Despite the fact that the term “metaverse” has been bandied about a lot lately, the idea has been around for a long time in the form of various video games. As a long-time gamer, you may have already encountered some of these issues. In this post, I explain how and why a metaverse will be a part of the world of the future. Investing in a company that deals with metaverse and related NFTs is also covered.
What Is the Metaverse, First?
In a nutshell, the metaverse is an online environment that operates 24 hours a day, seven days a week, just like the real world. More than a virtual world, it has its own economy, powered by the creators and infrastructure providers that populate it.
Traditional games rely on closed systems, whereas the metaverse relies on non-fungible tokens that can be exchanged across different systems and protocols.
Some, such as Sandbox and Decentraland, are already utilising the metaverse’s principles and providing an early glimpse of what the concept might look like in its crudest form.
In addition to games like these, people also consider the possibilities of socialising events, virtual shopping, and even work. There has been a recent surge in interest in Meta’s metaverse project, which the tech giant plans to fund heavily over the next few years.
The Present State of the Metaverse
Minecraft and Roblox provided metaverse-like experiences even before blockchain-enabled games like Decentraland and Sandbox existed.
Virtual worlds were already being explored in Second Life when the online game was launched in 2003; the game was a precursor to the development of blockchain technology.
As well as fungible currency, both Sandbox and Decentraland include NFT assets in their environments.
Non-fungible tokens, such as those used to buy virtual lands on Decentraland and to decorate your virtual avatar on Sandbox, are assets that can be traded in and out of the game.
A crypto wallet like Metamask is required to join these early metaverses, but Web2 sign in (using your Google or Apple account) is also possible in Spatial, where one can participate in virtual social rooms. Explore Decentraland, Sandbox, and Spatial, three additional virtual hangouts.
Virtual reality (VR) headsets appear to be becoming increasingly common in the current iteration of the metaverse concept. Virtual reality headset developers are creating their own virtual worlds for their headsets, such as Meta and Steam.
What can we expect from the Metaverse of the Future?
Using Web3 technology enabled by blockchain technology (such as NFTs and Cryptos), the future metaverse will be similar to our real world in many ways and may even replace some real-world activities in the process (like working or hanging out).
There are already some metaverse NFT vendors who have made their NFTs usable in some metaverse games such as clothing and footwear, and more are planning to enter the domain.
The number of people who are interested in investing in and renting out virtual lands on games like World of Warcraft is growing as well. People who have no interest in the metaverse, but who see it as a lucrative investment opportunity, could buy stock in the companies developing the concept.
The growth of the virtual economy, which relies on video games and virtual worlds where disruptions are almost nonexistent, can also be a huge factor in the future metaverse.
Tokens that are not fungible can be incorporated into in-game assets to allow for the decentralisation of the virtual economy, which benefits both users and creators.
Unlike the current internet, the future metaverse will be open, almost without interruption from a single community or company, as more brands are looking to open their outlets on the broader metaverse just like on the internet of today (although the internet is centralised by search engine providers).
What are my options for doing business in the Metaverse?
It’s a great idea if you’ve decided to invest in a metaverse-based NFT business after reading this blog. But if you have difficulty starting from the beginning, then hiring a company that develops NFTs for the metaverse would be a good option to consider.
You can benefit from their expertise in all aspects of NFTs, and as a metaverse entrepreneur, you can benefit from their insights into running an NFT marketplace.
As a result, they can provide you with the best and most robust solution for your products, even in the event of a disruption. They can also provide high-quality marketing services to ensure that your new NFT store on the metaverse reaches gamers and virtual world users.
There is a lot of assistance available from them. Even after your product has been launched, make sure you have someone to turn to if there are any problems with it that haven’t been anticipated.