Metaverse is the internet’s latest and favorite buzzword. If you are reading this, you are probably wondering what the metaverse is, or you know too much that it’s almost impossible to explain the concept in layman’s terms. This article has everything you will need to understand and explain metaverse to anyone you meet.
You could finish it in one sentence–it’s a virtual world. But that won’t be a wise thing to do. Your boss probably would’ve heard some of the big names in the corporate world investing in the metaverse by buying lands and releasing NFT collections. You should present yourself as an expert in this field, so when your boss and the company finally embrace this evolution of the internet, you will have a major role to play.
What Is the Metaverse?
Originally, the word metaverse meant a network of virtual worlds. Now, any standalone virtual world is called a metaverse. It’s a place where anyone can be anything, own anything, and do anything–a place where people feel comfortable expressing themselves in any form they want. One can stay anonymous in a metaverse unless they choose to doxx themselves.
It’s this respect for privacy and ownership that makes metaverse a desirable “destination” for many. Privacy and ownership–this needs some explanation!
Blockchain, Cryptocurrencies, and NFTs
Cryptocurrency and NFT are digital assets that exist because of blockchain technology. Metaverse can exist without any of them. But why blockchain technology is pivotal in the growth of the metaverse? Let’s consider a scenario.
Suppose you want to send someone a highly confidential digital file: You trust a third party with that job. The file will be stored in their servers, and its ownership is connected to your email address, along with your IP address. Your anonymity and privacy are easily compromised. This disadvantage applies to your finances as well. Banks and governments will always have access to your financial information, and they can even freeze your funds whenever they want.
The need to give the owner complete control, ownership, and privacy of their assets led to the development of blockchain technology. The information that proves the ownership of your assets is stored on the blockchain, and only you have the key to open it. Many hope for this concept to exist IRL (in real life), but metaverse makes it happen by embracing blockchain technology.
After all, when you live in the metaverse, you should have ownership of the virtual outfits you wear and the virtual vehicles you drive!
What’s the Deal With NFTs?
Cryptocurrencies are fungible assets since they can be exchanged for something else of the same kind. The unique digital signature assigned to an NFT at the time of its creation makes it non-fungible. Anyone can verify the authenticity of an NFT by just visiting the collection page in a marketplace like Opensea.
Businesses and individuals can benefit a lot from this technology since it eliminates bad players. For example, an artist can sell concert tickets as NFTs, thus protecting fans from losing money through fake ticket purchases from the black market. It will also bring in the artist more capital. Companies also sell metaverse goods/digital assets like shoes, clothing, and even metaverse real estate as NFTs.
The possibilities opened by NFTs are limitless. The technology also eliminates middlemen that take a share of the product sales. Sellers and buyers can now deal directly, which can reduce expenses for both parties. People can even sell off their digital assets, and the original seller will receive royalties for that transaction.
Is Metaverse for Gamers?
The initial impression the metaverse gives is that this trend only benefits gamers. Metaverse is in its early years. Many people believe that everyone in this world will have a virtual self in the metaverse. It’s impossible to create digital assets for everyone in the metaverse according to the demand. Plus, one of the core values of blockchain technology is to give power back to the people. So, companies let users build whatever they want to use in the metaverse.
The visions for the metaverse differ across companies. The Sandbox allows users to create metaverse assets using voxels, which is one of the easiest ways to build in the metaverse. Decentraland allows low poly models, which take up less server space, and doesn’t require expensive 3D artists to build.
The global video game market generated in excess of $180 billion in revenue in 2021. Metaverse companies are using content creators (3D modelers, influencers, YouTubers, artists, etc.) and gamers to advertise the possibilities of the metaverse to a larger audience. There will be no shortage of metaverse builders when the adoption rate kicks into high gear!
Possibilities in the Metaverse
Any business can benefit from entering the metaverse. Here is an example. You can use it as your experience if you want. Recently, I played a game created by a couple who sells fragrances IRL in the Sandbox metaverse. When I completed the game, I was offered a coupon code to purchase an exclusive fragrance for 50% off. Isn’t that a brilliant way to promote a business? I got some digital assets airdropped to my wallet as NFTs too. Those NFTs are digital assets but also serve as my membership card to purchase fragrances for an exclusive discount.
Big brands are planning and building something big in the background. This space is all about surprising early adopters with both metaverse and real-life goods and utilities: NFT holder parties, merchandize, airdrop of crypto tokens with monetary value, more free NFTs from future collections, giveaways, and much more. People are flocking to this space. It’s like those early years after the Internet was invented. Don’t lose this opportunity.
It might come as a surprise, but, even though blockchain technology and metaverse are in their infancy, companies have already started working on the interoperability of virtual worlds. Soon, we will be able to see the metaverse rediscover its true meaning.
Ask your boss to watch the movie Ready Player One by Steven Spielberg. Metaverse is posed to become more like that in the future. We are still early. Explore the possibilities of the metaverse today!
Author: Arun F Xaviour