What is metaverse?

LYOPAY Official
3 min readNov 21, 2021


The metaverse is a new concept that refers to a 3D universe made of several different virtual spaces. It can be regarded as the future evolution of the Internet. The metaverse will allow users to enjoy social activities and work together in these 3D spaces.

At the moment of writing, the metaverse is yet to be in existence, but some platforms have developed metaverse-like elements and now. Video games currently provide the closest metaverse experience on offer. Developers have pushed the boundaries of what a game is through hosting in-game events and creating virtual economies.

The role of cryptocurrencies

It goes without saying that cryptocurrencies can be an extraordinary opportunity in the metaverse, as they allow the creation of a digital economy with different kinds of utility tokens and virtual collectibles (NFTs). Moreover, the metaverse would benefit from the use of crypto wallets, and count on reliable governance systems due to the very nature of blockchain technology. As an increasing number of Big techs is leading the way, several smaller players are participating in the metaverse’s creation as well, thanks to the the blockchain industry.

What’s the definition of metaverse?

The metaverse refers to a virtual 3D space connecting users. It can be compared to the Internet, as it would connect multiple platforms, similar to the Net, which allows different websites to be accessible through a single browser.

The first time this concept was developed dates back to 1992, with the publication of the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a metaverse was once considered pure fiction, it now looks like it could be the most predominant reality in the near future.

Augmented reality will drive the metaverse, allowing each user to control an avatar. In a metaverse-based scenario you could spend your time in an hybrid (mixed reality) environment, doing your work in your virtual office with an Oculus VR Headset, with an Oculus VR headset in your virtual office. Then, you could entertain yourself in a blockchain-based game, and then access the LYOPAY Super App all inside the metaverse.

Gaming and crypto for metaverse

Some traits of the metaverse are already in use. For instance, let’s think about virtual video game worlds. A game like Fortnite mixes together multiple elements of our lives into online worlds. As more and more users are willing to be involved in other activities rather than just playing, video games now furnish services that mix up several other parts of our lives.

However, gaming isn’t the only industry to take into account. The interesting part of the metaverse is that it will combine plenty of different sectors, from economy to decentralized governance, to digital identity.

Blockchain developers have always taken influence from the video game world. If we think about gamification, we’ll discover that it’s a common thing in DeFi platforms. The next step will be to combine the 3D aspects of the metaverse with all those things that the crypto industry can already provide: digital proof of ownership, accessibility, transfer of value. With a wallet (for instance, LYOPAY’s CoolWallet-S) you can prove ownership of an asset on the blockchain, enabling the creation of a digital identity.



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