HOLOLOOT’S METAVERSE REVOLUTION

THE METAVERSE

Metaverse, a term first coined in science fiction, is a combination of the prefix "meta", meaning beyond, and "universe".It refers to shared virtual worlds where land, buildings, avatars and even names can be bought and sold, often using cryptocurrency. In these environments, people can wander around with friends, visit buildings, buy goods and services, and attend events.

The concept has surged in popularity during the pandemic as lockdown measures and work from home policies pushed more people online for both business and pleasure.The term covers a wide variety of virtual realities, from workplace tools to games and community platforms.

CRYPTOSPACE BEFORE THE METAVERSE

Cryptocurrencies are intended to be used for payments, transmitting value (akin to digital money) across a decentralized network of users. Many altcoins (i.e., not bitcoin or sometimes ether) are classified in this way and may sometimes be called value tokens.

There are also blockchain-based tokens that are meant to serve a different purpose from that of money. One example could be a token issued as part of an initial coin offering (ICO) that represents a stake in a blockchain or decentralized finance (DeFi)project. If the tokens are linked to the value of the company or project, they can be called security tokens (as in securities like stocks, not safety).

EMERGENCE OF METAVERSE

The origins of the concept of the metaverse can be traced back to the early 20th century, but the 1992 release of Neal Stephenson’s novel Snow Crash, which takes place inside a dystopian virtual reality was the first work to cement the idea of the metaverse in the public conscience, and was influential to the founders of Internet companies like Google, Amazon and Facebook.

Games were launched around the turn of the century that allowed players to immerse themselves inside virtual worlds, where they could spend and earn metaversal currencies and socialize with others. More advanced platforms appeared soon afterward that gave users an even richer experience, allowing them to interact with massive amounts of other players in exciting battle royale contexts like in Fortnite and sandbox platforms like Minecraft and Roblox, which gave players more autonomy to create their own structures, items and games in the metaverse. Internet giants also began to explore the potential of virtual worlds.

In particular, Facebook and Microsoft have announced metaverse platforms, and apps like Zoom and Google Teams have redefined remote working and virtual collaboration. The advent of blockchain technology, however, has propelled the metaverse into the decentralized era. NFT projects and games like Cryptopunks and CryptoKitties have minted fortunes for some and introduced the world to provably scarce, unique digital goods bought, sold and owned on the blockchain. And decentralized worlds like Decentraland have attracted individuals and institutions alike to a metaverse built on the principles of limitless creation, open transactions and free interactions, online, between people around the world.

HOLOLOOT IN METAVERSE

Hololoot application allows users to browse through their marketplace, select any NFT-based 3D model found there and bring them into the real world through users’ smartphones. They’re supported by Enjin, one of the biggest names in NFTs, and have a growing list of backers and partners with reputations for picking the next big thing.

AR AND THE FUTURE

One segment Hololoot is particularly excited about is the growing Play-to-Earn (P2E) gaming market. Deeply rooted in crypto tokenization and NFTs, P2E allows gamers to earn real money for their time spent grinding in-game. They can sell items tied to NFTs on the open market or exchange in-game currency for other crypto assets or even fiat currencies. With Hololoot, gamers can bring these game assets into the real world to show their friends, or even take a selfie with them to share on social media. With Hololoot AR your living room transforms into a digital trophy room, and showing off rare loot is easier than ever before.

Hololoot’s AR makes NFTs seem real, and by enabling it through devices we all already have, they’re paving the way for NFTs and the metaverse to go mainstream. With tech giants already betting big on this future, Hololoot has set the stage for mass adoption.

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