Neal Stephenson’s early vision of a virtual space steaming at the brims by avatars of real people in his 1992 science fiction novel titled, “Snow Crash”, laid the foundation for the revolutionary concept we know as the “Metaverse”.
Following the rise of the internet and the advancements in Augmented & virtual reality technologies, the concept gained more momentum. Online multiplayer games and virtual worlds, such as ‘Second Life’, played an important role in structuring the infancy stages of the metaverse by permitting users to create and interact in shared digital spaces.
Still in its experimental stage with only a few platforms open for general use, the metaverse has a long way to go in delivering the limitless potentials it promises. Despite this, it has advanced reasonably and is been implemented in so many ways. In this article, we would be looking at what the Metaverse is, why people are interested in it and what we can already do with it.
What is the Metaverse
Coined by the writer Neal Stephenson, the metaverse is a 3D immersive virtual space where people can create and interact with each other in shared digital spaces.
Described as the next evolution of the internet, the metaverse refers to a collective virtual shared world that exists beyond physical reality, typically accessed through the internet. It includes a combination of augmented reality (AR) virtual reality (VR), and other immersive technologies.
These virtual world tries to mirror the real world, by presenting a much more advanced space. They have their own economies and currencies, just like fiat currency. This allows users to buy, sell and trade items, just like in the real world.
By mirroring the real world, metaverse presents platforms where people can work, create, socialize, play, and shop all from the comfort of their homes. The metaverse offers advanced features that makes users feel they are actually experiencing what is going on in the virtual space.
Subsequently, as we witness the emergence of blockchain technology and cryptocurrencies, companies are structuring metaverses that integrates the two, totally revolutionizing the metaverse experience. Users who own crypto assets are able to obtain total ownership of their virtual assets. For example, NFTs can signify ownership in virtual real estate. Blockchain on the other hand guarantees secure ownership and transactions of digital assets.
Major elements of the metaverse include virtual worlds, digital assets, social interaction, and economic systems. Users get to steer through different environments, take part in activities, and create their contents. Digital assets within the metaverse which includes, virtual real estate, clothing, and artwork, are of great value and can be traded or sold.
Why are people (and Investors) excited about the metaverse
Users and investors are drawn to the metaverse because it represents a limitless virtual, interconnected space where individuals can interact, socialize, and conduct business. Its massive potential for structuring new forms of entertainment, gaming, immersive and economic opportunities within its scope has fueled interest and investment. Now, let’s take a detailed look at why people are excited about the metaverse.
Big companies are investing in the metaverse
Widely regarded as the next phase of the internet and a frontier for technological innovations, the potential advancement in the metaverse is believed to alter the role of so many industries as we know. Big companies like Facebook, which is now called Meta are putting their time and resources into the metaverse.
These early-stage investments in the metaverse could give these companies an edge against their competitors in the metaverse-based future. Other companies like Microsoft, Epic Games, Google, Roblox, Shopify, and Nvidia also joined the bandwagon in investing in the metaverse.
Crypto metaverse projects are recording high NFT sales volumes
Crypto metaverse projects, following the data from NFTs, are witnessing substantial NFT sales, often reaching hundreds of thousands and occasionally even millions of dollars. For instance, on August 19, 2022, metaverse sales totaled $1.8 million. Investor enthusiasm, especially in metaverse NFTs portraying virtual real estate, is powering this demand.
Particularly, a metaverse plot of land sold for $5 million on TCG world, marking it as the most expensive real estate transaction in metaverse history. Metaverses like Otherside and Decentraland are leading the charts in virtual land sales.
Celebrities in the metaverse
The fact that quite a lot of celebrities are owning a piece of the metaverse in a way indicates how much of a big deal these virtual worlds are turning to be. Celebrities such as Snoop Dogg has his very own universe on the Sandbox metaverse called ‘Snoopverse’. Other celebrities such as Paris Hilton, Sara Sampaio, and Stanislas Wawrinka also own virtual land within the metaverse.
What can you do in the metaverse
Purchase and monetize real estate
Purchasing real estate is one of the most popular use cases for the Metaverse, with a lot of players and companies eager to become early investors in this field.
In the metaverse, platforms are divided into land blocks called parcels each with its peculiar coordinates and features, and these parcels may be procured using the environment’s specific cryptocurrency token. One common metaverse platform for investment in virtual real estate is Decentraland. Buying virtual land in the platform requires using its native cryptocurrency known as “MANA” tokens.
Somnium Space is yet another platform that allows interested parties to buy and sell virtual properties through the use of “CUBE”, their native currency. Investors can acquire whatsoever from small apartments to whole skyscrapers and customize their assets in whichever way they deem fit. After purchasing virtual properties, the owner can sell or lease it at a higher rate, thereby profiting from it.
Create and play games
Acquiring sufficient knowledge of 3D modeling, game design, and coding is essential in order to build games in the metaverse. Some metaverse platforms consists of built-in tools that enables users to create and experience games. Platforms like Unity, Unreal Engie, and Roblox Studio offer this feature.
Horizon Worlds for instance offers pre-built layouts, sounds, physics properties, shapes, and a lot more, to assist users in the process of fashioning their own virtual world. It is now up to the user to carefully assess the strengths and weaknesses of these platforms before making their investments.
After creating your game, it can then be published on the metaverse through so many platforms such as CryptoVoxels. These platforms make it possible for game creators to be able to display their games to a larger audience and also earn cryptocurrency prizes.
Playing a game in the metaverse requires a compatible VR headset and a stable internet connection. There are so many types of games available in the metaverse. Popular ones include: Horizon Worlds, Fortnite, Roblox, Minecraft etc. With the metaverse, users don’t just play for fun, they also play to earn. Several games offer in-game items that can be bought and sold on blockchain-based marketplaces, making room for players to earn real money.
Host virtual events
This another groundbreaking feature of the metaverse as it unites people across borders. Just imagine attending one of your favorite band’s concerts from the comfort of your home. Metaverse virtual events offers the opportunity of significantly reaching a larger audience all over the world.
Also, choosing a virtual space that aligns with the kind of event you want is one way to start. Sandbox for example, is common for blockchain events due to its friendly user interface.
Other factors that need to be in place before getting includes, setting up your event space, promoting your event on social media or any other channel by including details such as date, time, guests etc. You could consider getting moderators to keep things smooth and on track during the event and make sure to encourage participation of attendees during the event.
Create your own virtual avatar
This is a fun way to connect and engage with others in the virtual world. Choosing a platform that supports avatar creation and customization is the first step. Platforms such as VRChat, Second Life, Meta and Instagram offer this feature.
Creating an avatar is like a way of representing yourself in the VR world. You could customize your avatar with any hairstyle, clothing, accessory or any other feature of your choice. Some platforms also allow users to add animations and gestures to their avatar, thus making it more expressive. Software such as Blender or Maya can be used to achieve a custom texture or 3D model which is a creative way to make your avatar truly unique.
Meet new people
With the advancements in the metaverse, it is now possible to meet new people in the virtual world and make connections with them. Once your avatar is ready, you can explore the virtual world by attending events such as concerts, art exhibitions, and game competitions as they offer avenues to meet people with similar preferences, join communities and groups.
The metaverse is also a social space, you can use voice chat or text chat to communicate with people without having to travel long distances or even leave your house. It allows people to meet and get to know themselves. Decentraland for example has a voice chat feature that allows users to communicate with each other.
Hang out with friends
You can also hang out with your friends in a virtual environment all thanks to some metaverse platform. Through avatars, you can engage in social activities, play games, attend events together all in the virtual space. Some popular virtual worlds include Second Life, VRChat and Rec Room.
Through these platforms you get to explore virtual cities, attend events, play games like laser tag with your friends. The metaverse provides an opportunity for friends, irrespective of their location to have exciting and fun experiences that is limited only to their imagination.
Go on a virtual shopping spree
The metaverse offers an opportunity for people to engage with things in a way that is not quite attainable in real life. In a virtual world for example, your avatar can visit a virtual shop, stroll around the aisles, try on new clothes, shoes, accessories and pay directly with Bitcoin.
Given the rise of NFTs and cryptocurrency, virtual items have become a must-have commodity. This has enabled so many opportunities for shopping and amassing in the metaverse. Going through virtual marketplaces such as Opensea, Nifty Gateway, and SuperRare is a common way of going on a virtual shopping spree. These marketplaces allow users to surf through items and purchase rare digital items like art.
Virtual reality storefronts offer another way to shop in the metaverse. Several companies are creating virtual storefronts, which allows users to surf through and purchase products in a 3D environment. The luxury brand Gucci for instance, recently acquired a virtual land in sandbox, offering users the option to buy digital versions of their products to employ within the gaming environment.
Sell virtual goods
Selling virtual goods is one of the most popular things to do in the metaverse. This can benefit talented digital content creators. For instance, a skilled 3D artist can create virtual clothes, furniture, etc. and sell to other players. We see this in HighRise, where a user can create and sell fashion items for avatars. A game designer can equally create weapons, armor and the rest which can be sold and used within the game.
There are several advantages to selling virtual goods. One of them is that there is no need for the buyer and seller to meet physically as the goods can be delivered instantly and the seller receives their payment in cryptocurrency.
Get a job and work
The metaverse, although still at its experimental stage is not as it used to be at its early stage. As it continues to evolve, its economy will fuel the creation of unique job opportunities. For instance, one could be a metaverse tour guide and assist new users to get acquainted with the virtual space and explore all the experiences within it. Several other jobs are available on the metaverse which provides opportunities for users to work within the digital space.
From fashion designers to game developers, social media managers, event planners, virtual architects etc. As long as one has the right skills required, there are limitless options and opportunities for jobs in the virtual world.
Collaborate with your colleagues
Users can employ collaboration tools such as infinite whiteboard canvas, persistent spaces, and VR keyboards to work with their colleagues. The metaverse is allowing whole offices and building campuses to exist in a virtual world.
Companies are now creating virtual offices in the metaverse, allowing colleagues to collaborate remotely on tasks. By so doing, the metaverse has transformed remote work by delivering the closeness of in-person connections into a digital space.
In conclusion, the metaverse has evolved from the visionary concepts of science fiction, as seen in Neal Stephenson’s “Snow Crash,” to a tangible and transformative digital reality. Shaped by advancements in augmented and virtual reality technologies, online multiplayer games, and the integration of blockchain and cryptocurrencies, the metaverse is now a dynamic space with limitless potential.
Defined as a 3D immersive virtual realm, the metaverse allows individuals to create, interact, and conduct various activities in shared digital spaces. With elements such as virtual worlds, digital assets, social interaction, and economic systems, the metaverse mirrors the real world in its complexity.
Investors and users are drawn to the metaverse due to its promise of a vast, interconnected space where entertainment, gaming, and economic opportunities can flourish. Major companies, including Meta (formerly Facebook), Microsoft, Epic Games, Google, and others, are investing resources in the development of the metaverse, recognizing its potential to reshape industries.
Crypto metaverse projects are experiencing significant NFT sales, with virtual real estate transactions reaching substantial sums. Celebrities are also joining the metaverse, owning virtual land and creating their universes, further fueling its popularity.
The metaverse offers diverse activities, from purchasing and monetizing virtual real estate to creating and playing games, hosting virtual events, designing avatars, meeting new people, and hanging out with friends. It presents opportunities for virtual shopping sprees, selling virtual goods, finding employment, and collaborating with colleagues in a virtual workspace.
As the metaverse continues to evolve, it has the potential to redefine how we socialize, work, and engage with digital content. With its unique blend of technology, creativity, and economic possibilities, the metaverse is undoubtedly a transformative force shaping the future of our digital experiences.
