Introducing The Metaverse
So what is the Metaverse? If we asked a group of people thirty years ago to describe the internet, you would get a dozen different definitions, so this is the case with “the Metaverse” today. The term itself, we can universally agree, was conceived in “Snow Crash“, a science fiction novel written by Neal Stephenson in which two delivery drivers are travelling the Metaverse to save themselves from impending doom in a dystopian future.
The Metaverse consists of computer-generated graphical spaces that utilise elements of extended reality to immerse the user in a virtually enhanced environment. We believe the Metaverse is the next evolutionary step in technology to supersede the world wide web. The Metaverse incorporates web 3.0 ideas on decentralisation and ownership, and centralisation. In the Metaverse, users can play games, socialise, attend events, go shopping or work, and a whole new world is being built and developed in the Metaverse space.
Some of the most popular Metaverses are gaming worlds Fortnite and Roblox. Roblox, now available in virtual reality (VR), boast over 200 million users and host celebrities and musicians. Whilst Fortnite streamed a Metaverse Concert to 27 million of its players. Social Metaverses include AltspaceVR and Horizon Worlds, offering an immersive VR experience. Mixed reality platforms include Microsoft Mesh, which allows computer graphics manipulation in real-world environments. Decentralised Metaverses, including The Sandbox and Decentraland, allow actual ownership of Metaverse land and assets.
The Metaverse Economy
The Metaverse grew in popularity during the Covid Era whilst people found it hard to attend events and socialise. However, when Facebook changed its name to Meta, the Metaverse hit the mainstream. It has become the year’s buzzword, with users and organisations adopting the technology on mass. Live events are hosted on the Metaverse, with many virtual spaces created for immersive and engaging experiences, from new artists to recognised icons, the Metaverse has become an exciting alternative to real-life shows. With museums, art galleries, fashion shows, exhibitions, shopping malls, and more, the Metaverse is evolving into a virtual economy with a thriving market in digital clothing, avatars, accessories, land and architecture.
Metanomics (Metaverse Economics) is already one of the fastest growing sectors, with BAYC recently raising $300 million in Metaverse Land sales. NFT collections are selling through blockchain technology and the new virtual economy is emerging. This disruptive technology promises to revolutionise every aspect of our lives, from the way we work to the way we engage with the world. Will the Metaverse be the trillion-dollar industry that many imagine? A recent report by JP Morgan noted that virtual land doubled in price in six months of last year. As the modern Metaverse grows in popularity companies are seizing the moment to create their Metaverse presence.
The time to enter the Metaverse is now to gain a first-mover advantage in this new digital sphere. We can help you transform your concepts into Worlds, architecture, wearables and NFT collections. Metaverse World Builders can assist you in claiming your space in the Metaverse, why not contact us for a personal tour of the amazing virtual worlds our builders have created.