Metaverse and blockchain are two concepts that go hand-in-hand in the web3 space. The term has had different impressions and meanings for different people like UnionBank’s Migui Planas. In a recent guesting at CrypTalk, hosted by Myrtle Sarrosa, the UnionBank rep talks about his understanding of the metaverse as well as how he got into web3.
According to Migui Planas, the metaverse is similar to the popular game The Sims. In the game, players can create their own personas or avatars, and live out a second digital life. It comes with functionalities such as building houses, buying items like furniture and even socializing. The difference though, as per Migui Planas, is the involvement of blockchain and decentralization. Players own the items both in-game and in-real life and are able to buy it, sell it or trade it. “There’s ownership that’s provided by the blockchain” says the UnionBank rep, and since it’s decentralized “anyone can look it up”.
Migui Planas, who works in the Digital Assets Market Unit of UnionBank Philippine’s Blockchain and API business group, says that he has always been a fan of cryptocurrency. Migui Planas says that he is interested in its application other than being a form of investment. An example of these applications include NFTs or Non-Fungible Tokens which have seen popularity in recent times. Aside from being collectibles, NFTs also offer various utility depending. These utilities can include airdrops, rewards and exclusive access to other benefits. The popularity of NFTs also gave rise to blockchain games. These games utilize non-fungible tokens to promote player asset ownership and the play-and-earn concept.
As for the metaverse, the concep its roots can be found in video games. While Sims might be the most relatable example, the online social game Second Life is what is often cited as the “first metaverse”. In blockchain gaming, the metaverse concept is a basis of additional utility to a game’s asset. Games that implement a metaverse will allow asset owners or players to use their assets across all related experiences. This is without the need to re-purchase said assets. These assets also retain their base utility that can include play and earn rewards and can utilize the same tokens in its ecosystem. In the larger internet of things, the metaverse is being pushed by Facebook, now called Meta as they hope to bridge social media and real life into the digital realm with the power of Virtual Reality and web3.