Explore the metaverse and see how it could redefine our digital interactions.
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Lesson 7: What is the Metaverse?
Lesson Intro:
The world’s largest crypto exchange, Binance, entered into a collaboration agreement with our nonprofit, the Prison Professors Charitable Corporation. With this collaboration, we’re able to provide justice-impacted people with a great resource they can use to learn about cryptocurrency, decentralized finance (DeFi), Web3.0, Artificial Intelligence, and other topics that relate to the digital economy. The agreement is part of our nonprofit’s ongoing efforts to help people prepare for success after prison.
Some people have access to our videos, others do not. If a staff member in your prison will authorize videos, invite them to contact Prison Professors for information on how we can send DVDs with additional educational materials to help people learn–and potentially an in-person presentation in your facility.
Each lesson includes critical thinking questions and a glossary. We encourage participants to use these lessons, and to memorialize their learning path by building a profile on Prison Professors Talent. More information on how to build a personal profile at the end of this workbook.
6. What is the Metaverse?
TL;DR
The financial, virtual, and physical worlds are increasingly interconnected, with the metaverse concept gaining traction. A metaverse is a 3D online space linking various platforms, integrating aspects of life through augmented reality. Initially a sci-fi idea, it now seems possible with technologies like VR, NFTs, blockchain, and crypto payments. Video games offer a glimpse into the metaverse, with games like Fortnite hosting virtual events. Blockchain provides crucial elements such as digital ownership, value transfer, governance, and accessibility. While a single metaverse doesn’t yet exist, projects like SecondLive, Axie Infinity, and Decentraland demonstrate its potential. Major tech companies are pursuing metaverse development, and further integration with NFTs and blockchain is anticipated.
Introduction
The connections between the financial, virtual, and physical worlds have become increasingly linked. The devices we use to manage our lives give us access to almost anything we want at the touch of a button. The crypto ecosystem hasn’t escaped this either. NFTs, blockchain games, and crypto payments aren’t just limited to crypto geeks anymore. They’re now all easily available as part of a developing metaverse.
What’s the definition of a metaverse?
The metaverse is a concept of an online, 3D, virtual space connecting users in all aspects of their lives. It would connect multiple platforms, similar to the internet containing different websites accessible through a single browser.
The concept was developed in the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future.
The metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the metaverse.
You can already see some aspects of the metaverse in existing virtual video game worlds. Games like Second Life and Fortnite or work socialization tools like Gather.town bring together multiple elements of our lives into online worlds. While these applications are not the metaverse, they are somewhat similar. The metaverse still doesn’t exist yet.
Besides supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain the potential to power this future technology.
Why are video games linked to the metaverse?
Because of the emphasis on 3D virtual reality, video games offer the closest metaverse experience currently. This point isn’t just because they are 3D, though. Video games now offer services and features that cross over into other aspects of our lives. The video game Roblox even hosts virtual events like concerts and meetups. Players don’t just play the game anymore; they also use it for other activities and parts of their lives in “cyberspace”. For example, in the multiplayer game Fortnite, 12.3 million players took part in Travis Scott’s virtual in-game music tour.
How does crypto fit into the metaverse?
Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility. But what do these mean exactly?
If, in the future, we work, socialize, and even purchase virtual items in the metaverse, we need a secure way of showing ownership. We also need to feel safe transferring these items and money around the metaverse. Finally, we will also want to play a role in the decision-making taking place in the metaverse if it will be such a large part of our lives.
Some video games contain some basic solutions already, but many developers use crypto and blockchain instead as a better option. Blockchain provides a decentralized and transparent way of dealing with the topics, while video-game development is more centralized.
Blockchain developers also take influence from the video game world too. Gamification is common in Decentralized Finance (DeFi) and GameFi. It seems there will be enough similarities in the future that the two worlds may become even more integrated. The key aspects of blockchain suited to the metaverse are:
- Digital proof of ownership: By owning a wallet with access to your private keys, you can instantly prove ownership of activity or an asset on the blockchain. For example, you could show an exact transcript of your transactions on the blockchain while at work to show accountability. A wallet is one of the most secure and robust methods for establishing a digital identity and proof of ownership.
- Digital collectibility: Just as we can establish who owns something, we can also show that an item is original and unique. For a metaverse looking to incorporate more real-life activities, this is important. Through NFTs, we can create objects that are 100% unique and can never be copied exactly or forged. A blockchain can also represent ownership of physical items.
- Transfer of value: A metaverse will need a way to transfer value securely that users trust. In-game currencies in multiplayer games are less secure than crypto on a blockchain. If users spend large amounts of time in the metaverse and even earn money there, they will need a reliable currency.
- Governance: The ability to control the rules of your interaction with the metaverse should also be important for users. In real life, we can have voting rights in companies and elect leaders and governments. The metaverse will also need ways to implement fair governance, and blockchain is already a proven way of doing this.
- Accessibility: Creating a wallet is open to anyone around the world on public blockchains. Unlike a bank account, you don’t need to pay any money or provide any details. This makes it one of the most accessible ways to manage finances and an online, digital identity.
- Interoperability: Blockchain technology is continuously improving compatibility between different platforms. Projects like Polkadot (DOT) and Avalanche (AVAX) allow for creating custom blockchains that can interact with each other. A single metaverse will need to connect multiple projects, and blockchain technology already has solutions for this.
What is a metaverse job?
As we mentioned, the metaverse will combine all aspects of life in one place. 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. Your job may also be metaverse related and provide you with income directly usable in the metaverse. In fact, these kinds of jobs already exist in a similar form.
GameFi and play-to-earn models now provide steady income streams for people worldwide. These online jobs are great candidates for metaverse implementation in the future, as they show that people are willing to spend their time living and earning in virtual worlds. Play-to-earn games like Axie Infinity and Gods Unchained don’t even have 3D worlds or avatars. However, it’s the principle that they could be part of the metaverse as a way to earn money entirely in the online world.
Metaverse examples
While we don’t yet have a single, linked metaverse, we have plenty of platforms and projects similar to the metaverse. Typically, these also incorporate NFTs and other blockchain elements. Let’s look at three examples:
SecondLive
SecondLive is a one-stop web3 metaverse marketing solution. It provides a plethora of features, including enhanced Intelligent AI Agents, AI Spaces capabilities, venue AMA features, and virtual dance V-Dance capabilities. These solutions drive towards the realization of precise and engaging marketing solutions, enabling users to connect with brands and builders in a way that inspires self-expression and action on the fly.
SecondLive utilizes cutting-edge XR and spatial computing technology to create commercial-ready digital avatars and spaces. The project also provides a unique blend of AI & AR capabilities, allowing for intricate connections between brands and builders.
Recently, SecondLive unrolled its AIGC toolchain, a generative AI toolchain for the web3 metaverse, focusing on two key aspects: Intelligent AI Agents and AI Space Editor. The automated assistance these AI Agents offer, and the on-chain asset generation and trading capabilities unlock new avenues for creating economic value.
Axie Infinity
Axie Infinity is a play-to-earn game that’s provided players in developing countries an opportunity to earn consistent income. By purchasing or being gifted three creatures known as Axies, a player can start farming the Smooth Love Potion (SLP) token. When sold on the open market, someone could make roughly $200 to $1000 (USD) depending on how much they play and the market price.
While Axie Infinity doesn’t provide a singular 3D character or avatar, it gives users the opportunity for a metaverse-like job. You might have already heard the famous story of Filipinos using it as an alternative to full-time employment or welfare.
Decentraland
Decentraland is an online, digital world that combines social elements with cryptocurrencies, NFTs, and virtual real estate. On top of this, players also take an active role in the governance of the platform. Like other blockchain games, NFTs are used to represent cosmetic collectibles. They’re also used for LAND, 16×16 meter land parcels that users can purchase in the game with the cryptocurrency MANA. The combination of all of these creates a complex crypto-economy.
What’s the future of the metaverse?
Facebook is one of the loudest voices for the creation of a unified metaverse. This is particularly interesting for a crypto-powered metaverse due to Facebook’s Diem stablecoin project. Mark Zuckerberg has explicitly mentioned his plans to use a metaverse project to support remote work and improve financial opportunities for people in developing countries. Facebook’s ownership of social media, communication, and crypto platforms give it a good start combining all these worlds into one. Other large tech companies are also targeting the creation of a metaverse, including Microsoft, Apple, and Google.
When it comes to a crypto-powered metaverse, further integration between NFT marketplaces and 3D virtual universes seems like the next step. NFT holders can already sell their goods from multiple sources on marketplaces like OpenSea and BakerySwap, but there isn’t yet a popular 3D platform for this. At a bigger scale, blockchain developers might develop popular metaverse-like applications with more organic users than a large tech giant.
Closing thoughts
While a single, united metaverse is likely a long way off, we already can see developments that may lead to its creation. It looks to be yet another sci-fi use case for blockchain technology and cryptocurrencies. If we will ever really reach the point of a metaverse is unsure. But in the meantime, we can already experience metaverse-like projects and continue to integrate blockchain more into our daily lives.
Critical Thinking Questions
- How might the integration of blockchain technology in the metaverse impact the way we verify digital identities and ownership? What are the potential benefits and challenges of this integration?
- Consider the role of video games in the development of the metaverse. In what ways do these games serve as precursors to a fully developed metaverse, and how might they influence future job opportunities and social interactions within virtual spaces?
- The concept of decentralized governance is crucial in the metaverse. How does this concept compare to traditional forms of governance, and what are the potential implications for user participation and decision-making in a virtual world?
- NFTs and digital collectibility play a significant role in the metaverse. Discuss how NFTs can change the way we perceive and value digital assets. What are the ethical considerations and potential consequences of widespread adoption of NFTs?
- As the metaverse continues to develop, accessibility becomes a key factor. How can developers ensure that the metaverse is inclusive and accessible to people from diverse backgrounds and socioeconomic statuses? What steps can be taken to address potential disparities in access to this emerging technology?
Advocacy Initiative:
We encourage participants to begin memorializing the ways they are using time in prison to prepare for success upon release. I encourage participants to create a personal profile by:
- Writing a simple biography
- Writing a daily journal to show all that you’re learning
- Writing book reports that memorialize the books you read
- Writing a release plan to show the ways you’re preparing for success upon release
These strategies helped me immensely once I got out. By using my time wisely inside, I was able to raise capital, build businesses, and succeed in ways that few people would think are possible for someone who served multiple decades in prison. Anyone can do the same—if they prepare first.
If you’d like to follow in the same footsteps, I encourage you to begin building your personal profile. Get started by sending an email message to our team at:
Prison Professors Talent
[email protected]
32565 Golden Lantern, B-1026
Dana Point, CA 92629
Our interns will accept your email invite. You may then send the interns a message such as:
Dear Interns,
My name is xxx, and I am in prison. I would like to begin showing the strategies I am using to prepare for success upon release. Please send me a Release Plan Workbook, and any other books that will help me prepare for the job market. After receiving those workbooks, I will begin building my profile to show others how I am using my time inside to prepare for success outside.
Sincerely,
[Your Name]
Glossary
- Accessibility (noun): The quality of being easy to obtain or use.
- Augmented Reality (noun): A technology that superimposes a computer-generated image on a user’s view of the real world.
- Avatar (noun): A graphical representation of a user or their alter ego or character.
- Blockchain (noun): A system in which a record of transactions is maintained across several computers that are linked in a peer-to-peer network.
- Crypto Ecosystem (noun): The interconnected environment of cryptocurrencies, including users, exchanges, miners, and developers.
- Cyberspace (noun): The notional environment in which communication over computer networks occurs.
- Decentralized Governance (noun): A system of government or management that distributes power away from a central authority.
- Digital Collectibility (noun): The quality of digital items being unique and verifiable, often through NFTs.
- Digital Identity (noun): Information used by computer systems to represent an external agent.
- Digital Proof of Ownership (noun): Verification of ownership of digital assets, often through blockchain technology.
- Economy (noun): The wealth and resources of a region, especially in terms of the production and consumption of goods and services.
- Gamification (noun): The application of game-design elements and principles in non-game contexts.
- Interoperability (noun): The ability of different systems or organizations to work together.
- Metaverse (noun): A collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space.
- Mixed Reality (noun): The merging of real and virtual worlds to produce new environments where physical and digital objects coexist and interact.
- NFT (Non-Fungible Token) (noun): A unique digital asset that represents ownership of a specific item or piece of content, verified using blockchain technology.
- Socialization (noun): The activity of mixing socially with others.
- Spatial Computing (noun): A technology that uses 3D space and objects within that space for computing.
- Transfer of Value (noun): The process of transferring assets or money from one party to another.
- Virtual Reality (noun): A computer-generated simulation of a three-dimensional environment that can be interacted with in a seemingly real way.