THE METAVERSE: WHAT WE KNOW SO FAR

For us to fully understand the Metaverse and what it has to offer, we have to look deeper beyond the name. This is to understand the Internet, Digital Space, Virtual Reality (VR), Augmented Reality (AR), and even the workings of Blockchains in Cryptocurrency. In this article, we will try our best to break it down.

The word “Metaverse” is often traced to Neal Stephenson’s 1992 dystopic, cyberpunk novel “Snow Crash”, and many see a more recent inspiration in the dazzling maze of experiences at the heart of Earnest Cline’s 2011 novel which was made into a movie called “Ready Player One”. However, the metaverse is far from the stuff of sci-fi stuck in imaginations; it is gradually becoming our reality.

The Metaverse is still a very new and unusual space for many people. But as time goes on, more and more people will be exposed to the Metaverse and its many offerings. Technically speaking, it is poised to become an ultimate expression of virtual human utopia as well as a concrete implementation of VR and augmented reality spaces that will allow individuals to interact and socialize virtually, work, play games, and earn yield. 

In essence the metaverse appears to be a parallel and alternate universal extension of the real world in which individuals can design and model their alter-ego avatar to whatever they want to be and perform real-life tasks, such as buying and selling assets, gaming and socializing.

In the digital world, this concept has recently earned a lot of traction, with several major tech companies like Facebook (NASDAQ:FB) and Epic Games focusing on a futuristic environment, the word is piquing online consumers’ interest. The sudden announcement from Facebook Management to rebrand under a new name called “Meta” stating that their aim is to create an online virtual space called "Horizon", where anyone with a working internet can enter into another reality and create another world, a new experience with their loved ones even when they are far away; make anything possible, many average laymen are beginning to ask the obvious biggest question at the moment;

“How will this Metaverse thing work?”

From what we know from experts, the metaverse comprises multiple digital realms. Each is like a 3-D virtual city where avatars live, work and play. Anyone who has been exposed to popular video games like Fortnite, Animal Crossing and the Roblox Universe has had a taste of what these realms look like. In each, elements including virtual reality, streaming video, mobile gaming, avatars and artificial intelligence are combined into immersive digital experiences. A user plugs himself in just like in a VR game, and from there enters into the digital space of metaverse, where everything is seen, touched, and felt as if it is the reality.

From what we have seen from the Projects associated with the movement, we will see the possibility of people using the internet to create a virtual life, environment, experience and reality; where schooling, buying and selling of goods and services, gaming, Real estates, sports, physical, sexual and other activities in our daily lives are possible. Hybrid offices, video-based education, Concerts and online social communities are just a few of the ways of this Metaverse will make us spend more of our lives—for better or worse—in digital spaces and will be changed forever by it.

In the workings of any reality, whether physical or virtual, a form of economic exchange is needed for it to function well. Money in these digital worlds is cryptocurrency, as finance in the metaverse is powered by the blockchain — a digitally distributed public ledger that eliminates the need for a third party, like a bank. Anyone entering a virtual world can buy or trade art, music and even homes as nonfungible tokens, or NFTs, which are blockchain-based collectibles that are digital representations of real-world items. The NFT serves as proof of ownership and is not interchangeable.

Many Major Tech Companies spearheading the metaverse are gradually revealing the pathway for the whole idea. Some of these platforms which had been in existence for some years like Decentraland, Luxury Marketplace, Bloktopia, The Sandbox, Highstreet, MetaHero, UNXD, Zilliqa et al, are announcing new ideas per time. Facebook and Microsoft are the recent giants joining the rave publicizing new ways to collaborate online. Nike reportedly said they are preparing to sell virtual sneakers for people on Metaverse in the coming months, Adidas also announced collaboration with The SandBox, just to not be left behind in the race.

For those interested in looking at the Investment side of things, popular Cryptocurrency Projects like Axies Infinity Shard (AXS), Decentraland (MANA), The Sandbox (SAND), DeFi Kingdom (JEWEL), Render Token (RNDR), Illuvium (ILV), ENJIN Coin (ENJIN), Mobox (MBOX), Luxury Marketplace (UNXD) are currently at the fore front of being the means of exchange for the virtual reality space. It is no wonder that they are seeing huge growth in their current Market Capitalization on the Crypto Market. An early buyer into these following coins will be holding very expensive gems in few years to come.

Decentraland in their quest to continue the relationship between the metaverse and the fashion world recently announced collaboration with another crypto giant, UNXD to present Fashion Week on the Metaverse. This aptly named Metaverse Fashion Week will see users showcase exclusive NFT fashion on a VR track. And According to their announcement via a tweet, the event will also feature afterparties and opportunities to shop for fashion NFTs. The fashion show will take place from March 24 – 27, 2022. Sandbox, a Hong Kong-based gaming platform, has recently drawn in millions in funding, including from backers like SoftBank, as it gears up to launch its play-to-earn metaverse capabilities. The company opened up part of its metaverse to the public from November 29, 2021.

Right now, the metaverse virtual real estate might yet be another hottest and most undervalued sector in the space. Justin Bieber performed at a live concert last month, but the show wasn’t in a stadium or an arena. Like recent performances from Ariana Grande, the Weekend and Travis Scott, this concert was held in the metaverse, the online world that stretches the corners of the internet into immersive, four-dimensional experiences. Fans from all over the globe watched Mr. Bieber’s avatar sing songs from his hit album “Justice.” Investors were watching, too. Preparing for a digital land boom that appears just months away, they are snapping up concert venues, shopping malls and other properties in the metaverse. As SandBox had already launched part of its own metaverse, many wealthy and popular investors like Binance, Samsung, Atari, South China Posts, PWC HongKong, SnoopDogg already bought some of the virtual lands there. This is to show how huge these shrewd wealthy individuals think of the Metaverse and the future.

As the COVID-19 pandemic continues to ravage the present world economy, with new variants surfacing, this has forced many businesses to start working remotely and nations going on lockdowns; our current global crisis has accelerated some of the cultural trends and behaviours that need to be in place for a metaverse to be created. In the light of this, we can be so sure that more people than before will soon be seeking their means of livelihood and entertainment from the Internet. And rather than just sit in front of the screen all day, humans want to experience the feelings of being present around others. What better ways to experience this longing while indoors than to join the Metaverse? Millions outgoing individuals who love to mingle but are unable to because of the current restrictions will seek new adventures online and get hooked. The bigger the number of new users, the more metaverse itself will expand, and this will in turn make the metaverse tokens get more expensive.

Like the article suggested at the start, we are still at the dawn of a new age. What we currently know about this idea is but limited. As more Metaverse projects are announced and the way they work is shown to the general public, we will get to know more. To understand more of this topic, you might consult some of these movies to get an inkling; Ready Player One, The Matrix, AVATAR, Minority Report, Her, 2001: A Space Odyssey, Ghost in Shell: Standalone Complex, Wreck-it Ralph and others.

The direction in which the Metaverse will change the way we live as humans in the 21st century is not yet clearly cast in stones. But we can be sure that the Metaverse is the next big thing for the human race on the digital space.