Virtual concerts, crypto, avatars, NFTs… are we in the Metaverse yet? As Metaverse took over the headlines in 2021, more and more buzzwords popped up.
To help you fully understand the Metaverse, here is a simple guide to related concepts and key players in the Metaverse world.
What is the Metaverse?
Generally speaking, Metaverse refers to online spaces that allow people to interact in a more immersive way.
The term first appeared in a 1992 science fiction, “Snow Crash”, by Neal Stephenson. If you’ve watched The Matrix (1999) and Ready Player One (2018), you’ve seen the Metaverse in action.
Tech CEOs describe it as the future of the internet (read about web3). Some companies see the Metaverse as a social place providing revolutionary entertainment experiences, while others are building a decentralized utopia with blockchain technology.
In short, the Metaverse is a much bigger concept than one product or service. There will be different versions of Metaverse built by different companies.
Metaverse for Work & Social Life
Facebook (now Meta) wants to create a virtual reality for immersive work and social life. You can experience Meta’s Metaverse today with their VR headset Oculus in Horizon, the company’s experimental virtual reality environment.
Microsoft is catching up and introduced Microsoft Mesh to us. With the company’s AR headset Hololens, people can collaborate through mixed reality.
Video Games
Gaming companies are having a head start in the Metaverse world. Gamers are already living the Metaverse life.
With seamless virtual experiences (with or without headsets), strong gaming communities and digital economies, many video games can be considered as the nearest version of Metaverse: Fortnite, World of Warcraft, Roblox, Animal Crossing … the list goes on.
NFTs
We can’t talk about the Metaverse without mentioning the NFTs.
NFTs (non-fungible tokens) are digital certificates of authenticity, which bear the signature of the person who created them. The original creator will still receive x-amount of payment upon each resale of this asset.
Speculative bubbles or not, the technological innovations behind the NFTs are very powerful and will have a significant impact on intellectual property and economics. Learn more in our NFTs blog.
Virtual Influencers
AI-created influencers are collaborating with luxury brands, hosting live streams, and signing up movie contracts. Behind each of them, a team of engineers and marketers are creating these virtual influencers’ personalities and narratives.
Find them on social media: Miquela, Aypera, Ayayi.
Virtual Concerts & Virtual Land
People are buying virtual land in the virtual world to make virtual money.
Just like real estate in the real world, location is vital to the value of the property. Virtual concerts, casinos and NFTs museums are hosted to attract users and hence boost the value of the estate.
If you’d like to buy a piece of digital property in the virtual world, you need to first decide which Metaverse to go to: Decentraland, Sandbox, just to name a few. Transactions are completed in cryptocurrency. You can even build a virtual house using NFTs and hold events.
Are we in the Metaverse yet? Yes and no. The existing versions of Metaverse have blown our minds but it’s just the beginning.