The word “Metaverse” became the latest buzzword and captured the imagination of the tech industry, crypto traders, investors, and common people after Facebook CEO Mark Zuckerberg announced the change of his company’s name from Facebook to Meta on October 28, 2021. The company’s Twitter handle said:
“Announcing @Meta — the Facebook company’s new name. Meta is helping to build the Metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection.”
This rebranding move of Facebook was aimed to signal its move to embrace the futuristic idea. In fact, this move by Mark Zukerberg aroused the general public interest in multiple Metaverse cryptocurrencies. Within 24 hours after Facebook’s announcement, the price of Metaverse cryptos such as Decentraland (MANA), Sandbox (SAND), Enjin Coin (ENJ), and many others experienced double-digit growth.
The Metaverse coins whose prices jumped significantly in just 24hours after Facebook’s October 28, 2021 announcement were:
- Decentraland’s MANA: +44.6%
- Sandbox’s SAND: +21.5%
- Enjin Coin’s ENJ: +10.8%
Metaverse-adjacent tokens whose prices surged in just 24hours after the announcement included:
- Axie Infinity’s AXS: +7.8% (project underpins an NFT-powered game)
- Flow’s FLOW: +7.6% (a blockchain designed for NFTs)
Now, the question comes, what is Metaverse? What are its characteristic features? How can you get started with it? Let me walk you through Metaverse so that you can get started easily.
Metaverse: What is it?
The idea/concept of the Metaverse was first coined by Neal Stephenson in his dystopian novel “Snow Crash” back in 1992. In fact, its references have come several times in Tron, Ready Player One, or Matrix.
Generally said, a Metaverse is a computer-generated shared virtual world that enables people to socialize, play games, and work. This highly immersive virtual universe is also related to the development of Web3.0.
Big technology companies have already started developing their own Metaverses. Mark Zuckerberg’s rebranding of Facebook to Meta is one step towards that. Another corporation that has already taken the plunge is Microsoft, which wants to create an enterprise Metaverse.
Some of the online multiplayer games such as Roblox, Fortnite, and Microsoft-owned Minecraft have already started to develop blocks for developing Metaverse. Many game developers believe that Roblox is going to be the most powerful Metaverse platform of the future.
There are immense commercial opportunities in the Metaverse. You can buy or sell things inside it by using cryptocurrencies and NFTs (nonfungible tokens). Metaverse will, one day in the future, enable you to hop around different Metaverse platforms (say Roblox to Fortnite and then to other platforms). Once you are able to take your pixelated sword from a Roblox game to a powerful gun in Fortnite, only then the true form of Metaverse will be in place. It’ll take years or maybe a decade to come into reality but the process of transformation has already begun.
What’s So Special about Metaverse?
There are 6 major features that make Metaverse special:
- Boundless
Metaverse is essentially a 3D virtual space that does away with all kinds of barriers, be it physical or otherwise.
- An unlimited number of people can use it simultaneously.
- All kinds of activities can take place in the Metaverse.
- Any industry can enter this virtual 3-dimensional space.
- The extent of accessibility of the online platforms currently is widened significantly.
2. Persistence
You can’t unplug, reset, or reboot Metaverse. The best thing is that this 3D virtual space can be entered from anywhere across the world and anytime free of cost. You’ll experience continuous experience with no gap in between. On the basis of users’ shared contributions (including user-designed content and experience), a Metaverse will evolve over a span of time.
3. Decentralization
No single platform or corporation owns the Metaverse. It is the users like you who have all the say. In fact, users can take control of their private data too. As blockchain technology plays a very important role in the Metaverse, all the transactions taking place in this virtual world remains:
- Public
- Safe and
- Easily trackable all the time.
4. Immersive
You can enter a newer level of interactivity and immersive experience altogether, no matter what you use (be it your smartphone, AR glass, or Virtual reality headset). The immersive experience is so real that all human senses are engaged fully. You feel more present in your experiences. Metaverse is a highly realistic, 3-dimensional virtual space that adapts to its users, thereby directly influencing its environment, lighting, colors, objects, and others.
5. Virtual Economies
You, as a participant of the Metaverse, can engage in decentralized economies by using cryptocurrencies. Let’s consider an example to explain. In the case of Sensorium Galaxy, the platform comes with its very own SENSO crypto token. You can use the SENSO tokens in marketplaces for buying, selling, and exchanging items (including digital assets such as NFTs, avatars, event tickets, virtual clothing, and many more).
6. Social Experiences
Users are the core of a Metaverse. All the experiences in this virtual world are based on them. User-generated content including personal stories, virtual creations, and interactions with artificial intelligence-driven avatars are co-created with the help of users’ co-experiences.
Entering a Metaverse
Are you ready to take the red pill and want to see how far the rabbit hole of Metaverse goes? If yes, get started with hardware. There is no need to buy expensive hardware. Your smartphone is enough to go into a Metaverse. A wide array of meta-features are available in the mobile app of Sensorium Galaxy Metaverse. However, your mobile provides only a sneak peek into this virtual world.
If you want to have a fully immersive experience, you’ll need a VR headset or a pair of AR smart glasses. You should take great care in choosing the right VR headset to get a full immersive Metaverse experience without any break. The right product will help you achieve a real sense of presence within the virtual world, making you feel that you are in the real world itself.
One of the best VR headsets available currently is Meta Quest 2, the headsets of Meta (earlier Facebook). Other leading virtual reality headsets are Valve Index and Playstation VR. Rumor mills say that Apple is also working to enter this sizzling Metaverse and immersive virtual space.
VR offerings are not limited to the gaming industry anymore. Apps are currently available for a wide array of sectors including:
- Fashion
- Music
- Education
- Sports, and many more
This factor has led to a sharp rise in demand. Some of the successful applications of a Metaverse in different sectors include:
- Fashion behemoth Gucci’s 100th anniversary held meta events by Roblox video gaming platform.
- The first meta store of sports giant NFL has been opened by the Roblox video gaming platform.
- Virtual music concerts of popular stars including Ariana Grande, Marshemello, Travis Scott, and many more were successfully organized by Fortnite.
- You can buy virtual land and real estate in projects such as Decentraland (MANA) or Sandbox (SAND).
In fact, you can find almost everything in a Metaverse and therefore help you stretch your imagination to any possibilities with no limits.
Final Words
The development of Metaverse has just begun. Many hurdles are there that this industry has to overcome. You can’t get a full-fledged Metaverse right now. It may take years or even a decade to experience one.
One of the major roadblocks to an immersive experience of a Metaverse is the technical hurdles, especially the internet connection. To get a fully immersive experience, you must have a glitch-free, instant, continuous, and reliable connection. This is mainly because the virtual world scenario must load instantly and continuously.
To get the full Metaverse experience, advanced technologies such as 5G and edge computing are needed. However, they are still in their developmental stages. In fact, data privacy and security-related issues are also required to be improved significantly so that a true Metaverse becomes a reality.
Warpin’s Ridderstad has said that the real jump in Metaverse experience will come when you can seamlessly jump between different applications. Let me conclude by quoting Ridderstad’s words:
“When we really can co-create and meet people around the globe, working together with different projects, I think it will really explode.”
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