The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
The metaverse isn’t fully in existence, but some platforms contain metaverse-like elements. Video games currently provide the closest metaverse experience on offer. Developers have pushed the boundaries of what a game is through hosting in-game events and creating virtual economies.
Although not required, cryptocurrencies can be a great fit for a 3D virtual worlds. They allow for creating a digital economy with different types of utility tokens and virtual collectibles (NFTs). It would also benefit from the use of crypto wallets, such as Trust Wallet and Metamask. In addition, blockchain technology can provide transparent and reliable governance systems.
Blockchain, metaverse-like applications already exist and provide people with live able incomes. Axie Infinity is one play-to-earn game that many users play to support their income. Second Live and Decentraland are other examples of successfully mixing the blockchain world and virtual reality apps.
When we look to the future, big tech giants are trying to lead the way. However, the decentralized aspects of the blockchain industry is letting smaller players participate in the metaverse’s development as well.
To a certain extent, talking about what “the metaverse” means is a bit like discussing what “the internet” means in the 1970s. The building blocks of a new form of communication were in the process of being built, but no one could really know what the reality would look like. Therefore, while it was true, at the time, that “the internet” was coming, not every idea of what that would look like is true.
When Is Metaverse Coming?
Spend enough time having discussions about the metaverse and inevitably someone will reference fictional stories like Snow Crash—the 1992 novel that coined the term “metaverse”—or Ready Player One, which depicts a VR world where everyone works, plays, and shops. Combined with the general pop culture idea of holograms and heads-up displays (anything Iron Man has used in his last 10 movies), these stories serve as an imaginative reference point for what the metaverse—a metaverse that tech companies could actually sell as something new could look like.
While you may think the Metaverse will take decades to get here, it somewhat already is here. A good example of this were the age-old chatrooms when the Internet was in its early stages. A plethora of people online used to gather in a single digital room and chat with each other. However, almost nobody used their real names, instead going by custom-created aliases that worked as avatars. So even while most people did not know each other’s names, everyone was in that room bonding together. So while nobody had VR headsets, it was a different environment altogether. The Metaverse is cut from the same cloth and intends to let people get together in a virtual universe where they use their avatars to explore.
It may even be the case that any real “metaverse” would be little more than some cool VR games and digital avatars in Zoom calls, but mostly just something we still think of as the internet.
The future of Metaverse
Many companies are currently investing in metaverse and web 3. They bet on it not only for entertainment purposes, but also for business and professional purposes.
For example, when the world’s largest social network, Facebook, changes its name to meta and predicts a great future for itself in metaverse, the importance of this space can be realized.
This is a great time to enter the working world of Metaverse. Because more and more companies are turning to work from home every day, it is easier to work in the meta-space.
What Can You Actually Do in the Metaverse?
Build, explore and play in virtual worlds
Meet people from anywhere for work or play
Create a 3D avatar that looks like you … or not
Invest in virtual land, NFTs or tokens
Let MetaMine know your thoughts in the comments below.