How to Create Metaverse with NFT and DeFi Integration?
Metaverses are one of the most popular conceptions today. It was a part of science-fiction not long ago, but it will soon become a standard part of our daily lives. A new reality will combine the physical world and digital space to create its economics on non-fungible tokens (NFTs) and decentralized finances (DeFi).
This article will tell you how to become a part of the new economy by creating a metaverse and integrating NFT and DeFi.
Firstly, let’s see what the developers and experts mean when employing the ‘metaverse’ notion. It is essential since most people understand a metaverse as a VR open-world video game offering freedom in actions (e.g., OASIS from the movie ‘Ready Player One’).
The professionals define metaverses differently. Mark Zuckerberg and Meta (former Facebook) developers understand it as an online environment of connected virtual spaces (social networks, VR messengers, video games, marketplaces, and other IT products). The users employ IT instruments like VR/AR, neural networks, blockchain, etc., to create avatars, move from one space to another, and interact with the world and other users (communicate, play, learn, work, etc.).
This metaverse will have several basic principles:
These are decent examples of what a metaverse is. However, there is no complete metaverse yet developed.
A simple example is tokenized money: if you receive 10 dollars in a metaverse, you will have 10 dollars in the real world. A more advanced example is a tokenized computer; namely, your actions on a virtual computer in a metaverse will automatically repeat on the actual computer. If you create a text file and type something, this file and text will appear on your real computer.
The first example shows that your avatar is a complex NFT 2.0 that can hold other assets and connect/synchronize with the computer in the real world. In the second example, the NFT avatar possesses the NFT of the computer, which is represented in the metaverse as a virtual computer synchronized with the natural world computer.
As you can see, it might be troublesome to integrate NFTs into a metaverse, especially if you create something unique and fascinating.
In a metaverse, decentralized finances might become the ground of the economy since they can significantly reduce the transaction cost and increase speed. It will influence typical currency exchange and even loans and insurance. Furthermore, decentralized finances have several other advantages:
Launching phase (business analysis). The next step is for you and your chosen development company to decide on the economics of your future project: to analyze the market, the target audience, and the competitors. This is necessary to understand in advance the prospects of your project and how to implement NFT and DeFi - what these solutions should be.
And if with NFT, everything is usually simple - you implement game characters, lands, and unique items in the form of NFT and allow players to trade these NFTs on the open market (marketplace). Then in the case of DeFi, there can be variations in terms of the approach to integration and what kind of DeFi services it should be.
For example, DeFi integration into the meta-universe can be implemented:
The choice of blockchain, game engine, and other development tools depends on what kind of meta-universe you want to create and on the preferences of the development company - their knowledge, skills, and experience. Here is an example of the technology stack that Microsoft uses to create a meta-universe:
But this list is not complete either. It doesn't have a Game engine, the software tool that developers use to create (and run) video games. You can create/load 3D objects on these platforms, apply rules for moving these objects, create 3D spaces, add sounds, etc. Such an engine is needed to create virtual spaces in the meta-universe.
This kind of game engine can be created by yourself (long, expensive, and not always efficient), or you can use one of the open-source game engines such as Unity (the most popular) or Unreal Engine (the most technologically advanced).
In addition, you should not forget about other tools: artificial intelligence, cloud technologies, visualization tools, etc.
The development of game metaverses stands out because, unlike the same platforms for communication and social networks, a lot of time is spent on preproduction. It usually includes the following three stages:
Creating a layer of meta-universe interaction. The next step in developing a meta-universe is to create a layer of user interaction. User controls, navigation controls, access criteria, and communication protocols must be defined in this step. The interaction layer is also responsible for integrating third-party tools and interacting with the metaverse platform.
Testing of the developed product. Almost as soon as the development process (i.e., coding) starts, QA experts work; they test the code for bugs and errors and the system's usability, functionality, load, and stability. Additionally, testing of smart contracts and DeFi is performed internally by the development team and with the help of independent external auditors, such as Techrate and Certik teams.
Deployment and Release. The created meta-universe is deployed in the cloud or local servers when the software product is completed and thoroughly tested. If your platform has mobile apps, they are added to the App Store, Google Play, Microsoft Store, Amazon App Store, etc. In addition, you also need to add your native token to the listings of cryptocurrency exchanges and make the first NFT seals on your own and external marketplaces.
Product Support. Creating a meta-universe with NFT and DeFi integration doesn't end after release. Usually, developers need more time to find and fix bugs, improve user experience and add missing features. In addition, they also need to train the customer's staff, organize the internal support service, and establish the process of collecting feedback from users.
Metaverses are not just a new trend or an improvement for existing technologies. This paradigm will dramatically change the Internet and how we interact with the content in the next five or ten years. Suppose you intend to become a part of the Internet of the future. In that case, you should consider developing your metaverse, application, or technology that the users or developer would find a use for.