The non-fungible token (NFT) boom of 2021 not only brought mainstream attention to digital art investment, it also catalyzed increased development of the crypto metaverse. The metaverse — a previously esoteric term first used in the 1992 science fiction novel Snow Crash by Neal Stephenson — has emerged as a mainstream pop culture phenomenon 30 years later. Reality now echoes Stephenson’s narrative as people use one-of-a-kind avatars while interacting in 3D virtual worlds.
In Kraken Intelligence’s latest report, the team takes a closer look at the rise of these unique virtual worlds and how they will benefit the digital economy.
What is the metaverse?
Telephones and the internet have enabled a global network of communication between people. The internet, in particular, offers a global and easily accessible place to form social connections and find community-based engagement.
The metaverse takes this a step further, empowering people to connect in virtual worlds and express their digital personalities. The metaverse enables immersive experiences that allow users to attend a business meeting in a virtual conference room, sitting digitally alongside colleagues who are physically located all over the world. Users’ avatars can then take a walk to a virtual coffee shop after the meeting to catch up with a friend who lives in a different city. The metaverse leverages the internet’s power to connect like-minded individuals and deliver brand new experiences in another dimension.
Crypto-native digital worlds
While the communities comprising the metaverse don’t require a blockchain, there are unique benefits of the crypto metaverse that are shaping the future of online interaction.
At the moment, crypto-native worlds such as Decentraland and The Sandbox are open-world platforms where anyone can join to play games, earn cryptocurrencies, leverage their NFTs to express their digital personality, purchase NFT-based land and vote on governance — the possibilities are nearly endless.
In our latest report, the Kraken Intelligence team explores the exciting virtual realms within the crypto metaverse and takes a look at the major players that are shaping the fast-evolving space.