Imagine a virtual world where people work, shop, and interact with others – all from the comfort of their homes in the physical world. This is known as the metaverse. Since Facebook rebranded as Meta in October 2021, the nebulous concept that inspired the new name has been a hot topic of discussion.
At that time, the company announced to spend $10 billion over the next year on technologies to build the metaverse space.
Although the metaverse is still evolving, the technology can revolutionize everything from social media to eCommerce and even real estate. In this handy beginners guide, we aim to help you better understand what the metaverse is and how it could affect your life in the future.
What is the metaverse?
The metaverse is the combination of multiple technologies, including augmented reality (AR) and virtual reality (VR), that allows users to create their avatars, communicate with each other, work, and virtually build out the community.
In a metaverse, digital currency is used to buy clothes, weapons in the case of video games, and many more items. Users can also virtually travel through the metaverse for fun with no goal in mind using a virtual reality headset and controllers.
Why is the metaverse important?
The metaverse is becoming crucial because it offers humans a new way to connect and communicate from anywhere in the world virtually. In addition, the metaverse supports a whole virtual economy where users can enjoy numerous activities like building a business and even hosting family gatherings.
Let’s understand this with an example. If you and your family members aren’t able to get together for a vacation, you put on a VR headset and join each other in the same room virtually. You can enjoy games and explore different metaverse worlds all from the comfort of your home.
This is also applicable to business meetings and training sessions. You and your colleague can sit around the same table, watch the same presentation, and discuss important office-related matters in a completely immersive environment. Once the meeting is over, you can take off your headset and return to the real world.
Moreover, metaverse lets you create a real business within the confinements of the virtual land you own. For instance, you can build and monetize a recreational area where others can come to play a game, open a VR clothing store, and even monetize your skills as a builder in the metaverse by offering an architectural structure or digital creation.
This will, in turn, lead to more job opportunities as there will be demand for developers, virtual architectures, and more. In short, the metaverse allows you to be anywhere, anytime, and with anyone in a realistic setting. This convenience can lead to improved relationships and your ability to receive hands-on training and sessions from the home.
When can we expect to see it?
Mark Zuckerberg, the CEO of Meta, estimates it could take 5 to 10 years before the essential features of the metaverse become mainstream. But aspects of the metaverse currently exist. Virtual-reality headsets, ultra-fast broadbands, and always-online digital worlds are already up and running, even though they are not accessible to all.
How does the metaverse work?
The metaverse can be divided into two platforms in general. The first involves leveraging NFTs and cryptocurrencies to create blockchain-based metaverse startups. The second platform uses the metaverse to describe virtual worlds in general, where people might meet for business or enjoyment.
People who buy or trade virtual assets on blockchain-based platforms must use cryptocurrencies. Several blockchain-based platforms such as Sandbox’s SAN and Decentraland’s MANA require Ethereum-based crypto tokens to purchase and sell virtual assets.
Users can trade NFT artworks or charge for admission to virtual concerts in Decentraland. They can also earn money on Robolox by charging other users for access to their game.
Example of the metaverse
Here are some real-world examples of the metaverse and where this new tech trend is headed.
1. Fortnite concerts
In Fortnite, users can go on adventures by creating their own worlds. They can crossplay with other players in the community. Fortnite has also become a virtual venue where people can hang out and attend in-game concerts. Some of the featured artists include Ariane Grande, Travis Scott, and more.
2. Second Life
Second Life lets users create digital avatars to explore the world, trade goods and services, and even trade goods and services. It enables users to discover the possibilities that the metaverse brings and has been around since the 2000s.
3. Sandbox
The Sandbox is a virtual metaverse that allows users to build virtual worlds and play in. It also enables them to monetize their in-game experiences. In the Sandbox metaverse, you can sell and buy lands and assets with NFTs.
Future of the metaverse
Metaverse will continue to turn into something extraordinary and will transform the way humans interact while at the same time increasing efficiency across the industries. Many blockchain-based metaverses are working on AR mobile app development and VR technologies to allow users to interact with the environment.
According to PwC, virtual reality and augmented reality is expected to reach $1.5 trillion by 2030, up from $46.5 billion in 2019. Facebook Inc, Microsoft, and Google have all invested in cloud computing and VR companies to anticipate the industry’s expansion.
This is a clear sign that the potential of the metaverse is about to be unleashed in the coming years along with the abundance of opportunity, especially for those who are curious enough to explore the space early. You can also consult an AR app development company. They will help you understand all about the metaverse space and help you enter this domain without any hassle.
