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The Metaverse is a virtual world where people carry out everyday activities, such as working and socializing, from the comfort of their homes. “Metaverse” didn’t become a commonly used word until Facebook changed its corporate name to Meta in October 2021. At that time, the company announced plans to spend $10 billion over the next year on technology related to its vision of the Metaverse. The Metaverse is considered by many as the next evolution of the internet. It will take many forms, including gaming, online communities and business meetings where people collaborate via a digital facsimile or avatar of themselves.
How Metaverse Began its Journey?
For those unaware, the term “metaverse” has been around for almost 30 years. In Snow Crash, a 1992 science fiction novel by American author Neal Stephenson, the Metaverse is introduced as an escape from the depressing reality of life in a futuristic world.
The industry has been working for the past thirty years to create a metaverse, an online world with which people can visit and interact. In recent years, virtual reality headsets have become more affordable and comfortable. Additionally, as internet penetration rates continue to rise globally, more people are interested in spending time online. The popularity of online gaming has resulted in the creation of complex digital avatars, commodities that can be traded digitally, and even digital real estate.
Decentraland has received $25.5 million in funding and offers a virtual reality environment builder, configurable avatars, a crypto-enabled marketplace, digital wallets, and a governance system to its customers. Facebook is working to create something similar, incorporating non-AR/VR social networking features. In September 2021, it was announced that Facebook would be venturing into AR/VR and creating their own Metaverse.
So, What is Metaverse?
Replace the term “the metaverse” in a phrase with “cyberspace.” 90% of the time, the meaning will not change significantly. Because the term refers to a broad shift in how we interact with technology rather than a specific device, this is the case. The name may become obsolete even if the initially defined technology becomes prevalent.
The metaverse refers to the union of virtual and augmented reality, creating digital environments that exist even when users are not logged on.
That is not to imply, however, that they must only be available through virtual or augmented reality. Metaverse is a virtual world that may be accessed via PCs, game consoles, and even phones such as Fortnite.
The metaverse is a digital economy where users can create, purchase, and sell things. Under the most idealistic notions of the metaverse, it would also be interoperable, allowing you to transport virtual objects like clothes or cars from one platform to another.
You can buy a shirt in the mall and wear it to the movies in real life. Virtual identities, avatars, and inventories on most platforms are limited to a single platform. On the other hand, a metaverse might allow you to develop a persona you can take with you wherever you go, as simple as copying your profile image from one social network to another.
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It’s tough to comprehend all of this because you may respond, “Wait, doesn’t it already exist?” when you hear things like the ones above. For example, the Environment of Warcraft is a persistent virtual environment in which individuals may buy and sell goods.
Rick Sanchez might learn about Martin Luther King Jr. through virtual experiences like concerts and a Fortnite display. You can enter your own virtual world by putting on an Oculus headset. But what exactly is the “metaverse”? Is it just a few new video game genres or something more?
No, Fortnite is not the metaverse- at least not yet. It would be more accurate to say that Fortnite is analogous to Google in terms of the internet. Even if you spend a lot of time on it and think you know everything there is to know about it, that doesn’t make it so.
As it turns out, not only does Google produce bits of the internet–from data centers to security layers–but also Epic Games creates chunks of the metaverse. They’re certainly not the only company doing so either; Nvidia, Unity, Roblox, and Snap are few others who contribute to building what might become known as the metaverse.
To date, most metaverse talks end without a solid conclusion. Though we have a vague understanding of the current state of the metaverse and which companies are investing in it, there is still much ambiguity surrounding what precisely the metaverse is.
Sorry, Meta, but Facebook believes that it will include phony homes where you may invite all of your pals to hang out. Microsoft thinks that virtual conference rooms can be utilized to train new employees or communicate with coworkers located miles away.
Futuristic views have many ideas, from optimistic to pure fan fiction. The firm illustrated a situation in which a young lady is sitting on her sofa scrolling through Instagram when she sees a video recorded by a friend of a concert taking place halfway around the world during Meta’s metaverse presentation.
The movie then goes to the show, where the woman is shown as a hologram in the style of the Avengers. In reality, it raises one of “the metaverse’s” most thorny problems.
How to invest in Metaverse?
You can invest in Metaverse by buying its native cryptocurrency, ETP. ETP can be bought and sold on several exchanges, such as Binance, Huobi, and OKEx. You can also earn interest on your ETP holdings by staking them in a Metaverse masternode. Masternodes require you to lock up a certain amount of ETP as collateral, but they offer higher returns than simply holding ETP. Finally, you can also invest in Metaverse dapps and assets. These asset-backed tokens are stored on the Metaverse blockchain and can be traded on decentralized exchanges.
When investing in any cryptocurrency, it’s essential to do your own research and understand the risks involved.
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How to buy land in the Metaverse?
There are a few ways to buy land in the Metaverse. One way is to find a Metaverse world you like and contact the world owner or administrator to inquire about purchasing land. Another way is to search for land sales in online marketplaces specifically for virtual land.
When buying land in the Metaverse, it is essential to consider the purpose of the land, as well as any restrictions that may be placed on it by the world owner or administrator. For example, some worlds may only allow certain types of development, such as residential or commercial developments. It is also essential to consider the size of the land parcel and its location within the virtual world.
Once you have found a piece of land that meets your needs, the next step is to negotiate a price with the seller. It is essential to remember that land in the Metaverse can be worth more or less than land in the physical world, depending on its location and amenities.
Once a price has been agreed upon, purchasing the land is next. This can be done through an online marketplace or directly from the world owner or administrator. Once the purchase is complete, you can develop the land as you see fit.
How to access the Metaverse?
There are a few ways to access the Metaverse:
- Through an online portal such as the MetaVRse.
- By downloading and installing a virtual reality (VR) app on your computer or mobile device.
- By using a VR headset connected to your computer or mobile device.
- By attending a Metaverse event in person.
- By creating your own avatar and exploring the Metaverse on your own.
How to get into the Metaverse?
The metaverse is a virtual, interoperable world. Interoperability is an essential feature of the metaverse, which allows for smooth information exchange across systems. It’s easier than you might imagine getting into the metaverse.
You can enter the metaverse by downloading applications like The Sandbox game, one of the most popular decentralized metaverse games that allow users to create virtual worlds and make money from them. You will need a VR headset to access the full experience; however they generally cost around $300.
How to join the Metaverse?
Metaverse strongly relates to crypto, NFTs, and blockchain gaming. It’s still in development, but you can explore some of its features through existing games and platforms built on top of it.
To join the Metaverse, you’ll need to create an avatar. Think of this as your online alter ego or perhaps a digital version of yourself. Once you have an avatar, you’ll be able to interact with other users and participate in the Metaverse economy.
There are a few different ways to create an avatar. One option is to use a platform like Decentraland, which allows you to create a 3D avatar that can explore virtual worlds. Another option is to use a blockchain game like Cryptokitties, where your avatar takes the form of a digital kitten.
Once you have an avatar, you’ll need to acquire digital currency to start participating in the Metaverse. The two most popular options are Bitcoin and Ethereum. You can buy these currencies on exchanges like Coinbase or Kraken.
With your avatar and digital currency, you’re ready to start exploring the Metaverse!
One of the best ways to explore the Metaverse is through existing games and platforms built on top of it. Decentraland is one such platform – it’s a 3D virtual world that uses blockchain technology to power its economy. In Decentraland, users can buy, sell, or trade land parcels stored as NFTs (non-fungible tokens).
Another popular option is Cryptokitties, a blockchain game that allows users to breed, collect, and trade digital cats. Each cat is an NFT, meaning it can be bought, sold, or traded on the open market.
Conclusion
Though it is still developing, the metaverse holds many promises for the future of digital socialization, productivity, shopping, and entertainment. The market for VR technology is expected to experience explosive growth in the coming years as new technologies emerge.