• May 16, 2022
• Scarlet Tugerwood

The pandemic has changed the world upside down in the last two years. The ways to live, work, and enjoyment have completely changed or we can say advanced in this period. There are lots of technological trends that have set their places in our lives and have got great popularity. One such technology that has been making rounds even before it has even launched is Metaverse. Metaverse has been under discussion by big names like Facebook, Microsoft, Intel, Epic games, and so on.

While many of us are still struggling to understand what Metaverse actually is, and how it can help us in our lives, some major tech kings are already betting their future to be bright and advanced with this new aspect.

It all started back in October when Mark Zuckerberg announced that it is rebranding with Meta and looks forward to its future with the upcoming Metaverse. The company intends to spend more than $10 billion on technologies to build the vision of Metaverse that they want. He talks about Metaverse as the future of the internet, or maybe it's just a video game or just another updated version of Zoom. It's hard to describe it.

You might be a hell of confused by now like I was. Right? This is why, today in this particular article, I will try my best to give you authentic knowledge about what Metaverse actually is, how it works, how it can be beneficial for you, and how your future relies on it. So stick with me and know more about this way to confusing term.

What does Metaverse mean?

You might think that this is a new term introduced to the world, but it is not so. This idea of the Metaverse has been clinging to us for more than 3 decades. It all started in 1992, when an American Science Fiction Author, Neal Stephenson established the notion Metaverse in his novel Snow Crash. It was used as a way to escape from the futuristic, a dismissal environment in the novel and to step up in a world that we built ourselves.

It is like imagining a virtual world with people living, working, shopping, interacting with each other, and all that can be done from the comfort of your sofa with just a few clicks. That's Metaverse. Conceptually and holistically, it is a next-generation internet that can be used to integrate and connect our real lives with virtual ones. It intends to create a real-time experience.

With Metaverse, people can create characters on their own, communicate with others, play games, connect, and can build a community. Metaverse can get as real as it is possible because here you can use digital currency to buy clothes, ornaments, weapons for video games and so much more. You can also virtual reality headsets and controllers to virtually travel the Metaverse without any destination or goal in mind. It sounds cool, I know.

One such type of Metaverse is Decentraland. It is a 3D virtual platform that provides you with amazing experiences like gameplay, simulations, events, situations, digital valets, and collaboration. It is a wholly virtual world. Decentraland has received a fund of more than $25.5 million offering a whole virtual reality environment. Another such project that has reached the surface is a sandbox, which has too made its name in this real-life life.

Things you can do in Metaverse:

Though Metaverse has not approached us yet and is on an experimental stage, with very few platforms for its general usage, it has got a number of things that you can do or experience in the world of Metaverse. It provides opportunities for work, games, shopping, social interactions, and revenue generation.

Let's see what it offers in detail:

Purchase and sale of real state:

This is one of the most used cases in Metaverse. This sale purchase of real estate can help individuals and companies take big steps toward success. Metaverse has land blocks called parcels, which can be bought using the environment's unique cryptocurrency token. After purchasing the real estate, you can sell it at a higher price or you can put it on a lease to a property developer or a VR event organizer.

Create customizable avatars:

With Metaverse, you can turn yourself into anyone you like; a character from a movie, some cartoons, etc. these VR avatars are highly flexible. You can change your body type, hair color, eye color, clothes, accessories, gender and so much more in Metaverse.

Create games, situations, or other VR experiences:

Metaverse gives you an opportunity to create in VR rather than using the already build scenes or games. You can go for different layouts, manners, physical properties, shapes, and much more.

Make new friends and socialize with them:

Want to make new friends without leaving your house? Metaverse can help you out. It gives you various options for making new friends; it can be helpful for you if you live in faraway places, in some remote areas where you do not find people easily or there are no such interactive activities to do. You can see several games designed for this very purpose. It helps you to forge new connections. Metaverse can also invite various people to join the platform and make friends online.

Purchase real or virtual products:

With Metaverse, you can purchase real or virtual products. One of your avatars can enter a shop, try out things like shoes, clothes, accessories, etc, and buy them by paying cryptocurrency. You can either buy virtual products or real products that will be delivered to your doorsteps.

Along with all these amazing things, Metaverse allows you to attend live concerts, different trade shows, or learning events. It can reach a large audience by having organic interactions. Other than that, you can also play virtual video games and it was one of the reasons why Metaverse was proposed. You can also start your business by investing in digital artwork through NFTs. This will be an immersive experience for you. Metaverse has been evolving even before its actual presentation in this world, but as it expands, it offers a whole amount of job opportunities for a lot of us out there.

Metaverse is a whole world in itself, where you can find everything from work to shopping to games and so much more. It is definitely going to be the next big thing in the coming future.

When will Metaverse be available for consumers?

This has to be a bit complex question because the answer is not that straightforward. Metaverse is far away from us to use and it is right there at the gates to introduce itself to the world. It's confusing, I know!

When Mark Zuckerberg, the CEO of (META) previously known as Facebook, talked about Metaverse, he explained that it will take nearly 5 to 10 years for Metaverse to come to the mainstream. However, some of the aspects of this technology already exist. Virtual reality headsets, broadband speeds, and always online world are already there and running successfully. These things might not be accessible to all of us but they are there and prospering day by day.

Some of the software or companies that may lead us to Metaverse in the coming future are Meta, Microsoft, Epic Games, Minecraft, and Roblox. So Metaverse is already there and making its way to the mainstream technology world. Even before it takes over the world, some tech-mind businessmen have got high hopes.

Leading companies in the Metaverse:

After Facebook changed its name to Meta, several companies were eager to know more about this upcoming technology and were already ready to invest in this new adventure. Metaverse is and will be building with a good number of companies investing in it. Metaverse makes it clear that no any company can alone build it. So the question is who is building it then? Which are the leading companies in the Metaverse?

There is several independent developers, franchises, companies, and grassroots creators will be building Metaverse. But some companies are already building their future by building Metaverse. Let see

Facebook (Meta):

Facebook was able to present a working prototype of Metaverse in 2.5 years with the help of its variety in the range of headsets, a creator economy, and a massive social media ad engine. Facebook is leading in building Metaverse because it has all the seven infrastructural elements needed.

Epic Games:

Epic Games Company has announced a fund 0f $1 billion to increase growth opportunities for Metaverse. This clearly shows these companies intentions to work on Metaverse and build their future with it.

Microsoft:

Microsoft is another company that is looking forward to building a work-focused Metaverse where Microsoft's popular offering will be connected to a digital environment called Mesh. With such progress, people will be able to use Microsoft teams, windows, and many other offerings in VR.

Decentraland:

Decentraland was one of the first platforms that used Metaverse as their core product. They sold a piece of real estate in VR world for almost $2.4 million. It has gained great popularity among Metaverse builders since its beginning in 2017.

These are one of most leading companies that are already working to build Metaverse. They have invested billions of dollars and look forward to establishing their future progress with Metaverse. Along with these companies, there are many more that are also building Metaverse like Apple, Roblox, Nvidia, Niantic, Gather, and many more.

Relationship between NFTs and Metaverse:

In simple words, NFTs are the pass or a way to access the Metaverse. Let's dig into it a bit more.

As you know that NFTs have play-to-earn games where you can play games and have fun. So with NFTs, you can utilize these play-to-earn games. That means you can transfer real-world assets and services to Metaverse with interoperable blockchain games. Moreover, Metaverse has a system that includes lands, so that the play-to-earn games in NFTs can be used by users and businesses in Metaverse. Apart from the financial role that NFTs play in Metaverse, it has got another important role too. NFTs have a social aspect in Metaverse. You can utilize NFTs to show your identity and communicate with other people. Also, the NFTs that are built-in Metaverse, can improve the virtual environment of the communities with the help of content creation and startup launches. On the other hand, with NFTs, you can transport virtual real estate to Metaverse. NFTs help you to have full ownership of your virtual lands and spaces. In Metaverse, you can use NFTs to profitably sell your lands, rent land for passive revenue, construct various structures, such as online shops on an existing property, and conduct social events.

Seeing so many features and the relationship between NFTs and Metaverse, we can say that these two are made for each other.

VR headsets and Metaverse:

Metaverse is expanding in many fields and many tech companies are developing virtual reality headsets. These VR headsets are head-worn device that covers your eyes to give you a 3D experience. They are also known as eye goggles or VR goggles. VR headsets of good quality are a bit expensive and should be connected to a very robust computer to work properly in animation. One of the best VR headsets that are making rounds in the technological world is Oculus Quest 2, now known as the Meta Quest 2. It is named Meta quest because it is an all-in-one VR headset that is ideal to start with virtual reality.

Other than Oculus Quest 2, if you want a high-end VR headset then you must go for Valve Index, as it is best that connect to a powerful PC. One thing that you must keep in mind before buying these VR headsets is that there must be enough space on your PC, to get the best experience VR headsets.

You will always need some virtual reality device to enter the Metaverse world. And one of the best VR devices is a headset. With the help of a VR headset, you can get an immersive experience to explore Metaverse.

Property range and size in Metaverse:

Real estate is growing expensive day by day. That's a bitter reality and we have no choice but to face it. Well, I am not talking about real estate in America or London, I am talking about the virtual real estate that doesn't even exist in this very world or the universe, and still, it is way too expensive to buy.

Real estate is growing exponentially in the Metaverse world. The leading four Metaverse Decentraland, sandbox, somnium, and cryptovoxels are the top destination for investors. The cheapest pieces of land available on Metaverse for two platforms right now are for more than $13000. This range of properties on Metaverse changes from time to time. On the Sandbox platform, the lowest digital land piece cost 3.7 Ether ($14,099 equal), whereas, on Decentraland, it cost 3.46 Ether ($13,211 equivalent).

Building your own space in the Metaverse:

With such a bright future ahead with Metaverse, who doesn't want to build some space for themselves too?

Buying virtual real estate has been the talk of the town for the last few months. Big names like Facebook, Microsoft, Apple, and epic games have set their spaces and are already building Metaverse. Samsung has recently replicated its 837 stores in Decentraland. On the other hand, Adidas has purchased land in the Metaverse and roots deep in the world of NFTs.

While many of us are looking for a solution to hybrid work, some companies already have the solution. They have invested a good amount in the new advancement called Metaverse. They think that to eradicate the in-person-full-time work, Metaverse can help them out. They want to enhance the quality

Now you might be thinking that with so many advantages and hype of this tech, there might be no bad or negative impact of Metaverse. But it is not so. Tech companies that are investing billions in this are not doing it for mankind, they are investing because they want to earn more and more, and Metaverse has got the guts to do that for them. So it will have negative impacts on humankind. But in all these things we cannot ignore the fact that we see a bright future with Metaverse. Things we do in real life will be happening virtually in an excessive amount, like shopping, working, playing games, etc. it will transform the way we think or create things. A lot of engineers, tech, content creators, and animators are already using virtual replicas of objects.

Metaverse, if everything goes right, will be shaping the world in four (4) different ways; we will see the new sea of the digital world, impressive form of team collaboration, the motivation to learn new skills and techniques, and skill acquisition through thorough visualization.

A question that every one of us has in our mind right now is that apart from all these advancements Metaverse will bring, will it be successful? Well, a lot of brands have one thing to say right now, YES, Metaverse is going wildly successful and will be making rounds in the whole world. In accordance with the Metaverse mindset; 70% of people have visited virtual stores and have bought something. So we can say that Metaverse will become the next big thing in future by profiting all the technologies and businesses.

So this was all about Metaverse, its existence in the coming world; it's the effect on our lives and the way we are going to work under its shade.

We hope that you have got the idea of what a Metaverse is and how it can change lives at a grand scale. If you want to learn more about the Metaverse and how you can participate and become part of the future, visit Vivid Art Studioz, LTD. to consult with an expert today! Thanks!

Credit: Vivid Art Studioz, LTD.
Author: Scarlet Tugerwood
Title: Editor and Writer @Vivid Art Studioz, LTD.
Published: May 16, 2022