On October 28, Mark Zuckerberg, the CEO of Facebook, announced the rebranding of Facebook to Meta. This new nebulous concept gave rise to speculations, reviews, and public discussion about what it is, what it will offer, who will benefit, and the targeted audience.
Some argued it to be a new variant of the internet, while others believed it to expand the Web 3.0 ecosystem. There are a lot of questions about this new technology. Is Metaverse the next breakthrough? Is it a waste of effort? Is it another strategy by Zuckerberg to gain attention? This article outlines basic information you need to know about the Metaverse in 2022.
Table of Contents
What Is the Metaverse?
The Metaverse is a network of 3-dimensional worlds designed to promote socialization and effective communication. Many describe it as the new internet. It combines several concepts into a single, universal, and digital world, accessible by everyone with a Virtual Reality or Augmented Reality device.
According to Facebook, the Metaverse is the evolution of social connection that will allow you to socialize, learn, collaborate, and play in ways beyond in a 3D space.
What Are the Features of the Metaverse?
1) No Limit: The Metaverse is unlimited space–boundless. Take the Metaverse as the space where constellations, planets, comets, and other heavenly bodies exist. It spreads out into an endless land. It means there is no end to what you can do as it expands with more activities.
2) Constant Availability: Unlike most technological development with downtimes and closure due to system anomaly, the Metaverse cannot be closed as it is persistent. It cannot be rebooted, unplugged, or reset.
3) Reality: Users get to see events in real-time and experience the same activity freely from any part of the world as long as there is an internet connection. It offers continuity of experience to millions of users.
4) Decentralization: The Metaverse is decentralized. As a result, it provides security to user data. Blockchain technology allows all transactions and activities to be viewed, saved, time-stamped, and tracked at all times.
5) Close-Up Engagement: Through hardware like Virtual Reality sets or Augmented Reality Goggles, users can get sucked in or immersed into a whole new world that may be different or similar to their usual experiences. The versatility of the Metaverse allows it to be compatible with regular smartphone gadgets and still offer a high level of sensitivity and interactivity.
6) New Economy: Asides from the basis of fun and interaction, the Metaverse also has its economy consisting of merchandise and complication of virtual worlds. Fiat finances real-world activities. However, financial activities in the Metaverse are powered by governance tokens, NFTs, and other cryptocurrencies. As a result, users can buy, sell, and exchange digital assets, NFTs, coupons, and event tickets.
What Can We Do in the Metaverse?
A Metaverse is a place of diverse possibilities. Here, you can do anything and everything you choose to. It allows you to do activities you do in the real world virtually. There you can go shopping, clubbing, visit the hospital, or even start a business. However, the current implementation of the Metaverse centers on the following activities:
The Metaverse has several technologies which support modern, internet-powered, and cloud-based games. So, in video games, you are represented as a 3D avatar that is customizable to suit your taste. In addition, your chosen avatar comes with functions that allow you to movie and socialize with fellow players.
The Metaverse has transformed gaming from Pay to Play, to Free and Downloadable, to Play to Earn. Metaverse cryptocurrency games like Decentral Games, Axie Infinity, and The Sandbox operate on a Play to Earn module that allows users to earn a fortune while playing. These new-generation games have tilted the gaming world and finances, allowing users to acquire cryptocurrencies and NFTs.
Building Your Dream World
The Metaverse allows users to customize their activities and create a perfect world. With some tweaking, you can create your home, shop, store, or even a Jurassic Park and allow others to see and experience your creation.
Virtual Real Estate
You can now buy virtual lands on the Metaverse. Purchasing virtual land is similar to buying land from a realtor. It includes the financial process and documentation. However, here on the Metaverse, it is easier, requires less paperwork or verification, and takes less than 10 minutes.
Virtual land realtors like Decentraland and DecentWorld offer lands for sale through their governance token or other digital assets. After the transaction, you’ll get an ownership certification for the designated virtual property. This certificate is unique and irrevocable and can be non-replicable as the land belongs to you and you alone.
Future of Work
The Metaverse offers more than fun. It showcases more opportunities for work and how to earn a living. Since the official launch of the Metaverse, thousand of commercial merchandise have fought for a spot in this new world. In addition, several cryptocurrency projects have launched targeted at this new technology. As a result, it has created more job and business opportunities.
Most companies survived on a remote work basis during the pandemic, and The Metaverse makes remote work more enjoyable. Recently, Facebook Horizon offered jobs to remove software testers using the Oculus Quest 2b to hold meetings and engage in regular activities with their chosen avatars. In addition, Hyundai has taken the Metaverse onto a higher pedestal, using it for job interviews through the Zepto app.
How Can I Gain Access to the Metaverse?
Accessing the Metaverse requires the use of its hardware and software. The hardware connects to the software to provide you with a Metaverse experience.
Metaverse hardware is technological access points that include VR and AR consoles, gadgets, computers, and smartphones. These hardware devices offer high-quality graphics by displaying retina-pixel, mobility, and sensitivity. Devices like Facebook Oculus Quest 2 provide these features.
Presently, there is no standardized implementation of downloadable software or application. However, there have been projects and websites that offer direct entry into their version of the Metaverse. Popular Metaverse-like software includes games like Second Life, The Sandbox, Terra Virtua.
Contrary to public opinions, the Metaverse is not Facebook’s Meta. Instead, Facebook’s Meta is a form of the Metaverse. There are various companies with their versions of the Metaverse that can interact with one another. Companies like Microsoft have their Metaverse version called Mesh that allows each user to establish a stable online presence. Epic Games’ version will enable gamers to interact actively via their avatars.
The Metaverse is a massively scaled ecosystem with high interoperability that renders real-life experiences via 3D virtual worlds. It offers synchronized experiences to millions of users without crashing while providing a unique experience to each user. Therein, you can work, play, and earn at the comfort of your home.
Theresa is a personal finance blogger. She writes content for busy professional women to take control of their money and investments. She enjoys reading, traveling, cooking, and writing. Her work has been featured on GoBanking Rates, Your Money Geek, Savoteur, the Corporate Quitter, Thirty Eight Investing, and more.