What can you expect from it?
Facebook CEO Mark Zuckerberg, who newly named Facebook as Meta. Mark Zuckerberg said it’s all about the ease of connecting with people.
The Metaverse has recently been a popular topic of discussion; after all, Facebook and Microsoft have been stacking claims.
What exactly is the Metaverse?
Whether you agree or don’t agree, we are in the realm of no contact, living in a world where people are moving away from physical contact with others. Humans can now accomplish almost everything at home through the internet and intelligent devices they previously had to go outside for.
We are entering an internet-created virtual-reality space where users can interact with a computer-generated environment.
The Metaverse intends to change the way people connect on the internet, allowing them to communicate in ways never imagined in science fiction.
What would your workspace look like?
After Covid workspaces become hybrid workspaces, Metaverse technology will change the way you approve to work, or rather than watching a video; you’ll be in the video.
Currently, we are using virtual reality (VR), which gives access to interact with the 3D world. However, Metaverse will create an easy way out, simple and less complex, and can be used longer in VR glasses.
What are the Use cases?
1) Real Estate: What we actually do is physically go and buy a property, but in Metaverse, sitting at home, you can visit the place, feel and be able to navigate with the help of a mouse and actually know how the route of the house is. In fact, over a dozen platforms are now selling real estate in the Metaverse, with new ones sprouting up almost weekly.
2) Travel: The guest experience begins with accommodation research, and if the Metaverse is adopted, it can revolutionize the hotel booking process. Customers could gain essential information about their room bookings using the Metaverse, including room size, price, and features. However, visitors could also take virtual 3D hotel tours. Travelers could transform into digital avatars and virtually tour the hotel or resort before checking in. This will give the buyers a sense of confidence while booking any property.
4) Music concerts/ Theaters: The music industry has already taken one step ahead in the Metaverse. Recently, the Uber-talented Justin Beiber held a 30-minute meta-universe concert on Wave’s virtual music platform. In addition, the avatar Justin Bieber sang his latest album, “Justice.” However, in Metaverse, virtual concerts are no longer a limitation. An artist can instantly change outfits or transform the stage from an outer space realm to an underwater world in a virtual concert.
5) Video Games: These days, video games have taken the highest jump when it comes to graphics or just the game itself. Online video games and mobile games have billions of downloads and are rapidly becoming one of our society’s most popular kinds of media. One of the most popular Metaverse games is Axie Infinity, an NFT-based online video game. It’s a play and earn game. Whenever you play Axie Infinity, that’s where you can earn an SLP that stands for “Smooth Love Portion.” Which has a real dollar value and can be converted into the respective currency.
These were some of the use cases of the Metaverse. I’m sure in the next few years, technology will just launch newer revolutions that we can’t even comprehend.
Can we invest in Metaverse?
Before getting started with this part of Metaverse, let’s first decode how you can buy virtual lands? The process might sound a bit complex, but the process is the same as the real one.
The real estate market is thriving, but the Covid outbreak is causing a lesser-known land rush. Indeed, some investors are spending millions of dollars on land tracts. But, in truth, the plots do not exist in the physical world. Instead, the land is located online, in a set of virtual worlds. By buying the Metaverse, you can also give it on rent to rent out.
E.g., Famous American rapper Snoop Dogg has purchased a land piece to build his mansion, which looks just like his mansion in real life. Avatars will be able to access his digital home purchased on Metaverse.
Imagine his shirts, caps, or car is nothing but NFT’s. This will be displayed in his mansion, and people can buy these NFT’s in the Metaverse mansion and enjoy the experience. In fact, there was a piece of news saying that someone recently paid $450,000 to be Snoop Dogg’s neighbor in a virtual world called the Sandbox.
What is a Sandbox? It’s another form of Metaverse. For instance, if you want to buy land on Sandbox, a token on a decentralized platform, you can purchase sand, which is the currency’s name. The greater the demand for Sandboxes, the higher the value of sand. NFT is separately booming in crypto after Facebook was named Meta.
Since all of this sounds like it’s still in the bubble, is there any risk involved?
1) Too early to conclude
2) Risk that the NFT themes won’t pick up and may incur a loss
3) Difficult to calculate the intricate value
4) Changes that the investment won’t give an adequate amount of profitable returns
Conclusion:
The Metaverse is a buzzword these days, and everyone wants to know more about it. This virtual 3D world can create remarkable opportunities while exposing users to risks beyond their wildest dreams. Our fingers are crossed, as are yours; let’s see how the Metaverse develops and how the world evolves in the following years.
Article Credit- Simran Nikam, student of Digital Marketing
