What is the Metaverse?

The Metaverse is a digital open space that was created in order to merge our physical reality with virtual reality. Also, you can look at the Metaverse as a 3D virtual world in which you can learn, play, exercise, socialize and work.

 

However, we would like to make a clear distinction between “the Metaverse” and “a Metaverse”. The difference between those two is the power of control over them. Let us explain.

 

Any digital company can create “a Metaverse”. Usually, their goal is to create an interactive 3D environment in the virtual world. Only the users of the parent company will be able to explore their own Metaverse. For example, some of the most popular video games at the moment (Fornite, Roblox, Minecraft) have their own Metaverses. For example, the popular artist Travis Scott even held a virtual concert in the Fornite’s Metaverse.

 

On the other hand, when people refer to “The Metaverse”, they usually think of it as a single company/organization that is controlling the whole digital universe. If you are into movies, chances are that you have already seen Ready Player One, where people can enter the Metaverse by “plugging in” into the virtual world and thus, interact with other players from all around the world. But, we think that there won’t be a monopoly when it comes to Metaverse and that the people themselves are going to decide which Metaverse they are going to use.

How to enter into the Metaverse?

Now that you know what the Metaverse is, you must be questioning yourself: How do I get into this virtual world called Metaverse? The most simple answer is that you will need to buy some technology gadgets like AR (augmented reality) and VR headsets. Also, there is some AR eyewear that people can wear in order to enter the “enhanced” physical world, but they are still in the early stages of development.

 

These headsets are already a few years on the market, but mostly they are being used by gamers. Here comes the difficult question of the adoption: how to introduce these gadgets to the general audience (not gamers). Also, let’s suppose that most of the population already possess their own VR or AR headsets. The more people are online in the Metaverse, the better Internet technologies are required. This is another challenge that must be overcome if we want full adoption by the masses.

 

However, these gadgets are not being given away, and in order to have one, you will have to pay for it. Just a few days ago, Meta, the parent company of Facebook and Instagram, announced that they would raise the prices of their Meta Quest 2 headsets by $100. So now, for the 128 GB version, people will have to pay $399.99, and for the 256 GB version, $499! As you can see, these gadgets are not cheap, and they still have very limited use!

 

Here, we would like to mention Ceek VR, a crypto project that has its own cryptocurrency, Metaverse, and VR Headset. This headset is much cheaper and is currently sold for only $99. To use it, you will need an iPhone or Android device, and you just need to connect via the CeekVR app. Then, you can use your VR headset to attend one of the many music concerts, sports matches, art shows, or teachings that can be found on their website.

 

Which are the elements of a Metaverse?

 

Before we dive into the elements of which a Metaverse consists, we want to tell you that it is expected that the Metaverse is going to provide decentralized, persistent, and interactive business models that will have a high impact on the digital business. Here are some of Metaverse’s elements:

 

• Digital currency
• NFTs (Non-Fungible Tokens)
• Marketplace
• Entertainment
• Social Media
• Shopping
• Digital Assets
• Infrastructure
• Gaming
• Workplace

 

The effect that the Metaverse will have on how people work

 

We, us humans, are the most adaptable species on the planet. The recent pandemic that struck the world taught us that we have to adapt fast if we want to keep up with the fast-expanding world. Many people have already started to work from their own homes, instead of working in their companies’ offices. Also, more people are starting to value the freedom remote working gives them.

 

Here are some examples of how people can switch from physical world jobs to working in the Metaverse:

 

• Teachers – Instead of going to the room full of students, the teachers can now enter the Metaverse and share their knowledge with the audience in an interactive digital environment.
• Artists – Now, every artist on the planet can host a show where only the people that will own a headset (and a ticket, of course) can enjoy the show.
• Selling – People that are working as salesmen can now offer their products to the masses

 

The Sandbox and Decentraland

 

These Metaverse projects are the industry leaders when it comes to the uses of the Metaverse. For example, in both Decentraland and The Sandbox, you are able to purchase land, build something on it, and then even sell things for a profit! As crazy as this sounds, it is true.

 

Last December, the brand Nike acquired the digital company called RTFKT that was selling sneakers into the Metaverse. Now, they are selling their own shoes as NFTs, and the whole thing is getting even more interested if you know the fact that these NFTs are limited. This April, Nike sold a pair of NFT sneakers for a whopping price of $186,000. On the other hand, an NFT collector paid $450,000 to buy a piece of LAND that’s just next to Snoop Dogg’s!

 

Also, people can now build 3D houses and resell them on online auctions for enormous prices. The possibilities are limitless. That is why we think that the Metaverse is the key to unlocking the creativity of the people using it.

NFTs in the Metaverse

 

Many crypto projects are creating their own NFT collections that can be used, bought, and sold in the Metaverse. The true worth of the NFTs comes from their limited supply and usability, of course. That is why many games and applications are working on NFT collections. Then, the owners of these NFTs have some advantages from the NFTs they own. Here are some examples of such projects:

 

• Decentraland
• Axie Infinity
• Star Atlas
• Alien Worlds
• Wilder World
• The Sandbox
• Tranquility City

 

If you want to start exploring these projects, there are tons of videos on Youtube or their own websites on how to get started. However, we want to tell you that in some of these projects, in order to be able to own a certain NFT, you will have to meet some criteria such as:

 

• Own a piece of land – buy any piece of land of that particular Metaverse
• Have a Genesis NFT – the first collection of that particular NFT collection
• Get whitelisted for the upcoming sale  – you can do that by meeting the Whitelist requirements

 

All of this information and much more can be found in the Discord servers of those projects. Yes, we know that this is a bit overwhelming now, but everything needs some time and patience. That’s why we advise you to spend at least a dozen hours researching a project before investing in it and its NFTs.

 

What are the main components of the metaverse apps & NFTs?

 

• Transparent ownership – In the Metaverses, you will be using some in-game items. These items are represented as Metaverse NFTs or cryptocurrency tokens. For example, every item can be owned by only one player because each in-game item is a unique Non-Fungible Token that can be tracked (if stolen).
• Decentralisation – The Metaverses, even though created by a company, are still based on a blockchain technology. This means that they are not centralized – owned and controlled by a single entity. For example, if you own an NFT token, no one can take it from you, except if they have access to your login credentials.
• True user governance and democracy – Most of these projects have developed crypto tokens and decentralized autonomous organizations (DAOs). In such environments, the project supports (funders, token holders, NFT holders) can vote for the future steps of the project.
• Real-life value – Some of the crypto tokens and NFTs have real-life economic values. That is why you can easily sell them on NFT marketplaces or DEXs (decentralized crypto exchanges). For example, if you own a Sportsbot (NFT from the online crypto casino Rollbit), you can get a Freebet (sports bet on the house) of up to $1,000 each month!

 

We think that we have told you enough about what Metaverse is, how you can enter it, and how you can use it in order to make your life easier. This is a huge subject, and if we now continue pouring information, we might confuse you. However, we encourage you to dive deeper into this subject and start educating on it because soon, it will have a huge impact on our lives.