Intro to the metaverse

Consider this your intro to the metaverse. The metaverse is being hailed as a massive opportunity for companies, investors, and influencers. Whether you’re excited about NFTs, Web 3.0, or cryptocurrency, the metaverse will play a significant role in combining—and strengthening—these trends. Ultimately, the metaverse offers a world where new forms of digital ownership and experiences are possible.

What is the metaverse?

There are many important things to consider when it comes to the metaverse, but most everyday people ask one question: What is the metaverse? It’s a collection of virtual spaces that will utilize both virtual reality and augmented reality. It will be possible thanks to blockchain technology. The metaverse can be accessed from different devices, and allow users to move through various digital environments.

The metaverse also means new possibilities for a digital economy, which is why so many cryptocurrency and NFT companies are interested in capitalizing on the metaverse. Many people believe that the metaverse is, more or less, the next iteration of the Internet. The metaverse will not just provide new social opportunities, but all sorts of jobs and companies will also emerge thanks to its existence.

The history of the metaverse

One of the most incredible things about the history of the metaverse is that it was first described 30 years ago. Neal Stephenson wrote a book called Snow Crash, in which characters use digital avatars of themselves in a digital world. 

The book even explored the idea of virtual land ownership, as well. Stephenson coined the term “metaverse” in 1992 when the book was released. Snow Crash painted the metaverse as a way for people to escape a dystopian world, and it’s clear that Stephenson has nothing to do with Facebook’s rebrand. Regardless, he is the creator of the term.

At the same time, one could argue that the “metaverse” has technically been here for a while. With platforms like Roblox and Fortnite, gamers can customize their world, create stores, and purchase and sell digital assets.

Major players and early trends on the rise

There are already several major players that will help shape the future of the metaverse. Facebook remains one of the most popular social media platforms in the world. They are not only rebranding their company to “Meta,” but also investing billions of dollars into the metaverse.

However, they aren’t the only major metaverse company to think about. Epic Games announced a $1 billion investment into funding the future metaverse, and Sony has contributed. OpenSea, a popular NFT marketplace, will also surely play a big role in the metaverse. 

OpenSea recently announced new funding that values the marketplace at over $13 billion dollars. Nvidia is another major metaverse company. Nvidia is actively developing Nvidia Omniverse, which the company describes as “delivering the foundation of the metaverse.”

One noticeable metaverse trend is the rise of virtual land ownership, which continues to prove that it is a trend that will be here for the long term. In terms of virtual land, major players include platforms like Decentraland (which has its own cryptocurrency, $MANA) and Sandbox. There are also significant but smaller players like Superworld, CryptoVoxels, and more. 

Another important metaverse trend is that P2E (play to earn) games are becoming immensely popular. Axie Infinity, arguably the most important company in this space, was recently valued at $3 billion.

What does the future hold?

There may already be major players to consider, but no one truly knows what will happen with the metaverse. The metaverse also has its own share of critics: those who dismiss it as dystopian, and others who argue it’s nothing more than an overhyped trend. We hope that this helped answer the question: What is the metaverse? We will be continuing this series with more information about the metaverse, what industries will benefit the most, and even explore ethical questions about the metaverse. We’ll see you next week with more information—and answers—about the metaverse!