Unlocking the Metaverse: Exploring the Basics, Rising Popularity, and Industry Players

When Neal Sephenson in his 1992 novel Snow Crash was the first person to describe Metaverse as a vast digital universe that lives alongside the actual world, he probably never thought what it would become 40 years later. Today we use the internet to watch videos, read the news, search for different things, and interact with friends and other personalities. Now you can immerse yourself in this world and be part of it.

The metaverse is a virtual reality world created using simulation technologies, 3D graphics, and virtual reality systems, created by a computer. It's a replica of the real world where users can adopt other roles and explore infinite activities represented by customizable avatars. Real-world activities like shopping, working, and driving can be replicated in the metaverse.

Mark Zuckerberg, the founder, and chief executive officer of Facebook , in 2021 changed the name of the company to Meta , anticipating that in the next 5 to 10 years all the core elements of the metaverse environment would become mainstream. Add to that the 5G and high-speed internet is increasing constantly, with the VR 谷歌 handset that becomes cheaper, the continuous? connectivity all over the world, looks like things are changing faster. If you’re one of the people who own #cryptocurrency, virtual goods, and maybe an NFT, you’re ready to be hooked up to the metaverse. Other big tech companies like Sony and Google have also committed enormous resources to developing metaverse technologies.

Metaverse projects are integrating #blockchain solutions to address issues of possession and exchange of resources on the metaverse with NFTs, 3D avatars, and virtual reality technologies. Blockchain solutions provide an immutable record of events and transactions on the #metaverse. Ownership of digital lands and other properties on metaverses can be recorded and transferred using #NFT technology, and qualifications and special attributes can also be conferred as an NFT.

Decentralized metaverses like Decentraland and the The Sandbox are built, governed, and owned by their users. These metaverses allow for greater control and flexibility and offer a more democratic and decentralized approach to the metaverse.

As the metaverse continues to gain momentum, it's important for companies and individuals to understand the potential benefits and challenges of this virtual world. Incorporating blockchain solutions can provide a secure and transparent system for the ownership and exchange of resources on the metaverse. Moreover, the use of NFTs can provide a unique and valuable way to represent ownership of digital assets in the metaverse.

While big tech companies like Meta are working on creating their own metaverse, it's important to also recognize the potential for decentralized metaverses to provide a more democratic and user-driven approach to this virtual world. The metaverse is a fascinating new development that will continue to evolve and shape our digital landscape.

The Metaverse has the potential to transform the way we interact with each other and with digital content. By creating immersive virtual environments that feel just as real as physical spaces, the Metaverse can help businesses connect with customers in new and exciting ways.

One of the most promising use cases for the Metaverse is in the realm of virtual events. With the COVID-19 pandemic still ongoing, many businesses have had to shift their events online - but virtual events can often feel lackluster and impersonal. With the Metaverse, however, you can create truly immersive events that feel just as engaging and exciting as in-person events.

For example, imagine hosting a virtual trade show in the Metaverse, where attendees can walk around a virtual showroom, interact with products, and chat with representatives in real-time. Or you could host a virtual conference with keynote speakers, breakout sessions, and even networking opportunities. By leveraging the power of the Metaverse, businesses can create memorable and engaging events that leave a lasting impression on attendees.?

But it's not just events where the Metaverse can shine - it can also be a powerful tool for training and education. For example, imagine creating a virtual training program for new employees, where they can explore a virtual office, learn about company policies, and even practice real-world scenarios in a safe, simulated environment. This approach can be especially valuable for businesses that operate in high-risk environments or industries where mistakes can have serious consequences.

Similarly, the Metaverse can be used for remote collaboration and communication. Rather than relying on video calls and emails, teams can use the Metaverse to work together in a shared virtual space, brainstorming ideas and sharing feedback in real-time. This approach can help teams feel more connected and engaged, even if they are physically located in different parts of the world.

Some use case example is Ariana Grande′s concert in partnership with Fortnite game, attracting 12.3 million users that watch her live. Imagine is this was the physical world, how many stadiums she would have needed to achieve that number. In Justin Biber′s case, he controlled the avatar live by wearing a motion-capture suit; like Ariana′s, the performance was viewed by millions. Twenty One Pilots music was hosted into the Roblox platform to immerse in a full metaverse experience. The list is long, but you already got the point.

Of course, as with any new technology, there are also some challenges and considerations to keep in mind. For example, security and privacy are major concerns when it comes to virtual environments, and it's important to ensure that your Metaverse projects are secure and compliant with relevant regulations. Additionally, it's important to think carefully about accessibility - while the Metaverse has the potential to create truly immersive experiences, it's crucial to ensure that these experiences are accessible to all users, regardless of their abilities or technological limitations.

So how can businesses get started with the Metaverse? One of the first steps is to start exploring the technology and its potential applications. By staying up to date on the latest trends and use cases, businesses can begin to identify opportunities to leverage the Metaverse in their own operations. It's also important to work with experienced professionals who can provide guidance and support throughout the implementation process.

Finally, as with any content creation, it's important to keep SEO best practices in mind when creating content, meaning following guidelines and techniques that help your website/ Metaverse rank higher in search engine results. By optimizing your virtual environments and experiences for search engines, you can ensure that your content is discoverable and accessible to a wider audience. Engineers are using mixing reality to achieve the best experiences, using Virtual Reality and Augmented Reality combined.?

Touch & smell are the next to enhance the real feeling, some experiences will make your command stick.?

The #gaming industry adopted the Metaverse, and it offers a way for companies to interact with their products with some creativity. Some use cases in this industry are:

Axie Infinity was one of the first to revolutionize the gaming industry with Blockchain Technology that took the gaming world by storm. It runs on the Ethereum blockchain and is inspired by the popular game Pokémon. It rewards players with tradable NFTs and in-game tokens. The ecosystem is powered by two major tokens: the Axie Infinity token (AXS) and Smooth Love Portion (SLP). Players can earn these tokens as part of the game's reward system. AXS can be used for purchasing gaming utilities and voting on proposals through the DAO, and SLP is used to train Axies and can be traded on major exchanges. Axie Infinity is an innovative example of how blockchain technology can revolutionize the gaming industry by introducing a new model of gaming where players can earn and trade valuable assets.

This type of game is called play to earn games.?

Below are other examples of popular metaverse games:

Enjin is an online gaming platform with over 250,000 gaming communities and 18.7 million registered gamers. They created a cryptocurrency called Enjin Coin to make buying and selling virtual goods safer and cheaper by using blockchain technology. Enjin is also a top ecosystem for NFTs, which are unique digital collectibles. They offer tools and services for creating, selling, and using NFTs in virtual worlds. The Enjin token powers this ecosystem and it can be used to mint NFTs and exchange them in the marketplace. Enjin also offers a wallet for storing NFTs and other cryptocurrencies. Enjin can be bought and sold on several cryptocurrency exchanges.

Floki, previously known as Floki Inu, started as a meme coin and is now focused on developing a metaverse game called Valhalla. Valhalla is a decentralized combat game where players control NFT characters through various levels, offering an immersive experience. The game incorporates intensive gameplay, impressive sound technology, captivating 3D characters, and detailed topography. The NFTs in Valhalla are called "Veras," which can be upgraded and grant holders’ access to improved utilities and abilities. By building Valhalla on the blockchain, Floki ensures that players have custody of their in-game assets and characters. The Floki token plays a vital role in purchasing gaming equipment and upgrading NFTs within Valhalla.

Decentraland

Explore a new world with Decentraland! This blockchain-based game allows you to own and develop your own virtual land. Whether on desktop, mobile, or with a virtual reality headset, you can immerse yourself in the decentralized world of Decentraland.

In this city-building and strategy game, players purchase LANDs and develop their cities while trading other in-game items such as NFTs. LAND is a non-fungible token that represents ownership of land parcels, enabling players to host and attend events. The game's graphics create a fully immersive experience, making it an engaging game to play.

Decentraland runs on the Ethereum blockchain, utilizing it to record transactions and item ownership. MANA is the native token of Decentraland, allowing holders to buy in-game items and NFTs, including LANDs. MANA holders can also vote on improvement proposals for the project through the Decentraland DAO. MANA can be traded on popular exchanges such as Binance, Coinbase, and Kraken.

Some companies that are in Decentraland includes:

Atari has virtual ownership or assets in Decentraland, which by entering metaverse platform allows visitors to play Atari-themed games and programs to expand digital gaming opportunities around the world.

Adidas, a prominent player in the sports goods manufacturing industry, has acquired virtual land with the aim of showcasing its branded content, experiences, and merchandise within the virtual world.

Samsung, a leading electronics manufacturer, inaugurated its metaverse location, named Samsung 837X. This virtual setting, inspired by the Samsung 837 store in New York City, allows users to engage with a diverse range of Samsung products and features an NFT-style experience, games, product unveilings, and live performances.

There are? different metaverse worlds that are worth your research if you like this topic like The Sanbox (Decentraland competitor), Roblox that we mentioned before, launched a concert with Justin Biber, or recently a makeup party in their metaverse for Urban Decay-eye, Epic Games, the makers of one of most popular games, Fortnite is also launching collaborations and games into the metaverse like Core.

Another example of a running star metaverse is Colin Fitzpatrick which realized the two could be combined to offer solutions to a struggling music industry. The platform will soon allow people at home to stream VR-augmented concerts live. “With 360-degree cameras on stage, you can use a VR headset to get an immersive experience — like you are dancing on stage with your favorite bands, from your living room anywhere in the world. We want to enable you to enjoy the concert with friends by seeing their avatars. The goal is to become the “Netflix of live-streaming concerts.”

The 15-time GRAMMY Award winner Alicia Keys, in the promotion of her Album Keys, performed live in their metaverse.?

For soccer fans, Socios.com is a blockchain-based platform that connects sports fans with their favorite teams and players using digital assets such as NFTs (Non-Fungible Tokens) and fan tokens. Through fan tokens, fans can engage with their favorite teams and influence some of their decisions.

Socios.com? has partnered with Chiliz , a blockchain company focused on sports and entertainment, to launch a metaverse soccer game featuring NFT-based soccer players that can be traded on the Socios.com platform and other NFT marketplaces. To expand its digital ecosystem, Socios.com has acquired 576 LANDS in The Sandbox metaverse to build a sports and entertainment neighborhood featuring partner clubs like FC Barcelona, Juventus, and Paris Saint-Germain. This project aims to engage fans and sports organizations, allowing them to monetize assets and gaming experiences through social gaming experiences within The Sandbox virtual worlds. The game will use a play-to-earn model, where players can earn rewards for their in-game achievements. The platform's ambassador is the legendary soccer player Lionel Messi, who has won the Ballon d'Or a record-breaking seven times.

Metaverses, whether centralized or decentralized, have a large user base and sell digital assets. Decentralized worlds like Decentraland allow access via wallet software, while centralized worlds require a user account. NFTs purchased in one decentralized world can be displayed in many others, unlike items in centralized worlds. Today's youth are used to buying digital assets in games, making it easy for them to buy NFTs from their favorite musicians. The need for a wallet can be a hurdle for newcomers, so Fitzpatrick suggests using credit cards to purchase concert tickets and NFTs. NFTs can also be combined with physical memorabilia and virtual meet and greets, which is up to the artists.

The opportunities are out there for the companies to choose from the current multiverses in place, fashion industry, ticketing, companies, and governments, they all going to be sooner or later into some metaverse, because like in the Steve Spielberg movie Play One, there are a lot of people that will spend time in it.