Metaverse Land

image from Venture Beats

What is the Metaverse?

Most of the internet, as we know it, is two-dimensional. As vast as all we can do on the internet is, it does not exceed the scope of the flat screen. From text to images, and even videos. We all feel like spectators, with little to do to interfere in the universe behind our screens.

What if we could be more involved with the digital world? What if we could have a 3-D view of this space where we can walk, talk and relate with people miles apart without leaving our homes?

The metaverse has been one of the highly discussed topics of 2021 since most big tech companies are positioning themselves early in the next phase of technological innovation, and it only seems right that we explain it in the simplest form.

Mark Zuckerberg rebranded the Facebook company to Meta just to show strong intent in the new wave, and he has poured in investments both in personnel and in money into the new wave.

So what is the metaverse exactly?

The simplest meaning of metaverse is a virtual world built on top of a physical one. With this, you can do virtually everything (no pun intended). From using Virtual Reality to attend meetings to going to fun events without leaving your house. We do not yet know if there will be different metaverses, or just one interoperable one, but we cannot deny the fact that the metaverse is the next phase of the internet, and it will be a fun one.

This ‘virtual space’ will ‘download’ the physical world ‘into’ the internet. (Don’t take that sentence literally; it’s a simplified explanation to help you visualize what the Metaverse looks like.) In practice, virtual/augmented reality will be implemented with the upgraded version of the internet: Web 3.0, and individuality will be present due to blockchain’s non-fungibility.

That is a lot of big stuff.

Let’s define some technologies related to the metaverse.

  • VR/AR
image from geek wire

As with all things simulated, our senses: our eyes, ears and body receptors can perceive this reality. Yet, it does not exist outside the systems and machines that produce this effect.

  • Web 3.0 and Blockchain

The internet has been growing in popularity. From a rudimentary collection of networks for researchers to the information medium developed in the early 1990s, to the complex social interaction tool that it is today. This evolution has not stopped, as globalization has made efficient connectivity a priority.

Web 3.0 will not only build on what we have currently, but will also integrate blockchain and its uses to the Internet.

It is noteworthy that the metaverse both real and unreal, and it would take a while before we come into the full flow. Still, we are seeing glimpses of what it can look like via many metaverses around.

Why the hype around getting land on the Metaverse?

The opportunity of living in an alternate world is appealing to all and sundry. I mean, with a world plagued by injustice, death, suffering, and a dying planet, everyone will want to catch a break to catch their breath and relax; this is what the metaverse offers. A ‘world’ where a lower-class man can take a ‘family tour’ of tourist attractions like the Eiffel Tower, just with the use of an application. Because of this alone, many people who want to escape the unpleasant state of their lives can easily switch ‘realities’.

Looking at this from the entrepreneurial standpoint, the consolidation of blockchain tech and the Internet presents tons of opportunities like:

  • Investment In Cryptocurrencies

In any ‘world’ inhabited by humans, there must be trade, which in turn creates economies. With the Internet capable of borderless payments, cryptocurrencies are going to be the blood of the virtual economies. Web 3.0’s integration with decentralized applications will bring us to a World Wide Web, where you can make payments to any website without the need of giant corporations like Mastercard, Visa, or country restrictions.

  • The Growth Of The NFTs Ecosystem.

Remember when I said it will be a replica of the world? In this reality, each person is going to have personal spaces which they may want to decorate with digital paintings. Some may want to entertain themselves with games or music. On any of the virtual worlds, digital possessions (NFTs) can be stored, used, and displayed. These possessions are parts of the internet that can be accessed because of VR/AR. This is where NFTs come in and only those who have purchased now will profit from the massive explosion the NFT market will experience.

Better social interactions is another reason this idea will keep growing. For example, visualize having an online meeting with colleagues. When you put on your smart glasses (in the near future), you appear in a ‘room’ with virtual hands, you speak to the AI assistant who switches your view to a virtual conference room with the avatars of your colleagues present, just like in the movie, Kingsman: The Secret Service.

Popular Metaverse Platforms

  1. Decentraland

2. Somnium Space

3. SandBox

Is the Metaverse land rush an illusion?

Due to all and sundry recognizing that the metaverse is the ‘next big thing’, there is a surge of interest in getting real estate in the metaverse. Yeah!! There is no need for a real estate agent, and no hidden information about your property, but does this all make sense? Is it not all an illusion?

While the growth of the Web 3.0 and the metaverse mirrors many innovative development in world history, history has taught us that the metaverse is here to stay, but it can be made better is the following issues are addressed.

  1. The hopes of a singular metaverse are slim

We are still new in this space, yet we have seen a lot of entries all offering distinct and admirable interfaces. The crypto space which has been existing for almost 13 years is just recovering from scalability issues, majorly solved by layer-3 blockchains offering interoperability. It won’t be so nice starting the Web 3.0 without solving the same problem.

2. Bugs and roaches

The current metaverses we have are like ghost towns. On Decentraland, the average number of active users is around 2,000 people, and since the system does not boot people out for inactivity, it is hard to know how many people are really online. At times, the servers are empty and being run by a DAO, most current metaverse are not immune to racist abuse and comments. We expect more from the ‘real estate of the future’ and we can only hope new projects coming up will take notes.

3. History always repeat itself

As with the dot.com era, not all these metaverses coming up will stand the test of time. Many adept investors are sitting on cash and looking patiently at what the future holds before investing in real estate. While it is good to take risks, it is sometimes better to be strategic with the risks you take. Like we have seen in history with many companies going bankrupt, many of these metaverses will be crushed by competition.

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Very enthusiastic about life and everything In it. I love talking about wealth, the rich, cars, and blockchain

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Okunlola Barnabas Ayomide

Okunlola Barnabas Ayomide

Very enthusiastic about life and everything In it. I love talking about wealth, the rich, cars, and blockchain

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