inancial, virtual, and real worlds are getting more entangled. The electronics we use to govern our lives provide us access to nearly whatever we desire at the touch of a button. This has also had an impact on the cryptocurrency market.
Crypto payments, NFTs, and blockchain games are no longer unique to crypto fans. They're all now accessible as part of a developing metaverse.
Is it simply a buzzword?
That's a great question. "Metaverse" is currently a big word in the worlds of technology, commerce, and finances, and its interpretation, like all buzzwords, is hazy, debated, and molded by the objectives of those who use it.
In this article, we will try to explain and describe the metaverse in simple terms while opening the way for more publications regarding this "new world" soon.
The metaverse is a 3D online virtual space that connects users in any aspect of their lives. It would connect various channels, similar to how the internet connects numerous sites that we access through a single browser.
It is a simulated digital environment that blends augmented reality (AR), virtual reality (VR), blockchain, and social media concepts to build areas for a rich user interaction that resemble the actual world.
Some metaverse characteristics can already be visible in existing virtual video game environments—workplace socialization tools such as Gather or games like Second Life and Fortnite. The town combines several aspects of our lives into online environments. These applications aren't the same as the metaverse, but they're close. Video games now provide the most accurate metaverse experience due to the focus on 3D virtual reality, not only because they're 3D. Video games increasingly offer services and capabilities that extend into various facets of our lives. The computer game Roblox even hosts virtual events like concerts and meetings. The game is no longer played by the players; they also use it for other activities and aspects of their lives in "cyberspace." In the online game Fortnite, for example, Travis Scott's virtual in-game music tour garnered 12.3 million gamers.
While the word "metaverse" may be unfamiliar to some, the notion has been there for over thirty years. The metaverse was first created by American science fiction novelist Neal Stephenson in his 1992 novel Snow Crash where characters use the metaverse to escape a terrible future reality.
The metaverse is an enormous economic powerhouse. Meta (formerly Facebook) predicts 10,000 highly skilled positions in the EU alone, primarily for content creators and AR/VR companies. Users should expect to earn money in the metaverse in the future.
Facebook stated in a press report dated Oct. 17, 2021, that the metaverse is a new era of connected experiences. These "experiences" integrate technologies such as virtual and augmented reality. At its core is the notion that communicating online may become much more similar to interacting in person by enhancing one's virtual presence.
The metaverse is projected to increase in popularity as investors and businesses seek to be a part of what may be the next big thing.
The metaverse has no creator, and it is not something Meta owns or is solely responsible for developing. Nonetheless, Meta has already invested heavily in the metaverse with its Oculus VR headsets and is developing AR glasses and wristband technologies.
Talk of the town or virtual town?
In recent years, a few reasons have brought it to the center of the technology industry's thinking. One example is virtual reality, which was still in its early stages when Stephenson wrote Snow Crash in the 1990s. Nowadays, the existence of VR is a fact. The acquisition of Oculus by Facebook in 2014 was an apparent sign of Zuckerberg's vision for his company.
Another example is cryptocurrency, the incomprehensible and energy-intensive technology that has enabled virtual currencies and NFTs. Over the last year or so, NFTs have become an addiction for crypto enthusiasts, snake-oil marketers, suggestible bosses, and, strangely enough, members of the art world. Not only do NFTs enable 12-year-olds to become millionaires overnight by having stumbled upon a viral piece of internet art, NFTs are also being utilised for proving ownership of virtual items and real estate within the metaverse.
It must be mentioned that "owning" and even trading virtual items is feasible in many games and places, but ownership is weak and usually subjected to a permission contract.
There appear to be enough parallels in the future for the two worlds to become even more interwoven. The following are the main features of cryptocurrency that make it suitable for the metaverse: digital proof of ownership, digital collectability, transfer of value, governance, accessibility, and interoperability.
Some practical applications of the metaverse
The metaverse, as previously said, will bring all aspects of existence together in one place. While many people nowadays work from home, you would be capable of visiting a 3D office and engaging with your coworkers' avatars within the metaverse. Your employment could also be metaverse-related, providing you with revenue that you can use in the metaverse. Professions of this nature already exist in some manner.
Individuals worldwide now have consistent revenue streams thanks to GameFi and play-to-earn models. These online jobs are excellent candidates for eventual metaverse implementation because they demonstrate that individuals are willing to spend time living and earning in virtual environments. Axie Infinity and Gods Unchained, for example, do not even have 3D realms or avatars. However, the idea that they may use the metaverse to make money exclusively online is fundamental.
While a unified virtual world is ages away, we may foresee changes that might contribute to its establishment. It looks to be another sci-fi use for blockchain and bitcoin. It's unknown if we'll ever get to the metaverse level. In the meanwhile, we may encounter metaverse-like initiatives and continue to incorporate blockchain into our everyday lives.
Where can we buy this virtual land or real estate?
First of all, who is selling the land?
The people selling the lands are the developers of any specific metaverse. There is no "one" metaverse but many metaverses or virtual environments. Each developer creates its virtual world, and users can choose where to buy and what to buy.
One popular metaverse is "Lunacia Axie Infinity." Another example is "Sandbox." Created in 2012, it is limited to 166,000 plots of land, and its focus is on allowing users to create their own NFTs and video games. They partnered with people and entities like Snoop Dogg, Ubisoft, Soft Bank, and Opensea and raised more than 90 million dollars in their first round of funding.
A second example is "Decentraland," created in 2015, with a limited amount of 90,601 plots. They are heavily funded and hosted a four-day metaverse festival that featured 80 artists and earned 50,000 virtual attendees.
The last environment is Meta, which Facebook created. It is more of a centralized approach to this digital world.
Why is it exciting and full of opportunities?
The reason is that no "One" company owns the metaverse.
We are creating these private and independent environments, and each works on attracting users and people to come, visit, and use our virtual space.
The metaverse is undoubtedly the future, just like we knew that the internet would be the future when it was created. Back then, we didn't know where and what the internet would look like in the future; still, we endorsed and used it. We predict the same to happen with the metaverse.