Although you might have heard a lot of technical jargon when talking about the metaverse, such concepts have been around for a long time through various games. If you are a long-time gamer, the chances are that you might have already experienced some of
it before. This blog gives a brief on how and why the metaverse will be a part of the future world. You can also get some insights on how you can invest in a business dealing with metaverse and related NFTs.
Before That, What is the Metaverse?
Shortly speaking, the metaverse is an online world that works round the clock, just like the real world. More than being a virtual world, it has its own economies fuelled by creators and infrastructure providers.
Essentially, the metaverse functions around the concept of interoperability – particularly utilizing that are non-fungible tokens, unlike traditional games that revolve around using closed systems.
Currently, some like Sandbox and Decentraland utilize the principles of the metaverse and are giving an early vision of how the concept can crudely look like.
People also look at possibilities of socializing events, virtual shopping, and even work apart from games like these. The tech giant Meta is exploring such possibilities of late and is planning to pour in a lot of capital in the upcoming years, concentrating
on its metaverse project.
Metaverse in the Present Times
Even before blockchain-enabled games like Decentraland and Sandbox existed, games like Minecraft and Roblox provided metaverse-like experiences.
Second Life, an online game based on living in a virtual world, was launched in 2003, and the game provided an insight of how metaverses can work even before blockchain technology came into existence.
Both Sandbox and Decentraland incorporate NFT assets into their environment in addition to the game’s own fungible currency.
For example, virtual lands bought on Decentraland and decorations for your virtual avatar on Sandbox are assets that utilize non-fungible tokens and players can trade them in or out of the game as there is an intentional scarcity for such virtual assets.
At present, if you want to be a part of such early metaverse, you would need a crypto wallet like Metamask to sign in, although a Web2 sign in (using your Google or Apple account) is also possible in applications like Spatial where one can take part in virtual
social rooms. You can also have a look around at other virtual hangout spaces in Decentraland, Sandbox, and Spatial.
Also, in the current phase of the metaverse as a concept, virtual reality (VR) headsets seem to become an integral part of such virtual worlds. Almost every developing firm working on virtual reality is developing their own cyberspace for their VR headsets
such as Meta and Steam.
What does the Future Metaverse Present?
As the metaverse concept is starting to incorporate Web3 technology enabled through blockchain technology (like NFTs and Cryptos), the future metaverse would be something very similar to our real world in many aspects and even replace some real-world activities
(like working or hanging out).
Already some metaverse NFT vendors have enabled their NFTs to be usable in some metaverse games such as clothing and footwear and more are planning to venture into the domain.
An increasing number of NFT enthusiasts are also sensing opportunities to invest on virtual lands on such games and sell or rent them for a price. People with no actual interest in metaverse, but who look at them as a financially yielding domain could invest
in equities of the firms working on the concept.
The future metaverse can also be a huge contributing factor for the growth of the virtual economy, which depends on video games and virtual worlds where disruptions are almost nil.
As such, both users and creators gain a lot and this can even increase if non-fungible tokens are incorporated into in-game assets so that decentralization of the virtual economy becomes a reality.
The metaverse of the future also spans on an idea of running openly, almost without any interruption from a single community or company, as the participation of creators will be from across the world as more brands are looking to open their outlets on the
broader metaverse just like on the internet of the current times (although the internet is centralized by search engine providers).
How can I enter the Metaverse as a Business?
After reading this blog, if you have found out that investing in your own metaverse-based NFT business is a wise idea, that is one great thought. Yet, if you have trouble in going about it from step one, then hiring a company that specializes in developing
NFTs for metaverse would be a great move.
Their expertise in every aspect of NFTs would prove helpful for you and as an entrepreneur, you can get some valuable insights regarding managing a NFT marketplace on the metaverse.
Such firms can offer you the best possible and robust solution for your products ensuring that your product works well in the long run even if there are disruptions.
They can also offer high-quality marketing services through various mediums ensuring that your new NFT store on the metaverse reaches across the users of such virtual worlds and gamers.
Their support services even after the launch of your product ensure that you have a helping hand by your side in case of any unprecedented problems with the product.