The metaverse has been one of the most talked-about tech buzzwords in recent months. The term truly entered regular conversations when Facebook changed its name to Meta.
Most people still wonder what metaverse might mean, and if they have any stake in the newest word to enter the tech jargon.
Alongside the metaverse, one also hears of non-fungible tokens (NFTs) and cryptocurrency. Most of these terms seem alien to even tech insiders as they belong to evolving technology.
However, it is necessary to know what these terms mean to be a part of the metaverse. In this article, we break down what the metaverse is, and how one can enter it.
What is Metaverse?
The metaverse is a hyper-realistic virtual space that also has social features built into it. It is a hyper-immersive and interactive platform that uses virtual reality (VR) and augmented reality (AR) technologies.
The metaverse consists of multiple virtual worlds where individuals can interact with each other, participate in activities, buy land and engage in a multitude of ventures.
The metaverse is already being used to market products, educate audiences, conduct meetings, and even authenticate transactions.
In short, the metaverse consists of virtual worlds that are enabled by AR and VR. These spaces help individuals and organizations to participate and engage in a variety of activities as per their requirements.
Important Attributes of the Metaverse
- Metaverse is enabled by AR and VR, which makes it a very immersive space. It helps create hyper-realistic sensory experiences, which are often enabled by extended reality (XR).
- The metaverse is infinite. It blurs the boundaries between the physical and digital world and creates multitudes of spaces that have endless possibilities and functions.
- It is a constantly active technology that cannot be unplugged or turned off.
- Nobody controls the metaverse. Like the internet, anyone can have a piece of the metaverse cake. However, premium spaces in the metaverse can cost quite a lot.
- Transactions on metaverse are enabled by cryptocurrency. And like in the real world, digital currency gives birth to entire virtual economies.
- The basis of the metaverse is a shared sensory experience. As a result, social engagement is central to the activities that the metaverse enables. This engagement may take place between people or between people and AI.
The Metaverse Economy is Booming
The future of the metaverse depends on how users can monetize their activities and, and how it can support the economy in general. It is clear now that the metaverse not only supports virtual economies but the economy in general.
The metaverse economy is estimated to be worth close to $1 trillion. However, this figure is contested and it could be even higher.
Here are some pointers that help you understand the economics behind the metaverse:
- The metaverse supports marketplaces where products and services can be bought and sold.
- Investment in virtual land and plots, which support various activities ranging from gaming to advertising and official meetings.
- Cryptocurrency, which is based on blockchain, often supports financial transactions on the metaverse. An example is SENSO, which is used on the Sensorium Galaxy, a metaverse platform.
- Non-fungible tokens (NFTs) play an important role in sustaining the metaverse economy. NFTs ensure that creators of any sort are protected by ownership rights, and are not subject to copyright infringements. As a result, the metaverse is potentially the next big thing for all kinds of artists, musicians, and even filmmakers.
How to Get into the Metaverse
For most novices, the metaverse seems intimidating but exciting at the same time. However, the metaverse already exists around you. Here is how to join metaverse:
- Invest in the necessary hardware. A smartphone is sufficient for most meta features available today. To go a step further, one can purchase premium VR headsets or AR smart glasses.
- Start using the metaverse. Join workrooms instead of physically visiting your office. In fact, to an extent, Zoom and other virtual meeting places can be considered rudimentary meta spaces.
- There are a lot of games to play and even make money from winning those games. A few examples include Illuvium, Axie Infinity, and other games available on Decentraland.
- As discussed earlier, music, film, and other forms of entertainment have already entered the metaverse. Start exploring Sensorium Galaxy, which is particularly popular among entertainers.
- Invest in virtual real estate. Metaverse land makes for a great investment and can be bought and sold for speculative reasons as well. Metaverse plots are used to host events, meetings, and even gaming sessions.
Metaverse is Here to Stay, and Now is the Time to Cozy Up to It
As 5G begins to roll out across the world, more people will have access to high-speed internet connections.
As a result, metaverse will become more accessible and with enhanced social power, it will likely replace many physical activities and entities that exist today.
If you were wondering how to get started in the metaverse and be a part of this new and exciting world, you do not need to do much.
Invest in a good smartphone and VR headsets, and you can already step into one of the many metaverse-based platforms such as Sensorium Galaxy or Decentraland. Invest in metaverse land, or explore various virtual worlds that are part of the metaverse.
Finally, start familiarizing yourself with terms like cryptocurrency, bitcoin, NFTs, and related jargon. This will help you to transform yourself into a “metaverse native” in no time, and stop wondering how to go into the metaverse.