The Metaverse is on its way, and for all we know, it will bring about a change in how we use the internet. As companies and organizations all over the world continue to take an interest in the prospects of the Metaverse, it is well on its way to becoming a digital realm of endless possibilities.
How do we define the Metaverse?
A reasonable cue to determine whether the Metaverse is finite or not depends on its definition. You can find hundreds of definitions of the Metaverse online written differently, but one thing they all have in common is the term “digital”.
In plain terms, you can describe the Metaverse as a 3-dimensional, digital world that reflects the reality of the universe but also allows actions and interactions that would be impossible to achieve in the digital world.
The Metaverse is a blooming digital space with the potential to unlock up to $800 billion (according to a Bloomberg Intelligence analysis in 2021). Despite being in its early stage, and from the little we can tell so far, as far as human interaction goes, the promises and opportunities available to us in the Metaverse are limitless.
What can be achieved in the Metaverse?
1. Buying and selling of Metaverse real estate
Metaverse real estate is virtual land. In the simplest terms, they are pixels, but they represent more than just pictures. Lands in the Metaverse are programmable spaces where owners can invite people to play games, socialize, have meetings, concerts, and all sorts of things one can do in a virtual environment. As the Metaverse continues to gain traction, the growth of digital real estate is expected to grow, even now in its early stage, where celebrities and companies have begun acquiring parcels of lands in the Metaverse both for social and financial benefits.
2. Meet and work with colleagues
One of the promises of the Metaverse is to revolutionize the working ecosystem. The crux of collaborating in the Metaverse is to replicate the working intimacy between colleagues in a more immersive, digital environment. A few virtual reality platforms have embraced this concept to an extent, but the Metaverse allows you to do more – coworkers will be able to work closely in an entirely digital office, classroom, or campus.
3. Meet new people
There was a recent event that happened where a couple tied the knot in the Metaverse and were able to invite a large audience to witness their marriage. People won’t have to travel long distances to meet friends and family, thanks to the Metaverse. The technologies that drive the Metaverse make it easy for people from worlds apart can connect seamlessly without having to worry about social restrictions.
4. Shopping (both real and virtual)
Shopping in the Metaverse is an experience that can never be achieved in eCommerce and online stories we have around. The Metaverse creates an atmosphere where your avatar can walk into a virtual shop, try out their products, and make payments via cryptocurrency. If you see a product you like, you can use your avatar to initiate a real-world purchase and have the product delivered later.
5. Trade in-game assets for crypto tokens
Online gaming is one of the earliest ways the Metaverse was introduced. The gaming industry has made significant growth thanks to the Metaverse; people can now play games and earn money while at it. The Metaverse creates an environment where in-game assets such as avatar skins, wearables, and even weapons can be traded as assets and sold in exchange for real money in the form of cryptocurrency tokens.
Other activities to look out for in the Metaverse include:
- Digital artwork via NFTs
- Job employment
- Attending live concerts, shows, and events
- Creating scenes, games, and other immersive digital experiences.
The Verdict
The Metaverse is still in its very early stages, and there’s no telling the limit to what we can do in such a digital universe. For the time being, it’s unlikely to ascertain the finite nature of the Metaverse, but from the resources available, it’s safe to say the Metaverse is big enough to accommodate most, if not all kinds of digital experiences in the Metaverse.
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