Metaverse: What We’re Doing and Why It Matters?
Everything You Need To Know About Metaverse
Even before Facebook CEO Mark Zuckerberg rebranded the social media company to Meta, several people knew what he was doing. At the time, Zuckerberg confirmed that the change would emphasize the company’s “metaverse” vision.
But what exactly is the Metaverse, and why is someone like Mark Zuckerberg so excited about it? To begin with, he is not the first billionaire to toy with the concept of the Metaverse, as Amazon co-founder Jeff Bezos has done his fair share of hanky-panky with the internet’s potential to change how we live.
What is Metaverse? Briefly Explained
In brief, Metaverse is an alternate virtual reality in which you can be you, but much cooler. You can do what you’ve always wanted to do without having to care what your friends or family think, and there’s nothing to be concerned about.
For starters, you can start your own business, farm, or even travel to another incredible planet in a spaceship. But all of this will take place in a digital world that companies like Facebook, Disney, and Microsoft are now attempting to create for us.
You can buy all kinds of digital goods inside a metaverse and order a similar shoe or t-shirt in reality if you think it will look good there as well. However, everything will cost you money — both digital and physical worlds.
However, there would be a minor qualitative difference. While in the real world, you may have to pay in currencies issued by central banks, inside the Metaverse, you can pay with virtual money or digital coins.
How is Metaverse created?
A combination of cutting-edge technologies such as virtual reality, augmented reality, and blockchain, combined with the power of social media, can give birth to a metaverse — possibly the trendiest topic in Silicon Valley right now.
So, expect to see many more people walking around with VR headsets plugged in, probably 24 hours a day, creating an alternate life for themselves, buying clothing, food, virtual pieces of art, and even real estate.
Where did the idea of Metaverse come from?
The term “metaverse” was first used in Neal Stephenson’s best-selling 1992 sci-fi novel Snow Crash, which featured a dystopian world. Other clear examples of a metaverse can be found in the Matrix series and Ready Player One.
However, the true history of the future world dates back to the 1980s, when a scientist named Jaron Lanier coined the term “virtual reality.” However, VR was prohibitively expensive at the time. Extremely expensive.
Cryptocurrency in Metaverse
Virtual currencies or fungible tokens are supplanting real cash in the Metaverse because, in the end, simple monies are required to fuel the ‘digital economy.’ And, indeed, the Metaverse is one economy in which you might want to invest.
In the Metaverse, digital currencies have taken the place of money, and they certainly function as a virtual currency in the Metaverse. However, due to the power of virtual currencies, transactions are likely to be faster and smoother than in the real world.
The majority of existing metaverses accept virtual currency as payment. They can, however, create their crypto tokens or receive other popular coins to make payments easier and simpler.
Top Metaverse Coins Set to Rising in 2022
- Decenterland (MANA)
MANA Coin is one of the most popular digital currencies, and it is accepted by the vast majority of metaverses that have been created thus far. While the coin has been trading in the red for quite some time, it is expected to rise in value in the coming days.
- Enjin Coin (ENJ)
Enjin Coin is another popular coin that is gaining traction in the Metaverse. You can buy and sell Enjin coin, that can be spent in the multiverse using BuyUcoin’s secure and dependable platform.
- The Sandbox (SAND)
A digital assets exchange platform can easily buy or sell the Sandbox. SAND Token is currently trading at around $3.16, up more than4.60% in the last 24 hours against the US dollar. It is one of the most valuable metaverse coins.
- Axie Infinity(AXS)
Axie Infinity, an NFT-based online video game, uses Ethereum-based cryptocurrencies — AXS and SLP — to facilitate the purchase and sale of digital assets. It is one of the priciest NFT collections.
NFT in Metaverses
NFTs, also known as non-fungible tokens, have become an essential component of the metaverses currently causing a stir on the internet. For those unfamiliar, NFT is a unique and non-transferable unit of data that can be pieces of art, sports trading cards, digital property, or anything else stored on a digital ledger.
NFTs are currently changing how the gaming industry operates by making digital goods ownership extremely simple. And the best part is that your virtual currency portfolio in a game has real-world value outside of the game.
Metaverse could approach $800 billion tackling live events, ads — The global Metaverse revenue opportunity could approach $800 billion in 2024 vs. about $500 billion in 2020, based on our analysis and Newzoo, IDC, PWC, Statista and Two Circles data. The primary market for online game makers and gaming hardware may exceed $400 billion in 2024 while opportunities in live entertainment and social media make up the remainder. — Bloomberg
Metaverse in Gaming- Like Never Seen Before!
Epic Games, the creators of Fortnite, have been working in the Metaverse for over a year. It recently organized a concert featuring big names like Travis Scott, Marshmellow, and Ariana Grande. Gamers logged in from their devices and watched the live show during these one-of-a-kind concerts. Finally, they were able to move and dance (virtually). The event organizers allowed attendees to purchase digital merch to raise the bar — just like at a live concert!
Should you invest in Metaverse in 2022?
Metaverse, in its various forms, is currently taking baby steps. However, companies such as Facebook, Microsoft, and Disney are heavily investing for the concept to take giant leaps rather than move like a toddler.
The concept of an alternative reality is difficult for many people to grasp. But, with the growing popularity of remote apps that help us stay connected amid the ongoing pandemic, we’ve gotten a taste of what life in the Metaverse could be like.
Infosys Metaverse Foundry will help establish a first-mover advantage
The company expects to see a “hockey stick-shaped growth” very soon in this area and the latest move is a means to sharpen its edge over rivals. — Economic Times
Furthermore, the increasing adoption of cryptocurrency is making it easier to trade in metaverses — which would have been a difficult nut to crack otherwise, given the pain of converting real-life into tokens that meant nothing until now.
As a result, now could be an excellent time to begin your metaverse journey, create the digital you, and finally have the fun you’ve always desired in your real life. The platform could be Meta or Microsoft — it doesn’t matter as long as there are no major glitches and you have no one else but yourself to enjoy an alternate reality in more than one way.
Even if you’re a novice investor, BuyUcoin’s crypto indicator can help you plan your trade. Setting up your metaverse account on BuyUcoin is also a breeze. Sign up with your e-mail address, upload your documents for verification, and you’ll be up and running in less than 10 minutes. If that isn’t quick, I don’t know what is.