Metaverse and Blockchain - Crypto Academy / S5W1 - Homework Post for @wahyunahrul
Hello everyone,I welcome you all once again to the new season of the Crypto Academy.
On today's topic, I will be sharing insights with you on metaverse which can as well be regarded as a virtual world. Stay tuned!!
Question 1) - Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence
Yes, I believe metaverse could be the next level of future technology, with the regards that, all that we experience in the real world today can now be brought into virtual reality which this idea made Metaverse much more interesting, as this idea gets to put everyone in a solitary position regardless of there rank or influence in the community.
Metaverse eliminates anything like human rank unlike in the real world where people are given eligibility based on their community influence instead Individual eligibility will be based on the amount of token users are able to acquire.
With all these regards, let's look at what a Metaverse is,
Mataverse In its present importance, by at large, alludes to the idea of an exceptionally virtual existence where individuals accumulate to mingle, play, and work and as well make a virtual investment . For example, an individual can make a purchase on metaverse and as well make future investments with this idea.
Metaverse - is the combination of the word "meta" and "universe" which is more of virtual reality, i.e it is absolutely not real but can be felt and seen which was made possible with the support of the internet and are based on three-dimensional virtual environment.
Basically, a Metaverse is an advanced space addressed by computerized portrayals of individuals, spots, and things. it's an advanced world with genuine individuals addressed by computerized objects.
Metaverses, in some restricted structure, are as of now present on stages like VRChat or computer games like The Sandbox.
Evidence of a metaverse can be seen in the movie Ready Player One where we can see all the players in the movie are in separate areas but are competing in a virtual world for a rank positioning so as to win a contest. which I believe can just not be in a movie alone and can as well be implemented into a real-world where we can have individuals from a separate country, competing for a fortune in a virtual world.
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Question 2) - Explain why Metaverse and Blockchain are compatible technology pairs.
Just like explained earlier what a metaverse is, as a world where users can interact virtually in a 3D environment, so this initiation brought to the correlation of Blockchain. Just like have explained earlier, the blockchain objective is to permit digital data to be recorded and appropriated, yet not altered. Thusly, a blockchain is an establishment for unchanging records, or records of exchanges that can't be adjusted, erased, or annihilated by a third party. and the blockchain supports digital currencies which are generally acceptable which the invention allows monetary forms interaction without a third party.
The compatibility of blockchain was then brought into the metaverse, as this allows users in the virtual world to participate and win contest and gets rewarded in digital currency and this is more secure and safe.As known, that digital currency is virtual currency as well, that is, they can't be seen but only accessed and owned which seems interoperable with metaverse as well, as the users making use of the virtual world needs a currency to interact with. The metaverse is exploring more into an investment, individuals assessing the metaverse can now as well purchase and own virtual property in the virtual world, this asset can as well be given to an individual as an NFT and this asset can not be sold out to others as it is recorded on a blockchain meaning they run on full encryption, as well unlike the real world where other parties can come in, but in the metaverse, this is not possible due to the fact that the money earned is as well in a digital currency.
Question 3). 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)
The Blockchain-based Metaverse project which I will be doing a fundamental analysis on is the Decentraland project and has its own cryptocurrency known as (Mana Token)
The Decentraland is a blockchain-based three-dimensional virtual environment platform that comprises bundles of land. Virtual domain in decentraland is NFTs that can be purchased by the digital currency known as MANA, which is a cryptocurrency project built on Ethereum Network. The decentraland project purpose was to allow content creators to build a world where they can build, create, and trade in a virtual environment.
Create:
The Create features allows individual to create situations, artwork, avatars and then some, by utilizing the basic Builder apparatus, then, at that point, participate in occasions to win prizes.
Explore:
The Explore features allow users to explore LANDs already claimed by other users to discover incredible scenes and designs.
Trade:
The Trading feature allows Purchase and sells of LAND, Estates, Avatar, and names in the Decentraland Marketplace.
MANA Token:
The cryptocurrency spent on the decentraland platform is the Mana token The Mana token price today is $2.93 with a 24-hour trading volume of $2,896,041,964 USD. The Mana token is ranking #39 on CoinMarketCap , with a Market cap of $5,860,640,716 USD. The Mana Coin has a circulating supply of 1,816,919,991 MANA coins and the maximum supply is not available yet.
Question 4)- Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
Step1 Log to the decentraland Homepage , then you click on Get Started.
Step2 which then brought you to the page where you click to connect with wallet as shown below.
Step3 - Afterwards, you choose the wallet option you prefered to connect with, just as seen in my case i choose the MetaMask which is a chrome extension wallet.
Then i click next so as to confirm my connection.
Wallet successfully connected.
Question 5 - Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
Just like have explained that the Decentraland (MANA) is a virtual environment built on the Ethereum network and permits users to create, explore, and trade content and applications.
Land:
In the decentraland metaverse , users can buy plots of land that they can later explore, expand upon and trade as well in the future.
Collectibles:
The collectibles are the avatars users can choose to buy from the market place and create in the decentraland metaverse and the collectibles are purchase with the MANA Token owned by the user.
Builders
The builder feautures is where users get to expland there Lands owned on the decentraland metaverse and as well create scenes that other users can come in to explore .
Advantages of the Decentraland Metaverse
- Decentralized: - Decentralized system is a method where all exchanges records, interactions, and whatever role been played are been recorded on a blockchain network which this system of record is inaccessible by anyone rather by everyone, as whatever operation been made on the decentralized system are always public and see by everyone. The decentralized system offers no "Third-party" and as well no "KYC", which made the decentraland platform much more interesting as users can get to make a swift trade and as well own asset on the platform without the scare of losing it to a third party and as well these gives the individual user more privacy to there asset as on blockchain, user need not reveal their identity before purchasing as much as many assets they willing to.
- Land investment and expansion: - This made the decentraland metaverse much interesting as it allows users to own a portion of land, which the land is limited to some unit amount, this made it more interesting as users can then decide to purchase a large portion of land before it runs out of space which thus comes the expansion, which user as well can decide to build on the virtual land and invest in the portion by building nice scenes on it and might as well decide in future to sell at a high price and make a large profit out of the investment.
Uniqueness of Decentraland metaverse
The Decentraland metaverse was purely created for content producers, and as well organizations and people that are searching for another imaginative medium or business opportunity.
Decentraland is likewise one of the developing number of metaverse blockchain to utilized a decentralized autonomous organization (DAO) structure for administration choices. Thus allowing its users to be in charge of how the Decentraland world acts, by proposing and deciding on the decentraland updates, the points of interest of forthcoming LAND auction and the kinds of content that are permitted with the Metaverse.
Other than being just an imaginative platform, Decentraland users as well can decide to rent out there LAND . Different users can as well make income by making and selling things on the Decentraland market place in as to earn MANA tokens..
Conclusion
Metaverse is a virtual platform that gets everyone to interact and communicate virtually through the means of internet and three-dimensional display. The metaverse is a combination of two words meta and universe, that is, an unexisting world in reality but thus exists in a virtual environment.
Metaverse has commonly grown to a large number since the initiative of it by the Facebook founder where he says don't only browse it, you can as well be part of it, which this is the total idea of metaverse as to create a virtual environment where user from every different part of the world can come to exist in a virtual environment, where they get to play virtually, interact and as well make a possible investment.
Investment on metaverse are being made through the use of a blockchain system, which eliminates the third party and as well let users in the virtual world be able to purchase an NFT which is virtually owned by them alone and cannot be accessed by any other users, in summary, I believe it's just a matter of time before the virtual realm take charge of the future Technology.
Thank you for following through on my article, see you in the coming class!!
cc: @wahyunahrul