What is metaverse?

Table of Contents

What is metaverse – Introduction

A 3D world, where you can use avatars to work, interact and live the different virtual experiences in a realistic way. This is the main explanation that people find when they search for what metaverse is in cyberspace.

Since the end of 2021, metaverse has been gaining space in society. However, along with its popularization, questions about it emerge.

In this article, we’ll teach you a bit more about the metaverse. Below, we’ll introduce you to information about its origin, operation and investment opportunities. Have a good read!

Metaverse definition

Metaverse is the name used to define what could be the future of the internet. In other words, a virtual environment that is interactive, immersive and ultra-realistic.

Within the metaverse universe, people from all over the world will be able to communicate to each other through customized avatars. This includes attending work meetings, watching concerts, going to the movies with your friends, shopping and so on.

Term origin and the change of Facebook

Metaverse became popular in late 2021, when Facebook changed its name to Meta.

Mark Zuckerberg, one of the company’s founders, announced the change in October. At the time, Zuckerberg said that he’d invest in technological resources to make this new reality increase.

However, metaverse definition isn’t as recent as you might think. It emerged in the 1990s, it appeared for the first time in a science fiction book.

The author responsible for creating the metaverse definition was Neal Stephenson. In 1992, he published the book Snow Crash, in which the protagonist is a samurai hacker inside a virtual reality (VR). It’s this reality that Stephenson called the metaverse.

How does the metaverse work?

it’s impossible to answer this question precisely. After all, the metaverse is still in development.

However, theoretically, the main idea is to provide a fully immersive experience to users. For this, VR and augmented reality will be used.

This means creating a 3D built environment to simulate the real world. At the same time, it’ll be possible to introduce virtual elements into physical reality.

To simplify, the metaverse goal is to enable people to connect to the internet in a three-dimensional way. So, instead of typing an address into the browser and it just appears on your cell phone/computer screen, you could feel inside the page.

Moreover, each person will be able to interact in the environment through personalized avatars. Thus, they’ll be able to have unique experiences, which only work in the digital world.

This type of reality uses technologies that already exist, e.g: 3D glasses, headphones, sensors and so on. The huge change will be in the common access to these resources and in the intense way in which we’ll use them.

Practical opportunities

In practice, the metaverse already exists linked to games. In these environments, players can buy clothes for characters, accessories and even watch concerts.

However, with the dissemination of this technology, the goal is to expand its opportunities. Therefore, people could go to work meetings, make doctor’s appointments, visit art exhibitions, and go to the movies with their friends. All this without leaving their home, just inside the virtual environment.

In other words, it’d be a revolution in the way we deal with the internet and digital resources.

Metaverse investment

Due to the popularization of the metaverse, many investments started to appear linked to this concept. Now, we choose the most popular types.

Games

The games linked to the metaverse offer players the game experience, but also the possibility to earn money. This occurs through the cryptocurrencies trading and the buying and selling of Non-Fungible Tokens (NFT’S).

Some of the most famous games today are:

Axie Infinity.
Decentraland;
Alien Worlds;
DeFi Kingdoms;
The Sandbox;
My Neighbor Alice.

Real estate market

You might think it strange, but the real estate market is one of the fastest growing in the metaverse.

Currently, there are lots of land and virtual real estate being bought and sold by people all over the world. Prices fluctuate a lot, reaching millions of dollars, as was the case with land sold in the Decentraland online world.

Prices fluctuate in the same way as in the real world. In other worlds, taking into account location and its footage.

The trading of these properties are made using crypto and NFT’s.

Cryptocurrencies and NFT’s

When it comes to the metaverse, you can use cryptocurrencies and NFT’s to carry out the transactions within this virtual world. However, it’s also possible to invest only in such assets without needing to be immersed in this technology.

This means that you can access an exchange to buy tokens or digital currencies linked to the metaverse, but you can only make transactions through the exchange.

Currently, the most popular cryptocurrencies are:

MANNA;
SAND;
ENJ;
Axie Infinity;
MyNeighborAlice.

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What is metaverse – Conclusion

The metaverse still promises many innovations, both in terms of technology and investment opportunities.

Therefore, we recommend that you keep up to date on the topic and study the concept more deeply. This will help you when creating strategies to carry out further applications or even use the metaverse when it’s full working order.

For more information access our blog: ECC Project.