A metaverse is a hypothesized iteration of the internet, supporting persistent online 3-D virtual environments through personal computing as well as VR and AR headsets. It is a buzzword that has been the talk of the town since CEO Mark Zuckerberg changed Facebook’s name to Meta and announced a potential metaverse. In simpler terms, a metaverse is made using several aspects of technology, wherein users “live” within a digital universe.
Several companies are looking to expand the use of metaverse to the business and education industries. Entertainment and social media companies Facebook and Amazon have invested in metaverse-related research. An attempt to integrate virtual and real spaces and money will require persistence from developers and cooperation from users, who will create avatars with their individual identities and create original content.
Metaverse development focuses on bettering VR technologies to aid in immersion in virtual environments. Analysts at Morgan Stanley said that the metaverse could represent an $8 trillion opportunity, but it would be a challenge to get people interested in using it. Still, companies are willing to make large investments in the metaverse, even if they don’t fully understand it yet. The space is expected to be worth $82 billion by 2025, according to The Information
One example of an existing metaverse project is Star Atlas. It is a blockchain-based space-themed game built on the Solana blockchain. ATLAS, the in-game currency, can be earned by mining and selling ore in the in-game market. Almost everything in Star Atlas is an NFT. However, any player holding the other currency POLIS can make decisions about the game and even outvote the creators if the players have a greater stake.
Another metaverse is Bloktopia, which uses the cryptocurrency BLOK. A user requires BLOK to transact within the metaverse. Transactions are facilitated through NFTs on the Polygon Network. The world of Bloktopia is a 21-story skyscraper, and the users are called Bloktopians. bloktopians will be able to buy, sell, and lease virtual real estate
Wilder World is another metaverse project, a dystopian space that allows users to purchase digital land, cars, and shoes, focusing on NFT ownership. It uses the cryptocurrency WILD and is built on the Ethereum blockchain.
Mack Lorden, the founder of Faceless Crypto, an online community that teaches retail investors how to leverage the crypto market to earn money, picks metaverse projects based on graphics, storyline, and conquests within the game. He said that it was impressive that users had the opportunity to earn crypto within such spaces. These tokens can be liquidated into real-world currency.
Facebook is planning on targeted advertising within the metaverse, raising concerns about the spread of misinformation and loss of privacy. User addiction and problematic social media use are another concern. Internet and video game addiction can have mental and physical repercussions over a prolonged period of time, such as depression and obesity. Experts are also concerned that the metaverse could be used by some as an escape from reality. The metaverse may magnify the social impact of digitally alienating space and distort users’ perceptions of reality, which might result in damage to interpersonal human relationships.
Finally, it is unclear as to how the metaverse will exactly be designed and catered to the needs of the general population. What we do know is that it is an exciting and upcoming notion and tech and crypto enthusiasts are eagerly waiting to see how it pans out.
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