Metaverse, a science fiction concept, is a combination of the prefix ‘meta’ and the stem ‘verse’ meaning beyond and universal. It is essentially a collection of shared online worlds in which physical, augmented, and virtual reality comes together. People can do everyday tasks such as shopping, hanging out with one another, buy goods and services, … Read more
Metaverse, a science fiction concept, is a combination of the prefix ‘meta’ and the stem ‘verse’ meaning beyond and universal. It is essentially a collection of shared online worlds in which physical, augmented, and virtual reality comes together. People can do everyday tasks such as shopping, hanging out with one another, buy goods and services, visit places and so much more.
Metaverse users will experience changes in real-time by all users, something that’s not been common on the modern internet. Changes made on the Metaverse will be permanent and immediately visible to everyone else. The persistence and inside networking of the Metaverse will allow users transparency of identity and experience, unlike the modern internet.
Users won’t need to have separate Facebook profiles, Fortnite characters, or Reddit accounts – they’ll simply be themselves across all channels. This continuation in identity is a helping factor for users to consume and purchase over the Metaverse.
There are endless types of Metaverses that exist online however they are all lone players. It is virtually not yet possible for users to move between these worlds without losing their identities and assets. The future of the Metaverse will enable such advancements by creating a single seamless entity that is accessible to all. Surely it will be the next great step in the evolution of the internet.
Blockchain and metaverse virtual reality
These virtual realities are powered by the same blockchain technology that enables cryptocurrencies and NFTs, allowing trade between virtual assets. Blockchain’s decentralized role is especially significant here as it enables transactions without the Metaversal government or any other regulatory body’s oversight. Transactions and user identities are therefore kept safe by the blockchain.
An NFT is a type of crypto asset with unique individual tokens, unlike cryptocurrencies. NFTs represent intangible digital items like images, videos, or in-game tokens. They can be traded in place of the digital assets they represent.
This will shape the Metaverse economy much the same way as the real world. There have been significant developments on the economical front of the Metaverse, companies like AB InBev have already auctioned NFTs worth thousands of dollars.
It is expected that the currency for Metaverse will be along the same lines as Bitcoin or Ethereum. Or rather something between modern cryptos and the V-Bucks in Fortnite. Each user could exchange and make use of their tokens for goods and services. There will most certainly be a central exchange and users would be able to cash from them like at an atm.
How to buy into this virtual space
The Metaverse essentially allows anyone to make a free account over the web however when it comes to transactions of assets it is important to be linked to a crypto account. With the use of cryptocurrencies, anyone can buy or sell digital assets over blockchain-based platforms. This is how the blockchain enables two different entities to operate along the same lines and work together for profit.
Several blockchain-based platforms require Ethereum-based crypto tokens for trading. MANA for Decentraland and SAND for The Sandbox are common for the purchase and selling of assets over the Metaverse. Decentraland users can trade NFT artworks or charge for virtual recreational rides, exhibitions or orchestras.
Trading of land is another great way to earn, with a great surge in prices over the years. Roblox users can make money by creating games for other users that come with charges.
These were some of the wide range of ways to gain a profit and earn money via the Metaverse. Besides investing in a stable cryptocurrency it might also be profitable to test your luck in the Metaverse perceived virtual universe. This augmented reality might be the future of what it is to trade over the internet with its unlimited access.
Frontrunners of the virtual world
The Metaverse virtual space is occupied by two different kinds of platforms. The purposes and results for both groups are different but they all lead to an influx for Metaverse as a whole. These shared virtual worlds work together to make for a complete mixed reality. These two types are:
These use NFTs and cryptocurrencies to control and engage in the Metaverse via trading. Virtual goods and services can be traded much like in real life. Platforms like Decentraland and The Sandbox allow people to purchase virtual parcels of land, digital objects and build their community.
This group uses the Metaverse to refer to virtual worlds more causally, users can meet up for business or recreation. Facebook CEO Mark Zuckerberg announced in July it was creating a product team to work on the metaverse. Roblox, Fortnite, and Minecraft online games all join this category as well since they compete and collaborate.
Video games role in the virtual worlds
The Metaverse is the product of an ever-growing synthetic reality, with the increased mix-up of the physical and digital worlds. The Covid 19 pandemic truly accelerated the position of these virtual spaces. Over the years gamers had already been socializing and creating content over the internet but this augmented reality stepped up the game.
Investments in gaming, esports, and interactive media have expanded the horizons for this trend. We have seen developments in gaming use with great innovations across technology. Video games like Fortnite and Roblox have brought forward a culture of interworking that has been widespread and engaging across borders.
In a single game, players dressed up as Ronaldo can match with characters like Superman, all under different guises. In multiplayer mode, users can also experience real-time continuing experiences offered by the Metaverse.
A great example of this is Travis Scotts concert over Fortnite last year. It allowed over 12 million players across the world to attend t in real-time, with a limited interaction of only 49 people per room. This one event surged the popularity of not only Fortnite but Metaverse as an exceptional virtual world.
Future of architecture
Investment into digital pieces of land in virtual worlds is becoming an increasingly crucial investment with the Metaverse. Many popular virtual worlds such as Decentraland, Cryptovoxels, and Sandbox showcase their work and build entire communities around it. This caught the eye of newcomers as well as existing NFT users and crypto companies.
Metaverse real estate is showing real promise for the future of digital assets and what it means to own real estate. The opportunities this venture brings might be endless and much more fruitful in terms of profit than real-life architecture ever will be.
It is common knowledge that property investments are the most profitable and safe investments of all for all times to come in real life. With Metaverse it might be a thing of the digital age as well, owning digital assets.
With platforms such as Omniflix that allow peer-to-peer networking that is designed for creators and communities to manage and monetize NFTs and social tokens blockchain, the task becomes even easier. As an example, owning a virtual plot with a 2.5 ether token for each user visit can have you end up with unimaginable profits at the end of the day.
Once you make your land a focal point for engagement with some activity that will attract users across the board, you’re on the track to endless profits. The more important your land holds the more it will help you monetize from your digital asset. What is metaverse if not the future of establishing your digital assets?
With threats such as the pandemic on our heads, the architecture aspect of the Metaverse has been fruitful to many. NFT artists and architects make good use of their skills in the comfort of their homes for themselves. In addition to that, there might be ways for such people to use their skills and expertise to help out other people in creating the perfect location to attract users.
Individuals and enterprises can all the same benefit from the wonders of the metaverse. Building and designing structures in the Metaverse are probably less labor and more profit. Something that exists in digital form has essentially zero environmental impact and next to zero labor too. It doesn’t get any better than this!
No professional expertise is required, anyone with even the most basic 3D modeling knowledge can test their luck and get working on their little community. It all depends on the project and you could easily make between $2000 to $5000 per project with true dedication.
Challenges for the Metaverse
The Metaverse is still a long way to go from being completely smooth running and limitless. The biggest challenge has been the hardware limitations. It is obvious that networking and computing capabilities across the globe are not all the same and are incapable of supporting a digital world. It is of no use if the wonders of the metaverse are concentrated in one specific country or area.
Once the internet connection is at the same scale across borders with equal speed and connectivity, Metaverse can establish its roots across the globe. The entire concept supports community building therefore it is important for all to be on the same page.
This virtual reality cannot yet be experienced in real-time by millions of users at the same time. Even if such networking and computing power are possible, the energy consumption levels would be problematic on national power grids as well as the environment.
Even where there is sufficient technology, cultural aspects are still a hurdle in the way of the Metaverse. Relatively high-quality virtual reality and augmented reality technologies are becoming increasingly available to users.
For instance, in the US a huge chunk of the population has taken VR headsets for a run and has boosted a positive response. Companies still expect that the numbers will surpass even more in the coming years.
As of this moment, even Fortnite does not allow players to recreate their user-generated content (UGC) on other platforms. Companies that are running the system must allow for control of the users over the basic content and overall experience. This is the only way to reach interoperability across all fronts.
The process is slowly but surely taking place already. Sony has made the latest development in this area by allowing PlayStation users more frequent interaction with other players over their consoles. This move is long-awaited and even inevitable since UGC is most certainly a major aspect of gaming in the future.
Gaming must increasingly become more of a community experience and more interactive. All users must operate on the same level with the same advantages as their counterparts. Most games have enabled such functions and opportunities that connect users from around the globe.
What the future holds
It is still quite unsettled how the Metaverse will continue to develop if it will fully replicate real life and how long that could take. Blockchain-based platforms are still developing augmented reality (AR) and virtual reality (VR) technology that will allow users to fully interact in the space.
PwC accountancy expects VR and AR technologies to raise a $1.5 trillion boost to the global economy by 2030. It is expected to surge from the $46.5 billion it raised in 2019. With giants like Facebook CEO Mark Zuckerberg and Alphabet Inc. backing up the Metaverse and increasing its revenue. Investments in cloud computing and VR companies are also a great contribution to the area.
Understandably the Metaverse will come about gradually and slowly. Cultural changes and technological upgrades will play their role and give internet users free movement and easy content creation over the web. The Metaverse transitioned from Web 1.0 to Web 2.0 without notice, the future developments too will occur gradually with an increase of users online with more and more digital identities.
Fortnite, Roblox, Facebook, etc, maybe the frontrunners that seem to establish the name for Metaverse. It is essentially the entirety of the internet that will give value to this virtual world. We are all in essence already a part of this reality it is just about making a place for ourselves.
There are no limits to what can be achieved in this virtual economy, the profits will be unprecedented. Not only the economic aspect, culturally too, but Metaverse can also really prove to be a positive driving force once it overcomes its little hiccups.