What is Metaverse: the concept of the new world

by in Blockchain 101, Blockchain For Beginners


Metaverse Essentials

The word metaverse itself was coined by science fiction writer Stephenson in his novel Snow Crash. According to the plot, the world is experiencing a global catastrophe. The usual Internet is no longer popular, the metaverse has come instead. Instead of real life, people live in a fictional system, where they communicate with other avatars and artificial intelligence. In this virtual reality, entire tribes of digital clones grow up with their statuses and hierarchies.

Metaverse is a set of three-dimensional worlds that you explore as an avatar. Ideally, these worlds should interact with each other and intersect so that we can smoothly change our roles depending on tasks and moods.

In the metaverse, we have a unique opportunity to live the life we ​​want, to do what our soul desires. The first thing that comes to mind is "a paradise for perverts." To some extent, it will. That will also have to be fought, creating virtual worlds from the inside and the laws of behavior in it. However, entertainment is not all the metaverse is for.

Why Metaverse is getting popular

If an eternal holiday reigns in the metaworlds, then the real reality, unfortunately, more and more resembles the world after the apocalypse. The pandemic, the problems with the economy and the climate, the tension in society - all this is alarming and confusing. People want to escape reality into the online worlds.

Video games, virtual worlds, P2E games have proven to be the place to start over even in times of crisis. Someone finds ideas for creativity here, someone earns money just by playing games, and someone just shows off their status by buying virtual yachts for millions of dollars.

Current Metaverse concept

So far, we do not have a single metaverse. But there are virtual worlds that are already working and attracting millions of investments. Judging by the current state, we are not seeing the same utopian and slightly romantic world from the pages of Stephenson.

So far, the metaverse is more like an online arena where “decentralized finance” or DeFi reigns supreme. Cryptocurrencies, blockchain, NFTs, and video games have come together on this stage. Billions are going on here. But the question is - can we also get a piece of the sweet pie at this celebration of life.

Now there are several virtual worlds in the TOP (Roblox, Fortnite, Decentraland, Upland, Sandbox, etc.), they are actively populated by users and brands. Moreover, virtual real estate can cost ten times more than real property.

Trending: Ethereum developer Afri Schoedon diagnosed with coronavirus

A new version of Marketing

By the way, some smart brands have already caught the point and are already creating a new type of marketing: advertising not for a person, but his avatar (D2A - direct to avatar).

You don't have to look far for examples:

  • Gucci on Roblox sold a virtual bag more expensive than a real one;
  • Nike has opened a virtual office in Fortnite;
  • Coca-Cola introduced its lines for avatars in Decentraland;
  • Balenciaga will sell a virtual collection for Fortnite avatars;
  • Sotheby's has opened an art gallery where your avatar can walk in your free time.

Trending: MetaMask announces integration with Apple Pay

Marketing in the metaworlds will "hit more accurately." Because there will be their communities, and brands will know that this is their target audience.

A new version of ownership

The Metaverse and its possibilities have the potential to revolutionize more than just how we work, spend, and play. That is an opportunity to radically change the entire economy as a whole.

NFT comes to the fore here - digital certificates. They prove ownership - that is, it allows you to be the legal owner of virtual things in virtual worlds.

Space for creativity, work, study, and sales

Metaverses will give impetus to the development of almost all areas of business.

For example, take such an industry as real estate. It is one thing to look at the project of a future apartment. And another thing is to walk along with it yourself, albeit in the form of an avatar. Check whether there is enough space for your favorite sofa, whether the rooms are conveniently located, how your things will look here, how you will wake up in a new place.

In theory, working meetings in metaverse will also be much more productive. We will be able to visualize any projects more vividly here, speed up testing and launch, and search for the right partners or investors faster.

Well, creativity has already, so, actively moved into the metaverse. Musical groups hold concerts here, and celebrities release and sell unique NFT collections.

So far, these are very sketchy theories of what the metaverse will be like. There are many problems ahead, they have yet to be solved. For example, how will the laws of different countries work if one metaverse wants to unite all of humanity? What to do with personal data and its protection? And how safe and friendly this environment will become in general.

Trending: Finder: Bitcoin could hit $80,000 by 2025

But in any case, the engine of the metauniverses will be blockchain technologies and WEB 3.