What is metaverse? The definition of the metaverse varies across the technology landscape – for some, coordinating and interacting on virtual collaborative platforms like Zoom is part of the metaverse. For most, the closest definition of the metaverse is an iteration of the Internet that is an immersive network of 3D virtual worlds, facilitated through the use of virtual reality and augmented reality that includes commerce and social interaction systems.
A more correct definition of a metaverse is a single global universe, where different platforms can interact, and users can travel from one to another. For blockchain proponents, this is a reality that is being built, but we are a long way from having the right interoperable infrastructure that would allow this vision to become a reality.
talking to SawJohn Stefanidis, CEO and founder of the NFT gaming platform Balthazarsaid he thinks people have the misconception that the metaverse “wears VR headsets and bodysuits.” In his view, we have engaged in some of the first iterations of transformation by simply interacting with the Internet through remote work, shopping, and even online dating.
For many, “entering the metaverse” is simply buying a plot of land and building a storefront as a means of a PR move, or as a way to build a virtual kingdom like Harry and Meghan. It’s a place where fashion shows take place, where designers can create digital fashion without an environmental footprint, or vegan fashion that combines virtual fashion with IRL clothing. It’s also a place to take your next date or wedding.
For this explanation, the metaverse is best defined as a virtual world where users can enter and participate in real-world activities from working to shopping to spending time with friends, all from the comfort of a computer, handheld device, or (for the brave) a VR headset.
Metaverse is a combination of the words “meta” and “universe”. Meta in Greek means “beyond” or “after”, as the metaverse is a world beyond our current world. It has become a buzzword in recent years to refer to the development of the Internet known as Web3.
True interoperability of metaverse worlds may be a long way off, but there have been iterations of virtual world gaming since the early 2000s in the form of games like Sims and Second lifeWhere users control avatars in a virtual world.
Some of the most popular worlds out there today include World of Warcraft, Minecraft, Fortnite, and Roblox. Beyond the gaming space, companies are building spaces for colleagues to gather or share in the office Court procedures.
According to McKinsey research, these objects could generate up to US$5 trillion in value by 2030. City The projects could reach US$13 trillion by then.
Although many assume so Mark Zuckerberg He introduced the concept of the metaverse to the world during his keynote speech at Continue 2021The word has been around since the early 1990s, and was invented by an author called Neil Stevenson He presented the concept in his book Snow crashthe story of the protagonist Hiro, a katana-wielding hacker who jumps back and forth between a dystopian Los Angeles and a virtual world he refers to as the Metaverse.
To better understand what the Metaverse looks like, Steven Spielberg’s film One ready player It is a great visual example.
Mark Zuckerberg’s Horizon Worlds platform is also another popular example of a real-life, albeit less “futuristic” one compared to Horizon Worlds. One ready player.
It is important to distinguish between blockchain-based metaverse platforms and those that are not. Blockchain metaverse platforms are often built with interoperability in mind – by being built on a compatible blockchain like Ethereum, many blockchain-based platforms envision a future where companies can integrate similar standardized components that can actually move across platforms.
By building on blockchains that enable communication capabilities between different organisms, this will bring us closer to the reality of true transformation. Other platforms are usually restricted by what are known as “walled gardens,” meaning they are intended to keep players within the game.
Decentralization (mana)
Decentraland is a social virtual world where you can engage in activities such as attending concerts, socializing with friends, or becoming a virtual real estate investor. The money you earn on Decentraland is paid in the form of the platform’s native currency, MANA. Decentraland users access tools that help them build and customize virtual environments and design interactive experiences. Every year, Decentraland organizes Metaverse Fashion Week.
Sand (sand)
Sandbox is a metaverse platform that allows anyone around the world to build, own, and market their games using the SAND token located on the Ethereum blockchain. Users can create, upload and sell their own games, experiences and virtual goods.
Voxel
This metaverse, formerly known as Cryptovoxels, is inspired by Minecraft and consists of customizable land blocks on Ethereum. Voxels uses its own currency CVPA, and can trade properties on OpenSea. It can be accessed via VR headsets but also via your web browser. You don’t need to have a digital wallet to access its metaverse.
Horizon worlds
Owned and published by Meta Platforms, Horizon Worlds is a free-to-play online virtual reality video game platformer that can be played using Meta’s Oculus Rift S or Meta Quest 2 VR headset. All players start in a hub and can use portals to different worlds. The Meta has faced a lot of objections to its environment being considered “uninteresting”, with claims of numerous bugs, user experience issues – and a lack of legs.
Roblox
Roblox is one of the most popular virtual worlds for kids, an app that allows users to play games, create games, and chat with others online. Both kids and adults can download the Roblox app to play its extensive catalog of games. according to Active playerAt the time of writing, Roblox has over 30 million daily players.
Although there are slightly different steps across different metaverse platforms, they are fairly similar.
This guide will explore two of the major metaverse apps, Decentraland and The Sandbox.
1) Create a crypto wallet with a reliable digital wallet exchange
Cryptocurrency wallets like Metamask and Coinbase are compatible with both Decentraland and The Sandbox, so you can trade and buy on the market as well as buy and sell land using cryptocurrency.
2) Go to the Metaverse app website
Once you’ve set up your wallet, you’ll need to go to the Decentraland or The Sandbox website and start exploring. It’s important to make sure you’re on the original, official Metaverse site because you’ll be using your crypto wallet to log in, and there are plenty of scam sites that will be happy to take your crypto wallet login details (and steal all your data). Cryptocurrencies).
3) Create an account on the metaverse
Once you arrive at the original Metaverse website, you’ll be redirected to the login page, where you’ll be able to create an account, log in, or play as a guest (if you want to try before you buy). If you are creating an account, you will be asked to connect to a Web3-enabled wallet provider such as Meta mask, Coinbase, Formatic and WalletConnect. Once your wallet is connected, you will be asked for a digital signature to confirm your wallet is linked to the platform.
4) Create your own avatar
Now the fun part. Once you’ve linked your wallet and set up your account, you’ll be able to design how you want to appear in the metaverse. Everything from the size of your avatar’s head to her toes, you’ll be able to customize as well as the type of clothing and style you’re going for in the virtual world as well.
There are many metaverse icons out there, some of which are groundbreaking sand (sand), Mana (central) and Eng (Engine coin).
These tokens are essentially a unit of virtual currency that serves as the basis for transactions and interactions on the metaverse. These coins can be used on relevant Metaverse platforms to engage in activities such as buying and selling land and assets and shopping on the market. You can almost think of the different metaverse currencies as currencies of different countries like AUD and USD.
You can buy Metaverse coins from all major cryptocurrency exchanges such as Coinbase, Binance, Kraken and crypto.com.
There are many different ways to invest in Metaverse, depending on your risk tolerance and financial situation. You should definitely do your own research before making any decisions.
1) Buy metaverse tokens on cryptocurrency exchanges
Most major Metaverse tokens can be purchased from trusted cryptocurrency exchanges such as Coinbase, crypto.com, Binance, and Kraken.
2) Buying traditional stocks on the stock exchange is subject to risk
You can buy traditional stocks in companies that are developing and building the Metaverse such as Meta platforms or Microsoft. If you prefer a more diversified approach to your investing and gain exposure to a range of Metaverse companies,… BetShares Metaverse ETF (ASX: MTAV) tracks Bloomberg Metaverse Select Indexwhich currently contains shares of many companies participating in the Metaverse around the world – e.g Nvidia company (NASDAQ:NVDA), Roblox Corp (NYSE:RBLX), and even Apple Inc (Nasdaq: Apple). Indicators such as Hang Seng Metaverse Indicator Tracks the performance of Chinese and Hong Kong companies participating in the Metaverse.
3) Buy land in the metaverse
Another way to invest in the metaverse is to invest in land in one of the different worlds, which can be found on platforms like OpenSea. It’s worth noting that metaverse land can be incredibly volatile – at its peak, the average land price in Decentraland reached $37,000 USD in February 2022, but has dropped to an average of $5,000. By August.
1) Buy sand or mana
Depending on the platform you will be purchasing land from, you can top up your wallet at the cryptocurrency providers mentioned above.
2) Buy Ethereum
You will need some Ethereum (Ethereum) In your wallet to pay gas fees (transaction fees) when you buy land, so make sure your wallet is full of ETH.
3) Transfer SAND or MANA to your Metaverse account
Click on the “Me” section in the left sidebar and select your wallet under the “My Wallet” section. Copy and paste this address and enter it into your external wallet or exchange to transfer funds to your metaverse account.
4) Buy land on the map
If you’re in the Sandbox, head to the map and choose from the available gray or yellow (highlighted) lands. When you select a piece of land on the map to purchase, you will be able to see its location, size, blocks included, and price. You will have to confirm and agree to the terms and conditions before completing the transaction. Likewise in Decentraland, go to the LAND tab where you will find all the plots of land available for purchase.
Since the metaverse is still a fairly new area, it is unclear how many people currently “inhabit” the metaverse. Sure, every now and then, celebrities like Saweetie and Snoop Dogg hold concerts in the metaverse, but that hasn’t managed to attract a constant stream of metaverse “citizens.”
As discussed, we are still far from building a consistent standard for Metaverse platform development, and there is currently a lack of clear governance standards. Some supporters have raised concerns about the collection of personal information through interactions and biometric data from virtual reality and augmented reality wearables. Others have expressed concerns that it may cause user addiction in young people, and there have been cases of this Virtual assault In the realms of the metaverse.
But according to KPMGWithin five years, hundreds of millions of VR tools and platforms are expected to be adopted by consumers and businesses globally, and these technologies will become a normal part of our daily lives by the end of the decade.