The metaverse is currently in its early stages, with its full potential likely to be realized in the years to come. However, this doesn’t mean that it’s unattainable. Discover what activities you can engage in within the metaverse today.
What is the Metaverse?
The metaverse is a 3D immersive virtual realm where individuals can interact, create in-world experiences, construct landscapes, and design objects. In these virtual worlds, there are unique economies and currencies that enable people to engage in buying and selling activities similar to the real world.
Metaverses mirror reality, allowing individuals to work, socialize, play, and shop within these virtual environments. Users experience a sense of presence within the virtual world, feeling as though they are truly interacting with others.
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Interestingly, the concept of the metaverse is not new. In Neal Stephenson’s 1992 novel “Snow Crash,” the term metaverse was introduced to describe a virtual reality world with an economy that enabled real estate transactions through 3D avatars. Additionally, massively multiplayer online (MMO) games have long featured metaverse-like settings.
With the emergence of blockchain technology and cryptocurrencies, companies are developing metaverses that integrate the two, revolutionizing the metaverse experience. Crypto assets enable individuals to attain complete ownership of their virtual assets. For instance, non-fungible tokens (NFTs) can signify ownership of virtual real estate, recorded on the blockchain, and tradable for major cryptocurrencies like ETH on decentralized exchanges (DEXs).
What Sparks Enthusiasm for the Metaverse?
Discover why people are enthusiastic about the metaverse.
Major companies are investing in the metaverse
Venture Capitalist Matthew Ball views the metaverse as a potential successor to the mobile internet, indicating that it will transform the role of the internet, smartphones, and computers in our lives. Hence, the metaverse appears to be the next technological phase, with companies like Facebook, now known as Meta, dedicating resources to its development.
Other companies investing in the metaverse include Microsoft, Epic Games, Google, Roblox, Shopify, and Nvidia. Investing in the metaverse during its early stages may provide these companies with a competitive edge in the future metaverse-based world.
Crypto metaverse projects witness high NFT sales volumes
Data from NonFungible reveals that crypto metaverse projects are generating significant NFT sales, reaching hundreds of thousands or even millions of dollars. For example, metaverse sales on August 19, 2022, amounted to $1.8 million.
Investor speculation is driving the demand for metaverse NFTs, particularly those representing virtual real estate. The most expensive virtual real estate sale in metaverse history reportedly involved a plot of land in TCG World that sold for $5 million. Metaverses like Otherside and Decentraland are witnessing high volumes of virtual land sales.
Cumulative metaverse sales as of mid-2022
Celebrities Embrace the Metaverse
Several celebrities have invested in the metaverse, underscoring the significance of these virtual worlds. Snoop Dogg owns Snoopverse in the Sandbox metaverse. Other celebrities like Paris Hilton, model Sara Sampaio, and tennis star Stanislas Wawrinka have acquired virtual land within metaverses.
Activities in the Metaverse
Invest in Virtual Real Estate
Begin by acquiring cryptocurrency to invest in virtual real estate on platforms like Decentraland. Utilize MANA tokens to purchase virtual land parcels, each with unique features that can be developed into various virtual establishments.
Another platform to consider is Somnium Space, where you can buy and sell virtual properties using their native currency, CUBE. Customize your properties, from small apartments to skyscrapers, to suit your preferences.
Apart from buying and selling virtual real estate, there are opportunities to generate income from your properties. Rent out your space to other users or participate in revenue-sharing programs offered by some platforms.
Choose reputable platforms with active communities and user-friendly features for your investment decisions.
Number of virtual land parcels per metaverse
Create and Play Games
Developing games in the metaverse requires expertise in 3D modeling, game design, and coding. Platforms like Unity, Unreal Engine, and Roblox Studio provide tools for game creation. Publish your game on platforms like CryptoVoxels to showcase it and earn cryptocurrency rewards.
To play games in the metaverse, ensure you have a compatible VR headset and a stable internet connection. Engage in various games, from simple puzzles to multiplayer experiences, like Horizon Worlds, Fortnite, and Roblox, offering rewards for in-game items and tasks completed.
Host Virtual Events
Organizing virtual events in the metaverse is an excellent way to connect globally. Choose a suitable virtual world like The Sandbox for hosting blockchain events due to its user-friendly interface.
Forbes event at The Sandbox | Source: Forbes
Promote your event via social media and crypto-specific channels like Telegram and Discord. Provide information about the event, including date, time, and special guests. During the event, encourage interaction and participation among attendees.
Follow up with attendees post-event to maintain engagement and offer incentives for future participation.
Create Your Virtual Avatar
Crafting your virtual avatar in the metaverse enhances social interactions. Choose platforms like VRChat or Second Life for avatar creation and customization. Add animations and gestures to your avatar for a more immersive experience.
Consider using custom textures or 3D models to make your avatar unique. As the metaverse evolves, personalizing your avatar will become crucial for digital identity and social engagement.
Meet New People
Engage with new individuals in the virtual world by creating an avatar and exploring events and communities. Attend concerts, art exhibitions, and game tournaments to connect with like-minded individuals.
Utilize voice or text chat to communicate with others respectfully and amicably. Platforms like Decentraland offer voice chat features to facilitate user interaction.
Hang Out with Friends
Immerse yourself in the metaverse with friends, exploring virtual environments, participating in social activities, and attending events together. Popular virtual worlds like Second Life, VRChat, and Rec Room offer various activities for group engagement.
Party in Second Life metaverse | Source: Second Life
Enjoy unique experiences with your friends, leveraging avatars to interact and create memorable moments in the metaverse.
Embark on a Virtual Shopping Spree
Indulge in virtual shopping in the metaverse, browsing and purchasing virtual goods using NFTs and cryptocurrencies. Platforms like OpenSea, Nifty Gateway, and SuperRare offer unique digital items, including art, collectibles, and virtual real estate.
Superrare NFT marketplace
Explore virtual reality storefronts for a 3D shopping experience. Companies like Gucci have established virtual storefronts in the Sandbox, enabling users to acquire digital versions of their products.
Sell Virtual Goods
Monetize your digital content by creating and selling virtual goods within the metaverse. Design virtual clothing, furniture, or in-game items for other players to purchase.
Fashion clothing on HighRise marketplace | Source: HighRise
Leverage the absence of physical inventory and instant delivery of goods to buyers for a seamless selling experience. Tap into the growing demand for virtual goods in the expanding metaverse market.
Work in the Metaverse
Explore job opportunities in the metaverse, from game development to virtual architecture, event planning, and social media management. Develop innovative games, design virtual environments, or organize virtual events within this evolving digital space.
Metaverse jobs on themetaversejobs.com
Collaborate with Colleagues
Establish virtual offices in the metaverse to foster remote collaboration among colleagues. Embrace a wide range of job opportunities in game development, virtual architecture, event planning, and more within this dynamic digital realm.
FAQs
Is the metaverse synonymous with video games?
No, video games are merely one aspect of the virtual experiences within the metaverse, not the metaverse in its entirety.
How can one access the metaverse?
Experience the metaverse through smartphones, computers, or VR headsets. Access blockchain-powered metaverses like Decentraland or Sandbox by connecting your crypto wallet to these platforms.
Is a VR headset mandatory for metaverse exploration?
No, platforms like Sandbox and Decentraland do not require a VR headset for user engagement.
Is the metaverse secure?
User safety varies based on the platform and data requirements. Blockchain metaverses may offer some level of anonymity but still collect certain user information like device type and wallet address.
What does the future hold for the metaverse?
The metaverse is projected to expand beyond video games, offering diverse virtual experiences for everyday life. It has the potential to engage a broader audience than traditional video games, reshaping digital interaction and participation.