What is the Metaverse?



Some of the most fascinating features of the emerging Web3 ecosystem are found in the Metaverse. The concept of NFTs and play-to-win video games is well-known. Cryptocurrencies and DeFi are widely discussed topics nowadays.

The best part is that it's just beginning, which is thrilling for everyone. It is because of blockchain technology that we can now build the internet of the future. 

We recommend reading up on what's been happening in the Sandbox and its Alpha Season 3, as well as in Decentraland games, before diving into this article.

What is it?

The Metaverse is not a single location, and this is the most important fact to keep in mind at all times. The term "the next generation of the Internet" has been used to describe the fusion of the many new online communities. The virtual worlds created using blockchain technology are all part of the Metaverse. Virtual worlds may take many forms, from game planets to NFT galleries, from curated regions to online thoroughfares.

Companies from a wide variety of industries, including media, music publishing, sportswear, and cryptocurrency analytics, have established a presence in the Metaverse. So do movie stars, TV personalities, and cartoon characters like the Smurfs. The church is inclusive, therefore everyone is welcome. The Metaverse sits at the extremes of centralization and decentralization, setting it apart from other online social systems such as Minecraft.

Source: Otherside

Previously, online communities were owned and operated by a single company, with all activity taking place inside their own network of servers. You had to sign up with a new identity if you left their realm and entered a new one. You may use your Metaverse identity to move freely across the many different virtual worlds. Because of this, it more closely resembles a reflection of our actual reality. You don't need a brand-new ID each time you visit a different town, city, or country.

Who owns it?

The question of who owns the Metaverse is similar to that of who controls the internet. There is no one company or organization that can be said to have full power over the Metaverse. Instead, the Metaverse is the product of a collaborative effort amongst a wide variety of parties. It goes without saying, therefore, that certain brands will serve as entry points to the Metaverse. These services enable users to enter the Metaverse as an avatar through the use of blockchain technology.

However, although virtual ecosystems like The Sandbox and Decentraland do exist, creators may develop and curate their own unique parts of those ecosystems. A person or business may monetize their efforts and retain the profits if they succeed in creating a location that others will want to visit because of the quality of the experience they will get there.

Source: The Sandbox

Thus, while certain corporations serve as gatekeepers to specific virtual worlds, once inside, any participant may rightfully claim ownership. Blockchain technology grants undisputed ownership to any digital or virtual asset, including real estate, gaming assets, avatars, and clothing. The holders of governance tokens on Metaverse platforms are able to vote on platform-wide issues. Someone's influence over the future of a platform rises and falls with the number of tokens they own.

How can you get into the Metaverse?

To begin, you must choose which Metaverse platform you want to access. The number of these online communities already numbers in the hundreds, and new ones are being created every day. Metaverse entrance fees are nothing new; we've seen it time and time again. It's possible that you'll need to create a brand-new character, hunt one down in the auction house, or pay real money for an NFT item before you can join the group. Alternatively, you may purchase access to technologies that provide you access to the Metaverse via their own protocols. 

Source: Decentraland

What do you do in the Metaverse?

There are subtle distinctions between each Metaverse platform. While some are designed for entertainment, others are made with learning in mind. Markets for buying and selling goods and services may be found in several areas of the Metaverse. The Metaverse is home to many different types of events, including conferences, fashion exhibits, business meetings, athletic events, and chess games. A couple from the United Arab Emirates (UAE) in 2022 invited visitors from all around the globe to join them for their wedding celebration in Decentraland.

It would seem that the only thing stopping people from doing whatever they want in the Metaverse is their own creative minds, apart from the obvious constraints that come with users not being physically there. The potential is enormous, and the next five to ten years will be fascinating as people experiment with the form. All virtual worlds strive to get visitors. In most cases, putting up a show is all that's needed to achieve this goal. Theoretically, therefore, the Metaverse ought to be a dynamic and exciting space where one may find their place.

Well-known companies and virtual worlds.

Businesses such as Ubisoft, Nike, Adidas, Sotheby's, Samsung, and many more have followed the Metaverse's lead by forming profitable relationships with virtual worlds. However, discussions about the Metaverse aren't limited to Web3 initiatives alone. As a matter of fact, the most well-known blockchain projects outside this sphere are virtual worlds built on the Metaverse platform. Several well-known companies, both old-school and new, have come out in open favor of the concept or are actively developing their own Metaverses. Disney has been assembling a team to create a Metaverse-related project, making it one of the most anticipated.

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