The Metaverse and Blockchain - Crypto Academy / S5W1 - Homework Post for @wahyunahrul
1.) Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence
Before I can answer this question, let us take a look at how technology is taking over the world. If we look at how the world has gradually moved from one point in time to a greater point in general and technology-wise, one would discover that the future has a lot of amazing technologies in store for us.
In times passed, we read and search through books to get answers to questions we don't know, most times we don't even know if what we want is inside such books till we find them. Thereby making it a prolonged process or even a futile one. But today, we simply use search engines like Google and Wikipedia to get the answers to our questions without the stress of having to go through a whole book.
With this in mind, one can say that technology has come to stay and it can only get better with time and this is what we are already witnessing. You can see the enormous gap from when technology was first introduced to mankind and now and as we go on, these advancements will only get better. So then, what is metaverse and why do I think it's the future of technology?
Metaverse as fantasized by Neal Stephenson is a real-world beyond the reality we live in or find ourselves, but virtual. In other words one can say, the metaverse is a digital reality that combines traits of social media, online gaming, enhanced reality or Augmented Reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact and have real-life experiences such as buying assets, doing business, gaming, Conferencing etc.
Therefore, in my humble opinion, Metaverse is the future of technology, as most of the elements or attributes, (if not all) of the metaverse is already in use, even though the idea itself is said to be a "mind de ensueño" for now.
2.) Explain why Metaverse and Blockchain are compatible technology pairs.
First, Compatibility according to the English dictionary can be referred to as a state in which two things can co-exist or occur together without any problem or conflict. Then the question of, if this is possible by Metaverse and Blockchain to me is a formality.
As we have come to discover, metaverse being the virtual (i.e digital) reality of the real world, where one can perform real-life transactions and interactions, then wouldn't a form of payment be required for such transactions? Can one use currency notes/fiat money for such a digital world? Also, if we did get the tools to purchase or own a digital item in the metaverse, wouldn't we need documentations just as it is in the real world to prove your ownership of such items like we have of Receipts and Invoices? In what better way can Metaverse achieve all this if not with Blockchain?
As we know, blockchain is a major technology that is related to the Internet of Things (IoT), and it's used essentially as a digital ledger for transactions shared across network of a computer or computers.
A particular cryptographic trademark called Hash is used to record transactions in a blockhain.
Earlier, I asked that if we could own properties in the virtual world, can one use fiat currency that has physical properties as a means of payment? I don't think so, but unlike Fiat currency, cryptocurrency is a currency that uses Blockchain technology in the transaction process so it will be very suitable for use in all transactions on Metaverse, as it is an electrical means of payment.
Blockchain plays a crucial role in enforcing the economic system in Metaverse. One can not imagine the economy of Metaverse without blockchain as it will ultimately be influenced by someone. Without blockchain support, it is difficult for resources or goods used in the Metaverse world to be accepted for their value or to have economic interactions comparable to the real-life economy. Thus proving that both Blockchain and Metaverse is compatible or should I use inseparable as Metaverse may probably never exist without blockchain.
3.) Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project (Don't choose projects that have been discussed in the discussion above). (Screenshot Required)
In this section, I will like to talk about Sorare.
SORARE
This is a football base NFT game built on the Ethereum blockchain. As of the time of writing this article, over 215 football clubs are officially licensed. with more clubs joining every week.
From Sorare Homepage1
In sorare, the game players use the cards they’ve bought to create a fantasy football team. where each card embodies a real player. On this platform, players/cardholders earn points based on the performance of that player on the actual pitches. Every week, teams with the most points earned will have the chance to make new cards as a reward.
These cards are tokenized using the Ethereum blockchain and can be resold as sports collectables even as they are being used in the game. This tokenization of collectables is done via non-fungible tokens (NFTs)
Sorare uses a unique structure for its prizes, and this structure tends to balance how the unique cards are acquired. To do so, certain cards can only be earned via winning tournaments. For example, when a player ranks first on the monthly All-Star leaderboards, that player is allowed to pick a unique player card of their choice and if a player wins the weekly All-Star or tournament leaderboards, they also receive a super rare player card.
4.) Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
To connect a crypto wallet with Sorare, you will need a digital wallet to connect to Ethereum, often a Metamask wallet is required. so you'll have to set that up first.
Metamask is a simple web browser plug-in, which can be added to various web browsers and it is installed in the same way every other plug-in are done and often does not take much time to do so. Connecting Metamask to Sorare from mobile devices is not quite possible yet, so you need a desktop PC or laptop to set it up optimally.
After it's set up, you will have to right-click on the top right button, where you see the balance of your Sorare Wallet. On the displayed window, click on connect.
Then click on "map account" to associate your Ethereum Account (Metamask) with your Sorare account.
Lastly, click on ‘Sign’ to complete the connection, and once completed, Sorare will be able to view your wallet details.
Q 5.) Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
For any one to play Sorare, the player will have to build a team If his own. Therefore, after signing up, the player receives 10 common cards with the lowest value (white cards) to help get the user up and running on the Sorare platform.
From Sorare Homepage
Team creation involves designating a team captain and verifying the team before a tournament deadline. You get access to tournament details, deadlines and the latest statistics by clicking "Gaming Arena". Once you have selected an active tournament, click Compose a Team.
Like in reality, players in a team must be placed into a formation of choice consisting of 5 players which must include a goalkeeper, midfielder, defender and forward and a stand-in player. Then to assign a player as captain, click the star next to the player's card. A bonus multiplier is given to the captain for the leadership fund he plays. All the game players (handlers) are referred to as Managers as it is in reality with those overseeing teams.
Once a team has been established, the team must then be verified, then a team name is needed to begin your first tournament.
The Sorare platform equally has a marketplace where Managers are allowed to sell their football cards (NFTs). This is called Transfer Market just as it is in reality.
To purchase a player card from the go to the "Transfer Market" in the marketplace menu and select "Manager Sales". After that, you get to see all the cards that are put up for sale by other players/managers.
Now you select the card(s) you wish to acquire and do so with the price indicated. And remember that all prices are fixed and all listings last only 2 days.
We have the "Gallery Area" tab where players sell their cards, and in this tab players cards in your portfolio will be displayed. Specify the card you desire to sell, after that a pop-up will appear similar to the one below.
Then click on the "Sell my card" button and assign the price you wish to get for the card. To do so, you can use the estimations in the market.
CONCLUSION
In this analysis, we have looked at the likelihood of the metaverse becoming the future of technology. Even as the making of this technology is still in the idea phase yet to be realised, there are several possibilities of it becoming a success in due time, as its component technologies are already in use, such as the Blockchain technology, holograms Augmented Reality (AR) and Virtual realities (VR).
However, the concept of Metaverse cannot be considered as an autonomous system from the blockchain system. It requires blockchain technology to ensure a stable niche, where precious assets such as NFTs and transactions carried out remain secure and decentralised. In essence, Metaverse is inseparable from Blockchain if it's to achieve its great heights.
Special thanks to Prof. @wahyunahrul for the interesting topic this week.