By now, most of us heard about this buzz word “Metaverse”, it has been influenced by corporations publicising it like Facebook who literally changed their brand name to Meta.
Some say the Metaverse will replace the internet. They call it the virtual real estate space. Further to that, as referenced in the Entrepreneur website:
PWC analysts predict that the metaverse will significantly contribute to the global economy, impacting sectors like education tech, health, gaming, and industry 4.0. According to their findings, themetaverse ecosystemcould be worth $1.5 trillion by 2030.
But, What is the Metaverse?
Due to its broad technological uses, the Metaverse can’t be clearly defined precisely. But in summary, it is a digital universe connected to the real world through group of technologies.
A digital universe: Metaverse purpose is to create an entire digital universe connected to the real world.
In the past the internet allowed communication through voice, nowadays, video calls are the norm. with the Metaverse you will end up talking to your friend in a virtual world using a VR that tracks your hand movement and facial expression allowing your friend to understand how you feel. Not only that, but with technology being developed at some point you will be able to feel what you virtually touch through gloves or ultrasound technology. This is crazy! Some technologies are already there. even the ability to smell.. :)
Accessible from multiple devices: You can join this space through different devices whether it is through your computer, mobile phone, virtual reality and augmented headsets, and any type of technology.
Own a single/multiple identities: You will be able to buy avatars and their accessories as NFTs (which is your verified and owned digital items) that could be used in one or multiple Metaverses.
It is not one Metaverse: Yes, there are multiple Metaverses being created and with the power of Web 3.0 you are able to just connect your wallet in the platform (whether it is on browser or a console) and move from one digital universe to another.
There are multiple visions from corporations on how the Metaverse would take place. Some like Meta (Facebook parent company) describe it as a place where you hangout and socialise. But the Sandbox for example is a place where you can play games with your friends, and Microsoft view it as a place where meeting rooms will take place.
Note: If you are looking for a hardware wallet (adds extra layer of security for your assets in comparison to regular wallets), I would recommend checking out Ledger . Personally, I use Ledger Nano S as it does the job i need and it is affordable.
Use your collection in multiple places: Isn’t it just like a video game then? Yes and no. Yes, in terms of your ability to access the game and enjoy an open world/instances like when playing Fortnite. No, because the difference between owning video game characters and avatars in comparison to owning your digital assets in the blockchain unlocks huge potential.
In a video game the real owner of characters, their skins, and items are game publishers. But in the Web 3.0 space what you own you own, which means you can use your main avatar and their items in different websites (if the Metaverse accepts).
Unlocks digital economy: Let us assume that Nike release a limited first edition quantity NFT of a shoe collection they have (this is not real! yet…). Then by buying this digital shoe you can use it as an item in the video game Roblox, on Fifa, or Facebook Metaverse. It will be a matter of connecting your wallet and using your digital item in different places. It is an encouraging concept because of the value for money in buying a digital asset that can be used everywhere.
Creates communities: This usability allows buyers to value what they have more, the scarcity, the connection to other users and the brand will create the sense of community where everyone will want to work together to make sure that the value of their collection and brand always be on top.
Brands/Metaverse Creators Benefit: When communities are developed, brands gain lifetime loyal customers, they will also make percentage of the money from royalties when a users make transactions.
When it comes to Metaverse creators, hosting a place where people hangout and interact allows them to capitalise on the traffic through selling digital assets, making money out of royalities and also having traffic which means a new advertising space.
What can I do in the Metaverse?
For the purpose of making it easy, let us use Decentraland which is an existing Metaverse as an example.
Create or buy your digital identity: Once you visit the website, you link your wallet and you will be able to create your own avatar or use existing digital assets you own that are compatible to the platform.
In this example, none of my digital collection were usable in the platform but there was a marketplace where I could buy accessories for my avatar using Decentraland’s own token ($Mana).
Explore: Given that the technology is at its early stages, there is not much to do but to explore and check out the experience.
I clicked “M” and a map of virtual land popped up where I teleported to the “Forest Plaza” to explore.
Play: in the explore section in the menu there was list of games and activities to do. I accessed a billiard game that was encouraging me to play to earn their own token.
Hangout with friends/community members and attend events: Also you can just hangout in there, whether it is through chatting through voice or text. And attend events and parties.
You may feel this whole thing is just like playing a video game, but the power of digital ownership and community creation has made the Metaverse a powerful medium to be used. I wont be surprised that in the future we will live most of our time in such space.
- Why are NFTs Expensive? 7 Reasons that Makes NFTs Valuable
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- 12 NFT Marketplaces you Should use
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