Metaverse and Blockchain || Crypto Academy - S5W1 || Intermediate Course by @wahyunahrul

Before coming on what I think of Metaverse let us first know what this technology is. As stated in the lecture the word Metaverse was first taken in a novel with the name “snow crash” this novel showed the interaction of humans in a virtual world.

The word “Meta” is a Greek later word that means “beyond” and the suffix “verse” is taken from the universe which simply means entire globe or world hence the two words upon combining give the meaning of beyond the universe.

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The concept had been in our society however got hype ever since the Facebook owner recently acknowledged this concept and changed its name to Meta. Now finally what exactly this concept is. Metaverse can be explained as virtual space or 3D world where humans will be able to connect through this virtual world by using a tool called virtual reality or VR. To be honest the combination of two opposite words such as virtual and real is quiet but it exactly isn’t real but a little bit deeper than just using the virtual world behind screens. We all are part of the virtual world ever since we started communicating through the internet however the metaverse lets people communicate in the virtual world by giving more reality touch it such as users with VR can travel through this virtual world by selecting an avatar for themselves where they can buy and sell using tokens and can attend live concerts or conference at any corner of the world by being there through VR while in actual they’ll be just sitting on their couches.

Now coming to if I think of it as next-level technology well the answer is yes,

although the metaverse is still a concept the concept can be brought into practice since there are so many people working on it and experts if I may add. The way technology is moving fatly the metaverse world won’t stay a concept for long especially when we have seen tools like VR and how they can control our minds.

Now my opinion of this whole metaverse

is maybe I am over exaggerating but my mind is not ready to accept this concept not because I find it unreal but because I am not supporting this technology. However, I have seen different developments getting acceptance with time so maybe I might accept and fantasize about this concept in the future but for now, I see this as a threat to human minds.

The metaverse lets humans have a world of their own where they have no problems or stress however the life in the real world is full of complications so when a man is familiar with the fantasy of the virtual world it will be difficult for him to deal through stuff in the real world.

However, I can’t deny the fact that there’s so much this technology is providing us with and will be a revolutionary technology hence the more we keep things in balance the more it will be beneficial for us.

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2). Explain why Metaverse and Blockchain are compatible technology pairs.

The compatibility between metaverse and blockchain can be explained through a single word i.e. “Decentralization” however if we’d go into detail there’s more in the relationship between blockchain and metaverse concept.

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We know decentralization is what hyped the blockchain technology and the concept of metaverse has decentralization as a must-have feature for this concept to be accessible worldwide. Through this blockchain technology i.e.

decentralization metaverse concept can provide users an atmosphere that is not governed by any single authority. From the concept of the metaverse, we get to know we will be able to communicate in this digital world like we do in the real world and can carry out other activities such as purchasing or selling or attending meetings or concerts, etc. so the transaction of assets in this virtual world or metaverse can be carried out directly using decentralization technology.

With decentralization, users will have the authority to have complete control over their holdings whether it’s token or anything else they buy in the metaverse. In blockchain technology, users can purchase a certain asset of NFT and everyone on the blockchain can see the details of their holding similar metaverse with using this technology of blockchain will allow its users to purchase assets or accessories in metaverse or virtual universe and his holdings can be seen publically to everyone. Hence the above-mentioned reasons are enough to explain the compatibility of blockchain and metaverse technology.

3). Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project (Don't choose projects that have been discussed in the discussion above). (Screenshot Required)

I’ll be doing fundamental analysis of the Decentraland which is among the top-ranked projects of metaverse on coingecko, below is the screenshot of this project being top-ranked.

DECENTTRALAND

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We have established above what metaverse is, the Decentraland is a virtual space or in simple words a virtual land or country or place called “LAND” build on Ethereum blockchain. It somehow resembles sandbox games discussed above, here users can get themselves land by purchasing it through the native token of this game which goes with the name of “MANA”. Before coming on Mana and it is worth letting us first dig more into what this game is about.

Lands in decentraland are bought in form of NFT can be purchased through MANA. The NFT represents ownership of individuals and no land matches another hence cannot be changed. The lands are further differentiated in parts called “parcels” recognized by Cartesian coordinates. The game can be operated through any device or anywhere as long as your system has a digital wallet though there’s no mobile app for this game. Still, with time there can be a mobile app version of this. Users can travel through LAND however for carrying out activities such as buying or building or attending concerts etc. it will require MANA token.

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The Decentraland is controlled through ethereum’s decentralized autonomous organization hence giving users control over their decentralized virtual world. The DAO is what guards all the major smart contracts for every transaction made to purchase lands or buy any other tool on Dencentraland. The transactions are verified on the Ethereum blockchain where the owner can be tracked and his ownership can be seen by everyone on the blockchain.

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The decentraland is assumed as future real estate markets in the virtual world and is among one of the topmost projects of the metaverse. Ever since the owner of Facebook acknowledged metaverse the MANA coin price has gone high since then. Let us have a look at the data we get of MANA from coin market cap in the screenshot down below:

Here’s what we got from the coin market cap about MANA.

The live Decentraland price today is $4.00 USD with a 24-hour trading volume of $3,061,614,282 USD. We update our MANA to USD price in real-time. Decentraland is down 0.70% in the last 24 hours. The current CoinMarketCap ranking is #29, with a live market cap of $7,294,489,343 USD. It has a circulating supply of 1,824,627,935 MANA coins and the max. Supply is not available.

4). Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)

As I selected decentraland project hence in the steps given down below one can connect their crypto wallet with decentraland.

• First I will go to the official site of decentraland where I get the option of “get started” that’s what I’ll be selecting.

• Upon clicking I’d be navigated to the next page where I’ll be asked to select how I will choose to play the game either by connecting my crypto wallet or as a guest for this homework task I’d select connecting through the crypto wallet.

Next there will be a screen asking me the wallet I’d carry on with among three options which can be seen in the picture down below since I have a metamask extension installed so I’ll be using that.

• After selecting metamask I’d be getting a pop-up screen of metamask asking for the account I aim to log in with. Here I’ll enter my account detail and unlock my wallet.

• Now after logging in I’ll be asked by my wallet if I’d like to connect decentraland and metamask here I’ll process the connection between decentraland and metamask by signing the request.

• Now finally you can that decentraland is connected with metamask and is ready to be used.

5). Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)

Since I did the fundamental analysis on Decentraland which is one of the metaverse massive project hence I’ll be exploring it to discover its features, advantages, and what makes this project stands out.

For exploring I’d go on the official site of this project. In the screenshot below we can the Decentraland allows users to create, trade, and explore its land.

By exploring land means users can travel through the space and get facilitated with amazing surroundings of this place.

Users here can create the places the way they want to buy using the builder tool through which they can generate views according to what their mind suggests them since the whole system of decentralized hence the users of this project can take part om building up of this Land without the governance of any centralized body.

Lastly, the traders can use this metaverse project to carry out their trades through which they here can get themselves new outfits, accessories for their avatar in exchange for tokens or they can purchase lands or different things which market place of decentraland facilitate users with.

Apart from this let us study thy decentraland native coin MANA. However, we have studied its market worth in the question above but here’s we’ll be covering a few other things related to MANA. It is an ethereum based ERC-20 standard token. However, there’s another token on this platform called “LAND” which is NFT and is of ERC-721 standard that can be earned upon burning MANA.

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Here are some pros of this metaverse project

• One of the perks of using this platform is the users here are independent to carry out their activities and have complete control over their properties. The data of all the transactions are made available to the public eye on the ethereum blockchain hence no middle man is involved in this virtual world that will carry out actions for users and the members of the community are in charge of operations on this project.

• Being a metaverse project we know decentraland allows users to interact in 3d space and gives the user an idea of what this whole metaverse concept can facilitate them with and ever since Facebook acknowledged this concept these projects have received massive hype.

• hrough this platform the creative individuals have the opportunity to design on this project and have the chance to show what they are capable of and allow them to launch what had been in their mind. Also, it provides trades to earn through trading in this virtual world.

Coming to what makes this project stands out

s its assistance in giving multiple individuals to show what they have got and what they can facilitate users with. The designers here can design what platform they want or the views they want them and everyone else to have in this virtual world. They can create a village-based atmosphere or some developed city. The businessman here can trade by getting themselves lands or estates or trading their tokens in exchange for lands, avatar, accessories, or what the marketplace offers them.

Conclusion

The concept of metaverse will be in practice in no time as we can see there are so many people hired to work on this technology. The decentralization technology of blockchain is what lays the foundation of this concept. It’s shocking how a fictional concept is soon to be real. Metaverse will give a new direction to technology and the concept of this virtual world sounds pretty fascinating to many technology lovers.

However, this stimulation of the mind initially is worrying me as it might distract users from real-world problems which can be dangerous for teens who usually fail to control their timing limitations on the internet. However one cannot estimate what technology has to unfold unless it’s in use.

Lastly, Thanks to the professor for this interesting assignment I have been trying to read on metaverse ever since the Facebook owner hyped it and this homework task provided my opportunity to study this.