What is the Metaverse and what does the blockchain have to do with it?

3 min readJul 6, 2022

The metaverse in the view of science fiction writers is a utopian virtual universe that is “liberated” from the cultural, social, economic and political problems of reality, or a virtual “refuge”.

The term “metaverse” was coined by science fiction writer Neil Stevenson in 1992 in the novel “Avalanche” (“Snow Crash”). According to Stevenson, the metaverse is the next stage in the development of the Internet: a common digital world combining “physical”, augmented and virtual reality.

People can connect to it in the form of avatars and do everything that they do in the real world: search for information, communicate, go shopping and work — but at the same time escape from reality and live in a virtual universe. The avatar of a person in the metaverse can be anyone he wants and own anything, and death does not mean death in the real world.

Principles of the Metaverse

In general, Metaverse can be divided into two types of platforms:

• Using non- fungible tokens (NFT) and cryptocurrencies to create blockchain-based startups. On the Decentraland and The Sandbox platforms, people can buy virtual land and create customized settings.

• Using the Metaverse for virtual worlds in general, where people can meet (for example, for business or entertainment).

What can you do in the Metaverse?

In the cryptocurrency metaverses, you can go on a virtual journey, buy digital clothes, or go to a virtual concert.

For comfortable work in the Metaverse, there are Workrooms — a virtual meeting space that allows you and your colleagues to work more efficiently, regardless of being in the real world. This way you can join a VR conference as an avatar, make a video call from your computer to a virtual room, and also work on ideas using a large virtual whiteboard, or transfer your computer and keyboard to VR to collaborate with others. You can even conduct expressive discussions that are more like personal than just communicating using standard means of communication.

Metaverse and Blockchain

The fact that the blockchain in the Metaverse could not be hacked or changed is an important criteria for any virtual reality technology to become widespread. Hacking and data loss happen a lot, but if people have to be online all the time and work in a virtual environment, then the underlying platform simply has to be secure.

Blockchain not only allows you to quickly confirm information, but also provides cryptographically secure transactions. Blockchain and crypto assets are a fundamental and integral aspect of how virtual reality will be implemented.

In order for virtual reality to work and perform the stated functions, transactions are necessary. They should be safe and fast. People in this Metaverse ecosystem should have the following capabilities:

• make transactions and interact as easily as if they were doing it in person;

• be confident in the success of these transactions.

Over the past few years, the metaverse has transformed from a fantastic future, represented in various works of fiction, into a reality that really exists, although it is at an early stage of development.

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