Humankind has long sought to create a better parallel world with great opportunities. There are a lot of fairy tales and fantasy novels and so many movies where the main characters enter worlds where they can live a different life. The idea of a Metaverse is not as new as it might seem at first glance. So, the Metaverse is one of the hottest topics today, and we want to take a closer look at this exciting, graphically rich virtual space.
We have collected the most popular and common questions about the Metaverse and gave all the answers to them. Read on!
Broadly, a metaverse is a hypothetical network that combines several virtual worlds and allows interoperability between them, meaning that users would be able to navigate the ecosystems smoothly and use the same digital assets across the metaverse. Since it would mirror the real world into the web 3.0, award-winning engineer Thomas Frey describes it as the “byte-based alternative to our physical atomized world”.
It does not describe a new technology tool or gadget; instead, the metaverse could be about a new method to connect with and via technology. In theory, it would allow us to use its digital spaces to interact with other users as if we were in the same physical room as theirs.
The metaverse that big organizations such as Meta, Microsoft, Sony, and Epic Games want to build can be seen as the next frontier of the Internet, as it would converge multiple elements of technology, like Virtual Reality gear such as Oculus Quest, Augmented Reality, Brain-Computer Interfaces, and video games, so users could potentially build a new life and identity on digital grounds. The expectations are high: individuals would be able to work, play, socialize, travel with their custom avatars.
Metaverse tokens are units of virtual currency used to make digital transactions. Basically, it is the currency used by users within the Metaverse. People can create, buy and sell goods and tokenized funds with Metaverse tokens. There are several promising Metaverse projects with their native tokens that are set to increase in value in the future.
Metaverse stocks are companies and platforms that usually provide support for VR and AR technologies, and people can invest in them. However, most of them can’t be called real and ‘pure’ Metaverse stocks. However, they develop hardware or software to power the Metaverse. Some of Metaverse stocks examples are Facebook (Meta), Unity Software, Nvidia, Roblox, Sony, and many others.
Metaverse and cryptocurrency are separate concepts. However, Metaverse is the technology behind a virtual universe where users can shop, game, buy and trade currencies and objects. That’s why they provide immense social and financial potential and offer users to purchase their Metaverse cryptocurrency coins. For example, an exciting Metaverse project Decentraland has its own Metaverse crypto called $MANA.
The Metaverse and blockchain technologies have given birth to Metaverse gaming and play-to-earn games that are based on the idea of an open economy and financially rewarding players, which gives an additional value when playing. Gamers don’t want to play traditionally anymore; with Metaverse games, they can integrate gaming with other exciting activities, including attending virtual events, festivals, and meetings. For example, with Roblox and Fortnite, millions of users can participate simultaneously.
Citi published a report Thursday stating that the metaverse economy could have a total market of $8 trillion to $13 trillion by 2030. Citi’s metaverse definition goes beyond virtual worlds like gaming and virtual reality applications.
Source: Freepik
Metaverse applications can create educational experiences that are otherwise impossible in a traditional environment. For example, educators can use the Metaverse for virtual field trips, STEM classes, and physical education, and teachers can create virtual tours for students. There’s even a separate term for education + Metaverse – “eduverse.”
Children can truly benefit from the Metaverse. They can play online Metaverse games with friends, take virtual classes through educational platforms, create games or objects, and socialize with other children worldwide. Even though there might be some potential downsides, such as cyberbullying and exposure to inappropriate content, the best Metaverse projects offer specific safety features, such as chat filters or the ability to turn off chat.
The Metaverse is also revolutionizing real estate, allowing a wider pool of buyers to invest in it. Unlike in the real world, every person can invest in the so-called Metaverse land. These land parcels come in various shapes, sizes, and locations and are available on different platforms. In brief, Metaverse real estate are online platforms where users can connect to release products, offer services, and host events. Just like any other type of real estate, they can be bought, sold, and leased.
Source: Freepik
While not necessary, many experts assume that blockchain technology plays a key role in the Metaverse, along with other emerging technologies such as artificial intelligence and virtual reality. There is an opinion that the Metaverse will most likely advance other big technologies without blockchain. But anyway, the Metaverse can exist without blockchain. For example, Meta, a multinational technology conglomerate, doesn’t use blockchain.
Unfortunately, yes. As it becomes more popular, Metaverse platforms are having trouble fielding phishing and hacking complaints. The Metaverse developers will require new technologies to thwart such attacks.
The Metaverse can be explained as an integrated network of 3D virtual worlds. In the Metaverse, people traverse a virtual world that mimics aspects of the physical one using emerging technologies such as VR, AR, AI, social media, and digital currency. You can find out more in GamesPad articles “Life In The Metaverse” and “What Is The Metaverse?.”
Source: GamesPad
There are many ways how the Metaverse will change and revolutionize the world. It is already changing how we learn, how we play video games, how we earn our living, and how we connect to one another. These changes can be compared to the emergence of the 2D Internet in 1995. The Metaverse will change the way we do shopping, the structure of education will be totally altered, and how we work and even do sports.
All the novelties may hide different dangers. As for the Metaverse, it can be a violation of privacy, circulation of false information, promotion of hate speech, and harassment. However, danger in the Metaverse could mean danger in the real world. Yet the Metaverse offers more unique opportunities than dangers.
For marketing specialists, the Metaverse can provide a unique opportunity to engage consumers in entirely new ways, pushing brand in-house capabilities and innovation in new directions. As marketers always want to stay up to date with the latest tech advancements, Metaverse marketing has already become a hot topic. From creating virtual experiences and offering in-world purchases to hosting virtual events, the Metaverse in marketing will definitely help reach new audiences.
The Metaverse can be called a next-level immersive social network and IoT (Internet of Things) platform—a virtual replica of the real world where everything is connected rather than disconnected and where the virtual world has the same level of persistence as the real one.
The Metaverse has everything and even more to boost global economic development. It will serve as an opportunity for businesses to stay online and offer a more engaging experience. In fact, it is expected to become the biggest opportunity for modern business since the creation of the Internet. However, several industries, including gaming, social media, digital marketing, e-commerce, education, fitness and sports, digital art, and entertainment, will find the use of the Metaverse more than others.
Source: GamesPad
Even though the Metaverse is still evolving as a concept, it is already a reality today. Technology brings endless benefits to help us be more efficient at work and advance in all areas of life. Many experts believe that we will definitely reach the point of a real Metaverse in the future. And for now, we can experience and enjoy Metaverse-like projects like GamesPad and continue to integrate blockchain more into our everyday lives.
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Disclaimer. This material should not be construed as a basis for making investment decisions or as a recommendation to participate in investment transactions. Trading digital assets may involve significant risks and can result in the loss of invested capital. Therefore, you must ensure that you fully understand the risk involved, consider your level of experience, investment objectives, and seek independent financial advice if necessary.
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