Introduction
You may have heard of the metaverse – but what is it, really? A world unto itself? A virtual reality space? Something entirely new and unknown? In this blog post, we’re going to give you a deep dive into the metaverse, so you can understand why it is so important and how it may affect us all in the near future.
The metaverse can be defined as a 3D virtual world that‘s accessible through a computer or virtual reality headset. It’s an immersive environment that feels and looks like a real-world location—think of it as a 3D version of the internet. It represents an entirely new way to experience and interact with the digital world. This technology has huge potential in fields from gaming and entertainment to business and communication.
Understanding what makes up the metaverse can help us discern how this technology might shape our future. Let’s take a look at some of its key components so we can get a better idea of what it is.
What Is the Metaverse?
The metaverse, short for “the meta-universe”, is a virtual space or environment where people can interact with each other in a highly immersive and dynamic way. Think of it like an entire world that exists beyond the physical realm – it can be accessed through either a browser or via a headset like Oculus Rift or HTC Vive.
At its core, the metaverse combines virtual reality and mixed reality worlds. It gives us the opportunity to access digital experiences that overlap, rather than replace, our physical world. This means users are able to experience both real life and digital life at the same time.
For instance, imagine you’re visiting an art gallery with your friends –in addition to enjoying the artworks themselves, you could also engage in virtual conversations with museum curators who are located elsewhere around the globe. All this is possible due to advances in technology that have enabled us to explore and interact in 3D digital environments effectively and seamlessly.
What Are the Benefits of Immersion in the Metaverse?
The Metaverse offers a lot more than just immersive experiences. Think of it as a bridge that links the physical and digital worlds together, allowing people to have more interactive, meaningful experiences. This can provide benefits like:
- Immersive learning experiences can be provided using digital devices and the internet. Learning activities can become more interactive and engaging when learners can experience the lessons in a virtual environment.
- Enhancing mixed reality enables us to bring people together for opportunities that weren’t possible before –– whether it’s multi-location training programs, hybrid meetings or institutional events.
- The Metaverse also gives us the chance to connect with people from all over the world and explore our interests in a new way –– from playing virtual reality video games or participating in cultural events.
Overall, the Metaverse connects us to new opportunities for education, entertainment, and social interaction that weren’t possible before. It’s an exciting technology that has the potential to transform how we interact with each other and our environment!
Who Are the Companies Invested in It?
You may be wondering who is invested in the metaverse. The answer is pretty impressive — tech giants, consumer brands, and startups alike have all taken notice of this new realm of possibility and are investing heavily.
Some of the company names you’ve probably heard of that are raising billions to create a navigable digital reality include:
- Apple
- Microsoft
- Amazon
- Tencent
- Sony
- Intel
But there isn’t just a handful of established companies getting involved — thousands of startups are also joining in on the metaverse movement, ushering in technological advances and competition on a massive scale. In 2019 alone, investments totaled over $2.2 billion in just over 150 rounds, with 80% from venture capital firms.
How to Access and Make Money in the Metaverse
So, now you know what the metaverse is and why it’s so cool, but how do you access it? Well, you can access the metaverse through the web or specialized software— there are even virtual reality headsets that you can use. Plus, there are plenty of interesting ways to make money in the metaverse once you’re in.
Play-to-Earn Games are a great place to start, as these games allow players to invest their time and skills in return for rewards (often cryptocurrency, virtual currency or NFTs). As well as gaming being an enjoyable way to make money in the metaverse, it’s also one of the quickest routes to establishing yourself as a metaverse citizen and earning real-world money.
Other ways to make money include trading cryptocurrency (like Bitcoin), buying and selling virtual real estate, creating digital art or objects that you can sell as Non-Fungible Tokens (often referred to as NFTs), and setting up your own marketplace or storefront within a given virtual world. With all of these options available, you have plenty of opportunities for crafting your own unique path—and even your own business—within the Metaverse.
What Crypto Coins Are Involved in This Ecosystem?
Now let’s talk about crypto coins: What crypto coins are involved in the metaverse ecosystem?
The answer depends largely on the project, but some of the most popular choices include Enjin Coin, Cardano ADA, and Ethereum.
Enjin Coin is an Ethereum-based token used to purchase assets in the metaverse. As the backbone of the DApp economy, Enjin Coin provides users with a secure and affordable way to store value and make transactions.
Cardano uses ADA as its native currency, a third-generation crypto coin with faster transaction speeds than other networks. It also uses a proof-of-stake consensus algorithm rather than a proof-of-work one; this makes it more efficient and less resource-intensive than its predecessors.
Ethereum is one of the best crypto coins to buy if you’re looking to join the metaverse ecosystem; ETH fees are paid when projects build their ecosystems on top of the Ethereum blockchain. Additionally, Ethereum is currently leading development for projects such as NFTs and Non Fungible Tokens (NFTs).
Apple’s Entry Into the Metaverse
It’s no surprise that one of the biggest companies in the world is looking to enter the metaverse. Reports suggest that Apple is preparing to launch their own pair of augmented reality (AR) and virtual reality (VR) headsets in the near future. The goal? To help bring us closer to the convergence point of media, computing and communication technologies: the metaverse.
The price tag for this set of headsets is reportedly going to be hefty, but if all goes as planned, it might be worth it. Apple’s entry into the metaverse could open up entirely new ways to interact with each other and access information. Not only that, but it could also unlock new possibilities for gaming, entertainment, business and education related services—all through a combination of AR and VR technology.
This is big news for those paying attention to developments with the metaverse, since it shows how far we’ve come in terms of technology advancement—and how much further we can go when different entities join forces. Stay tuned for more details as Apple gears up for its entry into the exciting world of virtual reality!
Conclusion
Despite the uncertainty, it’s clear that the Metaverse is here to stay, and it’s more than just a gaming platform. With more and more companies putting their money into Metaverse related investments and technology, it’s time to get ahead of the curve and start exploring the Metaverse.
Whether you are an early adopter of new technology, have an entrepreneurial spirit, or just want to explore the possibilities, the Metaverse has something for everyone. You can use it for education, business, or simply for entertainment. Wherever you decide to explore in the Metaverse, you surely won’t be disappointed.
