What is the Metaverse?

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When you think about the metaverse, what comes to mind? Since Mark Zuckerberg decided to take a new turn on October 28, 2021, by rebranding Facebook to Meta, there has been uproars and hot takes on what the metaverse is and its impact in the world today. 

 

You might have thought that Mark initiated the conversation about the Metaverse – but that’s not the case; the Metaverse has been around in the world of the internet for a while now, even though it means different things to different people. 

 

What Exactly is the Metaverse? 

 

When you think about the Metaverse, think about cyberspace because it doesn’t refer to a specific type of technology but an entire cyberspace that accommodates virtual reality, augmented reality and other forms of realities. It is a space that also accommodates a digital economy that allows users to create, buy and sell digital products. 

 

According to Binance, it is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces and allows users to work, meet, game, and socialize together in these 3D spaces.

 

A good platform with a metaverse element is Fortnite. This is because although it sounds like a game, it has a reality that allows you to explore several forms of life from owning your home, attending virtual concerts and more in a persona that you created. That’s a little description of what Metaverse looks like. 

 

What Can We Expect From The Metaverse?

 

 

JOBS

 

Job creation would be one for sure. With every new technology comes an opportunity to get more creativity and talent on board and that will apply to the metaverse. 

 

BANKING

 

 

Quite recently, JP Morgan launched in the metaverse after giving a bullish analysis on the future of the technology. Banking will be made easier as the world tends to globalisation. In the future, I can get into the metaverse, visit a bank in Germany and engage in activities without moving my body or limitation of visa or cost.

 

GAMING AND SOCIAL INTERACTION

 

 

The metaverse will offer an opportunity for gamers worldwide to battle and engage with one another. Artists can sell their creative works and musicians can hold virtual shows and sell to more crowds without issues or worries.

 

When Can We Expect to See the True Form of Metaverse? 

 

 

Everyone is excited for this to become a reality. However, how long will it take to see the real form of Metaverse? Mark Zuckerberg, the CEO of Meta estimates that it will take at least five to ten years for the real forms of Metaverse to truly manifest. Even though some aspects of Metaverse exist like virtual reality headsets, ultra-fast broadband speeds, and online worlds up and running even though it may not be accessible for everyone. 

 

Some examples: 

Some of the happenings of today that could hasten the future of Metaverse are: 

 

Meta 

 

Meta is a rebrand of Facebook that focuses on the virtual world where there are digital avatars that can be involved in travel, work or entertainment. Mark believes that Metaverse can replace the internet and become the next platform that is more immersive and experiential. 

 

Microsoft 

 

Microsoft is embracing Metaverse by using holograms and developing extended reality with its Microsoft Mesh platform by combining the real world with augmented reality. They have also gone ahead to bring in mixed reality including holograms and virtual avatars. They are also exploring 3D virtual connected spaces for workplaces. 

 

Epic Games 

 

The CEO of Fortnite has described what Epic Games is doing with Metaverse by holding concerts with celebrities like Ariana Grande and Travis Scott with an immersive meta experience. Epic Games now allows humans to customize their digital doppelgängers in future open-world games. 

 

Why is the Metaverse Popular Today? 

 

Since the explosive turn of cryptocurrencies such as non-fungible tokens (NFTs) and Bitcoin took in 2020, Metaverse has experienced an interesting spike since then. The idea that people can pay each other in virtual currency is an idea that Metaverse capitalizes on to enforce a virtual world. For instance, artists can sell their work for millions of dollars through NFTs (once it is sold, no one can duplicate it). The idea has created a newfound sense of urgency making Metaverse the new gem. 

 

What Should Businesses Do About the Metaverse? 

 

The first thing any business should do is to decide which digital platforms they want to engage in like Roblox, Minecraft and Fortnite. Once you know which platform you want to engage in, you should decide how you want to engage with people through metaverse elements such as NFTs. 

 

The Metaverse can help you find fascinating ways of connecting with your customers through content like:

 

  • Virtual events conducted through the digital world
  • Playful content that people unlock through NFTs.
  • Thought leadership content that allows a discussion about the future of virtual reality or augmented reality through your personalised avatars on a platform hosted by another company.

Regardless of whatever platform you want to see the metaverse on, don’t ignore the idea! Understand it and find opportunities to show off your business in it.

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Disclaimer: The views expressed in The Coin Times are solely those of the authors cited. It does not constitute The Coin Times recommendation to buy, sell, or hold any investment. Before making any financial decisions, it is recommended that you undertake your own research. Use the information supplied at your own risk. For additional information, please see the Disclaimer.

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