The evolution of Web 2.0 into Web 3.0 is a natural process that is being fast-tracked by the development and gradual propagation of decentralized blockchain technologies worldwide. Unlike their Web 2.0 counterparts, the next-gen digital environments will not be isolated to servers and require users to depend on external content.
Instead, the metaverse will become a digital rendition of the real world, relying on advanced virtual reality and blockchain technologies to create an endless environment with a self-sustained economy. The users will power it as content creators and cryptocurrencies as value carriers. Web 3.0 has moved well beyond the original concept of the semantic web.
The metaverse is a relatively new term that has been created to describe decentralized digital worlds developed around a particular hypothesis, such as a science fiction setting or a real-world environment. Today’s metaverses are in the early stages of development but promise to offer decentralization and universality, allowing us to access and control our digital experiences with greater flexibility. All metaverses allow their participants to communicate and interact using digital assets to tokenize real-world products or services. The Non-Fungible Tokens act as value carriers within metaverses, bridging the gap between digital and real economies, allowing businesses to sell their products online with immutable records of ownership and translation of real-world value.
Users will be able to create digital content of any kind inside metaverses using NFTs, essentially enriching the environment and creating the basis for an economy of goods and services. NFTs are interchangeable, interoperable, and capable of cross-chain migration while retaining their utility and value. These assets can be purchased, sold or exchanged by users across metaverses for a set price.
Since metaverses are entirely digital, allowing users to interact via avatars in a virtual reality setting, the medium of exchange within such a digital economy must also be decentralized. Cryptocurrencies are already being used inside metaverses as native currencies alongside fiat funds.
The need for reliable and convenient crypto and fiat gateways is thus an essential element for streamlining the processes within digital economies. For example, Embily debit crypto cards offer all the necessary connectivity and services for metaverse users. They can make seamless transactions inside digital environments using all the major cryptocurrencies or easy and free cash-out or ATM withdrawal at only 1.5 Euros across Europe.
The metaverse is being discussed just about everywhere in today’s technology landscape, expanding from the niche groups of technology pioneers and data scientists to a mass audience. Landing on a complete definition of the metaverse, a complex concept with endless opportunities, is still a work in progress.
As economic, trade and other functions increasingly shift to virtual formats, it’s evident digital needs are evolving and technology must adapt to these changes to facilitate security, convenience and reliability.