Ever heard of the metaverse ? If not, you have probably been living under a rock, but the good news is that there are a lot more people talking about it today than ever before. In fact, the creation of the metaverse is only a few steps away. The only thing stopping it is adoption and this blog will help you to understand how the metaverse can bring about a new era for mankind.
Metaverse is a 3D virtual world where you can meet up with buddies, go to workplace meetings, hang out with your best mates, and so on. It enables the usage of VR headsets, allowing you to experience everything in real time.
Recently, Facebook changed it’s name to “Meta”. Many people and entrepreneurs are bullish about it. But, why are business corporations investing so much money into this new arena called Metaverse. Let’s take a glance on it.
What’s The Metaverse?
“Metaverse” first emerged thirty years ago in the science fiction novel “Snow Crash.” They allow people to assemble and interact in a multiplayer virtual world. In simpler words, the Metaverse is a virtual place to live reality. Facebook defines Metaverse as “A collection of virtual environments. You may create and explore with others who aren’t in the same physical area as you.” The phrase Metaverse is a chattering subject in the IT industry. And people are going crazy about this enormous environment.
As metaverse expands, they will generate online places. It will explore diverse user interactions that existing technology can allow. Users in the Metaverse will be able to immerse themselves in an environment. It would be a place where the digital and physical worlds will intersect. Rather than only watching digital material through your eyes.
Going on a digital vacation or purchasing digital apparel may seem much further. Firms like Nike are making headway in the metaverse sphere. Seven trademark applications are in preparation. It comprises various downloadable virtual products. . Again, purchasing or owning virtual products may appear a far-fetched concept. Virtual Products include footwear, apparel, hat, eyeglasses, sporting equipment, and other items. Retail store services and entertainment services are two further trademark applications.
Features Of Metaverse :
Here are some prime features Metaverse :
Mobility : Content cannot get separated in metaverses. For example, you’re using your wallet, which means you can move it to another application if you want. And no one can change or remove it.
Decentralized nodes : According to EtherScan, more than 2000 Ethereum nodes are on this network. It means you’re not reliant on a single firm or server to meet your needs. Your data get stored in every device in this world, not one.
Venture capitalist Matthew Ball states that “Metaverse depends upon data continuity. It includes identity, history, rights, objects, communications, and payments.” One may see it as a distant parent of the Internet as we know it now. The two, yet, are neither transferable nor replaceable. Instead, metaverses might evolve and expand on the Internet space. There are in a race to become a new and unparalleled channel of curiosity.
The Metaverse would be a virtual universe made up of several shared realities. You may buy and sell property and structures in metaverses. Also, create virtual avatars that are like or wholly different from real life. You may also create virtual identities, make friends, travel, buy products, enjoy services.
How Do Metaverse Works?
Metaverse is a free open space to work. Let’s connect it with gaming. Imagine you are playing Fortnite. And you get provided with high-tech VR headsets to operate the game. If you have used VR headsets, you know that it gives you a realistic experience while playing on a mobile phone. And that’s the same way working in the Metaverse will look. You can play games and can feel any injury sustained as well. If you get exhausted, hyperactive, or unwell online, you will also feel it.
What Is The Sandbox?
Sandbox is a virtual gaming metaverse platform. It allows you to monetize gaming experiences. These metaverse platforms allow free accounts to join to interact. To trade in this digital space, one needs to operate in cryptocurrencies.
Some blockchain-based platforms need Ethereum-based crypto tokens to get and exchange virtual assets. These include MANA, SAND (Coins for Decentraland and Sandbox). Users in Decentraland can exchange their NFT artworks. They charge admission to a virtual exhibition or performance on these platforms. NFT art is digital assets like Gifs, video, mp3, or even concert tickets. You can buy them through cryptocurrencies like Ethereum and Solana. They can also make money by exchanging land, which has risen in recent years.
Which Companies Are Investing In Metaverse?
Many businesses see this as a fantastic chance to invest their million-dollar capital. Recently Meta, a division of Facebook, is to invest $10 billion US dollars in the Reality Labs business. Reality Labs have acquired specialization in AR/VR technology.
The Metaverse knows no boundaries. They allow people to envisage limitless areas that aren’t limited by location. On the one hand, Facebook and Microsoft are adopting a different approach. Facebook introduced Horizon Workroom on August 19, 2021. A new way for office workers to collaborate using virtual reality and headsets. Avatars are roaming around in a virtual office environment in real-time. It allows you to have VR meetings with folks.
So, Microsoft intends to transform how business and operations. They will create a digital twin of the actual world we may interact with via mixed reality.
Nivida leads the market with its GPU line, which includes a variety of models. That’s why it is a great firm to invest in the Metaverse. The Metaverse will be accessible via VR headsets and PCs. They will own a significant graphics processing capacity. With the popularity of the Metaverse, Nvidia is in a solid position to develop in the following years.
Shopify is a well-known e-commerce firm best recognized for its Shopify platform. Millions of individuals use this platform worldwide to establish their online shops. Metaverse aspires to have a diversified and large-scale economy. And Shopify gets positioned to assist users in creating shopping experiences Metaverse. AR app Primer, an augmented reality technology firm, was recently purchased by Shopify. So it’s planning to capitalize on it.
Metaverse And Its Impact On The Gaming And Entertainment World :
The Metaverse without gaming is like bread without butter. In recent years, gaming has become an integral part of the metaverse event. Metaverse comprises the gaming world. According to NewGenApps, by 2025, the worldwide user base of AR and VR games might increase to 216 million users. But what do AR and VR mean? AR or Augmented reality requires no headgear. Yet, a headset device is a must in VR (Virtual reality).
End-users in AR are still in contact with the actual world. Although engaging with virtual items makes the users closer to them. In contrast, the device needs a VR headset. Users get disconnected from the real world. And this allows us to immerse ourselves in a wholly fictitious environment. Be it Sandbox or decentraland, the user base for gaming is increasing day by day.
Ariana Grande and Trevis Scott recently took part in a live metaverse concert. Reports state that they engaged 78 million gamers. Ariana Grande headlined Fortnite’s Rift Tour on August 6, a three-day virtual show. Travis Scott, the world’s well-known hip-hop artist, published a complete album. Also, there was an in-game live performance for the game’s players. A famous online video game Fortnite conducted it. This one-of-a-kind trick that Fortnite played. It contributed to a greater active user count of more than 12.3 million views worldwide. Lindsey Stirling, Snoop Dogg, are also deciding to conduct performances. Even Las Vegas music festival EDC (Electric Daisy Carnival) is pairing with these platforms. Snoop Dog has built an interactive Metaverse universe called the Snoop Verse. The residents living there are Snoopites or Snoopers.
Top Artist Collection :
- Beeple : Real name Mike Winkelmann tops the best-selling artist list. He sold “Everyday: The First 5000 days” for more than 69 dollars. This art makes him the top NFT selling artist.
- Trevor Jones : Trevor Jones sold this art piece in auction, going up to $3.2 million earlier this year. Trevor had auctioned both his physical as well as digital painting. The rest of 20% of his earnings went to charity.
- Mad Dog Jones : This Canadian artist partnered with Philips‘s most prominent electronic company. Thus, created a “Replicator,” a new NFt every 28 days. He sold out for a whopping amount of $4 million. At the same time, fans paid $5k to grab Mad Dog Jones’s art. Many other artists like SlimeSunday, Ferocious, Grimes, and Hackatao earn huge. They have shared music-related content via NFTs)
Is Crypto A Part Of Metaverse?
Cryptos are, without a doubt, a component of the NFTs. NFTs are also a part of metaverses. Cryptocurrency is necessary to complete the transaction. It would be best if you had a Crypto wallet to buy NFTs. Cryptocurrencies are digital currencies used to purchase goods and services. Transactions get recorded, verified, and stored in a public ledger on blockchain technology.
Should You Invest In Metaverse?
The world is entering into this new realm of Web 3.0. This momentum will prove to be a massive medium in the world. Many investors believe Metaverse to be an emerging platform. Currently, many users are taking a considerable interest in this new world. If this continues, the user base will increase tremendously. Metaverse works on a mobile-driven and Augmented Reality technology. It means tech giants like Nvidia and other software companies will be much more uplifted. To acquire a top place in the Metaverse, they will invest more. This will increase the price of the Metaverse Index. Ultimately, people holding tokens of the Metaverse will have enormously profited. As Web 3 progresses, many media and entertainment companies will also try to usher into this new phase of technology
If you want to invest and make a lot of money in the future, Metaverse is the best platform to do so. If you invest in Metaverse, you will reap several rewards. Metaverse platforms such as Sandbox and decentraland enable you to buy and invest in real estate. If you acquire property in the metaverse, you will gain enormous rewards. For example, in 2016, a lot called “BOXES” in the metaverse was sold for $120.55. In 2021, the same property was sold for $15,523.62. If you had brought the same land back in 2016, you would have made a fortune.
Similarly, you may create elements in the metaverse. The input cost in Metaverse is lower than in the actual world. Your structure does not require the services of a civil engineer or an architect. You are the architect of your environment. You can sell the structure after it is completed and may auction off your collection. This will ensure a lot of money in return.
Where Can You Invest In Metaverse?
Now that you know about Metaverse and its popularity let’s check out different Metaverse options you can invest in. Here are some that are listed below:
- You can buy “Property” in the Metaverse through Sandbox or Decentraland.
- Another option you have is to buy “Metaverse Tokens.” These are coins of Sandbox, Decentraland, Axie Infinity, or any metaverse website. For Sandbox, the currency is SAND, whereas it’s MANA for Decentraland.
- You could also invest in the “Metaverse Index.” The current price stands out to be $226.62.
- The most popular way is to render “Metaverse Services.” a headset device is necessary. They are allowing it to create NFTs for others. You could make any art, buildings, avatars, wearables, products, etc.
Well, it’s pretty early to predict the future of Metaverse. Yet, it would be a revolution in the gaming world. Users will have a real-time experience. in other words, a much more physical touch. Gamers will agree to what it means. Although it’s providing you with a virtual experience, one has to devote his whole time to the Metaverse. Wearing those Headsets will strain your eyes, giving you severe headaches. And that’s what happened with Joanna Stern in the 24-hour experiment.
A 24- hour experiment using VR headsets was conducted with The Wall Street Journal, tech columnist Joanna Stern. She describes it as one of the freakiest, weird experiments ever but added she had fun. She got to meet her editor in the virtual space, got to play games, attend meetings, and a lot more. Companies like Sony, Oculus, Samsung, and Apple will invest enormous amounts in Metaverse. This will open doors, and people will acknowledge this new arena.
According to the CEO of tech giant Tesla, Elon Musk stated that he doesn’t see this (Metaverse) as an opportunity. No one will be free to devote their whole 24 hours to Metaverse. Jefferies analysts believe that it can disrupt everything going on in human lives. If that happens, people will disconnect from the real world. Like every technology has its pros and cons, even Metaverse has its downsides. How massive this platform grows, only time can answer.