What are Metaverse Platforms?
The Metaverse currently is not interconnected and exists as separate platforms. These Metaverse platforms are creating the next generation of the internet. The platforms can be accessed via PC / Tablet / Smartphone and VR Headsets and incorporate extended reality. Broadly speaking the metaverse consists of two types of platforms – Centralised and Decentralised. With Centralised Metaverse platforms owned by Companies and Decentralised funded by cryptocurrencies. Metaverse’s currently available largely consist of social, entertainment, business, or gaming metaverses.
What’s the difference between centralised and decentralised Metaverses?
Simply put, leaving aside technical differences, Decentralised Metaverse Platforms allow true ownership of the digital world or land and its assets and in Centralised Metaverse Platforms, the ownership is one organisation or company. In centralised Worlds, the intellectual property is held within a secure user account.
What are NFTs?
Non-fungible tokens (NFTs) allow creators to sell digital assets on the metaverse. They are used to trade and sell in the metaverse. NFTs have been used to trade several types of digital creations including property, land, education, avatars, fashion, events, and art. NFTs are uniquely identifiable assets that provide digital certificates of authenticity verified through the blockchain.
What are MSTs and MITs?
Metaverse Smart Tokens (MSTs) are digital assets that follow a given set of rules for transfer, transaction approval and supply. They are trust-free, traceable and decentralised smart properties. Metaverse Identifiable Tokens (MITs) are standardised tokens that detail transfer, ownership, and information about a non-fungible item or digital asset. An MIT has a globally unique id.
What is Metaverse Currency?
Metaverses use their currencies to enable many activities. Users trade with virtual currencies within the metaverse and in most cases, coins within the metaverse platform can be exchanged either for currency or for crypto-currencies such as Ethereum.
How can I get a presence in the Metaverse?
We specialise in guiding clients new to the metaverse. We help you choose the best platform and develop your ideas for a metaverse presence from conception to completion. We help you determine your organisational goals for your metaverse world. In order to gain a presence on decentralised platforms such as Decentraland and The Sandbox, you will need to purchase Land in the form of digital space. We can help you through the whole process of buying Metaverse Land through to the implementation of Metaverse building. Centralised platforms such as Horizon Worlds and AltspaceVR do not require land acquisition.
Can I make money on the metaverse?
Yes, many people are extending their business by expanding into the metaverse. You can trade goods and assets, sell services, monetise events, or simply showcase your company’s products to a brand new audience.
Why should I gain a presence in the Metaverse?
The metaverse is the future of the internet and will become an interoperable digital universe. By establishing yourself early on the metaverse you can gain a first-mover advantage and future proof your brand or organisation.