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What is the Metaverse and where is it heading?

The Metaverse is an immersive, shared virtual space where users can see and speak with others from all over the world as if they were standing right beside them. But, is there only one metaverse, or many? Let's find out!

Introduction

The metaverse is like another world immersion, where you can buy, sell, and trade goods and services to others for payment in cryptocurrencies. This advanced form of virtual reality has been invested in by tech giants such as Meta, looking to build their own world in the space. The metaverse has been described as the world presented virtually, making it the most connected form of technology yet.

What is the metaverse being used for?

Major companies have invested in building their own worlds in the metaverse for users to inhabit. In these worlds, you can do simple things that you could do outside of the metaverse, such as go to the store to buy some food, or even make larger purchases such as buying a plot of land in the valuable Mega City 1. In this virtual world, you can do whatever you please, and some have started online businesses with lucrative revenue streams resulting from this. 

Other activities are meant for leisure, or some are actual video games. This is designed to be the most integrated way you can play games. By doing this, tech companies have only further developed the online economic footprint, as there is now an actual location where users can engage in trading and business. Another widespread use is buying and selling NFTs (Non-Fungible Tokens). This sector has exploded within the past year, quickly becoming one of the most popular projects on the internet.

What companies have invested in the metaverse?

As previously stated, Meta has invested quite a lot in the metaverse, even rebranding from its original company name, Facebook. They have been building the first iteration of their metaverse called the Horizon Woods, reportedly investing $10 billion in the sector to start their building. In the woods, they have comedy clubs, recording studios, sporting games, and even an upcoming Post Malone concert this coming weekend. With features like this, Meta has quickly become a pioneer in the metaverse.

Another large metaverse built is The Sandbox, considered the biggest and most developed metaverse currently. As mentioned earlier, The Sandbox has some of the most valuable plots of land in any metaverse, Mega City 1. With partnerships with companies such as Adidas and influencers such as Snoop Dogg, The Sandbox has bolstered its own economy and made its land in prime locations extremely popular.

Decentraland is another favored metaverse, the first fully decentralized metaverse to be built. This means the platform is entirely owned by its users as there are ways for the community to vote on new proposals via the Decentraland DAO.

How can you use the metaverse?

Many platforms are free to use but can be optimized using a virtual reality headset. However, a computer will still give you access to the forum. When making an account in the metaverse, you will first design your own avatar. This will represent your physical self in the metaverse, which is how others will be able to view you and communicate with you. Once you have an avatar, you can start using the metaverse in any way you please, whether this is for fun or economic gain.

How do I buy or sell items, and with what currency?

The metaverse has been built on the blockchain, therefore each metaverse has their own token which acts as the form of currency. The Sandbox’s token is SAND and currently trading at $1.10. The metaverse is expected to help bolster the cryptocurrency market and introduce the currency to more of the mainstream public.

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