What is the Metaverse?

The dawn of the metaverse

If you like to keep informed on all the latest news relating to the internet, then you have surely heard about the metaverse. This new world that Facebook and other important players from the web want to create, aims to reproduce reality in a virtual way. In theory, you should be able to “live” there, one day. Let’s take a closer look at what we can expect.

The Metaverse is actually not a New Concept

Those hearing about this virtual world for the first time, may think that this is quite a novelty. In truth, it has been around for almost three decades now. Like most of tomorrow’s technology, it has been brought on, first by writers of science fiction, such as Neal Stephenson, in his book called “Snow Crash.” Later on, movies like “Ready Player One” by Steven Spielberg made the subject even more popular.
At its core, it is really simple to understand. Imagine going out. As you walk around downtown, you may enter into a boutique to buy clothes or into a restaurant to eat a meal. The metaverse will help you do the same, but without leaving your home. How you’ll be able to “eat” is a different story, but we are quite sure that they’ll figure it out for you. It will probably just pop up at your door, thanks to an Uber food delivery driver. Everything that you can think of finding on the streets of your town, you will be able to get on the virtual streets online. Want a casino? Pop in and play the best slingo games 2021! That is the promise of the metaverse.

Buying Virtual Real Estate through Cryptocurrencies

If technology scares you, don’t look too closely then, because what you will find may really frighten you. The metaverse is meant to become a financial revenue stream for the giants of the Net, such as Facebook. They are so convinced about it that they even changed the name of the company to Meta, a few weeks back. Why wouldn’t they see it as a gold mine, after all, since they are basically launching a new world, that they will be able to create entirely from the start? The income possibilities are endless.
Imagine that you are entering this new virtual city. It is probable that you will have to do so through a main street. Once there, what will be the first thing you will see? A Zara store? A McDonald restaurant? Well, that all depends on who will have bought the virtual real estate. Just like in the real world, these companies will be fighting to get the best spots available on the virtual streets of the metaverse, so they can get the most visibility possible, in order to raise their sales. And since we are into a modern technological world, it would seem like the money that will be used to pay, will be one of the blockchains (Bitcoin, Ether, etc.).

Competition will be Rough

The biggest problem Meta (ex-Facebook) and the other giants of the web will have, will be competition. If you walk out of your apartment, you’ll always find the same city, with the shops that were there yesterday, and should still be there tomorrow. You cannot take a plane daily to go and do your shopping in another city (well, for most of us anyway). But with the metaverse, you will be able to choose the town you want to walk through, on any given day, just by a click of your mouse. That means entertainment will be key in the virtual world, otherwise, users will simply move on. After all, there is only so much money you can spend in a day, right?

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