Metaverse definition
The Metaverse is hardly a brand new concept, but the speed at which it's been making headlines recently is impressive. And the meaning of "metaverse" seems to be expanding daily as more recognizable brands and companies begin to include it in their long-term plans.
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While everyone from celebrities to global brands like Nike has gotten involved, Facebook is responsible for starting the Metaverse buzz. The company, a pioneer in social media (in some ways the earliest version of the metaverse itself), recently underwent a major rebrand. Facebook is now Meta, and the company plans to make significant moves in the Metaverse world in the coming years. All of this begs the question: what is the metaverse anyway? The answer is immediately a bit complicated... and something you already know without even realizing it. It's social media, the internet, video games and online shopping rolled into one
What is Metaverse?
The Metaverse is a virtual world where users, businesses, and digital platforms can exist and interact. It includes everything from virtual social and gaming platforms (e.g. Roblox) to NFTs, also known as non-fungible tokens (more on that later). The Metaverse is a sci-fi dream come true. Movies like Tron and Ready Player One have long held visions of digital worlds that carry just as much weight as real ones. The Metaverse is just that - a digital world accessible via virtual reality headsets, populated by real people (often with digital avatars) and filled with endless possibilities.
It might seem like a new concept, but the idea of a multi-platform digital world has been around for years. We've seen it take shape in everything from video games to social media. From World of Warcraft and Runescape for MySpace, the early versions of the metaverse have been a part of our world for quite some time. The 2020 Metaverse simply builds on those ideas and takes them to the next level.
Why was Facebook renamed as Meta?
In October 2021, Mark Zuckerberg announced that social media titan Facebook would be rebranded as Meta. To be clear, Facebook (the social platform) has remained Facebook. The parent company (which operates Facebook, WhatsApp and Instagram, among others) changed its name to Meta. The reason? It's easy. According to Zuckerberg, "We're basically moving from Facebook First as a company to Metaverse First."
Meta has already poured billions into building the Metaverse ($10 billion in 2021 alone). It plans to include every corner of the metaverse in its plans. Oculus (the VR headset business that Meta already owns), NFTs, and cryptocurrency are all part of the company's long-term vision. It's far too early to see the fruits of their labor, but with the time and money they're already investing, it won't be long before we do.
Things you should know about Metaverse
Is the Metaverse the future of social media?
With all the excitement surrounding recent Metaverse developments and investments, you might be wondering if—and how—the concept will shape the future of social media (and social media marketing). A lot of money and resources flowed into the Metaverse in 2021. With platforms like Meta and companies like Nike (which recently partnered with sneaker-centric Metaverse giant RTFKT Studios) investing huge amounts of money and resources into the Metaverse, there are clearly people and companies out there doing this think it's the future of social media.
But the answer is still up in the air. This version of the metaverse is very young. While 2021 may have been a breakthrough year for the company, it is actually the next few years that will determine its staying power.
What can you do in the Metaverse?
With the general definitions out of the way, let's take a look at some specific actions you can already take in the metaverse.
1. Network
It seems that Metaverse will be primarily a social platform. After all, it wouldn't be much of a virtual "reality" if users didn't have the ability to interact in one way or another.
Sure, that goes for crypto exchanges and NFT buying as well, but it's also about socializing in the more classic sense.
A good example of this is Roblox, a digital gaming platform. In 2020, more than half of children under the age of 16 in the United States were playing it. Roblox is a platform through which users can play a library of video games, all made by Roblox users. There are currently over 20 million games in its library, many of which can generate revenue for the designers.
Roblox users can socialize through gameplay as well as an avatar-based platform, similar to early social media phenomenon Habbo Hotel. Ultimately, what it offers is a network for aspiring game designers to test their skills, meet other people who want to work in the field, and... celebrate.
Roblox is just one example of networking in the metaverse. Social media has long served as a way for professionals to meet colleagues and clients alike. The Metaverse is a natural extension of that, and often offers new and exciting ways to do it.
2. Invest and do business
Unless you've been living under a rock for the past year, you've probably heard the terms "NFT" and "cryptocurrency." Both are important building blocks in the Metaverse and great opportunities for users and businesses to invest in the platform.
Cryptocurrency is a term that encompasses a range of digital currency platforms. The best known of these are Bitcoin and Ethereum. Cryptocurrency is an unregulated digital currency that runs on a blockchain system. Its value is in fairly constant flux, but long-standing platforms (particularly the ones mentioned above) have skyrocketed in value since their inception.
One of the great advantages of cryptocurrency is the fact that it is not nationalized. As such, its value in America is the same as it is in Japan, Brazil, or any other nation. The Metaverse is a global platform. Hence, cryptocurrency is the preferred form of currency for many of its users. It now looks like it will pay off in the long run as its value continues to rise.
Speaking of investing, NFTs have become a cornerstone of the metaverse. The term stands for non-fungible tokens. This basically means that an NFT is a unique digital signature used as a form of title deed for digital assets. An NFT can be an artwork, a photo, a song, or even a digital property.
An NFT authenticates ownership of anything it is attached to and certifies its value (which is unique to the item, hence the "non-fungible" part). It basically allows you to buy the building blocks that make up the World Wide Web.
Right now, NFTs are a great investment. As with cryptocurrencies, the total value of NFTs is growing significantly. Some have already sold for millions of dollars. Others, like the famous "Bored Ape" series, have been bought and screened by big-name celebrities like Justin Bieber (who recently built the NFT portfolio) and Paris Hilton.
If you're looking to get into the metaverse to invest, NFTs are a good place to start. Most NFTs are likely to continue to increase in value at this time as they gain popularity.
It's also a great time to make your own mark. Almost any digital medium can be converted into an NFT. If you or the company you work with have a catalog of music, photography or art, your potential NFT portfolio may already be larger than you think.
3. Shopping
Nowadays you can buy almost anything in real life with cryptocurrency. Heck, New York Mayor Eric Adams even accepted his first paycheck in Bitcoin and Ethereum. With that in mind, the shopping opportunities of this corner of the metaverse are endless.
At the same time, there is a form of shopping that relates much more directly to the metaverse. Whether you're building your inventory of NFTs or building your avatar's world on a platform like Roblox, there's plenty of shopping to be had in this new virtual space.
We talked earlier about “digital real estate”. It's exactly what it sounds like - chunks of virtual land in online worlds like the ones Roblox built. Digital real estate is just the first step in building an identity in the metaverse. Platforms like this will grow big as the space develops. Meta's plans currently include an endeavor called Horizon Worlds, which has been described as "Minecraft meets Roblox."
Users in rooms like this can buy all sorts of upgrades for their avatar, from new outfits to sneakers to new ways to style their digital properties. It's a way of creating an identity in the world of the metaverse, just like in a video game.
If you're more interested in the Metaverse for the gaming aspects that platforms like Roblox offer, there's still work to be done. From buying games to buying upgrades for your library, this is already a big part of life in the metaverse.
Hope you find this article What is Metaverse and thing you should know about metaverse useful.
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