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Scallop Learn
  • Guides
    • Welcome to Scallop Learn
    • Crypto
      • Basics
        • Don't Feel the FOMO - Crypto Slangs Explained
        • Blockchain: What is it?
        • What is an Exchange?
        • What are Stablecoins?
        • What is the Metaverse?
        • What are NFTs?
        • History of Bitcoin
        • What is Binance Smart Chain?
        • What is an IDO?
        • What is Staking?
        • Token Burning
        • Debunking Crypto Myths
        • The Crypto Dictionary
        • What is DYOR?
        • What is a Neo-bank?
        • Proof of Work vs Proof of Stake
        • Exploring Crypto Communities: How to Join and Connect with Like-Minded Enthusiasts
        • What is a DAO?
      • Intermediate
        • Scallop Chain Faucet: All you need to know!
        • Layer 2
        • Liquidity Pools
        • ETH 2.0 - The Merge
        • Centralised Exchanges VS Decentralised Exchanges
        • Web 3.0
        • Regulation
        • REIT's on the blockchain
        • The Future of Business Payments: How Crypto Payment Partners are Leading the Way
        • What Is A Crypto Card? How Does It Work?
        • Blockchain and AI
        • Why are regulations essential in Crypto Market? How does Scallop lead the way?
        • Banking on Blockchain
        • E-money Tokens
        • The Power Surge of Cross-Chain Interoperability in Blockchain's Future
        • Crypto Trading 101: Must know candlestick patterns for a successful trade
        • Exploring blockchain innovations and their real-world breakthroughs
        • Do not miss these common indicators of the crypto bull market
        • Decoding the Dynamics of Permissioned Blockchain Consensus Mechanisms
        • Summary
      • Advanced
        • Can Quantum Computers be a potential threat to Crypto?
        • Unlocking the cryptocurrency potential: How Banks can thrive in the digital age?
        • How do privacy-enhancing technologies ensure anonymity on the blockchain?
        • What Does Fintech Mean? Understanding the Intersection of Finance and Technology
          • Decoding Data Tokenisation: Its Vital Role and Relevance
        • Unravelling the Concept of the Time Value of Money: Its Implications and Applications
        • Unlocking the Potential of Real-World Assets
        • What is Byzantine fault tolerance?
        • Global Crypto Adoption and Its Potential Socio-Economic Impact
        • How ZK-Rollups are Supercharging Blockchain Transactions?
    • Security
      • Skimming of Credit and Debit Cards: What You Need to Know
      • How Blockchain Security Can Keep Your Crypto Safe?
      • Keeping Your Account Safe
      • Money muling scams: What are they and how can you avoid them?
      • Beware of these common frauds while using payment cards
    • Tutorials
      • Scallop App
      • Scallop Ramp
    • Markets
      • How are cryptocurrencies taxed across the globe?
      • What Can You Do On An Exchange?
      • Avoid FOMO To Plan A Recovery: 5 Things To Do In A Crypto Bear Market
      • Inflation
      • Meme Coins vs Altcoins
      • The Basics Of Investing
      • The Ripple Effect
      • Central Bank Digital Currencies: A Global Revolution and Impact
    • Know Your Crypto
      • Bitcoin
      • Ethereum
      • Binance Coin
      • Cardano
      • Optimism
      • Ripple
      • Solana
      • USD Coin
      • Polygon
      • Tron
      • Avalanche
      • Tether
    • Defi
      • Defi Introduction
      • Borrowing and Lending: Aave
      • Borrowing and Lending: Compound
      • Tokenisation
      • Defi projects: Terra
      • Wrapped Bitcoin
      • Summary
      • A Practical Guide: The Defi Walkthrough
      • Summary
  • Scallop
    • What is Scallop?
    • Products
      • Scallop Banking
        • Tips And Tricks For Getting The Most Out Of The Scallop App
      • Scallop Exchange
        • Getting started on Scallop Exchange
        • Trading Futures
        • Trading with Margin
        • Buying Ethereum on Scallop Exchange
      • Scallop Chain
        • Tech
          • Scallop Bridge Contracts
          • Configurations
          • Relayers
          • Launch Your Dapp on Scallop
          • Developing and Deploying Contracts​
          • Scallop Explorer​
          • Scallop Faucet​
          • Contract Verification​(Under Development)
          • Contract Security Checks​
          • Scallop Whitelist
        • Scallop Chain: Built on Cosmos and Secured by Biometric Bridge
        • E-Money Tokens and Scallop
      • Scallop Business
    • Getting Started
      • Getting Started: Fiat Onboarding And Exchanges
      • Getting Started: The Defi Walkthrough
      • Getting started: Scallop Exchange
      • Staking
        • Scallop Staking Guide
          • Useful Resources
          • 1. Setting Up Metamask Wallet
          • 2. Importing existing wallet
          • 3. Installing Binance Smart Chain
          • 4. Setting up a Kucoin Account
          • 5. Buying SCLP with a market order on Kucoin
          • 6. Transferring from Kucoin to Metamask
          • 7. Connecting Metamask to the SCLP Staking platform
        • LP Staking Guide
  • Announcements
  • News
    • News: Terra Collapse
    • Terra: Beyond Hope
    • News: Chapter 11 for Celsius
    • News: Nomad Bridge Hack
  • Extras
    • Task Lists
    • Tokenising Real Estate
    • How to Donate Crypto to Ukraine
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On this page
  • What is a Metaverse?
  • Blockchain and Cryptocurrencies in the Metaverse
  • The key aspects of blockchain suited to the metaverse are:
  • The future of the Metaverse
  1. Guides
  2. Crypto
  3. Basics

What is the Metaverse?

What is a Metaverse?

The metaverse generally describes an online, 3-dimensional, virtual universe that is accessed through virtual reality (VR) and augmented reality (AR). A metaverse can compromise many different virtual spaces, such as a gaming arena, a fashion world, sporting universe and many more - limited only to a developer's imagination. It therefore can allow users to meet, game, and socialise together in these 3D spaces.

Blockchain and Cryptocurrencies in the Metaverse

Developers have pushed the boundaries of what a metaverse is through hosting virtual events and creating virtual economies.

Cryptocurrencies, although not a necessary feature of a metaverse, are more regularly becoming the primary medium of exchange within digital economies that reside within these new virtual worlds. Different types of utility tokens and virtual collectibles (NFTs) have become commonplace for users to make transactions in these worlds. Crypto wallets, such as Trust Wallet and MetaMask are also compatible. Also, blockchain technology can provide transparent and reliable governance systems - particularly in the form of DAOs (decentralised autonomous organisations). Play-to-earn blockchain-based metaverse games, are even allowing users to earn a livable income.

In order to fully ‘live’ or work or socialise in a metaverse key functions are required other than that of the virtual aspect. Cryptocurrency can facilitate these finer workings of the virtual world providing things such as digital proof of ownership, transfer of value, governance, and accessibility.

The key aspects of blockchain suited to the metaverse are:

  1. Digital proof of ownership: A digital wallet with access to your private keys, can instantly prove ownership of activity or an asset on the blockchain.

  2. Digital collectability: NFTs, can create objects that are entirely unique and which can’t be copied exactly or forged

  3. Transfer of value: Cryptocurrencies provide fast and secure transactions and therefore prove to be a reliable medium of exchange in digital worlds.

4. Governance: Similar to governance systems in our normal lives e.g. political systems or company & employee rights, implementing fair governance in the metaverse is a key part of its functionality, and blockchain is already a proven way of doing this.

5. Accessibility: Anyone with an internet connection can create a digital wallet and interact with a metaverse, without having to fill in an application form or provide any details - as you must with a regular bank account.

6. Interoperability: Different blockchains are now able to communicate with each other and users can seamlessly move between different chains. A metaverse will likely connect multiple projects, and blockchain technology already has solutions for this.

The future of the Metaverse

The connections between the financial, virtual, and physical worlds have become increasingly linked and the metaverse can combine all aspects of life in one virtual place. The metaverse will be driven by virtual and augmented reality, with each user controlling their own avatar. While many people already work at home, in the metaverse, you will be able to enter a 3D office and interact with your colleagues’ avatars. After work, you might then socialise with friends playing a virtual sport together, or visiting their virtual home. The metaverse is shaping up to take our physical world, digital, with cryptocurrencies and blockchain technology providing the tools to facilitate a real working virtual society.

Although currently, many large tech companies such as Meta (previously Facebook) are entering the metaverse space, the blockchain-based nature of it allows anyone to enter the market and build their own metaverse creation.

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Last updated 1 year ago