The Metaverse; What Exactly is it?

What is the metaverse?

There are many digital sources that are trying to break down what is essentially one of the largest, infinite sources of internet there is. But truly, what is the metaverse? And why is it so hard to explain?

To a certain extent, talking about the metaverse is like talking about what the internet means in the 1970’s. No one ever truly knew the extent of the world wide web, how it would look and be used by people across the globe and how exactly it would evolve throughout the years. Similar can be said for the metaverse. Noone can truly explain the metaverse because the definition doesn’t actually entirely exist. 

Broadly speaking, the metaverse is essentially a digital means of living. Housing several different areas and industries, the metaverse includes virtual reality, made by creating virtual worlds that continue to exist even when you are not playing, as well as augmented reality that provides a combination of digital and reality.

This is not, however, the entirety of the metaverse as it does not always require to be accessed via virtual reality or augmented reality. Rather, the metaverse can be reached digitally anywhere, anytime. This also gives the metaverse the ability to house a digital economy, where users can create, buy and sell goods. A very popular form of this is the cryptocurrency Bitcoin. Created in 2008, by the pseudonym Satoshi Nakamoto, Bitcoin cryptocurrency has become a very popular payment method throughout the world. Now used by industry giants including Amazon and Paypal, this has meant that it is not only the individual that uses the metaverse for their own purposes, but businesses too.

The metaverse is currently in its infancy compared to other forms of digital platforms such as the world wide web, therefore there is no knowing how big it will get. An optimistic vision of the metaverse is that you will be able to use this platform as part of daily life, creating a persona online that allows you to buy, relax and move around digitally.

What can you do in the metaverse?

The metaverse is amongst the fastest growing technologies of our time, meaning several platforms are opening up on it. The metaverse promises limitless opportunities for work, socialising and profit, and although there are only a few platforms that are fully available for general use, there is still the ability to explore:

Real estate

Real estate has become a huge industry that is present on the metaverse, with not only individuals, but also businesses and organisations moving onto the digital space. The metaverse platforms are divided into land blocks called parcels, which can be purchased via certain cryptocurrency tokens. Once the online property within the metaverse has been purchased, this means that this specific area belongs to you, just as it would if it was a brick and mortar building. You then have the ability to sell or lease it online.

To find out more information on buying properties on the metaverse, find out here

Invest in NFT’s

Non fungible tokens, aka NFT’s, are forms of digital art that works in a similar fashion to buying art at Sothebys. In the metaverse, users can view digital art and purchase them, making them the sole owner. It is then their decision to keep the NFT or sell it on.

NFT’s have created a huge buzz over the past year, with the most expensive NFT, named A Coin for the Ferryman sold for $6 million. As non fungible tokens provide the opportunity for users all over the world to participate and buy online, this has made the world of art open to those who were previously unable to break into the market.

There are several websites that offer NFT’s, with opensea as one of them.

Attend metaverse events

Metaverse real estate provides a whole host of opportunities, letting you use your property however you desire. This allows for all types of events to be hosted, such as music concerts and social gatherings to corporate events. It is possible to monetise these events by selling tickets to attendees.

Hosting your event on the metaverse gives the ability to reach a massive audience, from all around the world. This allows more users to participate in events, helping social interactions! 

What is the future of the metaverse?

Ultimately the metaverse will be a complete economy, all digital. In the metaverse, people will be able to own, use and invest in just about anything there is housed there. This will of course, come in the form of digital goods, such as NFT’s and real estate, but it will also expand in products as the metaverse gets bigger.

It is thought by many that there will be jobs that exist only on the metaverse, with currencies such as the different cryptocurrencies legitimising and being used to exchange with real money. 

I believe the metaverse provides great opportunities for all those who are willing to explore what it can provide. Whether you are looking to monetise on opportunities or just get involved with the social scene, the ever growing metaverse is definitely something to explore and utilise.