Since the pandemic raises havoc in many places around the globe, people have been on a constant lookout for alternatives on things they were restricted to do.
Instead of forcing to meet face to face for an important meeting, people resorted to online conferences. Virtual concerts come to the fore rather than doing a fanatics-jammed concert where Covid could easily spread.
There’s an undeniable shift from the traditional to the virtual world. This trajectory was made more beguiling by a boy celebrating his birthday at the height of the pandemic when he piloted a virtual birthday party. The birthday bash was held on Roblox.
Roblox is a well-established gaming platform, allowing users to play, and at the same time, program games. Virtual avatars can be made to engage and play games with different people together. Many were set aflame by Roblox fever since the experience it gives is unparalleled, as if you’re actually seeing the person one-on-one.
Roblox is designed to be a place identical to the physical world, only that it offers more convenience. This virtual universe is called metaverse.
What is Metaverse?
Even individuals born in the digital age find “metaverse” vague and complex. The term actually doesn’t touch on any specific technology but is merely an expansive shift in how we interact with technology.
Broadly speaking, metaverse can be defined as a triadic union between virtual reality, augmented reality, and physical reality. It incorporates real-life experiences into online world ventures.
One common misperception of people is that metaverse is exclusively accessible through virtual reality headsets. However, this virtual world is accessible through game consoles, computers, and cell phones.
Metaverse can also be translated to what people call a digital economy, where end-users have the privileges to create, buy and sell online goods. It is an interoperable universe that allows you to transfer virtual items (e.g., cars and clothes) from one platform to another.
Currently, most digital platforms have online inventories, avatars, and identities that are only tied to a single platform. Yet, with a metaverse, you might be able to create a persona that you can easily bring anywhere— from one social network to another.
Metaverse Economy: The Future of Work
Coined by the famous speculative fiction writer Neal Stephenson, the term ‘metaverse economy’ first emerged in the science fiction novel Snow Crash. The term stemmed from the word ‘metaphors,’ which means a form of miniature that stands for something else.
Metaverse economy is also referred to as the cyberland, operating its own economy with its endemic digital currency and banking system. It basically replicates real-life in the digital world, but in a way that people have better control over circumstances.
Numerous predictions state that more and more people will spend their time in the metaverse they do in the real world.
We are actually seeing the beginning of the digital world transition, from attending classes in virtual classrooms to constructing virtual homes and buying digital lands. However, these activities are still employed in separate environments.
By the time of metaverse’s maturity, there will eventually be a single environment where all important activities can take place– even with numerous destinations across old and new technologies and experiences.
From gaming to entertainment and healthcare, the simulated experience of virtual reality technology can revolutionize the world. Virtual reality has been going around the market for five years, and in the years to come, it could be the most powerful technology that will drive our future economy.
Does everyone need to catch the drift of the metaverse economy?
The coming of the metaverse economy is just around the corner, attracting billions of investments. Obviously, everyone needs to know what the metaverse economy is.
Metaverse’s gigantic 3D playground is open for diverse activities offers tremendous opportunities for anyone who wants to earn money. Whether you are a gamer or an entrepreneur, knowing metaverse can help you become big through cyberspace entrepreneurship.
Benefits will flood people who will dive into the metaverse economy. They can be trailblazers of the next commerce, with billions of possible profits from their innovative creation and market products to an international audience in any part of the world while gaining access to new audiences.
Metaverse is taking baby steps towards growth, and not everyone who engages with metaverse-related investments would earn a massive amount of money. Still, we are heading towards the cyberspace adaptation, so each and everyone of us needs to know the destination where we’ll be heading.
Make Money with Metaverse Economy
For a couple of months, people have been looking for ways to make money with the internet’s 3D space. While many are still skeptical about the future of metaverse, others are already taking on financial risks with the hopes of a good income.
Metaverse is definitely not a laughing game, and there are viable ways to earn money by taking part.
NFT Investment
Non-fungible tokens, known as NFTs, have been a hot topic early in this year since even well-established major companies like Arizona Tea and McDonald’s have gotten to it.
NFTs can be defined as a digital certificate of ownership for digital assets. These digital assets have seen a massive 704% increase just from the 2nd to 3rd quarter of the previous year, currently having a worth of $10.67 billion.
Investing in the right NFTs can give a tremendous boost in value and possible profit.
Digital arts will play a big role in the incorporation of the physical world into the metaverse, giving a unique touch to virtual avatars. An enormous $500 million has been expended on non-fungible tokens and is still growing exponentially.
Impacting the Cyberspace
The gaming industry has taken the upper hand in the metaverse economy by chartering visual reality technology in newly released games. This has led to massive game downloads, in-game purchases, and tremendous game engagement.
However, the metaverse isn’t solely designed for the gaming industry to prosper. Other industries have countless opportunities to explore how they can establish their business in this new technology.
There is a good deal of methods to find success in the metaverse economy.
IKEA, the biggest furniture company in the world, is one of the pioneers of the metaverse-oriented virtual shop. Through the IKEA Place app, customers are able to virtually put furniture in their house to view how it would look in the physical world. This virtual furniture-fitting application assists in finding the most suitable furniture for customers.
IKEA’s incorporation of AR technology adoption was deemed to be so successful that other furniture companies followed suit.
The famous American footwear company Converse has also jumped on the bandwagon, allowing users to try-out shoes through their Converse Sampler application. With the help of the app, customers can check out how a sneaker would look on their feet and take a picture of it to ask for others’ opinions.
Another leader in 3D technology is Matterport, a virtual tour software platform. Real estate agents can have a 3D orientation of properties they are selling through their phones.
Thanks to this genius idea, interested buyers no longer need to tire themselves out by checking multiple locations since they can virtually look into the properties. They can have hundreds of property tours in a day without breaking a sweat!
The metaverse is a spiraling, open and free digital market that is welcoming to anyone who wants to participate. Every activity that will take place in the digital universe will be logged into a blockchain, providing instantaneous security and verification to each and every transaction.
Metaverse economy is basically the new, borderless era of worldwide trade. There are countless possibilities and opportunities for this mechanism, and only time can tell how things will play out, whether for good or bad, in the long run.
