What is the Metaverse

Tags: metaverse, blockchain, nft, marketplace
Published: 2022-02-08 11:04:50

Facebook rebranding as Meta on October 28, 2021, has sparked a hot topic of discussion ever since. Some people have confused this marketing decision about the start of the metaverse. While related, Facebook’s new name and the metaverse aren’t the same things. 

Let’s take a look at what really is the metaverse and what we should know about it.

The metaverse is the next level of the internet. Some call it Web3.0 or Web3.

Metaverses have been a staple of science fiction films ever since the Matrix popularized the concept of people living in virtual environments while their bodies were trapped in VR equipment.

Things are a bit less grim but no less dystopian in the movie Ready Player One.

However, the metaverse is shaping into a more exciting iteration of the digital world. 

Or should we instead say metaverses?

That’s correct: there’s more than one existing metaverse within the digital world right now. [Every major NFT game](https://whatarenfts.com/can-you-actually-make-money-off-nfts/): Decentraland, The Sandbox, Axie Infinity, and many more have their metaverse.

[What does the Metaverse mean](https://whatarenfts.com/what-is-the-metaverse/)?
The phrase Metaverse was introduced in 1992, with American writer Neal Stephenson’s novel Snow Crash. A Metaverse is described as a 3D virtual environment where its residents are virtual avatars of people from the real world.

The term Metaverse is a mix of the English word Universe and the Greek term Meta, which is a prefix used to signify after or beyond. So, in essence, it would literally mean ‘beyond the universe’, or ‘after the universe.’ It doesn’t seem too out there when you consider it’s a digital universe that came to be after our own physical one.

What is the Metaverse, and how does it work?
One way to analyze the Metaverse is by labeling it as a digital reality. It combines aspects of social media, VR, AR, and crypto in one substantial virtual environment.

Why would it be called web3, though?

The internet began with Web 1. Think of Google, Yahoo, Internet Explorer, and even Bing as platforms. This is basically searching information and websites, nothing too complex.

Then, social media platforms and their monetization arrived. This is what we call Web 2, the platform economy.

Currently, we’ve arrived in Web 3. Web 3, the home of the metaverse, is also known as the ownership economy.

That’s because the Metaverse implements the concept of decentralized finance and gaming. The player owns their data, making money with their data by participating in play-to-earn games.

But really, the first version of the metaverse arrived in our lives much earlier than we thought. Remember when the pandemic struck and our lives essentially became digital? 

Zoom calls replaced face-to-face meetings, and esports replaced actual sports when no one could go out for a walk.

The Metaverse opens up the opportunity to interact with the digital environment instead of just viewing it through a screen. Users in the metaverse join a digital and physical universe where data, content, and digital avatars are the building blocks.

What is Metaverse Cryptocurrency?
The Metaverse uses its own type of currency, the Metaverse tokens. The most popular metaverse tokens are MANA, SAND, and AXS. These can only be purchased using cryptocurrency in the real world, such as Ethereum (ETH).

Using the Metaverse tokens, you can purchase digital goods and tokenized funds. Some tokens might increase their value in the coming months, making them a wise investment if you know where to put in the money. They are set to be the next big thing in the digital world. Some of them might only be spent inside of the metaverse, while other tokens might be available on crypto exchanges such as Binance, Coinbase, and more.

Currently, MANA is the most popular metaverse token, but SAND is following closely behind. SAND is the token for The Sandbox, a gaming world where players earn SAND tokens for playing the game and completing activities.

Other tokens from other games work similarly. 

These tokens equate to real-life money, with 1 SAND being currently equal to $5.52, 1 MANA being equal to $2.86 and 1 AXS being equivalent to $73.54.

What is Metaverse Roblox?
Roblox is a game founded in 2004, with over 47 million daily active users and nearly ten million developers who create worlds and games. On top of that, the game counts with over 4,000 human moderators dedicated to policing the platform and ensuring the experiences there don’t infringe community standards.

In essence, Roblox already has an existing metaverse, if limited in the VR or AR areas. Players in Roblox create unique identities with their customizable avatars, and it has an economy in which players trade goods with each other using Robux. However, Roblox itself is a free-to-play game.

Similar to Meta, Roblox saw a massive investment opportunity in the metaverse and began thinking about how it could be used in the future. Its official Metaverse product was a VR program that allowed you to hold meetings with cartoon avatars of your friends. That doesn’t sound too different from the meta advertisement!

Craig Donato, the chief business officer at Roblox, has spoken out about improving the immersion factor of the Metaverse. 

The Metaverse is turning out to be an excellent investment opportunity, on top of an entertaining medium for both people, brands, and content creators to engage in creative digital interactions. Stay tuned as more big companies make the big step to join the future of the internet.

Originally Published On: https://whatarenfts.com/what-is-the-metaverse/