- There is still no clear definition of what the metaverse is.
- The metaverse economy could benefit freelancers.
Since the Metaverse craze began, users have flocked to this space to explore the many possibilities it holds. Metaverse mania got a big boost in 2021 when he announced that Mark Zuckerberg would change the name of his company from Facebook to Meta. A mainstream company embracing uncharted territory was indeed a brave step. But people are still unaware of the definition and the core technology that makes it possible.
Blockchain acting as a metaverse enabler
McKinsey and Company’s report, Value Creation in The Metaverse, released in June 2022, sheds light on these technologies. A particular segment of the report focuses on blockchain, digital assets, and smart contracts as enablers for the metaverse.
Blockchain is a distributed ledger that acts as a single source of truth. This technology allows users to maintain ownership of their assets within the metaverse and prevent skilled hacking. However, they are not completely safe from malicious activity, as attackers can trick them into committing acts that lead to financial loss.
Several mainstream organizations are investigating or using this technology in their operations. International Business Machine (IBM) has its own blockchain platform for supply chains. Users can track all activities related to the product from manufacturing to delivery. The fact that it is immutable is essential to the metaverse.
Digital assets enable the so-called metanomics, the metaverse economy. Cryptocurrencies were first brought to light by Satoshi Nakamoto in January 2009. He released Bitcoin as a deflationary measure after his 2008 global recession. Meanwhile, the blockchain concept was opened to the public in parallel with this event.
The world has seen a major boom in crypto assets in 2021, with most assets reaching all-time highs. Similarly, the second largest cryptocurrency, Ethereum (ETH), surpassed her $4,000.
Users cannot walk into a brick-and-mortar store with a physical wallet or currency. This is where crypto wallets come into play. The Metaverse isn’t just a game, it’s a reality. Unlike his COD Points (CP) for buying battle passes in Call of Duty: Warzone, it doesn’t hold an IRL value, so real money is required to perform transactions.
Self-executing smart contracts will be a game changer for the metaverse economy. Expand the possibilities of Pandora in virtual space. Users can easily create smart contracts that automatically deliver expected results when conditions are met. This technology empowers freelancers the most. Many of them face difficulties in collecting fees after handing over their client’s work.
The Metaverse is an infantile space still waiting to go mainstream. Users may see virtual spaces become the new normal in the near future as big players such as Meta, Nvidia explore possible use cases for virtual spaces.
The views and opinions expressed by the author or persons named in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves the risk of financial loss.