What is the Metaverse?

Metaverse is a recent buzzword that seemingly popped up out of nowhere. The biggest companies in the world are touting it as the next big thing to hit the tech world since the internet. Some are even calling it Web 3.0. Even the social media giant, Facebook, has now officially changed its name to Meta in preparation for the Metaverse.

However, “Metaverse” remains one of those buzzwords that not many people know what it means. Keep on reading to learn more…

What Does “Metaverse” Mean?

If you’ve watched the Steven Speilberg-directed “Ready Player One,” then you already have an idea what a Metaverse is. If you haven’t, think of it as a living virtual world where people can access using a combination of video, virtual reality and augmented reality. It is a digital universe that connects everyone and everything.

Those who interact with the Metaverse will experience many virtual scenarios. These include going to a concert, watching a movie at a movie theater, driving the Batmobile or even picking up a plasma rifle and joining a PvP match with friends. So, in essence, you will be able to create a digital avatar, hop into the Metaverse and do whatever you like.

Furthermore, the Metaverse continues to exist in a persistent state even when you’re out doing things in the real world. This means whatever happens in the digital space while you’re away will affect your avatar and the “life” you’ve built for them.

The Metaverse and the Digital Economy

One thing that has companies excited about the Metaverse is the prospect of building a digital economy. The developers of the Metaverse platform can allow people to buy and sell virtual items. Customers can purchase these goods using digital assets like in-platform currencies, cryptocurrencies and NFTs.

Furthermore, creators of these digital commodities can create businesses that have the potential to earn them substantial profits. This creates endless possibilities for monetization in the Metaverse.

And then there’s the concept of interoperability. You can access all the things you’ve purchased on different Metaverse platforms. So if you bought a nice car in one Metaverse, you can drive it in another and show it off to other users.

Metaverse-Lite Worlds

Meta (formerly Facebook) is building its full-fledged Metaverse, which CEO Mark Zuckerberg deems will be ready in the next 5–10 years. On the other hand, Microsoft is set to release its corporate version in early 2022. In the meantime, people can experience glimpses of the Metaverse in Metaverse-lite worlds.

One example of a popular Metaverse-lite is Roblox, a virtual space that thrives on sharing user-generated games. Basically, users aren’t just gamers on Roblox but game makers themselves. They can build digital worlds and populate them with fun games that others can come and play. Content creators can also monetize certain aspects of their games and make money.

Crypto and The Metaverse

As already mentioned, the Metaverse platform permits people to buy and sell virtual items. Using digital assets like in-platform currencies, cryptocurrencies and NFTs is therefore going to grow in popularity over the coming years. Buying your crypto now makes a lot of sense, as it is expected that many coins will grow in both popularity and in value.

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