These days, there’s been a lot of buzz about the term “Metaverse,”, especially within the sector of cryptocurrency. As the Metaverse continues to grow, you’re going to hear a lot more about it, but it’s probably going to leave you with a lot more questions. Such as what is the Metaverse? How do I join the Metaverse? What impact is the Metaverse going to have on me and my daily life?
New things can be scary to a lot of people, but the Metaverse is something we should be embracing. This guide is going to serve to:
- Walk you through all the questions you may have
- Give you real-world scenarios on how the Metaverse is currently being utilized
- Help calm any anxieties you may have regarding its future and yours.
The Metaverse: A Definition
Imagine living in a world where the possibilities are truly limitless; a virtual world where every person is free to roam around independently, interact with others, and engage in activities that they cannot or will not in the real world; a world where you can become the person you want to be. This is what the Metaverse has to offer us through a virtual reality experience.
In layman’s terms, the Metaverse is the concept of a shared virtual space where objects from the real world can be transposed into a digital format. It is the collective name for the spaces in which we can exist in a purely digital realm, interacting through avatars and experiencing similar practices in a digital world that we do in the physical, living out an entirely different life within the digital realm. In short, you can think of it as a real-life Matrix simulation.
A Brief History of the Metaverse
The concept of a Metaverse was first explored in Snow Crash, a 1992 science fiction novel by Neal Stephenson, which sees humans, as avatars, interacting with each other and software agents in a virtual space that uses the metaphor of the real world. Today, that concept has become known more broadly through the term “cyberspace.”
The first truly immersive virtual experience came in 2007 with Second Life. This multimedia platform allows users to create their own avatars, interact with other users, and play through a simulated life within a virtual world. While usership has faltered in recent years, many view this and similar RPG-style games as precursors to the Metaverse.
Indeed, today, we see very similar games as integral parts of the Metaverse; think Roblox and the Sims. But the Metaverse adds sensory experiences to these virtual worlds, such as smelling fragrances and feeling hugs. It’s essentially adding to what was once solely an experience for gamers and creating an experience that has something to offer to much wider audiences. Today, major corporations like Facebook have taken interest in the Metaverse, with the social media giant even changing its name to “Meta.”
What Makes Up the Metaverse?
To get a complete picture of the Metaverse today, you’ll need to understand the characteristics of it that make it unique from anything else we’ve seen before.
- Expansive, Unlimited Environment – The Metaverse isn’t just a 3D virtual world but one that is limitless. One can walk through and explore its vastness for a literal forever. While you may encounter undeveloped spaces, it is impossible to reach “the end.”
- Decentralized Universe – While a person can own things within the Metaverse itself, the actual space is completely decentralized. What this means is that there is no single person or entity that controls it; the users control it. This feature is the main key to what makes the Metaverse’s potential truly limitless.
- No Off Switch – Many video game worlds need downtime for their servers, but this is not the case for Metaverse. Just like the real world, it is always on, 24/7, 365 days a year.
- A Genuine Economic System – A working economy is vital to any world, even the Metaverse. There’s a fully integrated blockchain system in the world allowing users to engage in payment transactions. Users can use the system to pay for digital assets known as NFTs. These come in the form of cars, clothes, furniture, and more.
- Social Interaction – In most video games, you engage with AI characters or NPCs, but in the Metaverse, you are interacting with actual other users. You can socialize 1:1, in groups, attend events, throw parties, and more.
- Fully Immersive – The key characteristic that separates the Metaverse from other virtual worlds is that it is our first completely immersive world. What this means is that through your virtual technology, you not only see the world but can smell it, feel it, taste it, and more. You are 100% genuinely experiencing the world you are submerged in.
The 7 Characteristics of the Metaverse
The Metaverse is composed of unique “layers”– 7 of them, in fact. Each layer offers something different yet vital to its continued success. You might not see always see all the working parts, but they’re there. We’ll guide you through a complete tour of each layer and explain what purpose they serve.
1. Experience
The Metaverse seeks to redefine how we think about reality in itself and eliminate the parameters of 2D and 3D worlds. Instead, it dematerializes everything we know from the physical world and brings it into a digital reality. You won’t just find games like Roblox, but all your entertainment and comfort needs, including eSports, social events, music concerts, movies, casinos, and more. Gone are the days of limited space and waiting in line for tickets. In the Metaverse, everyone can attend the biggest events of the season altogether. The whole concept is not just to create a world but to build a community.
2. Discovery
You’ll explore new content in this layer just as you would use a search engine or view advertisements. As it expands, it will open us up to new experiences with new people – and that’s what the Discovery layer is all about. Through a completely decentralized network, you can now easily flow between friend groups and even shift your friend group(s) between events and locations. It’s really about giving a real-time experience, but within a virtual setting at a virtual speed.
3. A Creator Economy
The Metaverse needs creator-produced content to exist. Here, you’ll find artists using their tools to continue producing high-quality content through coding and graphic/digital design. These digital artists will constantly be producing new works to be sold on the open Metaverse market.
4. Spatial Computing
Spatial computing refers to the blurring of lines between the online and offline worlds. This blurring of the boundaries creates an integration between the two and brings everyday objects we use into the digital world and vice versa. Examples of this can be seen in using one’s biometrics for a virtual workout routine, voice recognition, and geospatial mapping.
5. Decentralization
No one company, person, or governing body owns the Metaverse. This rule of decentralization is at the very heart of the platform. Instead, you will find a competitive marketplace economy where the creators own their data and creations. The use of blockchain technology and DeFi decentralizes currency in the Metaverse as a means to optimize transactions between users and content creators.
6. Human Interface
The sixth layer references how we blend technology into our lives, ie smartphones and virtual glasses. As technology continues to get smaller and becomes even more integrated into ourselves, communication between humans and computers will become more and more natural and embedded into our everyday lives.
7. Infrastructure
The last layer is the infrastructure that keeps the internet running. Currently, we are seeing 5G networks being implemented around the world to increase bandwidth and reduce network friction. The next phase, 6G networks, will give us the fastest internet yet. The infrastructure will continue to be an important layer for the Metaverse as new technologies are created and integrated into our lives.
How Do I Use the Metaverse?
Many people and companies are already utilizing the Metaverse in a variety of ways. Here’s just a sample of what you can expect to find.
Gaming
Online gaming currently ranks as the primary usage of most users in the Metaverse. Here, players are placed in real-world environments where they can interact with various elements. Within the Metaverse, games can use sensory elements allowing players to smell, touch, and feel within these games. Popular titles include Roblox, Sandbox, and Fortnite. Players can spend in-game currency to upgrade their avatars and use chat features to interact with other players.
NFTs
NFT stands for non-fungible tokens and are essentially JPEGs and videos tailor-made for a digital universe. NFTs exist, according to critics, purely to make a profit for their creators and resellers. There’s nothing wrong with this, of course, but NFTs seem to be being given a tougher ride than crypto, perhaps due to their instant popularity and the confusion over what you actually get for your money.
Fast forward a few years, and if Meta (the company formerly known as Facebook) is right, there will be different metaverses through which we will all be living our virtual lives, taking our digital possessions with us. This means that the Bored Apes, Cryptopunks, and more that we have bought can finally be put on display for us to enjoy and others to see, and thanks to blockchain, anyone who has performed a right-click save will find that their version will not be accepted into the metaverse.
Social Events
We live in a global economy, which can lead to us living and working from various locations around the world. Through the Metaverse, we can now instantly be relocated to the same spot without having to do any traveling. This is more than a Zoom call, but an actual 3D space where one can host parties, meetings, happy hours, and more.
Ecommerce
As more companies transition to remote/online working models, digital workspaces are increasingly replacing traditional physical offices. Not only can you build a business digitally, but you can conduct all manners of trade in an instant within the Metaverse. Whereas the COVID pandemic may have served as a catalyst for this migration, we can expect to only continue to see this trend grow exponentially as time goes on.
Virtual Real Estate
A quote from William Penn Adair, “Find out where the people are going and buy the land before they get there.” It’s no surprise that as the Metaverse expands, a digital real estate market has emerged, and it is booming! In fact, analysts are predicting that, by the end of 2026, the Metaverse’s virtual real estate market will have grown by $5.37 billion. You can use your digital property as you would actual land – build on it, rent it out, or sell it. There’s no doubt that as the Metaverse grows, the value of virtual real estate will continue to increase.
Education
Just like workspaces, education centers have been increasingly dependent on virtual spaces. The goal is to have completely VR classrooms in the near future. Top educators are already carving out their space which they are calling the “Eduverse.” Learning will be forever changed in ways previously only possible via “The Magic Schoolbus.” Imagine teaching about space and actually getting to travel into it via a virtual world! The possibilities here are endless for teachers and students.
How Do I Access the Metaverse?
To access the Metaverse, you will need to invest in the right technology. Here’s a list of current technology that can help you gain access.
- VR Headset – a large headset that completely covers a user’s eyes with a display.
- Augmented Reality Gear – a wearable but lightweight headset or smart glasses that display the metaverse on top of the offline world.
- Gaming Console – even if the console lacks a VR headset, most can access some aspects of the Metaverse.
- Computer – most VR headsets can be used with your PC to access the Metaverse.
- Mobile Devices – mobile games using AR have been popular for years now, but you will need a good data package to use your phone or tablet for the Metaverse.
Should I Invest In the Metaverse?
One of the best and easiest ways to invest in the Metaverse is via Metaverse Tokens. These tokens serve as the form of currency within the Metaverse space so that users can engage in transactions with one another. Many of these tokens are game-specific currencies, like SAND and AXE. But should you invest in these tokens, and if so, how much?
Every investment comes with an element of risk. How these tokens perform will be determined by how their platforms perform within the Metaverse over time. If the platform is high performing, the value of the token holds great potential, and vice versa. But if you are interested in investing in the Metaverse, the earlier you do so, the better, as it will continue to grow and increase in overall value with time.
The Metaverse: Advantages and Disadvantages
| PROS | CONS |
| Connect with people globally regardless of distance | Cybercrime, including cyberattacks, money laundering, cyber rape, etc. |
| Fully immersive gaming experiences | Possible detachment from reality |
| Expanding business and educational opportunities | Access inequality due to socioeconomic and geographic barriers |
| New financial opportunities in digital real estate, crypto, NFTs, and more | Potential corporate takeover could push out innovation and talented creators |
The Future of the Metaverse
Mark Zukerberg’s Meta company has already sunk over $10 billion into the Metaverse. Meanwhile, other big names like Amazon, Google, and Microsoft have been making significant corporate restructurings to prepare for this next platform shift. The question is not, “Is the Metaverse going to happen?” The Metaverse is already here. Instead, we have to ask ourselves, “How is the Metaverse going to evolve?”
If you take into account how the internet has changed from the 1980s to where we are now, it is evident that we are on the precipice of something with the ability to completely (once again) change the way we live our lives. From digital music festivals to 3D holographic music videos to completely immersive gaming worlds, the Metaverse’s potential is truly endless. But will we use our new platform for good or evil? Will it be the decentralized utopia it claims to be or a dystopian world run by our corporate overlords? Time will tell.
FAQ
What is the Metaverse?
The Metaverse is an immersive virtual world where users can engage in a variety of activities ranging from playing games to social events and more.
How do I access the Metaverse?
To access the Metaverse, one will need to invest in the necessary technology, such as a VR headset or AR gear. You will also need access to a 5G network.
Who owns the Metaverse?
The Metaverse is not owned by any one person, corporation, or entity. It is completely decentralized and all creators own their own data and content.