What is the Metaverse and Why Does It Matter?

what is the metaverse?

Admittedly, this is a very chaotic time in technological development. Many things are happening, but they aren’t often things we can see or touch. Cryptocurrency, the blockchain, and NFTs are everywhere, but we can’t actually put a finger on these things.

You see, they’re part of the Metaverse, where nothing is tangible, but everything is real.

About the Metaverse

In many ways, the metaverse is a predictable extension of the online virtual communities that sprung up in the 1990s. Social media sites and online hosted multiplayer games continued the expansion of the metaverse. Though the term is frequently associated with sci-fi, robot-driven dystopian future, with roots in Neal Stephenson’s novel Snow Crash, common games such as World of Warcraft or Fortnite embody the metaverse.

For an idea of what Metaverse looks like, you can try games such as Fortnite

The future is here, and so far, it’s mostly virtual reality chat rooms and blockchain. But since cryptocurrency is real, how far away is the metaverse from reality? That’s why everyone should know what the metaverse is, and why it matters to you.

Interested to read more about these topics? Have a look at some in-depth articles about Blockchain (here) and Cryptocurrency (here).

What Is the Metaverse, Exactly?

The metaverse is simultaneously much larger and smaller than you think it is.

If you’re thinking about the type of technology Tony Stark has, in which you can create hypothetical three-dimensional augmented real-time virtual scenarios that act out future events, it’s kind of like that, but on a much, much smaller scale.

For example, many people have used the powers of the metaverse to visit their families and friends during the pandemic.

Technologies such as Horizons Workrooms allow users to attend meetings through Oculus Quest VR gear. Others, such as Roblox, encourage users to create personalized avatars of themselves so that they can interact with other avatars within the metaverse. During recent pandemic lockdown periods, people were able to “hang out” with others, even though it was impossible to leave the house.

Some people also integrate their business software into the metaverse, so that they have all of their daily tasks accessible through virtual reality. No longer tied to the constraints of a desk and a limited number of computer monitors, business users can use VR gear to display multiple tabs and programs simultaneously, making complicated business deals that require switching between screens simpler than ever. 

And that’s about as close to Tony Stark-level as the metaverse is today.

The Metaverse and Commerce

The metaverse is, in many ways, a community. Like most communities, there is a thriving marketplace on it.

Roblox is one such community. Available via both desktop and mobile platforms, one of the most popular features of Roblox is the free games. However, it also allows users to create new activities and programs and sell them through its built-in market

But you aren’t the only one who can go shopping in the metaverse. Your avatar can go shopping as well, buying items that will help personalize your online existence. You can even famously buy your avatar designer shoes to wear when hanging out in the metaverse. You will never touch these shoes with your human hands, and they will never have that funky foot smell.

Though some individuals are having difficulty accepting the idea of spending large sums of money on things that have no practical use outside of a virtual setting, the concept is hardly anything new.

Using a virtual mockup to appreciate how a piece of clothing, a new shade of makeup, or even a daring haircut has been technologically available for decades, improving rapidly over the years. You can take a virtual tour of a house that interests you, or virtually test drive a car without leaving your office.

Combining digital and physical into one space isn’t a new concept, but it definitely has the potential to change how we buy, sell, and market products and services.

Do You See The Opportunities?

Imagine how engaged customers could be if they could virtually experience every product before they decided to buy it. Though this is done widely today, consider how commerce might change if one didn’t even need to get out of bed to go online shopping, try out several items, buy them, and sell them on the marketplace: all using cryptocurrency.

Would you be interested to have your business take part in this huge opportunity? You can get help from some talented freelancers to have all this set up for you:

How Long Do I Have to Prepare for the Metaverse?

While it’s true that the metaverse is already upon us, it is very possible to exist without interacting with it at all. 

We don’t know how long it will be before that statement is no longer true. Just recently:

  • Meta, formerly Facebook, announced a $10 billion investment in the metaverse, creating spaces for digital interactions between real people. 
  • Microsoft has carved its own niche in the metaverse with Team, a program that allows people to send their avatars to a virtual office. 
  • Unity creates a digital twin of the real environment. 
  • Axie Infinity users can breed, train, and sell NFT animals using cryptocurrency. 
  • Nvidia has devised a way to link 3D diagrams of various sections of the metaverse together to create an Omniverse.

Therefore, a savvy, forward-thinking plan for any business owner would be to keep their finger on the pulse of the metaverse. The metaverse may be a digital version of reality, unlocking infinite potential for how we interact in the future.

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Editor

Teachingbiz provides internet marketing services and education to digital entrepreneurs and marketers who want to learn how to build and scale their businesses.

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