Discover how concepts from science fiction and gaming, such as building virtual worlds in games like The Sims and World of Warcraft, have paved the way for today's transformative metaverse experiences.
A Brief History of the Metaverse
The term ‘metaverse’ was first coined by science fiction author Neal Stephenson in his 1992 work Snow Crash.
More recently, Ernest Cline’s best-selling Ready Player One demonstrated what an actual metaverse-based society might look like.
With that said, given the metaverse refers to the concept of a virtual world, some argue the metaverse is already here (and has been here for decades).
As an example, players have been building virtual worlds in the popular Sims video game since it first launched in 2000. And with some pretty fancy graphics, it’s hard to deny the game’s current (and fourth) version may be one of the closest examples we have as to what a metaverse might look like.
In fact, the concept of building virtual worlds – known as World Building – is nothing new to gamers. Case in point: World of Warcraft.
With almost five million players in 2020 alone, WoW gamers have been using avatars to build virtual worlds for years.
However, there’s a massive difference between today’s video games and the metaverse envisioned by both authors and futurists alike:
First, video games are played on 2D screens (from smartphones to PC monitors and even TVs). Second and most important, people interact with video games while still mentally and psychologically present in the real world.
On the flip side, futurists envision the ‘true’ metaverse as a 3D virtual reality where you are so mentally immersed you disconnect from your body’s physical surroundings.
And based on some pretty funny YouTube videos, that level of immersion is not just a futuristic goal, but one that’s already here today.
What is Metaverse?
The metaverse represents the anticipated future version of the internet, often referred to as Web 3.0. This advancement of the internet is expected to introduce interconnected and immersive 3D environments, providing users with access to augmented reality and virtual reality experiences. lets have a complete look at the Guide to the Metaverse.
The metaverse embodies the vision of many computer industry professionals, envisioning the next stage of the internet as a unified, immersive, and persistent virtual space. Within this space, individuals can engage in experiences and activities that go beyond the limitations of the physical world.
Technologies like virtual reality (VR) headsets and augmented reality (AR) glasses are rapidly progressing, enabling access to this virtual realm. However, certain crucial elements necessary for the metaverse, such as sufficient bandwidth and standardised interoperability, may take years to develop or may not be fully realised.
While the concept of the metaverse is not new, the term itself was coined by author Neal Stephenson in his science fiction novel Snow Crash in 1992. The foundational technologies for a virtual reality-based internet have been under development for decades.
How Does the Metaverse Work?
In general, the Metaverse encompasses two main types of platforms.
The first type involves the utilisation of cryptocurrencies and NFTs (Non-Fungible Tokens) to establish startups based on blockchain technology within the metaverse. Users have the opportunity to obtain virtual land and construct customised environments through platforms like The Sandbox and Decentraland.
The second type of platform uses the term ‘Metaverse’ to describe virtual worlds in a broader sense, where people can gather for leisure or business purposes.
While some metaverse services offer free accounts, individuals engaging in trading or purchasing virtual assets on blockchain-based platforms must utilise cryptocurrencies. Platforms such as The Sandbox, which uses SAND tokens, and Decentraland, which utilises MANA tokens, depend on Ethereum-based cryptocurrencies for facilitating the purchase and sale of virtual assets.
In Decentraland, for instance, you have the option to charge for entry to virtual concerts or shows and engage in the trading of NFT artworks. Furthermore, there is an opportunity to generate income by engaging in the trading of virtual land, which has experienced a notable surge in value in recent times. Moreover, platforms like Roblox offer the option to charge fellow users for accessing games, allowing you to monetise your creations. These aspects intersect with the realms of the Metaverse and cryptocurrency.
Guide to the Metaverse and Crypto
Here are some of the essential aspects in the realm of crypto or blockchain that align with the envisioned design of the Metaverse:
Proof of Ownership
In the Metaverse, blockchain technology enables the establishment of digital proof of ownership for assets. Through possessing a crypto wallet and retaining the private keys, individuals can establish their ownership of activities or assets on a blockchain, thereby demonstrating proof of ownership. As a result, metaverse crypto projects have the capacity to employ exceptionally secure and resilient mechanisms for establishing digital identity and verifying ownership.
Uniqueness of Collectibles
To validate suggested real-life activities within the Metaverse, it is necessary to demonstrate the originality and uniqueness of assets. Blockchain technology offers an ideal solution for representing ownership of physical assets, and non-fungible tokens (NFTs) play a crucial role in developing unique assets.
Interoperability
The success of advanced metaverse crypto projects relies on the element of interoperability facilitated by blockchain. Blockchain allows for compatibility between different spaces within the Metaverse. Projects like Polkadot and Avalanche empower users to develop personalised blockchains that possess the capability to seamlessly interact with one another. This enhances interoperability and facilitates smooth integration between different platforms within the Metaverse ecosystem.
Major Metaverse Crypto Projects
- Axie Infinity (AXS)
- The Sandbox (SAND)
- Decentraland (MANA)
- Metahero (HERO)
- Gala (GALA)
- Sensorium Galaxy (SENSO)
- Somnium Space (Cube)
What Can You Do in the Metaverse?
There are a variety of activities that can be undertaken within the Metaverse, including:
Monetising and Acquiring Real Estate
One of the primary use cases within the Metaverse involves the buying and selling of real estate. Metaverse platforms divide the virtual space into parcels or blocks of land that can be purchased using unique crypto tokens specific to each environment. Once you own real estate, you have the option to lease it to VR event organisers or property developers for monetisation. Alternatively, you can sell it at a higher value, potentially yielding a profit.
Creating Games, Scenes, and Other VR Experiences
Certain metaverse platforms offer built-in tools that empower users to develop virtual reality content. For instance, Horizon Worlds provides pre-built audio, layouts, shapes, physics properties, and more, enabling users to craft their own VR worlds.
Collaborating and Connecting With Remote Colleagues
The Metaverse is set to revolutionise remote work by seamlessly integrating in-person interactions into a digital realm. Collaboration tools within the Metaverse enable you to work with your colleagues, utilising features such as VR keyboards, infinite whiteboard canvases, and other resources to facilitate remote collaboration and meetings.
How We’ll Spend Time as Consumers
While some companies are exploring B2B use cases, by far the most exciting application of metaverse technology is on the consumer side.
In what is arguably the most ‘obvious’ use case, social networks like Meta (aka Facebook) expect we’ll use the metaverse to socialise.
In the metaverse, unlike the ‘real world’, there’s no need to get dressed up, drive somewhere, and worry about getting in an accident on the drive back home.
Instead, we’ll be able to sit on our couch, plop on a virtual headset, and use our virtual avatar to connect with almost anyone on the planet (in what looks like a realistic 3D world).
Conclusion
In conclusion, the Metaverse holds immense potential for transforming the way we interact with digital content and each other. As this beginner’s guide to the metaverse has shown, the Metaverse offers a vast virtual space where users can explore, socialize, and engage in various activities. However, it is still an evolving concept, and its full realization may take time. Nonetheless, it’s an exciting frontier that promises endless possibilities for entertainment, education, and commerce. By understanding the basics and keeping an eye on its development, we can embark on this journey into the Metaverse with curiosity and anticipation.
Frequently Asked Question on Guide to the Metaverse
How do I get started with the Metaverse?
For a complete Metaverse experience, the Oculus Quest 2 virtual reality headset is essential, boasting integrated graphics and storage. Follow these steps: Step 1: Create an Avatar. Step 2: Embark on world exploration. Step 3: Engage in gaming. Step 4: Forge new friendships.
What are the 4 types of metaverse?
The Metaverse can be categorised into four groups: augmented reality, lifelogging, mirror worlds, and virtual worlds.
How do I learn about the Metaverse?
To learn about the Metaverse, you can explore online resources, articles, and videos that discuss its concepts, technologies, and applications. Additionally, attending webinars, conferences, and discussions within tech communities can provide valuable insights.
Who creates and sells all these things on Metaverse platforms?
These platforms utilise blockchain technology and are constructed on the Ethereum network. The developers or creators of these platforms are responsible for generating the items or objects that are exchanged within them. For example, in the case of Project Decentreland, these objects include parcels of land.
What is the difference between Metaverse and Metamask?
Metamask functions as a cryptocurrency wallet that enables the storage and facilitation of transactions using Ethereum-based tokens (ETH), despite the similarities in their names. It can be accessed either as a downloadable application or as a Google Chrome extension. On the other hand, as mentioned in the article, the Metaverse represents an alternate digital reality, forming an ecosystem where virtual experiences blend with the physical and virtual worlds. To partake in transactions within the Metaverse, the utilisation of cryptocurrencies or tokens becomes necessary. These tokens can be obtained by exchanging rupees or dollars through crypto wallets such as Metamask. Furthermore, such wallets also provide a secure storage solution for safeguarding your cryptocurrency holdings.
Why would businesses want to invest in Metaverse?
In order to stay relevant and flourish in an ever-evolving world, businesses must proactively explore novel opportunities, promptly identify emerging trends, and continually adapt. By embracing these practices, businesses can avoid being overshadowed by shifting trends and instead thrive in the changing landscape. After all, who wouldn't want to be involved in something that has the potential to revolutionise our way of life and transform how we interact with one another!
What are legal contracts in the metaverse?
Within the Metaverse, contract law governs the multitude of agreements established between the inhabitants of the virtual universe, specifically the users controlling their avatars. These agreements primarily centre around transactions involving the buying, selling, renting, and acquiring of virtual assets, including virtual goods and properties, among other activities.
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