If you’re conversant with the happenings of the internet since the 2nd half of 2021, you would agree with me that a month wouldn’t pass without an international firm, sports outfit or celebrity figure making an announcement of ‘entering’ the metaverse.
Then, in June 2021, social media giant Facebook announced that it was rebranding to ‘Meta’ and would focus its future on the upcoming ‘Metaverse’.
However, the term which is used to describe the future of the internet is still unclear to many internet users and even many acclaimed experts. Regardless of how vague and ill-defined the concept is, it is not totally inscrutable. You can get to know it like the back of your hands if you learn about it.
So, in this article, we would try to explain what the metaverse is, in simple terms, how it is going to affect you plus how you can benefit from it.
What is the Metaverse?
Although the definition differs from time to time, the metaverse is, in the simplest terms, a combination of virtual reality (VR) and mixed reality (MR) that can be accessed through a browser or headset. This allows people to have real-time interactions and experiences across distances.
These virtual worlds can be accessed through a virtual reality headset. Here, users can navigate the virtual reality using their eye movements, feedback controllers or voice commands. The headset immerses the user, stimulating what is known as presence, which is created by generating the physical sensation of actually being there with another person(s).
There are things you can do in the metaverse that you just can’t do in real life across distance. You can recreate being together in ways that are not possible over Zoom or Google Meet. You can point to something to explain, use hand gestures, draw on a piece of paper, go places together and do other sorts of activities.
Basically, it eliminates the impediments of distance and encompasses life activities, just as it is in the actual world! But, it is not the actual world.
Getting on the metaverse
At the moment, there is no single gateway to access the metaverse because it is still a developing concept, experts suggest acquiring some hardware to truly immerse yourself in the experience.
There are also tech platforms that offer a variety of experiences like gaming, virtual workspaces, live entertainment and real estate. The platforms include Decentraland, Axie Infinity, Horizon, Sandbox, Fortnite and Roblox.
Then, there are wider applications beyond the above. Musicians and entertainment labels are experimenting with hosting concerts in the metaverse. Prominent artists who have performed there include Marshmello, Travis Scott, Justin Bieber and others.
The sports industry also has top franchises like Manchester City building virtual stadiums so fans can watch games and purchase virtual merchandise.
How you can benefit from the Metaverse
The beauty of the new iteration of the internet known as web3 is that it opens doors of opportunities for users to make quite a lot of money for themselves, just by contributing to it.
The metaverse is no different, it offers significant opportunities for users to run different activities that can earn them money.
1. Buy lands
A common way to earn money in the metaverse is to buy virtual land, rent it out or sell it later at a profit. Decentraland and Sandbox are platforms that offer this feature. Think of it as purchasing landed property in a promising community and waiting for the area to flourish so you can make some good money by renting out or selling your land.
2. Trade tokens
Another popular way to make money in the Metaverse is to trade tokens connected to the metaverse. You can invest in the cryptocurrency of a specific metaverse.
Some examples are Decentraland ($MANA), The Sandbox ($SAND), and Cryptovoxels ($VOX). Metaverses are still relatively new, so there is a possibility that they can grow exponentially in the future. If the popularity of these metaverses grows, the value of their cryptocurrencies will also rise.
Play-to-earn games are also one of the ways of making money in the metaverse. The virtual universe is filled with exciting play-to-earn games you can play. They include Axie Infinity, Illuvium, Decentraland, Star Atlas, Fortnite and so many others.
These games span adventures, unique word searches, puzzle games, chess tournaments and so many others. They allow players to earn cryptocurrency while playing.
Lastly, you can earn a few dollars on the metaverse by creating a store. You can become an online shop owner. Users can create their virtual stores and fill them with any products they want on platforms like Fortnite, Roblox, Oculus and more.
Regardless of what you choose to sell, there’s always a market for it on the metaverse.
According to some analysts, the metaverse will take the virtual reality experience to levels that is unprecedented in human history. When it is fully developed, users will be able to host parties, get married and even have sexual encounters using digital avatars.
Although there are sceptics who believe the concept of the metaverse is a fad and that its popularity will soon wane, it will be interesting to see how this pans out.
What matters is that it is possibility and you should be ready for it!
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