The metaverse concept has been on everyone’s lips during the past half year since Facebook announced they’re becoming Meta at the end of October 2022. While everyone seems excited about the future virtual reality possibilities, it’s still not clear how metaverse works and what it brings to the table.
In our today’s article, CoinCasso‘s talking about how to get into the metaverse and make the most of it. Read on to find out what’s metaverse like and what you can do there.
Despite all the hype, explanatory articles, and promotional videos about the improved and enhanced future with metaverse, both the concept and the definition remain vague. The problem here is that the metaverse is a broad concept, and numerous companies are now working on creating their unique virtual reality. No matter whether it’s a mobile application for trying on virtual clothes by the international retailer or virtual worlds for gaming, all these digital spaces can be called metaverses.
In its broad meaning, a metaverse is a digital world where users can interact with each other, play games, visit events, etc. Again, the features and functionality of a particular virtual reality differ in each product. For instance, with some virtual reality games, one can only observe what’s going on and with others – create an avatar and take an active part in all the events.
What’s interesting about metaverse is that this technology can be used in multiple ways. Virtual worlds and augmented reality are not all about gaming platforms and cool spaces to hang out with friends. Walmart, for example, released a video of VR shopping that is now going viral, back in 2017. Metaverse is also popular in the fashion sphere – numerous brands invite their clients to try on items online. These can be anything from virtual frames for glasses up to virtual purses that work as NFTs.
The idea of the metaverse is not new but the question here is if we can implement it in real life with the existent technologies. Facebook’s focus on metaverse development resulted in speculations and gossip around the topic. Nevertheless, as of now, most of the promises by CEOs and world leaders seem to be quite unrealistic. In particular, modern VR headsets are not all that comfortable and most people cannot use them daily to stay in the metaverse.
Further, we’re discussing how one can actually join the metaverse and what’s needed for this.
As we’ve mentioned before, there are no two same metaverses. And, theoretically, these digital worlds are only limited by their creators’ imagination and technological possibilities. So, are there even any limitations and regulations in metaverses? And do we really need them? Real-world laws and rules are justified because people interact with each other physically. However, what happens in the virtual world, stays in the virtual world. At least until metaverse technology is fully developed and explored and some regulating institutions or organizations are introduced.
In theory, anyone can enter the digital world and make use of all the digital assets available. In practice, different metaverse founders establish their rules and regulations. That is, some virtual realities, just like the real world locations are open only to users older than 18 years. What’s more, the number of players/digital avatars can be restricted per location. The things one can do and use in the metaverse are also limited only by its functionality and features.
Without a doubt, metaverse space offers more freedom and possibilities because it does not have laws unlike every country or even city. At the same time, already existing legal schemes may be clearly applicable in such spheres as taxation (for owning digital real estate in the virtual world), intellectual property, cybersecurity, virtual assets regulations, etc.
If the metaverse is just a digital copy of the real world, do you need any money or currencies to live/play/party in it? The answer is yes, and here we need to talk about cryptocurrencies – the digital money of the 21st century.
Metaverse and cryptocurrency are similar concepts because none of them is under the control of any country or government. That is why they are mutually beneficial, especially if we’re talking about virtual reality exchange of goods and services or, simply saying, trade. Metaverse is built on blockchain and all the digital assets in it are tokens. It means that one can create and then upgrade, exchange, and sell their virtual property and belongings, no matter if it’s a house or a pet. Cryptocurrencies are used as a money equivalent for all such purchases and trades. To enter the metaverse, one sometimes also needs to pay an entrance fee in crypto. In the future, metaverses are said to be integrated, so that users from different virtual worlds can freely move and exchange their tokens, as well as visit each other, despite what platform they’re using.
In cryptocurrency usage, metaverses are similar to GameFi. They are also designed to make virtual money – crypto coins by playing a game online or completing tasks.
Check also: GameFi: your play-to-earn games
Virtual and augmented realities go hand-in-hand with metaverse. In fact, VR and AR are the fundamental tools for metaverse development and enhancement. VR and AR are the technologies needed to create and shape the metaverse. That is, the metaverse is a shared virtual world that is possible due to VR and AR, while the last ones are mostly only experiences. Metaverse exists on its own even when users are not online. A VR or AR experience finishes when a person is not using the necessary equipment and devices.
Some virtual worlds can be accessed from a smartphone or computer, for others – a VR headset is required.
This VR headset by Meta is currently the most famous one in the world. Moreover, Meta is constantly changing and adding new features to this product as they’re focused on providing the most realistic metaverse experience. The latest model Oculus Quest 2 was released almost two years ago, and the next one is only coming in 2023. VR headsets allow anyone to enter the metaverse anytime anywhere if they have access to the Internet. In addition, Oculus Quest comes with Oculus Touch controllers that transport all your gestures and movements into the virtual world.
Most gaming metaverses work in the same way. To start, you need a crypto wallet with the necessary coins and an avatar. When it comes to equipment, you can use home computers, smartphones, headsets, etc. Depending on the metaverse, you can reach it either from a browser or a mobile app.
Some of the most popular metaverse games now are Decentraland and Sandbox. In the first one, you can purchase and own virtual plots of land with houses. They can also attend concerts, play mini-golf, and even gamble at a local casino.
In Sandbox, one can create tokens and trade them on the in-built marketplace on the platform. Additionally, any user can create their own game for free – in other words, design a metaverse within a Sandbox metaverse.
Check also: What are cryptogames? Top 10 blockchain games
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