The Web3 Wallet: Is It Compatible With The Metaverse?
The digital world has indeed seen a tremendous revolution with the advent of the Metaverse. However, one could say many (if not most) overhype the concept of virtual reality without necessarily understanding what it actually is and what it means for the future of full-blown lifestyle digitization.
In this article, we shall be looking at:
- What is the Metaverse?
- The difference between Web3 and the Metaverse (and also how they are connected)
- The compatibility of the web3 wallet with the Metaverse
- 3 Types of web3 wallet compatible with the Metaverse
WHAT IS THE METAVERSE?
Simply put, the Metaverse is a group of virtual worlds accessed by augmented reality (AR) glasses and virtual reality (VR) headphones. Think of it as an alternate universe, or a mirror world, only that it is beyond physical but still having the physics and workings of the real world.
The gaming industry is already making headway in this regard as some game companies have created a virtual world in which gamers meet, interact, and play video games. These nft games are the closest experience to how the Metaverse will look like as it isn’t fully developed yet.
Indeed, it shows promising future as we may not necessarily need “screen time” anymore. The possibility of attending meetings, selling products, and even buying a couple blocks of real estate in a virtual “-verse” is gradually becoming an absolute possibility.
THE DIFFERENCE BETWEEN WEB3 AND THE METAVERSE (AND ALSO HOW THEY ARE CONNECTED)
Even among tech-savvy folks, many believe the Metaverse is the same as web3. Other netizens as well who are familiar with the future of the internet should have come across the concepts, “web3” and “Metaverse.” In fact, these two words trended on the streets of social media. It pretty much went viral.
However, many can’t tell one from the other.
Web3 is the new internet phase geared towards creating a decentralized World Wide Web for internet users via the blockchain and this is achieved using a decentralized peer-to-peer network. It also guarantees privacy and accessing the internet without requiring special permissions.
Metaverse on the other hand, is a network or group of 3D virtual worlds which fosters social interaction. Thus, while web3 is concerned with the decentralization of the web, the Metaverse takes the digital lifestyle from screens to a virtual “-verse.”
So, how are these two concepts connected despite their difference?
The Metaverse doesn’t just exist on its own. Its existence is dependent on web3 as virtual worlds and digital assets are built on a decentralized infrastructure. The Metaverse can also be considered the outcome of the new internet generation and while web3 can exist without the Metaverse, it can’t exist without web3.
Think of web3 as the foundation and the Metaverse as a couple of building blocks on that foundation.
HOW COMPATIBLE IS THE WEB3 WALLET WITH THE METAVERSE?
The nft wallet holds digital assets such as crypto tokens, NFTs, and the likes. Also, given the virtual nature of the Metaverse, fiat currencies can’t be used in it. The only fitting currency is a digital one which makes cryptocurrencies the perfect solution.
Already crypto coins such as Bitcoin and Ethereum are already being used to buy and sell things on the Metaverse. This is where the web3 wallet comes in. It helps store your digital assets, and you can make purchases or sales in the virtual world.
However, not all types of digital wallets are compatible with the Metaverse. The virtual universe is still under development and as such, people aren’t still clear on the best wallets that are compatible with the ecosystem.
For users or investors looking to venture into the Metaverse, it’s best you select a web3 wallet that supports its functionality. NFTs are an integral part of the Metaverse and each virtual world will have a unique economy in which users will transact assets, and do almost everything they do in the real world.
Thus, it is vital to choose a wallet that suits these processes.
3 TYPES OF WEB3 WALLET COMPATIBLE WITH THE METAVERSE
MetaMask:
This web3 wallet is built on the Ethereum blockchain and it was created by a software company, ConsenSys. It is one of the commonly used wallets given its accessibility especially via web browser extensions. This specific feature makes it quite easy to check out any NFT marketplace online.
Newbies in crypto won’t find this wallet hard to use. Also, users get updated on recent tokens added to any decentralized exchange. This helps you check out different prices from different exchanges so as to choose the best price.
Also, users are free to configure many addresses to store their crypto tokens. These give users various alternatives and also a secure link to several decentralized applications (DApps).
Enjin Wallet:
Another great web3 wallet you can use as well is Enjin. It has secured a name among prominent wallets in the cryptoverse. With Enjin, you can store an NFT collection alongside many other collectables. This wallet offers ease and convenience for crypto rookies also.
It also features a fitting ecosystem that grants you access to gaming platforms within the crypto space. It has a great interface and with it, you can reach many types of decentralized applications. You should consider this wallet when dealing with the Metaverse.
Coinbase:
If Coinbase doesn’t make the list of compatible types of web3 wallet, what will?
It is one of the best digital wallets in the crypto industry today and it was created by Brian Armstrong in June 2012. You can perform transactions securely, without any hassles and can save your NFTs and other assets in the Metaverse. You can also decide to store them on your device.
People like this wallet so much because the user interface is convenient and it’s easy to use. You can easily connect your wallet and you can make a transfer without needing another wallet address. This gives you much freedom and security of your identity and assets.
CLOSING THOUGHTS
Not all types of web3 wallet are compatible with the Metaverse. These ones mentioned above are and you can use any of them when taking the Metaverse plunge.