What is the Metaverse....Really?

One of the latest buzzwords to grab attention in the IT industry is the metaverse. In fact, Mark Zuckerberg of Facebook is so sold on the concept of the metaverse that he renamed his entire company to fit — the company behind Facebook is now Meta! Everyone in the IT industry is latching on to the concept and wants a piece of the proverbial pie.

What is the metaverse — really?

However as a concept the metaverse is fuzzy — ask ten different people and expect to get ten different answers. What is certain is that it involves a major evolution of the way we interact with technology — and the way we interact with each other. Virtual and augmented reality will play a major part, and the metaverse will require a technological backbone supporting a new paradigm for digital economy and asset ownership. This is where Phantasma’s industry leading blockchain technology provides an essential piece of the puzzle.

The metaverse will require a technological backbone supporting a new paradigm for digital economy and asset ownership. This is where Phantasma’s industry leading blockchain technology provides an essential piece of the puzzle.

Own your assets — Own your future

For the digital economy to evolve in a world beyond digital goods and services, we cannot continue the practice of storing what you think you own on centralized servers controlled by a handful of massive companies — who could pull the plug or impose limits without the customer having a say. If the metaverse is to grow and expand into the massive vision presented by leaders in the IT industry, we need to redefine what digital assets are — and more importantly, what digital asset ownership is.

To migrate from the current paradigm it is essential to rethink ownership. Your coffee maker cannot be taken away from you by Moccamaster, your clothes are safe in your wardrobe, and no Mercedes employee can come to switch out your V8 engine for a 125cc Briggs & Stratton because they have decided it’s better for you. This is how digital asset ownership should work as well. You are in control — not the company that produced it. You own it, you can move it, you can trade it, you can use it wherever you see fit — not the company.

Your coffee maker cannot be taken away from you by Moccamaster, your clothes are safe in your wardrobe, and no Mercedes employee can come to switch out your V8 engine for a 125cc Briggs & Stratton because they have decided it’s better for you. This is how digital asset ownership should work as well.

Certified Green technology

Non-fungible tokens — NFTs — are part of the essential components of the future metaverse. These unique digital assets define attributes and serve as proof of ownership for digital and physical goods, they can control access to services — and most importantly, they are fully owned and controlled by you. However, not all NFTs are created equal: Some leave massive carbon footprints, and almost all of them come with very basic, limited functionality making them static objects instead of living things that can evolve with the metaverse.

Phantasma smartNFTs and the entire Phantasma infrastructure are certified carbon negative — a must in a future where there seems to be no limit to the utility of these unique cryptographic proofs of ownership. Owning, using and evolving a Phantasma smartNFT has no measurable negative environmental impact on the world — on the contrary, more carbon emissions are removed from the atmosphere than will ever be generated by our infrastructure.

Phantasma smartNFTs and the entire Phantasma infrastructure are certified carbon negative — a must in a future where there seems to be no limit to the utility of these unique cryptographic proofs of ownership.

Evolve in the metaverse

Phantasma smartNFTs evolve. They are alive — programmable — and can follow your journey through the metaverse, growing and changing as you do. They can do this while staying fully decentralized and in your control, through Phantasma’s unique concept of smartNFT RAM — upgradeable attributes allowing you to immerse yourself in the metaverse and seeing everything that you are and own evolve throughout your experience.

Phantasma smartNFTs evolve. They are alive — programmable — and can follow your journey through the metaverse, growing and changing as you do.

The journey is just beginning

The creation of a true metaverse and all its possible facets is a tall order with many moving parts, and the journey is just beginning. A vast amount of technological advancements are needed before users can experience anything like what Zuckerberg showed us when he speculated about some of he possibilities to be unlocked by the metaverse.

However, some of the components are already being developed at a rapid pace, and others are already in place. Significant advancements have been made in the field of VR & AR technology in recent years — and Phantasma’s smartNFTs are already here, now. There’s no wonder leading metaverse projects like Netvrk have chosen to integrate and utilize programmable Phantasma smartNFTs in their metaverse.