Have you heard of Metaverse before? Are you familiar with Metaverse games? How about ‘Meta,’ a new social media platform?
If you have a basic grasp of the Metaverse and want to learn more, you’ve come to the perfect spot!
These days with the spreading of blockchain games and the rebranding of Facebook to Meta, more people search for the concept of ‘Metaverse.’ Previously, we have discussed what Meta means, So now, What is the Metaverse?
What Is the Metaverse Definition
We can describe the Metaverse definition as a virtual reality space where individuals interact with other users in an immersive three-dimensional computer-generated environment.
The Metaverse rhymes with Universe and is the combination of Meta and Universe. As it shows, the Metaverse is an online virtual world beyond or beside the real world according to the meaning of Meta.
The Metaverse world is a network of multidimensional virtual reality environments focused on social connection. In the metaverse 3D environment, users can meet, play games, socialize, educate, do business, and collaborate right like the real world but with 3D holographic avatars.
Some describe the Metaverse as the future of the Internet. Metaverse is not yet completed, but some platforms provide a similar experience. In other words, the Metaverse is an idea that gradually constitutes an immersive virtual space.
Video games are the best examples for understanding the metaverse meaning. 3D video games like Star Wars, and Metaverse games like Sandbox, Axie Infinity, etc., are games that help the Metaverse approach its vision.
While the Internet provides a space to gather all aspects, Cryptocurrency and virtual collectibles (NFTs) are other aspects of Metaverse that structure substances and digital economic issues. We will explain more about Metaverse crypto projects in the following.
When the Concept of the Metaverse Was Initially Introduced
The term Metaverse was initially coined by Neal Stephenson, the writer of Snow Crash, in 1992. Metaverse is considered a combination of ‘Meta’ and ‘universe’ in this book. The events in the book take place in two reality and virtual-reality parallel worlds that describe the Metaverse space well.
If you have watched the movie Ready Player One, you can easily understand and touch the Metaverse concept. Ready Player One was another Novel by Ernest Cline in 2011 that later came out as a movie directed by Steven Spielberg in 2018.
In the story of this book, set in a dystopia in 2045, the protagonist Wade Watts is after an Easter egg in a 3D immersive virtual reality game that the creator of this virtual world has hidden away.
After the death of the OASIS creator, everyone who finds this will be in charge of the virtual reality world and inherit the creator’s fortune. The name of this world, an Immersive 3D Simulation, is OASIS, which evokes Metaverse.
To get a deep understanding of the Metaverse concept and its future, we’d better bring examples to draw a clearer picture of it. Look at some Metaverse examples to understand what metaverse promises.
#1 Fortnite (Epic Game Company)
Those who play the Fortnite game may be familiar with Metaverse space. Thanks to its crossplay feature, players can access the game through Xbox, PC, Playstation, and mobile phone platforms and play simultaneously.
This game has become more similar to a virtual space for people to hang out, participate in concerts, buy, learn and spend time with their friends. Travis Scott, Ariana Grande (one of the most followed persons on Twitter), and Marshmello held a concert by releasing the Soundwave Series of the game.
But, encompassing all of this doesn’t necessarily mean that Fortnite contains the entire scope of the metaverse.
#2 Facebook Horizon (Meta)
They can access this game through special glasses, the Oculus Rift, or the Oculus Quest 2 headgear. Facebook Horizon includes virtual houses, and you can invite all your friends to hang out.
According to the bad reputation of Facebook and the leading role of this company to form the Meta version, many people don’t feel optimistic about it. But it is just a Facebook Metaverse project, and the Metaverse has different aspects.
#3 Microsoft Mesh Platform
Microsoft Mesh platform is a giant Metaverse project for the Microsoft company. This platform uses holograms and combines the real world with augmented and virtual reality. This company is working on this project by developing mixed and extended reality (XR) applications.
In Early 2022, Microsoft launched its projects to bring mixed reality, including holograms and virtual avatars, to Microsoft Teams. Also, the Microsoft plan for next year is to develop explorable 3D virtual combined spaces for retail and workplaces.
In this virtual reality space, users can connect with a holographic presence, move across the area, and collaborate. People can also make eye contact and point to objects in this 3D environment. Like other Metaverse projects, this project has yet to be completed.
The U.S. Army joined Microsoft to have an augmented reality Hololens 2 headset for its soldiers to train, rehearse and fight in.
Roblox platform was founded in 2004. When players open Roblox, they encounter a page full of experiences or minigames that you can select to play online without downloading them.
Players can make in-app purchases for in-game content. Despite lacking a central storyline for players, Roblox Metaverse has become popular among users, especially children, because of its design and the freedom it provides to users.
Roblox has its own currency and delivers inventors utilizing an in-app purchase system for cash. The currency utilized in Roblox is called “Robux.” Many games and apps use this form of in-app purchase.
Roblox held an event called Metaverse Champions. This event started on April 15, 2021, and ended on May 20, 2021. It was the year’s “Spring Hunt” for the annual egg hunt rebrand; each champion could do 10-12 games out of 48 games a week.
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What Are Metaverse Companies?
The prospects for a metaverse company would depend considerably on how the metaverse technology develops in the future. As we mentioned, interoperability is one of the fundamental aspects of the Metaverse.
The full-fledged economy of the metaverse, including both physical and virtual worlds, features decentralization, so just a few specific enterprises could not dominate the Metaverse.
Metaverse companies’ remarkable possibilities for a company in such a space include a social presence, healthcare, workspaces, entertainment, consumer products, payments, and others.
What Are Metaverse Games?
Metaverse NFT games are a tremendous supplementation for the Metaverse. Metaverse games based on blockchain already exist and allow users to monetize and earn cryptocurrency by playing games or investing in tokens.
Metaverse projects on blockchain games are powered by NFTs or non-fungible tokens. NFTs are kinds of digital collectibles and assets whose ownership is recorded in a decentralized public ledger.
NFTs allow the owners to use digital assets and collectibles in different games and platforms. Digital collectibles and intangible in-game assets like virtual land, weapons, or outfits for avatars can also be traded for other crypto or fiat currencies.
Gamers are provided with income from different types of utility tokens and virtual collectibles (NFTs), such as SLP in the Axie infinity game or digital collectibles in Illuvium. Keep reading to know more about them!
It is a play-to-earn game similar to Pokemon. The game offers both collectible creatures (NFTs) and battles that require an initial investment to start playing.
Users need to purchase three to ten Axies or receive a free Scholarship from another player who owns them. Axies are NFTs and collectible creatures that users can buy or sell in the marketplace. Axies are also able to breed new ones by spending SLP.
You can earn SLP (Small Love Potions) and Axie Infinity Shards (AXS) by playing the game in adventure or Arena mode. SLP and AXS are both available to trade on Binance.
The sandbox is the most Metaverse-like game. In this game, players can create and take ownership. And since it is based on the Ethereum blockchain, players can monetize by playing the game.
The Sandbox is still in the early stages of development. Nevertheless, its design and gaming experience has successfully appealed to the players. Sandbox has almost a 7% share in the metaverse market.
The Sandbox lets players develop their games in the metaverse, which is a striking highlight. You can find the VoxEdit tool in this game, which permits players to create assets. Users can also upload, publish and sell NFTs they make with VoxEdit.
Illuvium is one of the Metaverse play-to-earn games and is an open-world RPG game developed on the Ethereum blockchain. This game is not yet released but has a special place among players.
Players’ main objective in this game would be to collect powerful entities known as ‘Illuvials.’ These digital items players find while playing the game could also be NFTs.
The realistic gameplay background in Illuvium works in its favor and garners a vast user base. The game has already garnered a $1 billion market cap, as they plan to launch it in the first quarter of 2022.
What Is the Future of Metaverse?
With all examples and virtual spaces that exist, we have a hazy vision of the future of the Metaverse. There are more pessimistic views than optimistic ones about it.
It is hard to say what Metaverse will be like In the future. There are concerns about the metaverse making people more isolated and alone. Some may think it will be just sophisticated cyberspaces or a video game or social network.
If we see the bright side, we can use the Metaverse to create virtual spaces for learning or virtual tourism. Companies and Brands can use the Metaverse to unlock new marketing opportunities and identify favorable digital marketing strategies.
You can also discover many other exciting use cases of the Metaverse. People can interact and socialize through the digital avatars in it. The Metaverse could also open new ways for creating virtual workspaces.
Companies could use virtual reality spaces for creating customized virtual workspaces for managing and controlling employees.
As the Metaverse is a new concept, there may be a lot of questions about it. In this part, we tried to address the frequently asked questions about Metaverse.
1- As NFTs Are Part of Metaverse, Are NFTs Bad for The Environment?
Cryptographic tokens that can be certificates of ownership of a digital item are related to the idea of the Metaverse. But some say NFTs are bad for the environment because they lead to Earth’s Climate change.
In addition, there are claims that NFTs are too energy-intensive. Another claim is that non-fungible tokens (NFTs) are responsible for tons of planet-heating carbon dioxide emissions generated by the cryptocurrencies used to buy and sell them.
To prevent generating more carbon monoxide, some companies took some steps. For example, a tech company in Canada is doing its small part to help the world gain carbon neutrality. It’s trying to turn oil waste into environmentally-friendly energy that helps crypto mining.
2- What Are VR And AR in the Metaverse?
As augmented reality reflects the digital world in the real world, AR-connected glasses could help drive the development of new 3D virtual environments. In contrast, VR could drive better engagement in metaverse participants.
Users who want to experience the immersive augmented virtual space should use VR headsets. With AR and VR headsets, you can dive into a 360-degree virtual world and move around easily.
3- What Is the GMK Metaverse?
GMK Metaverse is a keycap set inspired by Persona 5, the Japanese video game. Players replace these keycaps with keyboard buttons to channel the game’s color scheme.
4- What Are the Best Metaverse Stocks to Buy?
According to a report from the world’s biggest BTC fund, the possible market price of the metaverse could be worth over $15 trillion.
Researches suggest that NVIDIA Corp, Adobe Inc., Meta Platforms Inc., Roblox Corp., and Unity Software are the 5 Best Metaverse Stocks To Buy.
Everything we described, including the internet, cryptocurrency, 3D games, VR, and AR technologies, are related to building parts of the Metaverse. But it is still in its early years and has yet to deliver its promises.
Companies like Facebook, Microsoft, Nvidia, Unity, and Roblox have a different vision about the metaverse. And they will all work on diverse aspects to form the immersive online virtual reality world Metaverse.
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