To get to the answer to the question of what is the metaverse, it is better to first imagine a world where you can sit on the same couch with a friend who lives on another continent, or when you are traveling with your family, in a virtual version of the place. Be present at work. You may have just figured out exactly what the metaverse is.
In this article, we review their concept, importance and features, take a look at the applications of this virtual world, learn more about the role of digital currencies in it and the way to enter the metaverse and buy land in this space, introduce a number of top metaverse platforms and answer some frequently asked questions. We recommend that you do not miss this reading article.
What is the metaverse?
Metaverse is a virtual space that provides users with digital experiences as an alternative or second version of the real world. In this virtual world, it is possible to interact virtually with other people, trade goods, exchange currency, buy and sell property, invest, attend work, hold festivals and events, watch concerts, visit exhibitions and many other real life activities.
Metaverse is an online and shared 3D space where users can create their personalities in digital formats and interact with each other and with virtual objects and avatars. Metaverses are actually virtual worlds that can be a reflection of our real world or completely different from it.
In fact, Metaverse uses technologies such as virtual reality (VR) and augmented reality (AR) to create such a world, so that users can combine the virtual world with reality in an unprecedented way by crossing the border of physical limitations. With the path that Metaverse has taken now, it can be considered the next generation of the Internet.
With the emergence of blockchain and blockchain games, Metaverse is also oriented towards this technology and decentralization. Now, metaverse ecosystems have been formed that owe their decentralization and security to blockchain and are basically based on blockchain platforms. Metaverses do not rely on any single entity, and every person, company, and business can be involved in its creation and expansion.
The emergence of blockchain in the metaverse can be found in the performance of digital assets and NFTs, which are currently leading the way in various fields, including gaming, the production and sale of artworks, and the purchase and sale of virtual lands.
Metaverse is not a new concept; But the interest and acceptance of this virtual world increased when “Facebook” entered this market and changed the name of its company to “Meta”. The buzz of this rebranding brought attention and a stunning rise in metaverse-based digital assets such as metaverse NFTs. This issue made the phrase “buy Metaverse Facebook” one of the most searched by users.
What is the importance of metaverse?
Metaverse offers its users a unique experience of combining virtual and real worlds. This virtual ecosystem transcends physical and geographical boundaries and allows people to meet and interact in a three-dimensional space or participate in group activities such as games and competitions.
With the possibility of remote communication, you can be directly present at work or conference or live events from your home; Conditions that are very helpful especially when it is not possible to travel to participate in some events. Metaverse is a virtual place to enjoy the best benefits of education, work and entertainment without the need for physical presence.
Companies and large businesses can also enjoy the competitive advantage of international advertising without obtaining permission from intermediary institutions or third parties and allow their customers to remotely explore all available options for purchasing goods or receiving services.
How does Metaverse work?
There are many features that the performance of Metaverse is based on. Next, we will review these important features.
Digital avatars
Avatars are two-dimensional or three-dimensional images that represent the personality of users in the Metaverse. They are actually visual identifiers to express the identity of people in the metaverse and can be fixed or mobile. These images may be similar to users’ own faces; But most of the time it is not like that. It should be noted that many avatars are in the form of tokens.
Blockchain operation
Blockchain is one of the main pillars of Metaverse, which in addition to decentralization of this space, also provides security and privacy of users. The storage and validation and safe transfer of data in this virtual space depend on decentralized blockchains. Also, any kind of valuable asset in this world can be valued and exchanged only through Metaverse currencies. It goes without saying that these currencies were also created on the platform of blockchain.
Role Non-homogeneous tokens What is in the metaverse?
One of the ways to make virtual assets valuable, such as in-game items or metaverse lands, is to prove their uniqueness. This is something that only non-fungible tokens or NFTs can do. A unique token is a digital asset that is unique and non-exchangeable; Thus, each unique valuable asset is priced separately according to its characteristics and is not the same as any other token.
Virtual reality and augmented reality
Technologies such as virtual reality and augmented reality are the main components of the metaverse and the source of creating three-dimensional and immersive experiences that blur the border between the real and virtual worlds. These technologies, which can make virtual space available to users in a three-dimensional form, are of great help in holding concerts, shows, educational conferences, revenue-generating games and any other event that links reality to virtual space.
Artificial intelligence
The interaction of computers, the possibility of using health measuring devices, speech and writing processing, machine learning, automated marketing and many other applications in the metaverse world depend on artificial intelligence (AI). Artificial intelligence can process and analyze large amounts of data at a faster rate than humans and take on the responsibility of performing certain tasks such as customer support with chatbots. By entrusting some tasks to artificial intelligence, people can use their expertise and creativity in more important areas.
Daos in the Metaverse
Decentralized Independent Organizations (DAOs) are institutions for decentralized governance that use blockchain and smart contracts to achieve consensus in various decisions. These organizations are one of the main pillars of the metaverse for decentralization and suitable alternatives for centralized decision-making institutions. DAOs give voting rights to all their users and manage the metaverse democratically.
Web support 3
Web 3 is a new generation of the Internet that makes the user’s role more prominent than ever and hands the ownership and control of digital assets and online content to the user. By decentralizing and democratizing the Internet space, Web 3 can provide the necessary infrastructure for metaverse activities, and the platforms in this field are the best entrance for new Web 3 users.
Applications of Metaverse What is?
In general, the uses of Metaverse can be summarized as follows:
- Play and earn money
- online shopping
- Social Networks
- Banking and financial affairs
- Tourism and tourism
- Education
- Remote work of companies
- Real estates
- medical
Considering the dust that Metaverse has created in the last few years, it is less useful than this virtual world that is not known. Over time, this virtual world will open to any field and different industries will benefit from this technology. Next, we review some of its important uses:
Metaverse games have also created a social and advanced environment for user interaction, which distinguishes them from other virtual reality-based games. Another feature of these games is the possibility of saving and exchanging in-game items in the form of unique tokens, which can alone attract millions of dollars of capital to the blockchain and metaverse.
Online shopping is one of the attractive features of Metaverse; For this reason, many fashion companies try to advertise and sell their products with new meta-versa methods. In the meantime, artificial intelligence also helps manufacturers to have a better understanding of the activity, purchase amount, taste and characteristics of the product audience.
The undeniable influence of Metaverse on social networks can be clearly seen in the change of name of Facebook to Meta in October 2021. This event was the beginning of a new wave of attention and investment in this field. Metaverse can raise social interactions to a new level and introduce users to new worlds through virtual reality glasses and headsets.
Metaverse removes barriers for people to access decentralized financial institutions around the world, and users can even have a 360-degree view of the bank they want. Also, Metaverse Banking provides people with an attractive and easy way to access non-coin tokens and other blockchain-based digital assets.
The role of digital currencies and NFT in the metaverse What is?
The world of Metaverse is so intertwined with digital currencies and other tokens that it is hard to imagine it without these types of assets. A virtual world with this infinite capacity requires special tools to transfer value and ownership, and digital assets that benefit from blockchain security are the best option for this. Blockchain can successfully provide transparency and immutability of data in the metaverse economy.
In addition, if there is a need to prove the uniqueness of the digital asset, non-traditional tokens will be opened to this field. Non-coincidence tokens are used in the real estate market, virtual objects, in-game items, permission to participate in virtual events and meetings, buying and selling unique avatars, etc. Metaversi users can create different works with these unique tokens and then earn money by sharing or selling them. In fact, the attractiveness of unique tokens can be considered as one of the factors for the entry of new users into this world.
Many traditional investors got their first chance in the world of blockchain to profit from this market with a collection of popular unconventional tokens such as “CryptoPunks” and “Bored Ape Yacht Club” or popular pieces of land on the platforms ” They have tried “Dicentraland” and “Sandbox”. It is interesting to know that at the end of 2017, each piece of land in Dicentraland was priced at only $20; But this amount reached 15,000 dollars by the middle of 2022!
How to enter Metaverse?
The only tools needed to enter the metaverse world are a computer and a suitable internet connection. Needless to say, virtual reality glasses or headsets provide a more complete experience of the metaverse; But contrary to popular belief, you don’t need to have virtual reality devices to access Metaverse, and sometimes just a smartphone can connect you to many Metaverse platforms.
In the next step, you should choose the Metaverse platform according to your needs and then create an account on that platform. In most cases, you need to set aside some funds to interact with the Metaverse platform. To do this, you need to install a Web 3-compatible wallet, such as the MetaMask software wallet, and buy some cryptocurrency.
Some platforms such as Cryptovoxels or Worldwide Web accept common digital currencies such as ether (ETH); But some also have their own Metaverse tokens. For example, you need MANA token to work with Dicentraland, SAND token for sandbox and CUBE for Somnium Space platform.
Read more: How to buy land in Metaverse?
The last step in the process of entering Metaverse is to search the intended platform. These worlds are full of new options that you may not find on other digital platforms. Thus, you can learn more about the various functions of your favorite platform and choose the activity you want.
The best Metaverse projects
In this section, we take a quick look at some popular Metaverse platforms.
- Decentraland
Dicentraland is a virtual world for buying and selling and developing metaverse lands. Also, it is possible to hold meetings and events along with interacting with other users in Dicentraland.
Sandbox is one of the most popular platforms for buying and selling land, along with the possibility of creating in-game items in the form of unique tokens and selling them.
- Axie Infinity
Oxy Infinity is one of the popular metaverse games with interesting creatures called Oxy that you can buy, breed, send to battle and then sell for a higher price.
- Gala Games
Gala Games or Gala is a blockchain games platform that combines the excitement of sports with the possibility of buying and selling unique tokens.
- Metahero
Metahero is a platform for 3D scanning and creating characters based on real people and physical objects.
- Bloktopia
Blocktopia is a virtual skyscraper with 21 floors and a symbol of 21 million units of the total supply of Bitcoin. In this game, you can interact and trade with new people.
It allows you to get a unique experience in the world of football by buying and selling digital football cards. In this platform, the cards are valued according to the performance of the players in the game leagues.
The future of the Metaverse What is?
What we know today as the metaverse is still in the beginning of its evolution and its capacity to change the way we all live is unlimited. The 13-fold growth of virtual lands in Dicentraland and Sandbox platforms from 2021 to 2022 is a good representation of this capacity. Also, according to reports, it is predicted that the market value of this ecosystem will reach more than 800 billion dollars by 2024 compared to the value of 500 billion dollars in 2020.
The entry of famous brands such as Adidas, Gucci, Samsung and the big bank JP Morgan into these platforms highlights the value of this virtual world even more. However, the future growth or stagnation of Metaverse depends on the level of acceptance of the platforms of this field by users.
Undoubtedly, providing the necessary conditions for the development of businesses, e-commerce, sales and marketing along with decentralized finance can be the key to the development of Metaverse. We have to see how much the level of experience that this virtual world provides for its users can attract more people.
common questions
Finally, we answer some common questions related to Metaverse.
Metaverse is the new generation of the Internet that enables interaction and communication between users and applications in a virtual world. In contrast, NFT is a type of digital asset that users can use in these virtual worlds.
All you have to do is enter the website of platforms such as Dicentraland or Sandbox; With this, you have entered the metaverse!
No; Virtual reality glasses are a tool for a better experience in the metaverse.
Yes; There are different ways to earn money, such as buying land in Metaverse, renting land and making games, and even buying Metaverse tokens.
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