Metaverse

Metaverse

In 1992, Neal Stephenson the author of "Snow Crash" is credited with coining the word "metaverse", he imagined a virtual world where lifelike avatars met in realistic 3D buildings and other virtual reality environments.

What is the Metaverse?

It's a combination of multiple elements of technology, including virtual reality (VR), augmented reality, and video where users "live" within a digital universe.

It is a virtual space, where people can work, play, shop, connect with friends, socialize, attend concerts and conferences, go on virtual trips around the world, and do the things humans like to do together in real life on the internet.

Metaverse already exist in online game universes such as Fortnite, Minecraft, and Roblox. And the companies behind those games have ambitions to be part of the evolution of the metaverse.

Examples of Companies Already Experimenting in Metaverse.

Some existing and startup companies are beginning to launch their online world, here's a look :

  1. Microsoft - Microsoft showed off its plans for bringing mixed reality including holograms and virtual avatars to Microsoft Teams in 2022. The software giant already uses holograms and is developing mixed and extended reality (XR) applications with its Microsoft Mesh platform, which combine the real world with augmented reality and virtual reality. For next year's project: explorable 3D virtual connected spaces for retail and workplaces. The U.S. Army is currently working with Microsoft on an augmented reality Hololens 2 headset for soldiers to train, rehearse and fight in.

  2. Meta - Formerly known as Facebook has already made significant investments in VR, including the 2014 acquisition of Oculus. Meta envisions a virtual world where digital avatars connect using VR goggle headsets to work, travel, and be entertained. Mark Zuckerberg, Meta CEO believes Metaverse would replace the internet.

  3. Minecraft - Another virtual universe loved by kids, Microsoft-owned Minecraft is essentially the digital equivalent of Legos, where players can create their digital characters and build whatever they desire. During the pandemic, its popularity among kids increased.

  4. Epic Games - Tim Sweeney, CEO of the company that developed Fortnite, said, "It’s no secret that Epic is invested in building the metaverse." It's held concerts by the likes of Ariana Grande and Travis Scott, movie trailers, and music debuts.

  5. Roblox - Roblox was founded in 2004, by CEO David Baszucki. On the day of its IPO in March, he tweeted a thank you to all who helped bring the platform "one step closer to fulfilling our vision of the #Metaverse." Roblox has teamed up with skateboarding shoe company Vans to create Vans World, a virtual skateboarding park where players can dress up in fresh Vans gear, and opened a limited Gucci Garden, where you can try and buy clothing and accessories for your virtual self.

  6. The online fantasy world Second Life, founded in 2003, is in its second decade as an alternate reality.

  7. The Sensorium Galaxy opened the first two of its planned galaxy of various connected online "worlds" to explore with VR headsets or desktop computers. Prism, the first to open, involves music – virtual DJs and bands play, for instance – in futuristic landscapes.

What Can You Do in Metaverse

The Metaverse is evolving and is one of the fastest-growing technologies. The following are some of the activities that can be done in Metaverse :

  1. Buy real estate.

Real estate sales are among the top use cases for the Metaverse. Metaverse platforms are divided into land blocks called parcels, which can be purchased using the environment’s unique cryptocurrency token. Once you purchase real estate, you can sell it at a higher value, or lease it to a property developer or VR event organizer for monetization.

  1. Be who you want using customizable avatars.

In Metaverse, anyone can be who they like, a user can change their gender, hair color, and body type and appear as a fictional character. The VR avatars are flexible.

  1. Create scenes, games, and other VR experiences.

Some Metaverse platforms have built-in tools, where users can create in virtual reality and experience it. For example, Horizon Worlds offers pre-built layouts, sounds, physics properties, shapes, and much more, to help users craft their own VR worlds.

  1. Shop for real and virtual products.

Metaverse users can either buy virtual products for their avatars and make payments directly in cryptocurrency or purchase a real-world product and have the product delivered later.

  1. Meet and collaborate with remote colleagues.

Platforms like Mozilla Hubs already support interactions of co-workers in the digital space to a degree. Metaverse allows offices, buildings, and campuses to exist in a virtual world.

  1. Socialize and make new friends.

The Metaverse makes it easier to meet new people, and connect with families and friends without leaving their homes. This will be useful for people with physical disabilities and elderly parents. Two individuals got married in Metaverse and were able to invite a large group of people without social distancing restrictions.

  1. Attend concerts, conferences, trade shows, and learning events.

In Metaverse, all kinds of events, social gatherings, music concerts, corporate events, and learning classes can be hosted using VR real estate.

  1. Play VR games.

VR gaming is one of the main use cases of the Metaverse. The Sandbox is an example of a Metaverse platform that has a collection of games. Users can play games for fun and also make money while playing games.

  1. Invest in digital artwork through NFTs.

In Metaverse, one can create art galleries as well. Users would be able to view digital artwork and purchase them as non-fungible tokens (NFTs).

  1. Land jobs.

Job opportunities such as Metaverse tour guides, VR event planners, decorators, and so on would be created in Metaverse.

  1. Brainstorm and design products in 3D

How to Make Money in The Metaverse

There are several ways of monetizing for all stakeholders and users of Metaverse. The following are ways in which you can make money in the metaverse.

  1. Earning while playing games.

Games like VR poker, e-sport betting, and others allow users to earn money as they play online games. Bloktopia is a game platform to play and earn in Metaverse.

  1. Real estate

Land can be purchased and developed with VR design and developmental skills. Real estate flipping, real estate management, renting, real estate brokerage, and design can be carried out in Metaverse. Plots in Metaverse like Decentraland, Axie Infinity, and the Sandbox are selling in millions. Companies like PwC, JP Morgan, and several others, are moving in this direction.

  1. Creating NFTs

In the Metaverse, digital artwork and other forms of creation can be turned into an NFT (or non-fungible tokens). These NFTs can be sold in open marketplaces. Opening an NFT art gallery and selling someone else's work in return for a cut of the profits, or becoming an art broker, advising metaverse clients on how to best navigate this newly-minted NFT world are opportunities available in Metaverse.

  1. Get a freelance gig in the Metaverse

The Metaverse will have its economy complete with a unique set of skill requirements for several jobs. For example, a VR tourist destination like a museum or art gallery would require tour guides to help visitors navigate this space effectively. VR clubs may also require security personnel, gamers may hire trophy hunters, and so on.

  1. Fashion

One of the first uses of the metaverse has been fashion. Brands like Louis Vuitton and Gucci are already experimenting with virtual clothing in the form of NFT collections. Gaming has also been another successful avenue for brand collaborations with initiatives like Burberry x Blankos Block Party and Valentino x Animal Crossing. Anyone can create a digital clothing line and generate revenue in the Metaverse. Even if you’re not a fashion designer, you might enjoy coming up with different creations for your avatars and helping your friends customize theirs.

  1. Education / Schooling

During the pandemic, schools were forced to shut down and millions of students around the world had online classes. As Metaverse continues to evolve, there would be a space for teaching and educational activities.

  1. Metaverse events with paid tickets.

This is already an extremely popular way to make money in the Metaverse. Live concerts by real artists can attract massive crowds, and organizers can charge users in the form of paid tickets. Warner Music has already partnered with metaverse platform The Sandbox to create a virtual concert hall.

  1. Event hosting and promotions.

Parties, weddings, concerts, conferences, and sporting events will be hosted in Metaverse. Entertainment will play a vital role in metaverses like Sensorium Galaxy, which will be hosting concerts by superstars like David Guetta and Armin van Buuren.

  1. Designing of 3D accessories for users.

Metaverse users would want to “dress” their avatars with accessories like wearables, gadgets, headgear, outfits, or even weapons. One can design and sell these accessories on the marketplace, taking advantage of the design toolkits that most metaverse platforms provide.

  1. Travel and tourism

  2. Testing Metaverse projects.

  3. Advertisement

The metaverse is evolving fastly, so many opportunities would be available to generate money in the Metaverse.

Conclusion

A metaverse is a place where you and other people have an avatar, and you interact with them through their avatars. Many experts look at the metaverse as a 3D model of the internet.

“It’s not real at this stage, and won’t become real until people have a single location they can go to to get into a virtual world they could live in", says Ibrahim Baggili, a cybersecurity expert and the founding director of the Connecticut Institute of Technology at the University of New Haven, told VICE.