Billions of dollars are spent and invested in building a new digital age, driven by a new concept, “metaverse,” coined by science-fiction writer Neal Stephenson in 1992. Tech tycoons call it the future, but what is metaverse?
The metaverse is a unified, virtual community where we can work, play, relax, transact, and socialize by bringing our physical and digital lives together in a seamless way. It’s a simulated digital environment that combines AR, VR, blockchain, and social media principles to create areas for rich user interaction that mimic the real world.
A key point is that there is no single virtual world but rather a variety of virtual worlds forming to allow people to deepen and extend their social interactions digitally. This is accomplished by adding a three-dimensional layer to the web, resulting in more authentic and natural interactions.
Even from the comfort of one’s own home, the metaverse holds the promise of breaking down barriers and democratizing access to essential goods, services, and experiences.
On the other hand, the metaverse is still in its early stages of development, and there is no single, all-encompassing definition to which people can refer. However, themes of what the metaverse is and could be are beginning to emerge. Although the metaverse is still in its infancy, many key components have emerged, revolutionizing everything from e-commerce to media and entertainment to real estate.
Will the Metaverse Replace the Real World?
The metaverse has the potential to shape a future in which we spend more time in virtual reality than in real life. In the metaverse, an avatar represents you, similar to the avatars that Facebook began using in 2020. Many technology experts believe it will eliminate the geographical barrier, particularly in business interactions. In 2022, an increasing number of businesses will have “boarded the metaverse train,” according to Harding. Many tech executives believe that one day, people will start creating their metaverses and that instead of Oasis, we will all be able to relax in that world.
How Will Businesses Trade in the Metaverse?
The metaverse establishes a new economy in which wealth is created, traded, and increased using a different currency that is still linked to real-world money. In the metaverse, businesses will be formed, office buildings will be constructed, remote worker meetings will be held, and job interviews will be conducted. Digital commerce will boom in the metaverse, primarily as big-box retailers like Walmart try to sell their wares there.
According to CNBC, Adidas launched NFTs and purchased land on Sandbox VR, a virtual real estate firm. Gucci, a fashion house, teamed up with Roblox, a game developer, to sell merchandise in the metaverse. Balenciaga has teamed up with Epic Games, behind Fortnite, to create virtual boutiques. Nike purchased RTFKT, a well-known metaverse brand with a shoe line. An 18-year-old designer sold more than $3 million in virtual footwear in less than seven minutes. Nike is hiring virtual wear designers and has a field for trademark applications, among other things, for its trademarks on virtual footwear.
How to Buy a Property in Metaverse?
You must first register with a metaverse platform like Decentraland, The Sandbox, or Axie Infinity to buy virtual property. The popular platforms for purchasing metaverse cryptocurrency are Binance, Gemini, and Coinbase. These exchangers will help you convert real money to metaverse cryptocurrency. You can directly trade cryptocurrencies like Bitcoin or Ether for metaverse if you already have them. You can exchange your dollars for cryptocurrencies such as ether or native currencies of the metaverse you’re dealing with, such as MANA or Sandbox, and keep them in your digital wallet. On the Metaverse Properties website, you can buy or rent land in various ways. They work with the metaverse properties Decentraland, Upland, Sandbox, Somnium, and Cryptovoxels. The cheapest metaverse land plots cost around USD 11,000 each. 1×1 units are minor plots of land in the popular platforms Decentraland and the Sandbox. Virtual real estate has grown in value, with some properties fetching millions of dollars.
Living in the Metaverse
If you want to be an early adopter, you might consider participating in one of the proto-metaverses that currently exist. This can take some cash. You may need to upgrade your hardware or software, and you might also want to invest in cryptocurrency or NFTs. Within various online worlds, you can also make purchases. One of the ideas underpinning the metaverse is that you would eventually be able to take those virtual items with you across platforms. If you need extra cash to pay for some of this, one option is to take out a personal loan. This is often a better option than using your credit card regarding the interest rate.
Three Ways to Get Ready for Meta-Life
You can prepare yourself for the coming meta-related changes by taking action right now. For instance, read a book or several in-depth articles about how cryptocurrency and NFTs work. These two forms of virtual money and value will undoubtedly play a significant role in the metaverse. Additionally, consider joining an online discussion group or forum where you can exchange comments with others interested in adding to their knowledge about how the metaverse will change society and when it might arrive in full force. Finally, upgrade your computer based on metaverse groups you might want to join and what you learn about the best apps and programs for enabling this new way of interacting with others.
Possible Dangers of Overdoing It
Avoid becoming disconnected socially from current friends and family members in your quest to learn more about and participate in the metaverse. Other potential hazards include eye strain from additional time online, declining physical fitness from inactivity, and even the threat of mental instability from diving into metaverse activities too quickly.
When Will the Revolution Happen?
Anyone can make random guesses about when the metaverse will become a significant component of the average person’s daily life. However, we can make educated guesses based on objective facts we already know. The meta revolution could reach full fruition sometime between 2025 and 2035, taking many factors into account. Why that timeframe? There will inevitably be technological advances during the next decade years. Likewise, more people are working from home and are growing accustomed to being online for long periods. Mobile devices are already a way of life for most adults. Gaming is slowly morphing into a more virtual reality realm, and entrepreneurs are scrambling to service the growing meta industry.