Amidst the hottest topics in the tech world, the metaverse induced a buzz within seconds of going live. Despite too much hype around, still, many of us are unaware of what it actually is and how it’s making people endure the reality of the parallel universe. Some of us are trying to find out what the metaverse is. Meanwhile, others are creating and building it and exploring its potential business implications.

Since the tech giants like Microsoft, Meta, Apple, and Google are pouring billions of dollars into this currently non-existent virtual world, we could consider the metaverse as something massive and exciting in the tech world.

However, the truth is that the metaverse is here to stay. We’ll soon feel its implications in our routine tasks. But first, let’s get to know:

What is Metaverse?

Hearing the talk of tech CEOs like Mark Zuckerberg and Satya Nadella, the metaverse seems like the future of the internet—or—more likely, a video game offering you more immersive experiences. You could say the metaverse is a place where the virtual meets reality.

Metaverse includes shared, virtual 3D worlds where you can do almost anything you can imagine. For example, get together with friends and family, work, learn, play, shop, and create

Essentially, the metaverse is the next level of the internet and a layer that exists on top of our reality. It’s an open and accessible platform offering new ways to connect and share experiences. Everyone can create, shop, and connect with others in their digital avatars.

Is Metaverse a New Concept?

Though It’s a modern idea, the surprising fact is the term “metaverse” did not pop up recently. In fact, a 30-year-old sci-fiction novel, “Snow Crash,” already featured the metaverse thoroughly.

The writer Neal Stephenson points out the metaverse as a digital world that exists parallel to the real world. Characters in the novel use their digital avatars to explore the online world and as a way of escaping a dystopian reality.

Just Like today’s cryptocurrencies, the snow crash’s metaverse features an encrypted electronic currency. Moreover, the novel kicks off the concept of spending real money on virtual real estate, similar to spending on blockchain-enabled VR platforms like Decentraland and The Sandbox.

The Ever-expanding Metaverse: How it works?

It’s pretty intriguing to wonder, “How does the metaverse works?”

All it takes is your creativity, data, and connections to deliver the ultimate immersive digital experiences. But, of course, the metaverse can’t do this alone. It runs on an amalgam of immersive technologies such as reality (VR), augmented reality (AR), Mixed reality (MR), and extended reality (XR). This all-powerful technological combination makes up the bulk of the meta world.

The best part about Metaverse: it isn’t just for gamers or developers. We’ll all get to enjoy it. In fact, Gartner predicts that in the coming 3-4 years, 25% of people will spend at least one hour a day in the metaverse to carry out daily life chores like shopping, education, socializing, and entertainment.

Role of AR, VR, and MR in Metaverse

AR and VR are the metaverse’s cornerstones. The number of AR/VR users has more than doubled since 2017. Also, these technologies are going to shape the future of the metaverse and human experience as well.

By 2023, there will be 110.1 million AR users and 65.9 million VR users, according to eMarketer.

AR, VR, and MR in Metaverse

Remote Collaboration is Reimagined with VR

Even if you’re miles apart, Meta’s Horizon Workrooms lets you connect, collaborate and develop ideas with your team members. Whether you want to sketch out ideas together, work on a project, hear updates from your team, want natural work-related conversations, or even hang out and socialize, these VR workrooms undoubtedly are your only best option.

You can touch and play with moving objects in a virtual world with VR technology.

Enhanced Shared Experiences with AR

AR add an extra dimension to the objects in the metaverse. From images to sound and even GPS data, AR technology convinces your brain that you really exist in the meta world.

Through photos and videos, AR lets you customize the moments you share with your loved ones at the touch or swipe of a screen. Metaverse has rolled out a Creator Portfolio and a Spark AR Gallery that allows you to create and showcase your expertise as an AR creator. AR gallery is a golden opportunity for those creators looking for global recognition and visibility, which helps them boost their careers.

You can create your portfolio of spark AR effects simply. You can showcase your work to the world via social media platforms. These portfolios are easy to make, simple to manage, and publicly available.

What’s more, the Spark AR gallery lets you browse portfolios of other AR creators for inspiration and ideas. These galleries are rich resources for businesses seeking to connect with skilled talent.

Hybrid Experiences with Mixed Reality (MR)

Mixed reality is a fusion of virtual and augmented reality that puts real and virtual worlds together in real-time. While AR allows you to superimpose digital objects onto real-world surroundings, VR, on the other hand, places you in an alternate environment where things and backgrounds are absolutely simulated.

While the full potential of the metaverse is yet to be discovered, you would be curious to know how to enter the metaverse. Various platforms are there offering access to the metaverse.

How to Access the Metaverse?

You might need little guidance and a solid internet connection to dive into the metaverse through various platforms. Also, if you want to enjoy a completely immersive experience, grab some affordable, wearable AR or VR gadgets like headsets.

Since numerous virtual platforms exist, you can enter any without spending a penny. However, if you want a luxurious metaverse experience, you need a digital currency popular as cryptocurrency. You can buy them with a crypto wallet, like Metamask, and a trusted exchange, like Coinbase.

Here is a list of the top metaverses and their native cryptocurrencies.

Metaverse Platforms Native Digital Currency
ApeCoin APE
Decentraland MANA
The Sandbox SAND
Theta Network THETA
Axie Infinity AXS
Enjin Coin ENJ
Internet Computer ICP

How to Invest in Metaverse?

While you’re wondering how to make money in the metaverse, you’ll be amazed that there are no spending limitations here, unlike the real world. You can earn profit by investing in the metaverse in different ways, such as buying and selling cryptocurrencies, NFTs, and digital real estate.

By 2030, the metaverse might be worth more than $800 billion, making it a critical secular growth driver in this decade.

Metaverse Stocks

It’s one of the easiest ways to invest in the metaverse. It’s as simple as investing in regular stocks. You don’t need any crypto wallet or sign-up for a crypto exchange. You can buy stocks of companies that support metaverse development. Nonetheless, the investment risk factors would be the same as traditional ones.

Cryptocurrencies and NFTs

Another way to make money in the metaverse is cryptocurrencies — it allows borderless transactions that aren’t possible with fiat currencies. These digital currencies support the metaverse’s digital economy. You can buy and sell virtual lands with them.

Though NFTs have been around since 2014, they are soaring in popularity now for buying and selling digital artwork. Non-Fungible Tokens, or short NFTs, are digital assets showing real-world objects like art, GIFs, music, and videos. They are bought and sold online with cryptocurrency.

You can buy and sell virtual land through NFTs. For instance, Decentraland sells virtual land via NFTs that go between $6,000 to $100,000. Nike has its own “Nikeland” and makes NFts of its products. Simply put, as an investor, you can invest in digital art in the form of NFTs.

Metaverse Exchange-traded Fund (ETF)

Suppose you don’t want to invest in single stocks or find cryptocurrencies risky. In that case, you can go for a metaverse stock portfolio like ETF. These are themed funds invested in best-performing metaverse stocks available on the exchange. Unlike traditional trading, fund managers look for potentially high-value assets and make long-term investments.

The Metaverse stock market could soon be dominated by ETFs, one of the safest investment options.

Metaverse Land

Investors are now paying millions for a piece of land that exists only in 3D virtual worlds. Just like in the real world, you can build, buy or sell a house, mansion, or plot in the metaverse. It begs the question: how do you buy land in the metaverse?

Firstly, you need cryptocurrency for that. Usually, the metaverse’s virtual land is available as NFT, so firstly, you must register your crypto wallet and add some crypto to make land investments.

Once you have cryptocurrency in your digital wallet and have chosen a land piece, simply head toward the metaverse’s marketplace or a third-party platform and click buy. Once your real estate transaction is confirmed, you’ll get your NFT in your wallet. Moreover, you’ll be the new owner of the land on records.

Decentraland and Sandbox are the most popular virtual land platforms where you can buy land through tokens. You can buy a virtual plot and re-sell it for a profit. Moreover, you can build casinos, clubs, restaurants, concert venues, NFT galleries, etc.

How is the Metaverse Doing at the Moment?

An exciting era of digital experience is on its way — one that’s poised to entirely change how you work, play, connect and share. The goal is, eventually, anything you can do in the real world will have a virtual counterpart in the metaverse. However, it isn’t about replacing reality but working in sync with your real life to augment it.

More likely, the future of the metaverse will offer a constant stream of information that’ll enrich your daily life. Moreover, it will be a fusion world of AR and VR, ensuring you’ll always have continuous access to endless information at your fingertips.

Metaverse is a trillion-dollar opportunity — if you want to get metaverse-ready, decide how you want to show up in immersive realities. Build the skills and digital assets that will get you there faster. And what better way to get yourself ready than with a partner who could be your support system in this ever-evolving digital world? We will surely help you become a part of this trillion-dollar industry!