The metaverse is a concept of a persistent online 3D universe that combines multiple different virtual spaces. You can think of this as a future version of the Internet. The metaverse will allow users to work, meet, play and socialize together in these 3D spaces.
The metaverse does not exist at all, but some platforms contain elements similar to those of a metaverse. Video games currently offer the closest metaverse experience there is. Developers have pushed the boundaries of what a game is by organizing in-game events and creating virtual economies.
Although not required, cryptocurrencies can be ideal for a metaverse. They allow to create a digital economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of crypto wallets. Furthermore, blockchain technology can provide transparent and trustworthy governance systems.
Blockchain, applications similar to the metaverse already exist and provide people with income to live on. Axie Infinity is a play-to-earn game that many users play to increase their income.
When we look to the future, the big tech giants are trying to lead the way. However, the decentralized aspects of the blockchain industry are allowing smaller players to participate in the development of the metaverse as well.