In recent times you would have come across terms such as the metaverse, virtual worlds, or even the news that Facebook has changed its name to Meta. You might have even come across names such as Decentraland and Sandbox, to name a few.
Well, if you have been wondering what all the fuss is about, fret not, for I’m here to take a deep dive into this ‘metaverse’ and briefly explain all aspects of it.
So let’s jump in!
A metaverse is essentially a virtual world with endless possibilities. Individuals, brands, companies, and businesses can buy pieces of land/spaces in this world and leverage them to create their own unique products, experiences, and services.
For instance, Decentraland and Sandbox are metaverses where celebrities and brands such as Snoop Dogg, Atari, Adidas, etc., have bought lands worth thousands and millions of dollars.
These lands are in the form of virtual 3D worlds which can be traversed by users and interacted with as well.
While each of these lands has its own purposes, anyone buying land in the metaverse can have their own purpose to it. They can either build games, casinos, marketplaces, exchanges, or numerous other dApps based on their vision and requirements.
Overall, a metaverse is a 3D virtual world where people can interact with each other and perform different tasks such as playing games, trading, attending concerts, buying/selling NFTs, etc. Theoretically, in the near future, all real-life experiences would be created on the metaverse for people to access, leverage, and benefit from.
Why is the Metaverse Important?
The internet is slowly shifting towards Web 3.0. Web 3.0 is essentially an amalgamation of concepts that form a decentralized internet that is censorship-resistant, driven by the community, gives the ownership and rights of people’s content to them, enables them to earn from it, and so much more.
Experts predict that the metaverse will be a significant part of this Web 3.0. Here’s why:
People will Live in the Metaverse
Right from performing day-to-day activities such as grocery shopping to accessing new experiences such as virtual reality, people will go to the metaverse to do it all. In fact, people will have their virtual avatars and can choose to interact with others and socialize in clubs, meetups, or gatherings in this metaverse.
In today’s era, companies and brands collaborating is an event that makes news headlines and raises a few eyebrows. However, in the metaverse, it is highly likely that brands and businesses collaborating will become a common occurrence.
This is due to the sheer ease with which different organizations have access to each other’s spaces within the metaverse. All it would take is a simple contract, a few modifications to the digital lands, and voila! Collaboration is set in motion.
Earn a Living
People will also be able to earn a living in the metaverse. This could be from investing and trading pieces of land, or investing in land and creating something that people pay for, or just by setting up their own workspace in the metaverse where people can come and access their products or services.
This would become the new work-from-home norm where everyone will be able to work from anywhere and also on the go.
While these are some major use-cases or changes that the metaverse will bring into our lives, there are already a few examples of the metaverse being used for different things. Let me list a few.
Use-cases in the Metaverse
Marriage in the Metaverse
Recently a couple hosted and organized a wedding in the metaverse. They invited all closest friends and relatives to the wedding, had a party, and officially got hitched in the metaverse. This was possible by having virtual avatars for every real-world person.
Fashion Events in the Metaverse
Decentraland is all set to host four fashion events in its metaverse in March 2022. This would involve catwalks, pop-up shops, after parties, and other such immersive experiences. People will be able to interact with each other, socialize and even purchase virtual clothing from this fashion event.
Concerts in the Metaverse
Companies such as Facebook or Meta have already organized musical concerts in the virtual world. This involved artists such as Young Thug, DJ David Guetta, and even The Chainsmokers.
Besides this, artists such as Justin Bieber will also be performing at a virtual concert in a metaverse in 2022.
While these are a few use-cases for which the metaverses are being leveraged, the potential is practically unlimited. Simply put, we can spend all our lives in the metaverse. But for this to become a reality, we still have a long way to go.
Pros and Cons of the Metaverse
- Offers new opportunities for businesses and organizations to grow and expand
- Catalyzes the transition to web 3.0, which would be the next big technological revolution
- Will reinforce the use of the digital economy by complementing blockchain technology and cryptocurrencies.
- There’ll be more threats to the security of the virtual worlds.
- Human and societal relationships might change for the worse.
- Accessibility to technological hardware/software would become a huge challenge.
- Privacy will also become a pressing concern.
This is a simple overview of the metaverse. While many companies such as the Sandbox, Decentraland, and Meta (Facebook) are building their own metaverses, experts predict a future where the internet would become one mega metaverse.