Several tech CEOs have been talking about the metaverse for quite some time now. They say that the metaverse is the future of the Internet. However, there is still plenty of confusion among people about what it actually is. And that is because the metaverse is still too new to define.
Is it a video game? Answering this question is really challenging.
Facebook rebranded itself as Meta in June 2022 and announced that it will focus on the upcoming metaverse. But the meaning of the term has still not been made clear. To put it into perspective, Meta is simply building a social platform in virtual reality or VR.
What is the Metaverse?
Although the term has been used in recent years, the word metaverse was actually invented by the author Neal Stephenson in his 1992 science fiction novel Snowfall. In his book, Stephenson referred to the metaverse as an all-encompassing digital world that exists parallel to the real world. However, in 2022, it seems that experts are still unsure if the metaverse could evolve into anything like it was depicted.
A metaverse is the concept of a permanent, online, 3D universe that combines multiple different virtual spaces. It could be the future of the Internet. To simplify it, the metaverse is an augmented reality platform that allows users to create interactive experiences which merge the digital world with the physical world. This is the concept or idea of cyberspace made real. Users can work, meet, play and socialize together in these 3D spaces. The ultimate focus is the development of decentralized, fully interoperable and immersive digital communities.
Some of the main characteristics of the Metaverse focus on its limitlessness, it is persistent which means that it cannot be turned off, restarted, or reset. This is a decentralized virtual world, has a virtual economy and provides users with various social experiences.
How to access Metaverse?
While the full potential of the metaverse has yet to be discovered and developed, that doesn't mean there aren't plenty of ways to just jump in and get a taste of what's to come. For years, several companies have been developing variations of their own "metaverse" environments, built around cryptocurrencies, global communities and of course blockchain.
However, figuring out how to access the metaverse isn't that simple, and future users may need a little guidance. Again, there are many platforms that can be used to enter the metaverse, like Decentralland, Horizon Worlds and Cryptovoxels, but access to the digital world is not limited to these platforms alone.
How does commercial real estate get involved in the Metaverse?
The Metaverse partially mirrors the physical world. For example, investors can buy plots of digital land. The question is who in their right mind would pay for the rights to a virtual plot? According to some reports, the year 2021 saw more than 65,000
land transactions in the metaverse totaling to about $350 million, including 116 plots that sold for $2.5 million in the Decentrallend. Blockchain company Tokens.com recently paid $1.7 million for a 50% stake in Metaverse Group, becoming one of the world's first NFT-based virtual
real estate companies. Metaverse Group owns an extensive portfolio of virtual NFT properties in these communities such as Decentrallend and Sandbox. It also offers virtual property development,
property management and marketing services.
What does the future hold for the Metaverse?
Although the exact future of the metaverse remains unknown; curious and ambitious speculators are seizing the opportunity to embrace this new digital world. Brands are exploring how it can complement experiences of the physical world, and large employers are exploring how it can be part of the future of the workplace.
For starters, maybe just think about creating a profile - an avatar - in this virtual world. Try meeting with colleagues in a virtual office, as some are available for free. Ultimately, the best way to understand the metaverse and its potential is to experience it and learn from it firsthand.
