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Last Updated: May 15, 2022
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Metaverse in Crypto space

Author Nishant Rana
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Introduction

Both, metaverse and crypto and different things but they have a similarity that both of them contribute to the growth of other people’s wealth. Nowadays, there are many platforms from where one can buy a good crypto-currency like CoinSwitch Kuber or CoinDCX.

What is Metaverse?

So, basically, Metaverse is an online, three-dimensional space that combines various other virtual spaces together. In the near future, it will be considered the modern internet. The metaverse will allow users to meet, collaborate, socialize and play games with each other in these 3D spaces.

So, it is a network of various 3D platforms that are primarily used for social connections.

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What is Crypto?

Cryptocurrency, which is also known as crypto is a digital currency that works on cryptography for secure transactions. It is a digital/virtual currency. So, basically, it is a peer-to-peer system that allows users to make transactions from anywhere to anyone. It eliminates the need to keep the physical money in hand.

Crypto in Metaverse

Each metaverse has its own cryptocurrency. They can be used for buying something or for paying. It includes things like virtual shoes, virtual dresses, NFTs, or virtual property. 

So, basically, crypto acts as a link between the real world and the virtual world. It gives us a hint of what is the value of a digital asset and what would be their returns over time. The metaverse can exponentially increase the value of cryptocurrency as they are used for purchasing or selling things in the metaverse. Hence, it is becoming the main part of the metaverse as it is used as a medium of exchange.

How does Ethereum interconnect metaverse and crypto coins?

Currently, the second-largest cryptocurrency in the world is “Ethereum”, after bitcoin. Along with a cryptocurrency, it is also a development platform using which many creators create Metaverses. Various tokens such as MANA and SAND do not have their own blockchains. Hence, they use Etheurum’s network for verifying the transactions. This means that the Metaverse platforms built on MANA and SAND have all the processing done from Ethereum.

FAQs:

  1. What is a Metaverse?
    Metaverse is an online, three-dimensional space that combines various other virtual spaces together.
  2. What is a Cryptocurrency?
    It is a peer-to-peer system that allows users to make transactions from anywhere to anyone. It eliminates the need to keep the physical money in hand.

Conclusion:

In this article, we have extensively discussed the following things:

  1. We first discussed what are Metaverse and Cryptocurrency.
  2. Then we discussed crypto in the metaverse.

We hope that this blog has helped you enhance your knowledge regarding Metaverse in the Crypto space and if you would like to learn more, check out our articles here and if you want to get into AR and VR development then read out this interesting blog on Ar & VR snake game.

Do upvote our blog to help other ninjas grow. Happy Coding!






 

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