The internet titans, from Facebook to Microsoft, are significantly investing in the Metaverse. But what exactly is the Metaverse? How does the metaverse work? How will it influence (or already influence) our lives? When will metaverse be available?
The Metaverse fever has practically blossomed in the last year: everyone is talking about it, and everyone wants it. Facebook is promoting its Metaverse initiative in particular. It plans to hire 10,000 people in Europe to build the “next IT platform.”
However, Mark Zuckerberg’s company, which has changed its name to Meta Platforms Inc. (abbreviated Meta) as part of the design, is not the only tech company exploring the potential of the metaverse.
Epic Games’ Fortnite, Microsoft’s HoloLens, chipmaker Nvidia, and online gaming platform Roblox are all laying out their visions of the metaverse. Many other well-known brands are eager to make money in the Metaverse.
In short, now is a good time to ask yourself, “What does the metaverse mean?” How do you get in and how does it work? What is the Metaverse’s future? Let us try to explain it below.
What Does the Metaverse Mean?
A virtual extension of the real world. Where we live and interact through an avatar and technological and wearable devices. Smart glasses, virtual reality helmets and visors, gloves, and tactile suits are some examples.
The Metaverse is a digital world in which virtual reality is tightly linked to the internet. Where people can live a life similar to that of the real world.
The term metaverse is a “Macedonian word” formed from meta, which derives from the Greek meaning “beyond,” and ‘verse’ which is extracted from the universe.
Neal Stephenson, a writer of cyberpunk science fiction, coined the term in his 1992 novel Snow Crash. Where the metaverse is described as a virtual world.
In the metaverse, people will communicate using augmented reality technology devices. They will do everything in 3D be it shops, offices, or places where people can meet and interact. Perhaps some concepts from science fiction films will help us understand it better.
Movies that reveal more about it
In the beginning, the metaverse was merely an abstract concept from a science fiction novel or a Hollywood film. However, the gaming and technology industries gave it life. In any case, as is often the case, it is the cinema that comes to meet us in order for us to better understand it.
The Matrix is perhaps the most famous example. In which humanity is unknowingly trapped within a virtual reality. The Matrix, which was created by intelligent machines to distract humans while they used their bodies as a source of energy. But consider Minority Report and Avatar as well.
Ready Player One is the best example of a metaverse in recent cinema. A 2018 film by Steven Spielberg based on the novel Player One by Ernest Cline.
Here it is called OASIS and is an immersive and parallel virtual universe in which most of humanity spends its time. This world represents the only salvation for man as the real world is collapsing due to overpopulation, poverty and pollution.
What can be done in this virtual world?
Metaverses have the ability to generate their own tokens (virtual currencies or NFTs), governance, and economy. The metaverse has the potential to extend technological capabilities by removing time and space constraints.
Let’s say we’ve spotted an advertisement for a house for sale and want to go see it. But it’s in another city, if not a different nation, and we won’t be able to get there anytime soon.
So, in this virtual world, our avatar can meet a real estate agent avatar and witness a perfect virtual image of the residence. Without leaving our office or our couch.
The metaverse’s possibilities are likely to be limitless in the future. But what can be done right now? Platforms such as The Sandbox and Decentraland may provide the best examples of how the metaverse and an economy based on cryptocurrencies NFT and blockchain could function.
People can live in the game, purchase virtual goods and land, construct houses, earn coins, and take part in events. Even music festivals and concerts are held in Decentraland.
We also consider games like Minecraft, Roblox, and Second Life, which, due to their creator-driven economy and vast sandbox world, are the closest representations of the metaverse concept today.
Metaverse Future: When will we live in the metaverse?
Given the current technological advancements and the large investments involved, it is estimated that within the next 5-6 years, a large portion of the population will spend the majority of their time in a metaverse.
We don’t know whether it will come from Facebook, Fortnite, PlayStation, Roblox, or Google, but one thing is certain: the competition will be fierce, and the transformation will be far greater than that brought by the internet and smartphones.
Analysts envision a world where cryptocurrencies, NFTs, and digital assets will flourish. in which the social, economic, and many other aspects of our lives could be disrupted.
How to invest in this virtual new world?
There are several ways to invest directly in this exciting future technology. Those who invest in the stock market can do so in companies with business models or projects related to the metaverse, such as Meta, Microsoft, Roblox, Unity, and Nvidia, to name a few.
You can also play NFT-based games (such as Axie Infinity) or sell and buy virtual properties on Decentraland and The Sandbox.
Another strategy is to purchase cryptocurrencies that are linked to it (also known as metaverse tokens or metaverse crypto) in the hope that the project to which they are linked will gain traction, increasing their use and demand, thereby increasing their value. with the same offer
In fact, these virtual currencies are used to conduct digital transactions within the metaverse and the world of NFTs. Having them allows you to do things like:
- You can buy, sell, and create
- take part in play-to-earn games (where you play to earn)
- In the form of NFT, you can purchase virtual land to rent or sell, as well as clothing for your avatars (non-fungible token, i.e. digital objects with a code that makes them unique and unrepeatable
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The Metaverse has a bright future ahead of it. Much depends on how it plays out and shapes the future of virtual realities.