What Exactly is This Metaverse Thingy?

In July 2021, a plot of virtual land on Decentraland broke sales records by selling for nearly $1 million.

Around October the same year, there was a huge spike in the search volume of the Metaverse on Google Trends following Facebook's rebrand to Meta. Overnight, the Metaverse became the latest buzzword to capture the tech industry's imagination. 

But then, the metaverse concept isn't entirely new. It has been in existence with the oldest Metaverse dating back to 1993 when Steve Jackson Games operated its bulletin board. Even though that Metaverse was a low bandwidth virtual reality system, the metaverse concept has not changed to this day.

What is this metaverse thingy?

Why is it now popular?

What exactly is it used for?

If you've ever wondered the answers to the above questions or are just plain curious about the Metaverse… 

Then, continue reading.

This article will look into the Metaverse, what's inside it and what it is used for.

What exactly is the Metaverse?

The Metaverse could be 'an online world' like Second Life or Facebook's new business model, depending on who you ask. 

To understand the term, it's best to understand how it came about. The suffix meta- means "behind or beyond," it can also mean "transformative" (like in the word metamorphosis) and even "more comprehensive."

The second word, -verse,  is derived from the word universe and describes a specific area e.g., Twitterverse, Spiderverse.

As a whole, the word "metaverse" generally refers to a virtual world that lies beyond, on top of, or is an extension of the physical world we live in.

The world would be a shared virtual reality where users could live and do the same things they did in the 'real' world. 

You can think of it as the internet being brought to life or rendered in 3D. A virtual environment that you can go inside of instead of just looking on your screen.

Essentially, in the Metaverse, there are countless locations where you and other users can meet up, work, and play, using virtual reality (VR) headsets, augmented reality glasses, smartphone apps, and other devices.

These locations/worlds contain their own economies, with currency as well as digital assets, avatars, and other monetization opportunities. 

If you've watched Ready Player One, you would have a clearer picture of what the Metaverse should look like.

The 2018 science fiction film set in 2045 featured a virtual world known as OASIS. OASIS was an enhanced, paradise version of Earth that offered people an escape from their struggles in real life.

Today, the Metaverse isn't fully in existence. But there are virtual worlds that best depict the concept.

Now, we are familiar with the concept; what is the Metaverse made up of? Read below to find out.

What's in the Metaverse?

The Metaverse and its contents are made up of different elements such as 3D avatars, digital assets, games, etc.

In reality, it is quite like the real world, as you get the same features and elements.

The major difference is that you can 'travel' the world from the comfort of your home, using just a device like your computer, VR goggles, and even your smartphone.

According to Venture Capitalist Matthew Ball, here are some key features of the Metaverse: 

• Permanence: There must be no pauses and reboots as the Metaverse is infinite.
• An unlimited number of users.
• Combination of real and virtual life. The Metaverse isn't separate from the real world; it complements it.
• Accessibility and data compatibility. Anyone can join and release their projects for other users to use wherever they please.

Why is the Metaverse important?

Understandably, many people have wondered what importance the Metaverse brings to society. So, why is the Metaverse important?

The Metaverse is important because it offers users a more in-person method to communicate and connect with anyone from anywhere in the world. Think of social networks, but in person. 

The possibilities are endless… 

Just imagine for one second that you couldn't spend the holidays with your family because of the Covid-19 lockdown. Instead of sulking about it… You can put on your VR headset and spend time with each other in the Metaverse. 

With the Metaverse, companies will no longer need physical spaces for work.

Also, communication would be more effective for remote teams.

For example, you and your colleagues can all sit around the same table, view the same presentation, and brainstorm all from the comfort of your home. Then, when the meeting is done, you simply remove your headset and go back to the real world.

As mentioned above, the Metaverse supports economic activities, and users can build businesses and network with prospects and clients.

For example, you can sell your skills as a builder in the Metaverse, build a recreational arena where people pay you to play games and have fun or even open a clothing store...

Whatever you and other users do, it will create job opportunities.

Examples of the Metaverse

As of the time of writing, several metaverses are currently in use. Some of them even support a community of thousands.

Popular examples include Roblox, Decentraland, Somnium Space, Sandbox, and Cryptovoxels. If you have never heard of these platforms, no worries. Other games like Fortnite and Minecraft are great examples too.

Overall, the Metaverse is still in development, but that's not to say the potential isn't massive.

Furthermore, the number of brands building within the Metaverse is increasing by the day. Adidas, Google, Microsoft, Nike, and Sony are just a few of the companies currently venturing into the space.