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Since Mark Zuckerberg changed the name of Facebook to Meta, many people were caught off guard and are now left in the dark as to what Meta is and what the future of the metaverse means.
Furthermore, well-known companies that we adore, like Nike, have entered the metaverse. Allowing owners of NFTs to gain access to free collaborative goods and special experiences in virtual lands. So, what exactly is the metaverse? How can we prepare for it? Even, How we can make money in the metaverse?
All questions and more, we will answer them. Are you ready? Let’s get started.
Table of Contents
What is the Metaverse? and how will it change the Internet?
The word “metaverse” was coined by science fiction writer Neil Stevenson to describe a virtual world into which people escape from the real world, which has turned into a dystopia (the science fiction novel Avalanche).
Now, this term refers to a set of virtual worlds (virtual reality), in which users in the form of avatars (virtual characters or digital versions of themselves) can create content, interact with each other and with the objects of this virtual world, as well as buy various digital products in the form of NFT. To enter some metaverses you will need only a smartphone or PC, for others – VR glasses and other gadgets.
The metaverse is at an early stage of development, and therefore its parameters and capabilities, including those related to marketing, are still determined by technology companies, platforms, and AR / VR developers. The metaverse is a combination of extended reality (XR), gaming, social media, and cryptography and thus offers a unique way to engage a digitally oriented audience.
The majority of the metaverses that have been created are the result of collaborations between gaming platforms and brands. Mini-games, concerts, and even parties in virtual shops are all possible in these virtual worlds.
For instance, the video game platform Roblox has already built multiple brand-specific metaverses. Nike, therefore, developed “Nikeland” on Roblox. Showrooms, mini-games, and branded digital clothing are available at Nikeland. Based on this platform, brands like Hyundai, Ralph Lauren, Forever 21, Gucci, Chipotle, and Forever 21 have also created branded worlds.
The difference between web1, web2, and web3
The metaverse is a collective word that is used to describe a new version of the Internet, the so-called Web 3.0. so, what’s the difference?
In Web 1.0 you can receive only value, in Web 2.0 you can receive and share, in Web 3.0 you can receive, share and own value.
Possession of information, which became possible thanks to the blockchain, began to be called NFT.
Crypt is the money of the metaverse.
NFT — property.
DAO (decentralized autonomous organizations) – an analogue of LLC.
Tokens are shares distributed among users for their participation in the company.
Therefore, we can divide the market of metaverses into three categories:
virtual worlds (Decentraland, Sanbox, etc.)
Games and game companies (Roblox, Axie Infinity)
NFT (collectibles, digital art, etc.)
It is what will bring us to the topic of the next section, which is examples of the metaverse.
What are Metaverse Examples?
Right now, there isn’t a good example of a large metaverse. Many businesses, particularly game studios, assert that they invented the metaverse.
Second Life
Already founded in 2003 it was one of the first virtual realities where the player could create their own identity in a virtual world. After many years of development, Second Life is also now expanding with its own marketplaces, digital assets, and more.
Meta Horizon Worlds
Facebook launched a virtual meeting room environment that can be accessed via the company-owned Oculus VR headsets and the Horizon Worlds. It allows interacting with peers in virtual meeting rooms with your own avatar.
Microsoft Mesh Platform
Microsoft is also pushing into the mixed and extended reality space (XR). Therefore, they are trying to launch mixed-reality elements into Teams in 2022. This should allow avatars and holograms to be at events, and meetings and even use in the future for retail experiences and gaming.
Roblox
Roblox began as a platform for creating your own games and sharing them with other users. They have intensified their efforts to develop their own metaverse since the IPO. By collaborating with companies like Vans and Gucci, they are now offering exclusive items that you can purchase for your virtual self.
Minecraft
The Minecraft game world, which resembles Lego, is regularly played by over 140 million users. The business was acquired from Microsoft and allows users to create their own characters, unlimited virtual worlds, complete with digital assets, and more.
and more..
Read also: Best Metaverse Games and Platforms 2022
Foundations of the Metaverse
Let’s look at the various components and preconditions that must exist for a metaverse to function before delving further. There are many difficulties in making a virtual world where you can control every element and feel like you are actually there.
1. Hardware
The sale and support of physical technologies and devices used to access, interact, or develop the Metaverse. This category includes, but is not limited to, consumer devices (e.g., virtual reality glasses/helmets, mobile phones, and glove controllers).
Also, corporate equipment (e.g., devices for controlling and creating virtual or AR environments, such as industrial cameras, projectors, and sensors). This category does not include specific computing hardware such as GPU chips and servers, nor does it include networking equipment such as fiber optic cables or wireless chipsets.
2. Network technologies
Providing constant connections in real-time, high bandwidth, and decentralized data transmission by backbone providers. Create networks, exchange centers, and services to route and deliver data to the consumer.
3. Computing
supplying the necessary computing power to support the Metaverse and various computational tasks like physics, rendering, data synchronization and matching, artificial intelligence, projection, motion capture, and translation.
4. Virtual Platforms
Develop and operate immersive digital and often 3D simulations, environments, and worlds. Users and businesses can explore, create, communicate, and participate in a wide variety of activities (e.g., racing a car, painting pictures, learning, listening to music..etc.).
What sets them apart from traditional online games is the presence of an extensive ecosystem of developers and creators who generate most of the content and/or derive most of their revenue from what is built on the underlying platform.
5. Payments
Support for online payment methods, systems, and transactions. This includes blockchain technologies, related financial services, and fiat gateways for receiving digital currencies and cryptocurrencies (such as bitcoin and ether).
6. Content, services, and assets of the Metaverse:
development/creation, sale, resale, storage, security, and financial management of digital assets such as virtual goods and currencies.
This includes all businesses and services “built on top of” and/or “serving” the Metaverse, as well as services without vertical integration into the virtual platform, including content created specifically for the Metaverse, regardless of platform.
7. Standards and tools for interoperability
protocols, formats, services, and engines that will serve as standards for interoperability and will allow the creation, maintenance, and development of the Metaverse.
8. User behavior
observed changes in consumer and business behavior (including costs and investments, time and attention, decision-making, and opportunities) that are either directly related to the Metaverse or otherwise contribute to its development or reflect its principles and philosophy.
Initially, these behaviors almost always seem like fleeting “trends” But later they demonstrate global social significance.
As you can see, “cryptocurrencies” or “blockchain technologies” are a driving force in several categories: primarily computing, tools and standards for interoperability and payments, and potentially other categories.
How can we make money in the metaverse?
This is probably the most interesting question of tomorrow. The metaverse is a concept of an information universe that does not belong to any one person. Therefore, everyone who wants to participate in its creation can start trying today. After all, tomorrow the world will need specialists who will be able to create virtual worlds, multiplayer immersive games, and many other interesting user experiences.
Once upon a time, people looked suspiciously at programmers, web designers, and SMM specialists. Today, these are entirely routine working specialties that do not surprise anyone at all.
Of course, all this will be – and shops in virtual reality, virtual cinemas with movie tickets, and almost everything that you can imagine today. If something has value in the metaverse (and in reality), you can do business on it. The only question is by what rules?
As mentioned above, the metaverse is a copy of the physical world, so all the opportunities for earning in it associated with intellectual production are possible in the virtual one:
Virtual real estate trading.
Trading and algorithmic trading, staking, mining.
Programming and development.
Digital art, media, and marketplaces.
Video and film; Music and music stores
NFT Collector’s Series, backed by a lobbying community.
Game development and earnings in games.
Purchase, sale, and lease of virtual land and retail space, advertising.
Media, digital influencers, and avatars.
Marketplaces of all stripes; Education.
All these have one thing in common – transactions between the seller and the buyer are made directly, and there is no intermediary between their interests between them. Instead of imperfect laws, inexorable technology is engaged in the protection of rights.
Frequently Asked Questions about Metaverse (FAQ)
What big names are associated with the Metaverse?
The most famous name associated with the metaverse is Snoop Dogg, who created his own Snoop Verse in SANDBOX. There, Doggfather created his virtual mansion, where people are allowed to enter the den through the purchase of passes.
Other big names include Microsoft, which recently acquired Activision Blizzard, the publisher of games like Call of Duty and Warzone, and is believed to be working on the metaverse.
The case of NVIDIA, Epic Games, Apple, and many other well-known names are associated in the metaverse. The future looks bright.
Why do people pay real money for virtual things?
Assets in the metaverse help increase status, as AdAge writes. Just as a consumer can buy a Gucci sweater in reality, they can buy a digital version of their three-dimensional character or avatar to flaunt in the metaverse. That is why there are so many fashion brands on the front lines of the metaverse.
In addition to status, virtual items can open up special opportunities: a brand can offer early access to future collections or give the buyer a physical version of the product. So brands can use the metaverse as a bridge between the real and digital worlds.
How can you join the Metaverse?
So, how to access the metaverse? The metaverse is an interesting concept associated with the virtual world. It’s a digital universe where people are allowed to enter a place very similar to the real world, do various things, and even make money by monetizing their creations in the metaverse.
Essentially, it’s an accessible AR/VR world integrated with elements of digital assets and connected digital worlds. Science fiction and futurist enthusiasts see this as a supposed iteration of the Internet as the only universal digital world facilitated by augmented and virtual reality devices.
People can join the metaverse on their own. Users should use basic devices, such as PCs or even mobile devices, to log in to some metaverses. The best experiences people can observe with respect to the metaverse are augmented reality headsets or virtual reality such as Oculus.
People don’t need to move to enter this world, they can do it just by sitting or even lying on their beds.
As in the real world, people can engage in leisure activities as well as business in the metaverse, which rewards them. People can communicate with other people in the form of their digital avatars. They can chat or even voice chat through their devices in the metaverse.
It is what will bring us to the topic of the next section, which are examples of the metaverse.
Conclusion
The metaverse is brand-new, interesting, and overflowing with possibilities. You have more opportunities than ever before to make new friends, develop your own assets, and make money off of your work. Welcome to the future. Welcome to the metaverse.
