Metaverse: The Grand Rise Of Virtual Worlds

Summary

• Metaverse is a virtual world that is aimed to improve social interactions.
• Gaming metaverses, social interaction metaverses, business metaverses, and virtual land metaverses are a few uses of these virtual worlds.
• Business opportunities in metaverses. Buy shares, invest in a business or start your own. Low barriers to entry.

Introduction

Metaverses are a rising technology. With reduced social interactions in a post-pandemic world, these metaverses are playing a key role in redefining social interaction. From gaming to virtual lands, as the technology grows, so are metaverses too. 

Let us explore in this article what are metaverses, the reasons behind their popularity, and some use cases. Also at the end, we will discuss how you can gain monetary benefit from metaverse technology.

What Are Metaverses?

Metaverses are virtual worlds that have been created to improve real-world social connections with the help of technology. These virtual worlds use Augmented Reality(AR) and Virtual Reality(VR) to improve user experience and make it as close to real-life as possible. 

Though metaverse has been around for a while, such as Pokemon Go( AR-based game) and Batman-Arkham(VR). The recent buzz is believed to have started from an interview of Mark Zuckerberg hosted by famous influencer and public speaker Gary Vee. Mark unveiled Meta’s (Facebook) plans to further develop virtual reality technology in that interview.

Why Are They So Popular?

Though Virtual Reality existed before, it was not much popular. It became so after people started to make and play games on the blockchain. Virtual Reality got big support from blockchain technology on many fronts. Players could play to earn, the digital revolution across the world supported blockchain technology, pandemic-era business dependency increased the need for virtual working and social environments, and a lot more.

Types Of Metaverses

Metaverses are available in many types. As the world of blockchain evolves, so are the number of metaverses. We have classified the metaverses into the following categories:

Gaming Metaverses

The most use of blockchain technology in the metaverse domain is through gaming metaverses. Since the development of utility tokens, gaming developers have increasingly used them as a reward for players. Earlier players would gain many coins and tokens through games but these tokens were not embedded in the blockchain.

With the advent of blockchain, not only do players have an improved sense of ownership but also can earn real money through gaming metaverses. Play-to-Earn metaverses are quite popular in the gaming community. Players can buy NFTs as in-game assets. Additionally, they can use, upgrade and even sell them to other players.

Games like Axie Infinity have been very popular. There are also upcoming metaverse games like Asura that are based on time travel metaverses. Also, check out their NFT Whitelisting sale which is about to go live.

It is noteworthy to mention that with the advancement in technology, it is now easy to transfer your assets over multiple games. So that once you buy an item, you can use it everywhere. ArcadeNetwork provides such a cross-blockchain migration service among metaverses.

Social Internation Metaverses

Improved social interaction was one of the primary reasons to develop a Metaverse. Not everyone will turn to games when it comes to loneliness. Social interaction can be very healthy, especially in a world that is increasingly choosing to work from remote locations. 

Here is a report on loneliness and associated health risks by CDC(US Government) that you should not miss.

Decentraland is one such metaverse. Players can visit locations, create art, sell their content and earn tokens that can be redeemed with real money.

Business Oriented Metaverses

With the rise of metaverses as a popular implementation of blockchain technology, there are many metaverses in various stages of development that are focused on creating virtual business worlds having offices, conference theaters (like Zoom or Google Meet), and entertainment zones. 

Virtual Estate(Land) Metaverses

Virtual Land Metaverses are perhaps the most innovative application of blockchain. Like cryptocurrencies and NFTs, the land also needs to have a single owner entity. These owners can be a company, a bunch of friends, or a single person. Blockchain technology has ensured that no piece of virtual land can be sold to two different owners at once.

Sandbox is such a Metaverse that deals in Virtual Land. Even big companies like Atari, Coin Market Cap, Ubisoft, and South China Morning Post have bought land in Sandbox Metaverse.

Business Opportunities

Metaverse presents lots of business opportunities for game developers, blockchain companies, cryptocurrency exchanges, and more.

Metaverse will allow businesses to engage with customers like never before. It will have no geographical restrictions. The metaverses will allow businesses to advertise to customers based on their customer’s preferences at a lot lower cost than tv advertisements. Further, as metaverses develop they can also act as a repository for freelancing and full-time professionals. This will make hiring for corporates a lot easier.

How To Get Into Metaverse Business?

Invest in a Metaverse Company

Investing in a metaverse business is the easiest thing you can do to enter a metaverse business. To do so, when you go on the metaverse games and businesses that are mentioned above, contact them using their official contact details.

Alternatively, you can invest in companies that supply technology products or services to Metaverse Businesses such as Nvidia Corporation, Meta(Facebook), etc.

Start a Metaverse Business Yourself

There are only a handful of companies that have experience in metaverse development. If your business idea is going to be based on metaverse technology, you can either develop it in-house or outsource it to companies like NonceBlox. Either way, it is you who are going to get benefitted from a technology that is still in the pioneering stage. At this stage, the barriers for entry are low and anyone with a good resolution can enter the business.

Conclusion

Metaverses have already become very popular in the cryptocurrency and gaming communities. With further advancements in technology, they are giving rise to virtual land metaverses, trade metaverses, and many more. You can be a part of the metaverse as players, gamers, holders of virtual land, or as business owners and witness the rise of these future technologies. Since these are still at the pioneering stage, entry barriers, as well as the cost of establishing a business, are low. If you miss this rise now, you might lament the lost opportunity like people who thought bitcoin was going to crash at two dollars.