The gaming industry is worth over $100 billion. Worldwide, gamers spend over 200 billion hours playing games every month. Even more impressive, the digital gaming market is expected to grow to $196 billion by 2023. It’s clear that the future of interactive entertainment is immersive gaming with virtual reality, artificial intelligence, and blockchain. This article will explain how Metaverse has created its own virtual universe called the Metaverse Blockchain and its own cryptocurrency called ERC-20 token.
What Is Metaverse?
Metaverse is a public blockchain that builds an open-source decentralized network where digital assets are exchanged. It is an ecosystem where stakeholders are enabled to establish and transact in the digital asset management process through the blockchain. The Metaverse blockchain does not only support tokens, but also is capable of linking smart contracts and is able to digitize various real-life assets. This decentralized network allows users to create virtual realities where they can interact with each other and create value. These virtual realities are called virtual worlds, and they allow users to create avatars and interact with each other in online spaces such as games, social media, shopping websites, and more. Users can create these virtual realities by either purchasing virtual reality spaces or building them on their own.
Virtual reality is predicted to be the next big thing in the gaming world. It’s estimated that by 2021, the VR gaming market will reach over $22 billion. It makes sense then to invest in a blockchain project that is specifically built to support VR gaming and an immersive digital universe. One of the first questions a person should ask themselves when looking at various blockchain projects is why they deserve to exist in the first place. In this case, Metaverse has a number of differentiating features that make it a strong contender in the VR gaming arena.
How to Earn Metaverse Coin (MEC) in the Metaverse Blockchain
The only way to earn MEC is by staking it in the Metaverse blockchain. Staking is similar to mining, but instead of using computing power to create new coins, you lock-up some of your existing coins in exchange for network services. The network services include participating in governance, as well as facilitating network transactions. If you’re thinking of staking, it’s important to remember that you’ll need to lock-up a significant amount of MEC. The required amount is 500 MEC, which is equivalent to $2,500 USD. Once you’ve unlocked $2,500 worth of MEC, you can stake it in the Metaverse blockchain and earn a percentage of the network fees.
Tracking and storing data in the Metaverse Blockchain
This feature of the Metaverse blockchain is expected to be released in the future. Once live, it will allow users to attach information to their digital assets such as images, video, and audio. This enables users to create multimedia assets that can be used for various purposes such as for social media posts or for use in VR games. Users will be able to track the progress of their assets from creation to distribution, and even across different social media platforms. This makes it easy for users to manage and track their content, as well as to see their return on investment. The Metaverse blockchain also features a built-in reputation system where users are rated based on their participation in the network. This reputation system will be used to determine which users are allowed to access certain features of the network.
The future of gaming lies in virtual reality, and Metaverse is building an ecosystem that makes it easy and profitable for players to create their own gaming worlds online. With its unique decentralized network, Metaverse allows users to create virtual realities where they can interact with each other and create value. This is an exciting time for the gaming industry, and it’s expected that Metaverse will emerge as a leader in VR gaming thanks to its unique blockchain technology.