What is the hype surrounding metaverse really about? Let us lift the clouds of confusion.
The term metaverse is buzzing everywhere. You must have heard influencers, media figures, celebrities, investors and CEOs talking about it on the internet, news, tweets, and interviews. However, this does not mean that everyone is the immersive experience of metaverse, its meaning, concept and future. The fact is that maximum people are still confused about the entire hype surrounding the next-gen internet.
Everyday, a new renowned brand is jumping onto the bandwagon. After giants like Nike, Adidas, Apple, Coca Cola, Vans, Balenciaga, Gucci, Netflix, Playboy, and more Microsoft has now announced the acquisition of ActivisionBlizzard for $69 billion to expand further into metaverse.
The real question is why are brands spending massive amount of money on the world that does not even exist in reality? Let’s try to answer all your perplexing questions on metaverse…
What does Metaverse really mean?
Metaverse is largely being dubbed as the next internet. In the simplest terms, it is a virtual world facilitated by the modern technology called Augmented Reality. This virtual world is exactly like the real world i.e. users will exist in it exactly how they live in the real world- attending concerts, playing games, going for shopping, meeting friends at cafe and more. The only difference is, this world exists inside internet and users will interact in it through their avatars.
Metaverse is not something entirely new. It has existed since years through VR games like Fortnite, Roblox and others. However, it is now encompassing almost every facet of life and not just game.
What can I do with metaverse?
The answer is, almost everything. One can buy land in metaverse, make a home or open a store, can go attend concerts, play a match, go out for shopping, dine it at grand restaurants, book tickets to real life events, window shop new tech gadgets before buying them in real life and more. The list is endless.
What is the difference between metaverse and multiverse?
As described above, metaverse is an immersive experience in the virtual world that runs on augmented reality meaning that a whole parallel would soon exist inside the internet. Different companies are building their separate metaverse — Meta, Decentraland, The Sandbox, etc.
However, multiverse is a universal metaverse. It is more like the converged digital space where all metaverse come together to interact so as to allow users to hop from one virtual world to another.
Does metaverse have a cryptocurrency?
Cryptocurrencies are integral to the metaverse economy. Every transaction on the metaverse is carried out by crypto. Every metaverse uses their native token or coin to buy, sell or trade.
So far, the most commonly used cryptocurrency on the metaverse is Ethereum. But is actually depends on what blockchain technology is the metaverse built on since every blockchain has a native currency.
Metaverse built on Ethereum blockchain requires Ether crypto while Solice metaverse built on Solana chain would require its native coin.
How do you make money on metaverse?
This is probably the most widely asked question among masses, how can one make money on metaverse? There are plenty of ways that metaverse allows users to make a good income out of the platform.
Play to Earn games are the most popular earning stream on the metaverse.
One can also sell products and services online on metaverse, arrange parties and concerts with tickets, buying and selling real estate on metaverse, renting land, opening an art gallery, and more.
How do NFTs impact metaverse?
NFTs can rightly be called the fundamental units of metaverse. To begin with, your avatars are actually NFTs that act as virtual membership to the immersive experiences. All the products, experiences and environments that are built in metaverse are actually NFTs.
Even land that is sold on metaverse are nothing but NFTs meaning that the non-fungible tokens are actually the life of metaverse.
The answer is a big yes. There are plenty of ways one can invest money in metaverse which includes investing in the stocks of companies that are building metaverse, cryptocurrencies that metaverse use, metaverse tokens, or simply buying land in metaverse either for commercial purpose or reselling. Metaverse is a billion dollar opportunity and is the future of internet, therefore, investing in it is a non-negotiable need.
What is the most popular metaverse?
Metaverse is already a crowded industry with almost every big company trying to spearhead the movement. However,
Roblox is so far the most successful of all the metaverse.
Number of daily active users on the platform are currently north of 47 million. After starting its operations in 2004, more than 9 million developers indulge on the platform to create immersive experiences for the users.
What are the most promising metaverse?
Roblox might be leading the race so far, however, there is a long list of players who are running ahead in the race. Some of the most promising metaverse are Decentraland, The Sandbox, Star Atlas, Solice, Bloktopia, Metahero, and more.
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