What Is Hyperverse? - Everything You Need To Know
By Nerly Shammah Dec 29, 2022
Curious to know what the Hyperverse is? whether or not it is a competition to the Metaverse? And how it became an alleged scam? This guide will take you through all the basics and more of what the hyperverse was speculated to be.
What Is The Hyperverse?
The Hyperverse is a virtual world that supposedly aims to satisfy the social and financial needs of people around the globe. Hyperverse, as declared on their Whitepaper was projected to empower individuals to build, monetize, trade digital assets and explore a decentralized and limitless virtual universe, attaining great user experience and amounting governance influence through community participation.
As a product of the vision for virtual economies built on blockchain technology, the Hyperverse, as per written details was backed by similar elements of the cryptocurrency ecosystem including tokenized assets such as Non-Fungible Tokens(NFTs) and native governance tokens like the HVT which was to be used to vote on proposals that promote healthy development of the ecosystem. It is important to note that this token has been released on the Binance Smart Chain (BSC) 11 months ago but has lost 100% of its price value from above $7 a unit to $0.00000427 at the time of writing.
The Hyperverse was, like most blockchain meta worlds to integrate the idea behind decentralized finance to ensure that the virtual world and economy breathed on the benefits of public and decentralized blockchain technology, but at the time, there are unfortunately nothing of such done.
How Does The Hyperverse Work?
In short, the Hyperverse should function as a multipurpose virtual ecosystem that incorporates the idea of the Metaverse and GameFi, establishing a replication of real world experiences, business environment and pleasure.
Individuals on the Hyperverse should be exposed to different exploration and monetization options ranging from discovering and building empires to renting spaces to reside. The unique feature of the hyperverse should have been its tokenized nature of everything within, beginning with the smallest of things like clothes, shoes and cups to an entire planet.
These tokenized assets were to be protected by blockchain technology, as such, be tradable as NFTs on secondary markets.
The concepts of the Hyperverse, as detailed on their Whitepaper paper was however fascinating to say the least, but following the roadmap within it's public papers, the Hyperverse should in fact have a functioning NFT marketplace in Q4 of 2022 with the Hyperverse released and users given the abilities to explore and craft NFTs, but so far, there isn't any.
What Can You Do In The Hyperverse?
Although not very possible given the circumstances of no developments from the team over the last months, users should have initially have at their disposal, so much to do in the hyperverse including:
- Creating Main Avatars and Clones for diverse purposes such as planet looting, mining, and lending to galaxy boosters.
- Discovering, buying and building an empire on planets.
- Renting spaces to reside in the hyperverse multi-planet system.
- Looting planets and mining for resources.
- Trade assets acquired from mining and looting or via sales on private market operations.
- Building tokenized businesses where each and every thing is a Non-fungible token that is tradable on the secondary markets. And lots more that were promised in the Whitepaper but yet to be released to the community and investors. In the light of this inactivity, curiosity begs the question:
Is Hyperverse A Scam?
Given the zero developments over the past months to release what was promised to the community, the Hyperverse has been termed a ponzi scheme that was projected to scam the cryptocurrency ecosystem given the buzz around the Metaverse.
Is the Hyperverse a threat to the Metaverse?
No, the Hyperverse is merely a virtual reality to replace the Metaverse, it has so far posed no actual threats to the Metaverse economy, it in fact, was propose as a part of the Metaverse which is yet and might never materialize.