What is the “metaverse”? Is it just a SciFi concept that you see in movies like Ready Player One, Lucy or The Matrix? Turns out these movies are coming to life with the latest revolution, The Metaverse.
What is the Metaverse?
Let’s break it down. “Meta” as a prefix means beyond, and “verse” refers to universe. Facebook, a huge stake holder in the metaverse has defined it as “a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.” The way that the metaverse is currently being described is that we’re all going to live in it. It is more of an extension of the internet or Web3, a more decentralised internet wherein users are more in control of how their data is handled.
Many people think that the metaverse emerged as the result of the pandemic. Though people were not able to meet and interact, this provided a new and safe environment to do so. It may come as a shock to you, but we have already been rolling with the metaverse for a while now, through old games like Second life, Fortnite, Roblox.
NFTs meet Metaverse
NFTs have found their centerstage in the metaverse. What is its role here? An NFT is a digital asset that signifies democratised ownership over a unique object. Creating and exchanging goods are one of the main activities taking place in the metaverse. Hence they are kind of the building blocks for the same.
Play-to-earn games like Axie Infinity have emerged that possess their very own metaverse and native currency. In this manner, the metaverse has created a whole digital economy adding in millions of dollars in value. This whole new phenomenon of play-to-earn games has been absolutely revolutionary as gaming is moving away from earn-to-play mode. Earlier, only the game developers would financially reap returns but now the gaming community is hooked as they keep earning.
The players earn through community tokens or cryptocurrencies which they can cash out for fiat money anytime. Providing a source of income is enough to ensure that these games are going to be here to stay for a very long time. The community also is more proactive as they realise their governance in how the game is run.
The key wow factor behind the metaverse is the absolutely immersive experience that it provides you. It has already started to slowly make its way into each industry. Let’s go over some of the latest metaverse developments happening in our daily lives –
India’s fashion Icon Manish Malhotra debuts in the metaverse with a latest collection of NFTs. The NFTs sold out in seconds! The designer is very keen on exploring and experimenting with this new technology. The idea of his work being immortal and accessible globally fascinated him. His brand was even part of Lakme Fashion Week’s first virtual fashion show in 2017!
NASCAR is in the race to establish their brand as well. Its parent company Subnation, has integrated the transition so well to enable you to switch between the virtual world and physical world seamlessly. The team hosts virtual watch parties, a simulation racing platform and creating NFTs. Furthermore, fans have loved the NFTs as they can exchange for real-life rewards such as tickets or seating upgrades.
Even the hottest show Squid Games has made its debut into the metaverse. Thousands of users have been playing the deadly game “Red Light, Green Light” in several game rooms on Roblox, the gaming platform.
The metaverse has been one of the most crazy innovations to date. Whether or not everyone’s going to be on board to experience the experience, it is definitely here to stay.