According to Sebastian Borget, COO of Sandbox, the notion of the Metaverse, in which humans may participate in a range of activities in digital parallel worlds, is redefining how people think, interact, socialize, play, and earn in the future.
Immersive worlds and online avatars are nothing new since virtual planets have already been produced in games such as Grand Theft Auto Online, Minecraft, and Roblox.
Furthermore, with the ability to convert fiat monies to cryptocurrencies, users would easily transition between the natural world and the Metaverse.
Related Article | Sandbox Metaverse Attracts 2 Million Users, Joins Forces With K-Pop Group
Customers may use crypto tokens created by firms that facilitate these virtual connections to purchase digital avatars and virtual land and host personal events similar to those held in the real world.
Individuals and businesses alike may conduct transactions in the Metaverse, get payment in cryptocurrencies, and swap those gains for real-world goods.
Gateway To New Experiences
Borget asserts that the metaverse is a portal to new experiences limited only by the imagination of individuals.
He elaborated:
“Web 3.0 and the metaverse enable everyone of us to become an explorer of our own human imagination, creating new parallel universes in which we can pick our own experiences.”
The Metaverse extension will boost the amount of wealth that may be unlocked, perhaps causing the global economy to expand rapidly.
Sandbox, The ETH-Based Metaverse
Sandbox is a decentralized NFT Metaverse by definition, since it aspires to change the way people interact on the internet by allowing them to engage in ways that were previously only envisaged in science fiction.
The Metaverse is characterized as a “vast, linked network of virtual worlds” by Rabindra Ratan, an associate professor of media and information at Michigan State University.
Related Article | Metaverse Real Estate: Why Are Real Estate Investors Obsessed With Virtual Lands?
Decentralization refers to the fact that the Sandbox is not controlled by a single organization, such as a company.
Everyone who participates, on the other hand, owns it. For Sandbox, its SAND token holders participate in the platform’s governance using a DAO framework and voting techniques.
The Sandbox was conceptualized in 2011 by Arthur Madrid and Sébastien Borget. The ownership of digital LAND and NFT assets on the network is tracked via blockchain technology.
BTC total market cap at $730.19 billion on the daily chart | Source: TradingView.com
SAND Price Analysis
As per CoinMarketCap, SAND is presently trading at $2.82, a 4.50% fall from Thursday, with a comparable high of roughly $2.99 and lows reaching $2.79.
Analysts anticipate that the coin will get a high of $3.61 by the end of 2022, $5.49 by 2025, and $8.36 by 2027 before exceeding its all-time high in 2027.
Web 3.0 And Its Importance
Meanwhile. Web 3.0 refers to a third-generation paradigm shift in online services, integrating artificial intelligence (AI) technologies and decentralization.
It equates to more user control and ownership over their works and online information, digital assets, and online identities. Gavin Wood, one of Ethereum’s co-founders, launched the cryptocurrency in 2014.
Moving Forward
Borget believes that platforms should prioritize ensuring that the creative process is enjoyable and fulfilling, as well as responding to what people desire.
Borget noted that the next step will be to enable creators to build and share experiences within their lands.
He stated that people can anticipate the community to contribute more original content in the future.
Featured image from Aroged, chart from TradingView.com
Source: https://bitcoinist.com/the-metaverse-enables-us-to-investigate/