DeFi

What is Metaverse: Everything You Should Know About Metaverse

Published

2 years ago

November 7, 2021

admin

Key Points

People use the internet to access the metaverse, which is a shared virtual environment.
The metaverse merges technologies like virtual reality (VR) and augmented reality (AR) to offer a sensation of “virtual presence.”
Mark Zuckerberg, the CEO of Facebook, believes that augmented reality glasses will be as common as smartphones in the future.
Facebook stated in October 2021 that it will create 10,000 new high-skilled occupations in the European Union (EU) to help develop the metaverse.

What Is the Metaverse, and How Does It Work?

The metaverse is a virtual world that integrates social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency to allow people to connect virtually. To improve the user experience, augmented reality overlays visual components, sound, as well as other sensory input onto real-world context. Virtual reality, on the other hand, is completely virtual and encourages fictional realities.

As the metaverse advances, it will develop online environments that allow for more multidimensional user interactions than current technology provides. Users in the metaverse will be able to surround themselves in an environment where the digital and physical worlds merge, rather than only watching digital material.

According to Facebook metaverse is: “A series of virtual environments where you can create and explore with other individuals who aren’t in the same physical environment as you.”

While metaverse technology is still in its early stages, it is desired to one day be a virtual, online environment where you may work, play, learn, create, shop, and stay in touch with friends in a virtual, online environment.

What Makes Augmented Reality and Virtual Reality Different Between Each Other?

To improve the user experience, augmented reality involves overlaying visual components, sound, and other sensory inputs onto a real-world context. Users can control their presence in the actual world using AR, which can be accessible through the use of a smartphone. Virtual reality, on the contrary, is completely virtual and encourages fictional realities. Virtual reality demands the use of a headset device, and users are controlled by the system.

Facebook’s Rebranding

Facebook undergoes a complete rebranding to reflect the company’s dedication to the metaverse.

On Oct. 28, Mark Zuckerberg, the CEO of Facebook decided to introduce the new Meta name at the Connect 2021 conference, describing it as “a social technology company.” (1)

“You’ll be able to do practically anything you can think of in the metaverse, such as meeting together with friends and family, work, learn, play, shop, and create — as well as completely unique experiences that don’t really match how we think about computers or phones today. In this future you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parents’ living room to catch up,” Zuckerberg wrote in a “Founders Letter, 2021” released on Oct. 28.(2)

Investors and companies would like to become a part of what could be the next huge thing, so interest in the metaverse is expected to rise significantly or rather skyrocket.

The metaverse, according to supporters of itself, is the next step in the evolution of the internet. Facebook, for example, has already made significant investments in AR and VR, building hardware such as its Oculus VR headsets, and is developing AR glasses and wristband technology.

According to Zuckerberg, who believes AR glasses will one day be as common as smartphones, Facebook will “effectively transition from people seeing us as primarily being a social media company to being a metaverse company” over the next several years.

Covid-19 and Metaverse

As more individuals worked from home and went to school online due to the COVID-19 epidemic, interest in the metaverse skyrocketed. Of course, even in a post-COVID world, there are concerns that the metaverse will make it even simpler for individuals to spend time apart.

Best Metaverse Projects Related with Cryptocurrencies

Sandbox

The Sandbox is a virtual environment on the Ethereum blockchain where gamers can create, own, and monetize their gaming experiences.

The idea is to disrupt existing game developers such as Minecraft and Roblox by giving creators true ownership in the form of non-fungible tokens (NFTs) and trying to make up for their participation in the ecosystem.

The Sandbox’s platform for creating games within the metaverse is the reason why it is one of the most popular ones among people. It improves the user experience for users who create content using blockchain and smart contracts. The Sandbox Game Maker is a perfect example.

The Sandbox’s native token, $SAND, serves as the foundation for all transactions. This allows users to, among other things, access our platform, play games, stake money, and receive incentives. The $SAND token is purchasable on over 20 different markets. Crypto.com, Polionex, Bittrex, and Kraken are among the most well-known.

Decentraland

Decentraland, also referred to as a “virtual social realm,” includes the entire metaverse itself. To keep things simple, Decentraland that was created in 2015 is a digital environment that mirrors the actual reality. You can participate virtual events, play games, exchange digital items in marketplaces, and socialize with other Decentraland members from all over the world.

Every virtual element in Decentraland is owned by its users independently. Users can establish virtual property ownership using MANA, a cryptocurrency that runs on the Ethereum blockchain like SAND.

MANA can be purchased at the following exchanges: Binance, Coinbase, KuCoin, and Kraken.

Bloktopia

Bloktopia is a virtual reality metaverse that offers users activities such as learning, earning, playing, and creating. Users can learn the basics and more advanced concepts of digital currencies from the world’s top minds while also earning money through real estate ownership (with rents), advertising, playing online games, and creating networks, all of which are otherwise isolated acts. When users get together, they will have the opportunity to be a part of the community that will shape cryptocurrency usage in the future.

In reality, the Bloktopia platform is modeled after a skyscraper with 21 floors, in honor of the 21 million Bitcoins that have been mined (BTC). Each token holder in this setting will be known as a “Bloktopian,” who can then interact on a central hub customised for all levels of crypto experience.

The native token is BLOK, and you’ll need it to buy or lease any in-game real-estate property. You can also buy things from the NFT Marketplace with BLOK token. This utility token can be used to gain access to special events, pre-sales, and staking opportunities. Bloktopia is also planning on establishing the BLOKG governance token, which will allow token holders to vote and support the project.

DeFi

What Exactly Is Arbitrum?

Published

10 months ago

October 25, 2022

Efekan Ozdan

Ethereum is a well-known platform for creating decentralized applications (DApps). However, due to a rapid increase of its users in recent years, the network has been pushed to its ultimate limits, causing transaction costs to skyrocket and widespread congestion.
Some believe that on-chain changes and improvements are the best approach to expand Ethereum, however, others are opting for second layer alternatives.

Although they differ widely in terms of appearance and purpose, one such option, known as Arbitrum, has begun to gain attention.

What Is Arbitrum?

It is one of the layer 2 solutions that enhances the capabilities of Ethereum smart contracts by increasing their speed and scalability while also providing extra privacy features.
The platform is meant to make it simple for developers to run unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions on a second layer and at the same time taking use of Ethereum’s superior layer 1 security.

It’s designed to address some of the current Ethereum-based smart contract’s problems, such as inefficiency and high execution costs, which have harmed the Ethereum experience for users and frequently make transactions costly.

DeFi

NFT Gas Prices: What Are They? Getting To Know Ethereum, Gas, And Gwei

Published

10 months ago

October 24, 2022

Efekan Ozdan

What exactly is ETH Gas?

The Ethereum network uses the Gwei as a unit of gas. Miners need gas to process transactions, which is one of the main differences that seperates Ethereum from other cryptocurrencies such as Bitcoin.

“How much gas you’ll need depends on the size of the contract you’re aiming to complete and how quickly you want to complete it.” The price usually reduces if you’re patient enough to wait for a transaction to finish. Both NFT art makers and collectors benefit from understanding this idea.

If we want to have a look at the technical side, Ethereum’s native currency, ether (ETH), is used to pay gas fees. Gas costs are expressed in Gwei, which is an ETH denomination — one Gwei equals 0.000000001 ETH (10-9 ETH). Instead of claiming that your gas costs 0.000000001 Ether, you may say that it costs 1 Gwei.

Why is there Gas?

The gas in Ethereum is a crucial regulator that prohibits spamming the network. All Ethereum computations push the security measure to its limit. Gas limits, which are paid for with each computational execution, have the mission to ensure that bad individuals do not exploit unsorted amounts of processing power to become de-facto coders on the Ethereum network and corrupt the future they worked hard for creating.

Why Gas is so important for NFT arts and artists?

Gas has two sides to it. When gas costs are rising, it is difficult for uprising artists to generate, mint, and even purchase other works. Some artists try to include the cost of gas into their paintings (which indicates that they are ready to lower the cost of their art, to make their art easier to buy.) This creates a catch-22 because the art’s perceived “worth” is reduced when collectors are deciding whether or not to spend 25-57 percent of the overall purchase price on gas. Artists aiming to build a reputation for themselves face a difficult situation in this regard. On the other hand, artists might overcharge while selling their work (paying higher marketplace and gas costs) in order to get their work published before they have built a reputation for themselves to be able to charge that much.

Overwhelming and Absurd NFT Gas Cases

We’ve seen gas costs exceed the cost of a piece of art being created in some cases, leaving artist in a very difficult situation to put their work online. Actually, making it impossible for the artist.

Solutions for NFT Gas

Allow the NFT Artists to have more power when their work is minted. Many marketplaces only let artists to create something at the very moment they click mint. Artists should be able to choose how long they want to wait for network congestion to clear before publishing. This is already implemented in NFTGateway (As far as I know). The painting isn’t minted until it has been bought during a drop. The art might not appear in wallets instantly, the transaction might take 24 hours. While we haven’t experienced such a long wait, we have seen up to two-hour waits for costly drops expectations.

The User receives back any unused gas

Finally, it’s essential to emphasize that not all transactions use the total gas supply. This should be better stated, and we’ll need to undertake further studies to find out what proportion of gas is returned on average. However, you’re essentially accepting to a maximum amount of gas fees that you’ll pay to complete the deal.

DeFi

What is Play-To-Earn (Play2Earn) All About? Begginer’s Guide

Published

1 year ago

March 3, 2022

Efekan Ozdan

The play-to-earn business model promotes the idea of an open economy by rewarding players who contribute to the metaverse’s value.

Play-To-Earn (Play2Earn) games are a type of gaming in which a platform allows players to earn any type of in-game property that can be transferred to the real world assets that has value like money.

Play-to-Earn Crypto Gaming: Begginer’s Guide

Video game business models have evolved to a whole new level as technology has become more widely accessible to the public. Before, people were able to play games only in certain gaming areas on arcade machines. With a bag full of quarters, gamers would compete for the highest score. But, as technology advanced, games were introduced to our smartphones, PCs, and gaming consoles such as the PS5, Xbox, and others.

What Is Play-to-Earn Gaming?

In the blockchain ecosystem, a new game paradigm known as play2earn is currently being seen around the world. It effectively allows participants to profit from their participation in games. By participating in the in-game ecosystem and earning assets for their contributions, players create value for other gamers and developers. Coins and accessories that have been tokenized on the blockchain are examples of digital assets. As a result, blockchain games and the play-to-earn business model support each other effectively.

Play to Earn Games

Axie Infinity is an excellent example of a play2earn game. Axies are charming animals that players buy, breed, and combat for rewards in this game. Each Axie is a non-fungible token (NFT), which means it’s a unique digital collectible. There is an entire economy within the game (There is a world known as Lunacia).

Users can use their in-game tokens, Smooth Love Potion (SLP), and Axie Infinity Shards (AXS) to buy land and breed Axies in Lunacia. In addition, these tokens are not just useful in the game, they are also useful in real life.

Play-to-earn games, such as Axie Infinity (AXS), are already assisting people all over the world (particularly those who live in countries affected by the current pandemic severely) earning a significant amount of money. People in the Philippines are making $1,500 to $2,000 per month playing Axie Infinity as a hobby, according to estimates. A good number of people in Vietnam have also given up their full-time jobs as a result of these games, which pay well.

Lost Relics, Splinterlands, CryptoBlades, DogemonGo, and Sorare are some of the other NFT games.

In 2021, the NFT market will have topped $2.5 billion in revenues, and this figure is expected to rise rapidly as new NFT games hit the market. The rise of NFT is leading to a new era of revenue streams in the blockchain world, and it won’t be long before it overtakes every other major business.