Decentraland projects that show effectiveness and efficiency in developing the Metaverse project for the better. Decentraland has a well-organized and well-executed project schedule to achieve the goal of making Metaverse more reliable in the cryptocurrency world. The presence of Decentraland as one of the Metaverse projects has had a positive impact on investors and the cryptocurrency ecosystem.
Based on the chart and data above, Decentraland (MANA) has good fundamental analysis in cryptocurrency market. MANA is ranked 36th on the crypto market list. The price of the MANA is $3.29. Market cap is $5.971.635.858. Volume is $3.863.556.235. Circulating supply is 1.82B MANA. The MANA price chart shows significant growth and development since its launch until now. This shows that MANA has good potential to be used as investment assets and one of the most promising Metaverse projects in the future.
Based on the picture above, Decentraland was founded by Ariel Meilich who is also the project lead and Esteban Ordano who is also the CTO of Decentraland. Until now, the Decentraland market continues to show its existence on the best exchange platforms such as Binance, Coinbase, Huobi Global and others. Wallets that support Decentranlad storage also have a good reputation such as Metamask, Trust Wallet, Ledger and others. This shows that Decentraland is involved with a very good cryptocurrency ecosystem and creating high-quality Metaverse projects..
Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3
Here I visited the website https://decentraland.org/ to connect the Metamask wallet with the Decentraland platform.
Here I choose Play Using Wallet from 2 options available on the screen on the Decentraland platform.
Source Here I chose Metamask from the 3 wallet options available on the screen on the Decentraland platform.
Source Here I select my Metamask wallet account and click Next on the screen in the Metamask application.
Source Here I connect the Decentraland platform with my Metamask wallet by clicking Connect on the screen in the Metamask application.
Source Here I am signing a message from the Decentraland web by clicking Sign on the screen in the Metamask application.
Source Here I create an avatar by selecting various options available on the screen on the Decentraland platform and clicking Done when the avatar creation process is complete.
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Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project
Decentraland is one of the excellent Metaverse projects that provides users with access to a virtual world. Decentraland has some very interesting features to explore to get to know Decentraland more deeply. Features such as Marketplace, Builder, Docs, Events, DAO and Blog are the main points that can be used as reference by users to find all kinds of information and data needed to get involved directly in this project.
Decentraland has an Explore feature that allows users to explore an amazing and growing virtual world. Users can do anything on their LAND to create virtual views and structures on the Decentraland platform. Everything on the platform is created and designed based on innovations and very unique thoughts by community members.
Decentraland has a Create feature which is a positive thing for users where the user's imagination can be tested to produce extraordinary works. Users can do anything according to their own imagination to create scenes, artwork, challenges, and more with the help of the Builder tool available on the Decentraland platform. Users can also participate in events to win prizes for works created. Experienced users are more likely to make the virtual world more interesting by creating games and social apps.
Decentraland has a Trading feature which is very important in the world of cryptocurrency for users who have the goal of investing in digital assets. Users can process profitable transactions by buying and selling LAND, Estates, items used to complete Avatars and names on the Decentraland Marketplace. Everything related to the platform will be securely stored digitally backed by the ethereum blockchain. This is the feature that most users are interested in because it is the main goal of investors and is concerned with investing and earning profit.
Decentraland Marketplace is a feature that plays an important role in the system and governance of the Decentraland platform. This is the most frequented place by all users where users will invest by buying and selling available items, parcels and estates to complete avatars and expand investments. This is a very promising digital asset in the virtual world that will bring long or short term benefits to users. All goods and services available on the Marketplace will continue to be updated by community members to make the Decentraland platform grow and have high adoption, especially in the cryptocurrency ecosystem.
Decentraland always has World's Events which are regularly organized by community members to make the platform grow and attract more investors and users. There are many World Events with different focuses and titles related to Metaverse, NFT, Gaming, Art and others. This is a very unique and interesting thing because it is a positive thing that makes users feel new things that are worth trying in various fields in the virtual world. This makes Decentraland not monotonous and is expected to continue to provide an extraordinary feel and is awaited by all users.
After understanding more deeply about Decentraland which is one of the Metaverse projects, the advantages of Decentraland can be observed as follows:
Metaverse Project
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Decentraland gives users access to interact in the virtual world. It is a platform that allows users to buy and sell LAND and Estate for long or short term investments that will be very useful and profitable in the future. Users can develop investments by managing LAND and Estate into a real-world market and environment that will bring profits. This is a breakthrough and innovation that has great potential in the future.Non-Fungible Tokens (NFT)
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Decentraland (MANA) is an NFT or digital asset that proves and represents the user's ownership of the investment made on the Decentraland platform in the virtual world. The relationship between Metaverse and Blockchain makes NFT the best solution for performing any type of transaction that can be executed on the platform. This is a positive impact for the cryptocurrency ecosystem because the use of NFT is growing especially in the Metaverse project.
Conclusion
Metaverse is believed to have great potential in raising the level of technology in the future. This is evidenced by its influence that provides access and interaction for users in the digital and virtual worlds like the real world. The use of Virtual Reality (VR) is a technology that is considered capable of realizing the goals of Metaverse. Metaverse and Blockchain are a compatible technology pair that will create reliable functions and characteristics in running the Metaverse system and governance. The use of Blockchain technology which is closely related to the world of cryptocurrency is an important factor that can improve the quality of the Metaverse project.
Decentraland is one of the Metaverse projects that has very good fundamentals and is believed to have great potential in the future. Decentraland allows users to access and interact in the virtual world by using NFT or digital assets in the form of MANA, LAND and Estate which have their respective functions and characteristics. The presence of Decentraland is in great demand by many cryptocurrency market players because of its superiority in being able to guarantee good investment in the future. With all the features and advantages that Decentraland has, I consider this one of the most promising Metaverse projects.