What is the Metaverse? And what does it mean for you? In this article, we will explore the Metaverse and its implications for consumers, businesses, and society as a whole. We will take a look at what has been built on the Metaverse so far and how you can consume and pay in this virtual world. Finally, we will ask whether the Metaverse is the future and why it is worth exploring further.
What is the Metaverse?
The Metaverse is a virtual world that you can explore and interact with, just like the physical world. It is a shared space where people can meet, socialize, and do business. Imagine being able to interact with a virtual world with all senses. You’d be able to not only see creative masterpieces but also experience them with all your senses.
With haptic gloves for example (already a thing), you could touch virtual objects (NFTs for example ! Learn more about NFTs here) and explore them just like in the physical world. Heat and cold would also be simulated. This way you could for example virtually shake someone’s hand and feel the warmth of their skin.
What has been already made on the Metaverse?
Fortnite, one of the most popular video games with over 80 million players, hosted a virtual concert featuring the musician Marshmello. Decentraland is a virtual world where you can own land, build on it, and sell it. The Metaverse’s true potential hasn’t been achieved yet, but progress is being made and these platforms are exploring the early versions of this concept.
How do you consume/pay in the metaverse? With real money? Cryptocurrencies?
Cryptocurrencies are the most common way of payment in the Metaverse. This is because they are digital and can be used to buy virtual goods and services. However, real money can also be used in the Metaverse. For example, a centralized platform like Second Life uses real currency.
Learn more about cryptocurrencies here
On which platform can I enter the metaverse?
Blockchains that specialize in virtual worlds are Decentraland, Somnium Space, and various others. Non-blockchain platforms include Second Life, PlayStation Home, and Meta.
Somnium Space is one way to enter the metaverse, in which you can take part in daily events, create your avatar and explore the whole map with some friends. Having already explored and having taken part to some events it’d be a pleasure to meet some of my readers there ! Be sure to learn more about Somnium Space here.
Is META (Facebook) linked with the metaverse?
As the name implies, the Metaverse is a virtual world that goes beyond social media platforms like Facebook and Instagram. However, with Facebook changing its name to Meta and investing heavily in virtual reality, the Metaverse and Meta will likely be linked together shortly.
Is the metaverse the future?
The Metaverse is still in its early stages, but it has the potential to change the way we interact with the world and do business. This is especially true when it begins to converge with other innovative technologies.
