MetaVerse: Fad or Future of the Internet?
Crypto 101: Exploring the MetaVerse and its Benefits to Humanity
Thanks for taking the time to read today's blog post where we have our blogger from Nigeria, Emmanuel Familoye, with a Masters in Computer Science who is going to talk about the MetaVerse.
Please be sure to read the disclaimer on our site before moving forward, comment below and follow us on social media (FaceBook, Instagram, and twitter)! Edited by @wizdaytrader.
It has always been a world of game lovers in the 3D virtual space. Games like Fortnite, Minecraft, PUBG Mobile, Ark Survival Evolved, and Asphalt 9: Legends have brought the feel of enjoying a virtual world. The evolving internet has brought innovations to various sectors like the entertainment industry, education, finance, business etc. The use of blockchain in hosting these sectors and cryptocurrency as a means for online transactions has seen a surge in the past two years.
The internet is heading towards a future where you can enjoy more than gaming or graphics in 3D only. You can now enjoy your gaming experience with more features like earning or purchasing items as a Non-Fungible Token that you can sell among players for profit. Also, you can carry out your normal physical activities in the virtual world. This IS the Metaverse!
What is the Metaverse exactly?
The Metaverse is a 3D virtual representation of the happenings in the physical world "An all-inclusive physical world to virtual world". The term "Metaverse" was coined by an author named Neal Stepherson in a science fiction novel he wrote titled "Snow Crash" in 1992. The CEO and founder of Facebook, Mark Zuckerberg, renamed Facebook to Meta in 2021, and he said its focus would be on Metaverse and it is the future of the internet. He projected that in the next five years, the Metaverse would have taken its full operation, the Metaverse would be immersive, and you would be involved in the virtual world.
Benefits of the Metaverse
Imagine you want to spend your summer holiday in America, Asia, Africa, or Europe or even to tour the world! However, due to finances, health, security challenges or other concerns, you have to cancel your trip. You have been planning that one day you'll pay a visit to Ukraine, but in 2022, this is no longer possible. You may have to cancel your trips due to these challenges. The Metaverse can suffice to give you the real-life feel of your adventure right on your couch!
In the Metaverse, you get involved by carrying out physical/normal activities in a 3D reality virtual world. For example, you can build your house/community by buying land, or you purchase an already built estate well furnished with NFT assets. If you purchase empty land, you'll have to invest in it by equipping it with NFT assets. There are existing platforms you can purchase this land. Places like Sandbox Metaverse have a limited number of about 166,464 plots of land available for purchase by players to build and could be monetized through renting or selling it out.
In the physical world, people tend to purchase assets in an area with high traffic or a prospect of having high traffic in turn for business opportunities, which can be replicated in the Metaverse. Lands can be purchased close to rich people's lands or quarters/ high traffic areas for future business prospecting because that area would be in high demand and at an expensive rate. Another platform where you can purchase land is the Decentraland.
The total lock down disrupted almost every physical activity and impacted business transiting to remote operations. Covid-19 brought restrictions to movement and physical contact. People couldn't go to work, market, attend meetings, social gatherings were disrupted, and life must go on. This crisis that ravaged the world allowed existing and new remote software companies to come into the limelight.
According to SEO analytics, the Zoom, $ZM, app was downloaded more than 485 million times, a 30 times increase from 2019 when it had 16 million downloads. It was used by 200 million users daily. People get on video, audio, calls, and text to communicate, which has limitations to carrying out tasks and solving problems. An immersive technology called Metaverse could allow you to attend meetings, concerts, travel, and work from the comfort of your home. You get directly involved with an avatar in the Metaverse carrying out your daily activities. You can sit in the front row of a concert and enjoy your music.
Several other assets can be purchased in the Metaverse, like your dream cars and your other desirables. The Metaverse can allow synchronous access by an unlimited user with effectiveness and consistency.
How can the Metaverse be accessed?
The metaverse can be accessed a couple of ways currently. The likes of the Sandbox Metaverse, Decentraland, and Axie Infinity are available through a website. It can also be accessed through a Virtual Reality headset, like the Oculus from Meta (retails for $299). So do we think the MetaVerse is a fad? not likely.
I wish you well in your investment journey,
Essex's Trading Quote of the Day (#QotD)
"Virtual Reality is going to be an important technology. I am pretty confident about this"