What is the Metaverse?

A term that once belonged squarely to the realm of science fiction, the metaverse is now at the forefront of technological innovation, poised to transform everything from social interaction to commerce, education, and beyond. But what exactly is the metaverse? How does it work, and what could it mean for the future of our digital lives?

  • The metaverse is envisioned as the next evolution of the internet, offering a 3D virtual realm where people can live, work, shop, learn, and interact in digital spaces.
  • The metaverse economy could potentially reach $5 trillion by 2030, with e-commerce, gaming, entertainment, education, and marketing as key sectors.
  • The metaverse’s development is supported by technologies like virtual reality (VR), augmented reality (AR), blockchain, and digital twin technology.
  • Virtual reality and augmented reality are crucial for accessing and interacting within the metaverse, with VR offering immersive experiences and AR overlaying digital information on the real world.
  • Non-fungible tokens (NFTs) are expected to play a significant role in the metaverse by establishing digital ownership of assets.
 

The Metaverse, broken down into “beyond” and “universe”, has no precise definition. It generally illustrates the revolutions linked to the Internet. In the context of web3, the Metaverse is the set of virtual universes in which users can exchange in real time and live experiences through their 3D avatar.

Metaverse games are immersive, allowing users to interact with the environment and other players at all times, in real time. In view of their success, other games have been created, this time offering adventures and missions in exchange for payment in crypto-currency. Play to Earn” was born.

 

Today, video games still occupy an important place in the Metaverse, but it is tending to diversify over time. Indeed, new fields such as culture and digital artistic creation are making their appearance. The opening of virtual art galleries, theaters and museums for NFTs are proof of this. What’s more, many artists are moving into the Metaverse – David Guetta, for example, has organized concerts there.

Other sectors have rapidly emerged and are now inextricably linked with the Metaverse, such as workspaces and real estate. The land buying and selling sector quickly generated a buzz and raised impressive sums of money.

How does the Metaverse work?

The Metaverse makes virtual worlds available in real time and accessible at all times. It relies on innovative technologies (virtual reality headsets, haptic sensors, etc.) to enable total immersion and interaction in the chosen universe. It is therefore accessible to anyone with Internet access and a console, PC or even a simple telephone. Like the Internet, the Metaverse belongs to no one, but is made up of players with varying degrees of influence. Users can move from one universe to another, from one apartment to another, from one friend to another… A lifelong dream, teleporting wherever they please.

How do I join the Metaverse?

There are several ways to join a Metaverse. Firstly, you can create an avatar to join the various lounges and universes available to you. Secondly, you can buy land in these universes (The Otherside, Decentraland, The Sandbox…) in order to become an owner and therefore free to act on your property.

These plots of land can be used for construction, events, stores and much more. They appear as an individual property where everyone is free to undertake their own projects. Buying land on these platforms can reach dizzying prices, depending on its size, location, etc. Each platform offers its own crypto-currency enabling the purchase of land or property within its Metaverse (APE, MANA, SAND, etc.).

This system enables the emergence of new crypto-currencies to perpetuate the issuing company and the entire crypto ecosystem. For example, the company behind the largest NFT collection, Yuga Labs, launched its Metaverse The Otherside with its ApeCoin token a few months ago. Today, the company has a market capitalization of over 2 billion euros, even though its project is only in the testing phase and the crypto-currency industry is going through a difficult period.

What are the future prospects for the Metaverse?

The Metaverse is the world of tomorrow. Major companies such as Meta (Facebook) and Activision blizzard (Call of Duty, Overwatch) have already had a foot in the Metaverse for several years. Their aim is to revolutionize tomorrow’s games. Imagine earning a salary in cryptocurrency every month by playing video games, reproducing your every move in your game… Tomorrow’s Metaverse has millions of possibilities in many fields.

Can you imagine doing your shopping in the Metaverse, so you can see and choose your products as you stroll through the aisles without leaving your home? That’s exactly what big companies like Carrefour are promising us in the years to come. After your shopping spree, why not go shopping in your favorite boutiques without having to leave home, with sales assistants at your disposal, just like in a real boutique? This is also what GUCCI and LVMH are promising us.

Simplify administrative procedures with a faster appointment at your bank in the Metaverse, sign sensitive papers at embassies, take part in your business meetings, access the new film as if you were at the cinema. All these possibilities and hundreds more are in the development phase, but which ones have not yet been imagined?
There seems to be no limit to the Metaverse.

Conclusion

The Metaverse already seems to be indispensable to tomorrow’s world. This sector is destined to grow by leaps and bounds in the years to come. More and more large companies are taking an interest and investing in this promise. It’s also possible for private individuals to participate in the construction of the Metaverse by purchasing land, property or platform-native tokens… But be sure to diversify. Today’s pioneering companies may not be at the top of tomorrow’s food chain.

 

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