- Metaverse Meaning: Brief Explanation
- What is VR? What is AR? What is MR? & How it’s all connected to Metaverse
- Metaverse Explained with Examples
- Future of Metaverse
- How & Where to Invest in the Metaverse
Since the onset of the crypto space, there has been news about something new within the ecosystem now and then. The mass adoption of the crypto space has been a result evident for all of us. Owing to the rising interest in the emerging asset class, Metaverse got into the limelight.
It is undeniable that the relationship between technology, finance, and the virtual/physical world has intertwined into an unbreakable bond. Anything we want is available within a device and accessible at a touch of a button. Similarly, the crypto ecosystem has also succumbed to bound dependability. NFTs, gaming tokens, crypto assets, can be explored by anyone with just one simple registration to a crypto exchange. Not only that, but all these facilities are also accessible within the developing metaverse!
What is Metaverse?
The metaverse is a concept of an online, 3D universe that consists of multiple virtual spaces. It is often referred to as the next internet. The metaverse ecosystem will allow its users to work together, conduct meetings or plan a group outing, play games, and socialize together in these curated 3D spaces.
The metaverse is still in its nascent stages, but some platforms contain metaverse-like elements. With tech moguls like Samsung joining hands to open virtual stores in the metaverse to musicians holding a concert, the metaverse is here to alter the possibility limits we knew were possible. Currently, only video games can provide the closest metaverse experience to those interested. Software Developers have pushed the limits of what a game is and where it can go through hosting various in-game events and creating virtual economies.
Though crypto assets are not a must, they can be a great fit for a metaverse. All the available assets and their blockchain allow creators to create a digital economy with different types of utility tokens and NFTs. Also, blockchain technology can provide transparent and reliable governance systems. Looking at the future, big tech giants and many fashion brands are already lining up to try and lead exploring the possibilities metaverse has. However, the decentralized aspects of the blockchain industry is letting smaller players participate in the metaverse’s development to open doors for more explorations.
Additional Read: What are NFTs(Non-Fungible Tokens)
What is VR? What is AR? What is MR? & How it’s all connected to the Metaverse
As we walk the path of witnessing what is “metaverse” and it becoming as universal a term as “internet” or “online” it is imperative to understand the meaning of metaverse and how much potential it has of creating a dent in the entertainment industry. Metaverse space is where one can get assess to various types/formats of media like Virtual Reality, Augmented Reality, Mixed Reality among the various others within its Extended Reality or XR. To put it simply, the meaning of metaverse is more like the World Wide Web with enhanced layers that can push you to be fully immersive. To take a look at what exactly the various formats in which we consume entertainment today are, let us do a quick scan of the options:
VR or Virtual Reality: First and foremost, VR requires a wearable headset to interact in a virtual world created by developers. To experience it, users need to exist in the virtual space. It is similar to how headphones enriched and improved the music-listening experience; VR has the potential to enhance visual and auditory experiences in a similar way.
AR or Augmented Reality: Users only require a smart device with a camera and screen to be able to experience AR. It augments the user experience and the physical world through a digital device; commonly used with smartphones but can be web-based on a desktop as well. Augmented reality can superimpose a 3D image within the screen of a smartphone so that it appears that the object is in the same physical space as the user. For example: The game Pokémon GO is the best use case of how AR can be used to enhance a gaming experience by layering interactive elements over the real world.
MR or Mixed Reality: Another way of blending the digital and physical worlds is where MR comes in. Mixed Reality is as simple as using a real-time map on your smartphone such as Apple Maps or as high-tech as holograms. It has the potential to bring holographic concerts to your living room while also connecting to the Internet of Things (IoT) for syncing the lights in your home to the music, for instance.
According to findings from PwC, XR is currently a billion-dollar industry, with AR and VR potentially contributing $1.5 trillion to the global economy by 2030. Similar to how the world reacted to the beginnings of the World Wide Web, businesses are exclaiming and hustling to figure out ways to utilize and profit from this new revenue stream. With the potential of what the new-age entertainment industry would be and the chalked out ways for the industry to make profits, Metaverse is the key.
Metaverse Explained with Examples
The possibilities that lay within the metaverse space is nothing but mind blowing! It is sometimes surreal to fathom the possibilities humans create for themselves! To better grasp the potential let us take a look at a few examples.
Metaverse in Pop culture: As huge as pop culture is in today’s world, metaverse has not only helped magnify the experiences but also increased the possibilities. The most common example is that of Ready Player One; Ernest Cline’s 2011 science fiction novel that has painted a compelling picture of what it is and how it would work potentially.
Not only do we have visual experiences of novels, but we also have concerts taking place within the Metaverse! Like the Fortnite concerts where global artists like Travis Scott, Ariana Grande, and Marshmello have held concerts with their fans.
Games and Social Networks in the Metaverse: Second Life, while not being an actual game, has made it possible for people to create avatars and meet friends, explore the world, and trade services amongst themselves! All using the in-world currency Linden dollar! Then there is Sandbox, where users can play and build virtual worlds. Not only do they get to create a virtual world of their own, but also monetize the experiences! Users can buy and sell land and assets using the format of NFTs.
Metaverse in Real Estate: With the growing interest in owning land within the virtual world, Metaverse cannot escape from real-estates! Technologists believe that virtual space will be fully functioning with an economy of its own. The rising popularity of the metaverse has compelled many companies to create their own digital worlds and within them, their own digital properties. For example, the Metaverse Group, which operates on Decentraland, a virtual world that’s owned by its users.
Future of Metaverse
With Facebook as the loudest voice for looking forward to a unified metaverse, it is not too far in the future where every conversation will have ‘metaverse’ in them. The surge in the various use cases within the metaverse space has led to many big tech companies to dive into the future possibilities. Not only do we have tech companies, but also institutions like fashion and music taking part in it. As a possible statement from most of the analysts and influential people, metaverse clubbed with the crypto space is the future we are looking at.
Additional Read: Top Metaverse Cryptos 2022 by Market Capitalization
How & Where to Invest in the Metaverse
Investing in the metaverse has no specific pointers. To explore the space, you have to initially onboard any crypto exchange and create a wallet first. But firstly, “Investors should be cautious in terms of investing and should stay updated with where the whole metaverse space is going and how it is shaping up,” says Neeraj Khandelwal, co-founder at CoinDCX.
To take a note as to which type of token you need to invest in:
1)Purchase metaverse tokens, like Axie Infinity, Decentraland (MANA), etc.
2)Buy in-game NFTs or learn how to create an NFT & sell it within the space
3)Own real estate within the Metaverse via Decentraland or Sandbox
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