Metaverse has been a new buzzword in the world, with everyone explaining it according to his understanding. We have seen the CEOs like Mark Zuckerberg and Satya Nadella talking about it. The question that is perplexing every uninitiated person is, what actually is metaverse. What bothers people more is, “when will they get to experience it” and “how it is going to change their lives”.
Let’s understand all details about Metaverse now.
What Is Metaverse
To be frank, there is no clear cut definition of metaverse yet and it is simply a combination of vagueness and complexity. In very lucid terms, we can call metaverse a world, where we live and interact digitally. It is a universe beyond our current imagination and is formed by integration of virtual reality, augmented reality, holography, digital personalized avatars and other means of communication.
The term “metaverse” was coined by an American Fiction writer “Neal Stephenson” in his novel “Snow Crash” in 1992. In this novel, he imagines a world where the characters meet in a virtual world as 3D avatars.
Metaverse is a cyber-universe, where you live as your digital avatar and have the capability to do all such things, that you do in the real world. Yes, of course, virtually. You can hang out with your friends, celebrate parties, buy properties just like you do here. The fusion between the virtual world and the physical world will be so intricate that there will no no time difference between the events in the two spaces.
Imagine you throwing a party with your friends. Instead of going physically to the restaurant, you decide to celebrate it in metaverse. To do so, you and your friends will jump into metaverse in your digital avatars, hire a digital restaurant, and celebrate your party virtually. The metaverse experience will be so immersive, that you will treat it no less than a real celebration.
We are already seeing the overlap of digital world with physical world. E.g, the “internet of things”, the “Augmented and virtual reality games” etc. Even though the two are already inter-woven, metaverse will enhance it so much, that a new iteration of web will take birth.
In short, metaverse is a combination of various technologies like virtual reality, augmented reality, videos, holography to allow people live digitally in an altogether new universe.
So, if you have understood what Metaverse is, let’s now check how it will feel to us.
How will metaverse feel?
Imagine you are in relationship with some one and you cant be together because of some reason. Jump into metaverse and you will have a feeling of being together, when you actually are not.
You want to throw a part with your friends and all restaurants are closed due to lockdown. Jump into metaverse and enjoy the party with digital avatars of your friends.
It will lend a new meaning to work from home concept. You will put on an eye-gear, jump into metaverse and work in the office located in metaverse, without actually missing the joy of being with your co-workers.
You can get any avatar for yourself. If you think you could be better a cat, then you can get a car avatar for you in metaverse. You can customise your avatar any way you want. You can go to a virtual sunglasses store and get that customised according to your taste.
In advanced form of metaverse, you can get an avatar/identity and have the facility to use the same identity anywhere in the metaverse. It is unlike our current imagination, where we use different identities in different platforms/games/applications etc. example: You cant use the same identity in PUBG that you use in FreeFire.
In short, the metaverse will allow its users to work, play and stay connected with their friends through everything from parties, concerts and meetings to virtual tours around the world.
Real Uses Of Metaverse
Metaverse is going to revolutionise the way we look at the world. It is going to influence every aspect of our life. Here, we enlist the ways, in which it is going to be useful to all of us.
- Very immersive entertainment and gaming.
- Very collaborative and enriched business operations.
- Innovative teaching and training.
- Real life like virtual meetings.
- Enhanced ways of branding and advertisements.
- Virtual office work with real life feelings.
- Enriched and immersive social media.
- Improvised banking and finance.
- Remote health care.
These are some use cases of Metaverse that we can think of now. When it will be fully developed, it has the potential to find use cases in almost all spheres of life.
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How To Buy Land and Real Estate In Metaverse
Virtual worlds are growing rapidly, both in terms of popularity and acceptance. People not only are now buying the pieces of earth and moon, but are also purchasing real estate in the Metaverse. Some of the well known persons who have bought land in metaverse include JP Morgan and Snoop Dog. The experts are of the firm belief that buying and selling of land in Metaverse is going to be a very lucrative business in the future.
You can well imagine the future of land business on metaverse from the fact that around one year ago, the cost of the land on Sandbox and Decentraland was about $1000 per plot, and the same has skyrocketed to more than $13000 now.
In such a scenario, if you want to invest for future by buying land in metaverse, you can do so by following the steps given below:
- Get a crypto wallet.
- Buy some cryptocurrency like Ethereum, Sand or Mana and deposit them in your crypto wallet.
- Now go to any platform, which sells land in Metaverse. There are many such platforms, and the main ones are Sandbox and Decentraland. Say, you choose Decentraland.
- Go to Decentraland website and sign up to create your account. The website will help you in this regard.
- Now, to check the properties, go to Estates and Parcels section. Click on view all and select a plot.
- Check all the features of the plot, like its cost, its distance from the main attractions, its owners etc.
- Click on the buy option to purchase the land. Here, you will have to make payment in cryptos through your crypto wallet.
- Once the transaction is complete, the land will be transferred to your wallet as an NFT.
Now you can keep the land for yourself or sell it at higher cost in future. You can also rent out this plot of land. If you do so, it will turn as a source of passive income for you without you losing the ownership of the property.
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How To Make Money From Metaverse
Metaverse is opening a new world and hence new business opportunities. Everyone ranging from an common man to the big business houses, wants to switch to metaverse gain advantages from this virtual world.
In such a scenario, are you are wondering how you can make money from the metaverse? There are many ways to do so, and some of them are listed below:
- Buy and sell virtual land and real estate.
- Rent out your virtual real estate.
- Create and sell 3D NFts.
- Open an online shopping centre in Metaverse.
- Participate in play to earn games.
- Become an event organiser in Metaverse.
- Become a Metaverse designer.
- Open a virtual art gallery.
- Invest in Metaverse stocks.
- Make metaverse games.
- Become a Metaverse educator.
- Invest in Metaverse cryptos.
These are some ways, through which you can make money from the Metaverse. But, before you proceed, you should do a proper research and adopt only such a way which suits your skill set and risk appetite.
So, this was all about Metaverse, its uses and ways through which money can be earned with it, we are sure that you would have loved reading this article.
FAQs On Metaverse
Metaverse is an immersive 3D virtual space facilitated by the Augmented reality and virtual reality, and maintained by the users, where humans experience life in the way they could not in the physical world. In this virtual world, users can interact with each other and the computer generated objects and avatars.
The main purpose of the Metaverse is to allow people experience life in such novel ways, which are not possible in the physical world. Metaverses are used for a variety of purposes, which include gaming, education and social networking etc. For example, Meta (earlier Facebook) is slowly turning itself into a social networking Metaverse.
In Metaverse, you can buy the virtual land as has been done by many well known names like Snoop Dog and JP Morgan. To buy land in Metaverse, you will require some cryptos (like Ethereum) and a crypto wallet. Then you can go to platforms like Sandbox or Decentraland to buy the virtual land. This purchase is recorded through transfer of NFTs to your wallet.