The ‘metaverse’ is a term that I have only quite recently grown to truly understand. Originally, I started out on this crypto journey early this year by diving deep down into the Ethereum rabbit hole, learning about why it’s important for me to have full control over my money, and also learning how to put my money to work in a very efficient and profitable way. The opportunities that this industry have presented to me would just not be possible in the traditional financial system. While I will always remain bullish on DeFi, I am also looking for new opportunities, I wasn’t early on ETH, and I missed out on DeFi summer. But what I did get to witness was NFT summer.
To be completely honest I wasn’t fully sold on NFT’s as a safe investment or as a store of value for the long term, but I think that’s because I didn’t fully understand them as the industry starts to get really complicated at this point if your new to crypto. But what does anyone do in this industry if they don’t know something? They learn it. And that’s exactly what I’m doing. In my spare time I was always a bit of a gamer, little did I know that that right there could turn out to be an opportunity in itself.
Whilst trying to navigate this crazy NFT mania that is going on around me, I started seeing lots of little games that are already here on mainnet and available to play. It was around the same time that I started hearing the term ‘metaverse’ being thrown around more and more often. This got me thinking, what is possible with this technology? What will gaming built on a public blockchain look like a decade from now? And then it dawned on me that truly anything is possible on Ethereum, we just have to build it.
As I was learning more about what kinds of games were already available on the Ethereum network, I stumbled on Decentraland and the Sandbox, and just the idea alone blew my mind, we are starting to combine virtual worlds with real world assets, and it’s happening very quickly. Seeing games like these built inside virtual worlds where you can store your own NFT’s or tokenised assets made the term ‘metaverse’ much more clear to me. Or more so, made me actually truly believe that it’s possible in the first place.
However the term ‘metaverse’ goes much deeper than just virtual worlds. To become a full fledged metaverse we would have to be able to essentially take an item either earned or purchased from one game, and bring it to another game entirely, and also have full use of the item no matter where we are in the space. This will take time, and we are still a long way off from achieving such a revolutionary feat. But always remember, nothing that is this amazing and advanced gets built overnight, it just takes time and the right set of skills from the right people.
If you happen to follow me on Twitter, you would have noticed that I’m starting to tweet and retweet a lot more metaverse related content, instead of solely focusing on the basic concepts of DeFi. This is because I truly believe that a digital world where we are able to run businesses and trade real world assets is inevitable, and becoming closer to an actual reality as each day goes by. I guess that’s why I am so intrigued and so bullish on the Nifty Island project. A brand new project that aims to meet all the current virtual world expectations and then go even further with the concept using the ‘create to earn’ model. This just calls to me, I have to be involved in this and it honestly feels like I have found a new home within this ecosystem. The feeling of supporting and contributing to a project that you believe in is second to none, and I highly recommend that people get as involved as they possibly can with projects that they are interested in. You may be rewarded for it eventually, you never know.
With all of this going on at the moment, and all this new experimentation, I still don’t think anyone understands the full capacity of the term ‘metaverse’ yet. We have really only just scratched the surface of what we are capable of with this ever-evolving technology.
A big part of why I am bullish on the metaverse, is because I believe it will provide as a digital space where you, and only you are completely in charge of your own assets. You don’t have to trust that some third party will do right by you as you would in the real world as all of your assets will still remain secured by the blockchain, or in this case Layer 1 Ethereum. You could build up your own digital economy, you could start an online store, open an art gallery, tokenise a real world asset and then sell it in a much more efficient way than what we are currently used to. The opportunities are endless, and this is why I am so bullish on virtual worlds and crypto in general. We have already seen life changing scenarios play out. Through NFT’s we have seen the power truly put back into the hands of the artist. We have seen photographers rewarded handsomely for their efforts, rather than being ripped off in the real world. Photographers and digital artists will even be able to take this much further via virtual worlds. I can’t wait to see how this industry evolves over the next few years.
Have a great weekend everyone!
This newsletter is for educational purposes only and should never be considered as financial or investment advice