More and more people are talking about the Metaverse these days, but what is Metaverse exactly? The proliferation of Metaverse in crypto where many play-to-earn games use the space makes this term even more popular.
In 2021, Facebook owner Marck Zuckenberg announced the rebranding of the company to Meta, also attracting public attention regardless of the pros and cons of people’s views.
A glance in overview, Metaverse is a virtual space created as a digital version of various aspects that exist in the real world, both human interactions and economic functions.
- 1 Metaverse explained
- 2 Who started metaverse?
- 3 When does Metaverse start?
- 4 How does Metaverse work?
- 5 Is Metaverse real?
- 6 Metaverse Facebook
- 7 What crypto Metaverse?
- 8 Is Metaverse crypto halal?
- 9 Should I invest in Metaverse crypto?
- 10 What Metaverse crypto should I buy?
- 11 Where to buy it?
- 12 Final Thought
The term Metaverse is not a new thing, this term has been around for a long time. The first person to introduce the term Metaverse was a novelist named Neal Stephenson. The term appears in his novel Snow Crash in 1992.
In the novel story, the term metaverse refers to a 3D virtual world inhabited by avatars of real people. The terms may differ and are not universal. Some think that the metaverse is the internet that is rendered in 3D. Facebook owners describe the metaverse as a virtual environment that people can enter. It’s like between real and unreal.
Etymologically, metaverse comes from the word ‘meta’ which means ‘beyond’, and ‘verse’ which means ‘universe’. So the metaverse means a space filled with matter that transcends all visible things in this world.
Metaverse also refers to the interconnected world of virtual communities. In it, people can work, meet, play using virtual reality headsets, or augmented reality glasses, smartphone applications, or other devices.
Zuckerberg’s simple description of the metaverse is a set of virtual spaces, where a person can create and explore with other internet users who are not in the same physical space as that person.
Who started metaverse?
Since Berners-Lee discovered the World Wide Web (WWW) in 1989, the development of the internet world has experienced many events and changes. At present Metaverse has become a buzzword, a term for a trend that has become a hot topic. It has been mentioned before, that this started in 1992. When writer Neal Stephenson described the Metaverse in 3D.
At this time, various Metaverse tools have emerged made with several technologies, such as Virtual Reality (VR), Augmented Reality (AR), cryptocurrency, and the internet.
Taking a photo from CNBC, here’s the history and development of the Metaverse as it appears.
When does Metaverse start?
2021 may well be the year the topic of the Metaverse rises. Especially after Zuckerberg announced the change of Facebook’s company name to Meta. But actually, Facebook is not the only player trying to develop the Metaverse.
Just like the World Wide Web, where a lot of people make things on it, in the Metaverse, some companies want to make things on it.
As Second Life in 2003, it offered the concept of a virtual community to connect people without having to meet in person.
Microsoft developed a Virtual Reality Microsoft mesh that uses 3D virtual glasses. Pokemon Go game also uses VR. Facebook also wants to develop something that allows people to connect in a virtual world.
How does Metaverse work?
Metaverse work by merging the virtual world, with the real world that involves user interaction online and in real life.
To bridge the real world with the virtual world is with the support of advanced technology, especially the internet network that is getting faster.
Because it is a virtual world, the metaverse can never be separated from the internet as its main access. To access the metaverse is to use a capable device, namely headsets and AR or VR glasses. Such devices are a mandatory requirement to enter the virtual world in the metaverse.
Through these VR and AR glasses, users will see a virtual world that looks real in front of their eyes. At this time Metaverse is still in the development stage, and there are still very few VR products on the market, and the prices are still very high.
Is Metaverse real?
A new technology analyst, Victoria Petrock, said that the Metaverse is the evolution of future connectivity. All these things are starting to come together in the Metaverse where people virtual lives in the same way as you live your physical life.
Although Metaverse is not real, it looks real where the image visualization in the form of an avatar is created using 3D hologram technology.
Even though it’s only virtual, users can do things like go to virtual concerts, travel online, view or create artwork and try on or buy digital clothes. Etc.
Facebook had a reason to change its name to Meta last October 2021. The name change aims to make the platform a Metaverse.
Previously, Facebook had launched a platform for conducting virtual meetings called Horizon Workrooms. The platform uses an Oculus virtual reality (VR) headset to connect in meetings. However, the reviews on the platform were not good because the price of the headset was too expensive for US $ 300.
On this platform, users can move in a virtual world created by their respective companies. Zuckerberg’s move to bring Facebook into the Metaverse, he calls it because the Metaverse will be the next generation of the internet and a big part of the digital economy.
How metaverse will change the world?
The Metaverse has had a huge impact around the world. This technology offers a new breath for the internet world, which is starting to appear everywhere, from the world of crypto money to the clothing industry.
However, the impact of the Metaverse will not be limited to this. The video game industry that is growing every day will also take part in the Metaverse.
We know many games in the Metaverse are the center of the world’s attention, Axie Infinity, Decentraland, are just a small part of the Metaverse game.
The impact of the Metaverse on the blockchain provides an economically valuable new way of cyberspace.
Meanwhile, the metaverse from Facebook will probably give an impact on users’ lifestyles. Because this will require supporting devices in the form of Augmented Reality and Virtual Reality glass. Even though it looks like a fiction novel, it may have an impact on the lifestyle shift from using 2D social networks to 3D models in virtual reality.
The Risk of Metaverse
However, the public about the risk impact of the Metaverse also is a matter of debate. Especially for children, they may follow bad characters in the game who are anonymous, who are imitated by the child.
It may also change the marketing model within the Metaverse to suit the technology.
What crypto Metaverse?
Metaverse in crypto is a virtual world that combines blockchain technology with cryptocurrency.
It contains a real economic value which is a place where people interact on social networks, make video games, or other virtual goods, including artwork, music, videos, pictures, and so on.
All of that is a combination of economic elements by utilizing blockchain technology with cryptocurrency for wider economic access.
Metaverse can combine virtual reality (VR) environments with exciting video game playability. Metaverse is like a virtual world, which can be accessed by anyone and anywhere with a decentralized blockchain.
The key point in Metaverse crypto
Citing to an article from Gemini. There are some highlights in the crypto Metaverse world, here’s a summary.
The virtual world of Metaverse is different from a centralized platform, it is built on decentralized blockchain technology.
There is no centralized authority that owns or controls the activities in the Metaverse. This model is more transparent than the centralized model which is prone to monopoly.
Governance by users
Some Metaverse Cryptos use decentralized autonomous organizations (DAOs) and governance tokens.
These governance tokens have the function to build the future of the game defined by the user. That is by voting to determine a decision about changes or additions to updates.
Metaverse crypto uses crypto tokens, which can be proof of a source. Unique tokens such as non-fungible tokens (NFT) have become one of the icons in the crypto Metaverse. Where it is a modern tokenized item to be made irreplaceable.
Economic value is real
Metaverse crypto uses cryptocurrency to participate in a game, it is a crypto asset that can be a real profit. A creator in the Metaverse can sell NFT for cryptocurrency which can later be exchanged for fiat money.
Is Metaverse crypto halal?
For Muslim people, in doing something, paying attention to halal or haram becomes an important foundation in deciding a case.
They will refer to the holy book of the Koran and also the rules of fiqh which are the guidelines in worldly life.
In this case, you should consult an expert from Islamic jurisprudence for advice with a better explanation of whether the Metaverse is halal or haram.
Islamandbitcoin.com portal site, it is stated that Metaverse is halal. The reason is that in the Holy Qur’an it is mentioned He is, Lord of all the worlds.
The God of all universes, both the mortal and the unseen realms, including the Metaverse, is the scope of the universe in another dimension in the form of virtual reality.
Regarding cryptocurrencies, there is an Islamic legal expert who says that crypto money is considered halal by some parties because it is free from usury compared to fiat money and conventional banks. Where crypto transactions are peer-to-peer without intermediaries.
But he added further, it is halal if the state or government allows or does not prohibit it.
E-hijab presence in Metaverse
The International Journal of Learning and Media 2007 published a paper entitled, “E-hijab: Muslim Women in the Metaverse”.
In one Metaverses, of the Second Life, some Muslim women have worn e-hijabs that have in their avatars a sign of Muslim women’s identity.
NFT’s an art by Muslim people
A source from Muslimartnetwork states that the Dubai-based Behnoode Foundation, this company will launch the first NFT digital Islamic arts agency in the Middle East. The goal is to modernize Islamic art to gain a wider global market.
NFT Fintech Sharia Compliant
Referring to IFNFintech, it stated that the Marhaba Decentralized Financial Platform (MDFP) which will use the Binance Smart Chain, is designed to promote Islamic art and contemporary calligraphy. This application is specifically for Muslim people. which works codeless to allow NFT creation.
Is cryptocurrency halal? haram or makruh?
In Indonesia, which is a country with a Muslim majority population, the Indonesian Ulema Council, gave a fatwa that cryptocurrency is haram because there is an element of Gharar, and Dharar.
Gharar means that no tangible goods are handed over. While Dharar means a transaction that has the potential to cause loss, damage, or mistreatment.
But if we examine more deeply based the reason. In the transaction, the buyer receives a certain amount of value for what he bought. Even though digital currency is intangible. But buyers get its functionality. Like a bank transaction, where a person receives a certain amount of funds in a bank account, it is just an intangible number, but a function of the value received.
Whereas in the Dharar element, where the transaction causes loss, damage, or mistreatment, it is quite vulnerable to risk, especially the value changes.
But if you compare it with gold, its value also changes, and it’s a halal tangible item. We conclude that Metaverse is makruh. It is a middle way between lawful and unlawful matters, where if a person leaves what is makruh, he should get a reward. But if you do, there is no problem and there is no sin.
Should I invest in Metaverse crypto?
All decisions, in the end, are up to you. Because to make a profit in a Metaverse requires also intelligence, understanding of how NFT assets work.
An NFT creator may sell his first coin for $30 only. But over time and in popularity, its NFT possible be as high as $1000. You need a wallet If you want to buy crypto in Metaverse. The most popular wallet for exploring Metaverse is the Metamask wallet. This web browser-based wallet helps you buy crypto assets in Metaverse.
What Metaverse crypto should I buy?
The crypto metaverse has proliferated in the past 2021, and 2022 will probably be even more popular with the mass of newspapers writing about NFT and the Metaverse.
The following are Metaverse Crypto recommendations that get top ratings from various sources.
- Axie Infinity. It is a game in the Metaverse environment that has the highest market capitalization of over $6 billion. This game allows users to buy or sell pets, building their axies.
- Sandbox. It is also one of the games in the crypto Metaverse that allows players to monetize the game by using SAND tokens in the game ecosystem.
- Decentraland (MANA). It also belongs to the category of games in the crypto Metaverse, with a market capitalization of $4.4 billion, players can buy parcels with MANA and build resorts in a virtual world.
- GALA. It is a gaming blockchain in Metaverse crypto that allows players to trade NFTs. GALA’s market capitalization is $3.5 billion.
- Enjin. Enjin Coin (ENJ), is a coin-based ERC-20 token built on the Ethereum blockchain. It is a currency for buying in-game items and also serves as a marketplace.
- High Street. This is a Hybrid model which allows users to purchase goods physically, as well as in NFT or digital forms.
- SomniumSpace. Offering a wide variety of unique 3D avatars, providing a large collection of NFTs, this game on the Ethereum blockchain is partnered with OpenSea and Matic.
- Meta Hero. Users can turn their physical goods into NFT by using a 3D scanner for modeling in collaboration with Wolf Studio.
Where to buy it?
You need cryptocurrency to buy assets in Metaverse. Previously you prepared a Metamask wallet to connect to Metaverse.
The most widely used cryptocurrency is ETH, where most Metaverse cryptos use the Ethereum blockchain.
There are so many exchanges, such as Binance, WazirX for Indian people, Luno for Malaysian people, Indodax for Indonesian people, Kucoin, and so on. You choose which one is the best and the transaction fee is low.
The next step after you have ETH in your Metamask wallet, connect the wallet with your chosen Metaverse crypto. Let say you choose Axie infinity. How to buy NFT assets in the Axie Infinity environment is to connect your Metamask wallet to Axie Infinity.
Metaverse crypto is new hope for cryptocurrency enthusiasts and investors. Combining the virtual world and economic value in the real world. Metaverse is transformed as a hybrid between the digital world and players or users from the real world.
Maybe 2021 is the beginning of the proliferation of the Metaverse, and in 2022 it can grow even more involving new users to become content creators in the Metaverse.
Note: this article is for personal information and opinion only, and does not constitute investment advice. Each investor is responsible for his investment.
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