Everything You Should Know About the Metaverse
The metaverse is a concept made up of the term meta, which means beyond, and the word universe, that is, if we merge it, it means "beyond the universe." It is a virtual world composed of a diversity of three-dimensional spaces, shared and related to a virtual universe that is perceived.
The metaverse represents the new generation of the internet, since its use is applied through devices, coupled with technological developments in these. It has its origin in the science fiction novel Show Crash, written by Neal Stephenson.
What is the metaverse?
The metaverse is an environment where people have the possibility of interacting economically and socially, represented by avatars that are maintained through software within cyberspace, whose performance corresponds to a metaphor of the real world, without the imposition of physical or economic limitations.
The metaverse is not only referred to the virtual world, but also includes the use of multidimensional experiences and internet applications together, especially when the spectrum is combined with web 2.0, reality suffers an increase, since technology it is of third dimension and obviously the reality is virtual.
Since its appearance, only a few uses have been identified in the field of entertainment, telehealth, teleeducation and, above all, in the area related to the digital economy. In this, other forms of value are beginning to emerge, including non-fungible tooens (NFTs) .
Undoubtedly, one of the most successful and recognized experiences attributed to the metaverses has been Second Life.
For this reason, it is hoped that the Meta corporation, known in the past as Facebook, whose owner is the North American tycoon Mark Zuckerberg, will have the responsibility of leading this new corporation dedicated to new developments in the coming years, because it is the global company that has greater human and technological resources, including software and hardware technology.
Types of metaverses
Within the types of metaverses are centralized and decentralized. Each one stands out according to its main characteristics, which are disclosed below:
Metaverse Second Life (SL)
The second life metaverse, which appeared in 2003 through Linden Lab, is made up of a totally three-dimensional virtual world, with a behavior similar to a social network, since its most significant characteristic is that it facilitates a large number of avatars to interact each.
Generally, the users of this metaverse have the possibility of accessing that virtual world through the use of an interface program, which has the advantage of allowing interaction between them through an avatar.
In addition, users can also get to explore this virtual world, interacting with other users, this allows for the establishment of social relationships and the participation of multiple individual and group activities.
Also, this type of metaverse makes it easy to create and market some virtual properties, offering certain services shared among users.
It is important to know that people who want to belong to Second Life must be over 18 years old, except that it has approximately 70 million duly registered accounts, but only one million or less are considered active users.
Second Life Currency
The second life currency is the Linden Dollar, with the use of it you can acquire properties, furniture, avatars, clothes, digital houses and other things. Currently, there are 345 million annual transactions in this metaverse, which exceeds the 80 million dollars paid to creators each year.
Otherwise, large multinational companies have decided to acquire a new presence in the virtual world of SL.
These include Reebok, Deli, Coca Cola, Intel, General Motors, Nissan, Microsoft, Sony, BMG, Wells Fargo Bank and many others who own businesses and advertising campaigns through this virtual economy.
Another novelty is that some universities have joined the use of Second Life, to increase and strengthen their training. Among them, the universities of Oxford, Harvard, the University of Puerto Rico, the EAN of Colombia and many others long to number are pointed out.
A noteworthy feature of this metaverse is that it has the category of “closed” , because it does not include blockchain technology, nor does it offer NFTs (Non-Fungible Tokens) to users.
Decentraland forms the group of virtual reality metaverses, therefore, it represents a decentralized 3D virtual world, which is based on Ethereum. It was released in the year 2020 and bears some similarity to the second life metaverse.
With this metaverse, users have the possibility to carry out a wide variety of actions, such as acquiring plots of land, where they are offered the opportunity to build on them and then sell them, the purpose of which is to obtain MANA tokens .
It is important to highlight that the world that makes up Desentraland is divided into plots, whose measurements are 16×16 meters. If several adjoining plots were purchased, a farm could be created with them.
In Descentraland there is the Genesis Plaza, a beautiful virtual creation located in the center of the map, which serves so that visitors can better appreciate the history of this metaverse.
In addition, they have the possibility to navigate, which allows them to discover the places that are in fashion at the present time.
According to the Non Fungible company, descentraland has had the opportunity to make 129,716 sales, reaching a total value of 96.9 million dollars. With the exception that the most expensive sale that has been made in this metaverse was made up of digital land lot # 4339, whose sale reached 2.4 million dollars.
The OVR is considered an augmented reality (AR) metaverse . It is a decentralized model that is based on Ethereum. In addition, it has the characteristic that allows, through a mobile phone or smart glasses, to have interactive experiences of augmented reality, whose applications are made through the real world.
With this metaverse, the user does not have the need to choose the content through personalized searches, since, according to their geographical position, they have the opportunity to be exposed to very specific experiences.
The most relevant thing about OVR is that it has hexagonal plots, which have as a transcendental characteristic that they cover the entire area of planet earth, which can be easily marketed in a market very similar to real estate, which predominates in the physical world.
The interesting thing is that each of the owners can choose the experience that the user will have, located in a certain place at the time the application is opened.
Among the experiences to be presented, there will be the opportunity to include sponsorships, which will be very productive, since they generate income for the owners of the plots.
How to invest in the cryptocurrencies of the metaverses?
According to the director of the Exchange, linked to cryptocurrencies, large institutional markets and so-called family offices are showing great interest in acquiring land or NFT belonging to the metaverses, it is important to know that the Exchange is a digital platform that allows the exchange of coins.
In addition, it makes it easier for users to have access to virtual worlds, related to economics and finance.
This means that the commercial exchanges that can be carried out in compliance with the appropriate process, are carried out in currencies that can only be used within that world, that is, the transactions are carried out in virtual assets, which are easily exchangeable for traditional currencies such as the dollar.
Ways to invest in the metaverses
There are many ways to invest in the metaverses:
- Buying the action of any of the companies in the metaverse or linked to it, such as Microsoft or Meta.
- With the acquisition of virtual campus currencies that are within the metaverse protocols or any of its games, among which Axie Infinity, MANA, Descentraland or Star Atlas stand out.
- Acquiring the so-called NFT (non-fungible tokens) which are the virtual assets that constitute the characters, lands or spaceships in a virtual way within the metaverse.
It is important to highlight that most of the transactions correspond to Descentraland, because its investments can reach, for 16 hectares of land, one million dollars.
Depending on supply and demand, this security tends to be a variable asset within the metaverse.
According to Facebook, in the case of NFTs, the price was for a billion dollars, which leads investors to choose this virtual world due to its name change. Therefore, when a company decides to enter as a Meta, it makes business in the metaverse more emphatic than those already in the market.
Within the virtual world, one way to invest in the metaverse is through the blockchain, through its native tokens, since they are decentralized and fluctuate throughout the market.
Most relevant cryptocurrencies in the metaverse
Usually, some cryptocurrencies are more in demand than others, the most prominent in the metaverse are:
Alien Worlds (TLM)
In this metaverse, there is a cooperation between its participants, where there is a tendency to simulate a competition between them, which has as a virtual world an alien space made up of 6 planets.
Players use their NFTs to mine a native token that allows you to take part in battles and quests.
The main developer of this game is the Trillium currency (TLM), by means of which they exercise governance on the planets in a decentralized manner. It is an upward trending coin, which can be purchased in the form of a token through Binance.
It is a virtual world based on the blockchain, which is considered the most advanced in the metaverse, since it mixes the virtual world with the real world, using virtual reality for this.
It is used mostly for the purchase of OVR plots, since their construction is in 3D.
It is considered a native token that governs its own virtual world. It can be purchased through a decentralized exchange uniswap.
It is considered the most popular game on the blockchain and is characterized by its Pokémon-style pets, with which you can carry out battles that facilitate the earning of rewards and tokens.
Its native token is the Axie Infinity Shards (AXS) , which is used in governance as a key vote, to decide who invests in this metaverse through cryptocurrencies.
Its current trend in the market is upward, which can be purchased through exchanges, such as Binance, since its rise has not yet ended.
What are NFTs and what are they for?
NFTs are non-expendable assets, whose existence is within the legal system. These goods are defined as those that do not admit substitution.
An example of a non-expendable good is made up of a work of art, which is consumed with use and, therefore, there is no possibility of replacing it with any other pictorial work, for the simple reason that there are no equivalences between the works. of art.
This means that you cannot exchange it as if it were a 20 euro bill. NFTs are unique assets, therefore they cannot be exchanged or modified by others.
The NFTs serve to earn money through their exchange, in addition, they offer the possibility of establishing direct relationships with those in charge of the industry to have access to everything related to marketing, being able to become a leader.
Also in the sports area, the big teams joined the NFTs, with the aim of producing digital collectibles of their own. Additionally, they serve to protect jobs and intellectual property as it moves through a digital economy.
Likewise, the NFTs also have the capacity to reach the gastronomic area, clothing and concerts, to publicize their function and trend.
NFTs have become a type of trade that has managed to mobilize approximately $17.7 billion globally, according to Cointelegraph Research.
How can we acquire or buy NFTs or lands in the metaverses?
In the future, the metaverse will be a very renowned protagonist within the new generation of the internet, which means that the metaverse will have more and more links with the new world of cryptocurrencies.
In this sense, many companies of renowned importance, such as: Microsoft Corporation, Amazon and Epic Games, are making large investments, which constitutes the expenditure of enormous amounts of money to achieve full development of the long-awaited parallel virtual reality, which has achieved receptivity and the capture of large corporations willing to bet on the success of this initiative.
With the use of NFT, plots of land can be acquired, which has become a very productive business, because it can be done in the medium or long term. In this sense, virtual land sales are offered, an attraction for all those cybernetic people, fans of magic and fantasy.
For this reason, the metaverse will eventually become a multibillion-dollar industry, as it could reach millions of users worldwide. However, the costs of plots or land have been increasing, understanding that it is a complex system, difficult to regulate and manage because it is a powerful technological novelty.
Games in the metaverses
Games constitute other metaverses with very specific characteristics, among the most prominent are:
It is considered a type of decentralized metaverse, since it is built on the Ethereum blockchain, whose focus is aimed at the world of games. It is a novel platform that makes it easy for developers to monetize gaming experiences.
It also gives the possibility to create some art galleries and any other type of assets that generate passive income to its creators.
In The Sandbox , users feel at ease because they can interact in a spacious virtual world, much like the well-known video game Minecraft.
This gives you the ability to export some elaborate models in Minecraft to your land or plots. What is relevant about this game is that its digital economy has managed to grow very significantly, alluding to the fact that, since November 2021, a figure of 126,313 sales has been achieved, whose volume has managed to exceed 146.8 millions of dollars.
The relevant thing about The Sandbox is that so far it has more than 18,880 fully active users.
Axie Infinity is a metaverse that features the common use of Ethereum-based cryptocurrency. This type of game, focused on trading and fighting, gives players the possibility to collect, fight, breed and exchange well-known creatures that are called “axies”, which are digitized as NFT (non-fungible token).
It is a very popular metaverse, since it has approximately 1.2 million active users, managing to reach a sale that is in the order of 3,400 million dollars.
By February 2021, crypto investor Flying Falcon paid $1.5 million for the well-known Genesis estate, which is located within Axie Infinity.
Somnium Space is branded as a decentralized virtual reality (VR) metaverse, which is built on the Ethereum blockchain, and its most prominent feature is that it makes it easy for users to purchase houses, digital buildings, land, and a huge amount of money. number of valuable in-game assets within your virtual world.
Through this metaverse, it has been possible to negotiate more than 5,700 digital objects, which has made its sales exceed 110.7 million dollars.
It is a totally decentralized metaverse, which has virtual reality and whose creation was made on the Solana blockchain. This metaverse is characterized by its space theme focused on the MMO (Massive Multiplayer Online) experience.
It is a metaverse model that has environments composed of supreme quality graphics. According to CoinMarketCap, the Star Atlas metaverse has been able to move close to $48 million daily, with the use of its ATLAS token.
It is a fully centralized metaverse , whose development was done by Epic Games in 2017.
It is a game model developed in a virtual world, which makes it easy for users to enjoy numerous experiences, since, through it, in addition to playing, they can attend concerts or enjoy a short film and many other experiences.
In the first half of 2021, Fortnite accounted for more than 350 million users worldwide, with the appearance of the American rapper Travis Scott in 2020, they managed to gather 12.3 million players on a recurring basis, which came to generate income allocated to the rapper of approximately 20 million dollars.
Roblox is considered a centralized metaverse, made up of an online video game environment, which makes it easy for users to create and develop their own virtual worlds.
It has approximately 200 million active users and was selected by Nike to launch Nikeland. In addition, it has 9.5 million developers who, in 2019, reached revenues of more than 100 million dollars.
Minecraft is a centralized metaverse that consists of three dimensions and has approximately more than 150 million monthly active users.
Its design is not original to blockchain, but through the Enjin plugin, which was launched in 2020, users have the possibility of enjoying its benefits, being able to use tokens.
This makes it easy for them to exchange, integrate, and use blockchain-supported game objects or items through the servers.