7 fast facts about the metaverse you should know ASAP

What is the metaverse, and what are some facts about the metaverse that you should know? We get it — you may have just heard the term and are unsure about how to answer this question. For those who may be new to the concept, the metaverse is a network of 3D virtual worlds where users will be able to interact with avatars, own digital assets, play games, and more.

1. The term “metaverse” comes from a ‘90s novel

Thirty years ago, many people were still trying to understand how the Internet would change the world. Neal Stephenson already imagined a virtual world where real people interact with digital avatars and purchase virtual land with money. The novel he wrote in 1992, Snowcrash, coined the term “metaverse,” which means “beyond the universe.”

Stephenson has clarified that he has nothing to do with Facebook’s pivot to the metaverse, but his novel still remains inspirational to many metaverse entrepreneurs. 

2. Facebook put up $10 billion to build their metaverse

One of the reasons you’ve heard the word “metaverse” all the time is because Facebook has decided to make the metaverse its focus. The social media platform, which boasts around 2.9 billion monthly active users, has made a much-publicized rebrand to “Meta.”

Facebook isn’t just rebranding their company: they’re also putting up money to back up all this metaverse talk. Specifically, the social media giant is investing a staggering $10 billion dollars into the metaverse and plans on spending more. 

3. The metaverse is not just ONE technology trend

When analysts and experts state that the metaverse has immense potential, it’s important to know that they aren’t just talking about one particular form of technology. Several significant technological trends will play a role in shaping the metaverse: augmented reality, virtual reality, artificial intelligence, and more. 

If you had to describe the metaverse, one might say that it involves BOTH augmented reality and virtual reality. Of course, with NFTs, blockchain technology will also play an important role. 

4. Gaming will be critical to the metaverse

Gamers unite! This one’s for you…To the average young professional, the metaverse may not sound that exciting. However, gaming enthusiasts who have already been playing games like Fortnite or Roblox are already familiar with the concept of a virtual world where digital assets can be traded. Roblox, in particular, already boasts over 50 million daily active users. 

The gaming industry is bigger than ever before, and it has the pandemic to thank for that. Watch for more gaming giants to establish themselves in the metaverse and help “mainstream” the concept.

5. Analysts say the metaverse could be worth trillions

One of the most interesting questions regarding facts about the metaverse is straightforward: how much will it be worth? We know that billion-dollar corporations are fighting for their spot in the metaverse, so that means that the opportunities must be pretty lucrative…right?

That would be correct, according to various experts and analysts. Cathie Wood, the founder and CEO of Ark Invest, believes the metaverse is a “multi-trillion dollar opportunity.” Morgan Stanley went even further, valuing the metaverse at $8+ trillion dollars. If you’re bullish on the metaverse, it might be time to make a list of stocks and cryptocurrencies for potential investments.

6. The first metaverse marriage already happened

During the 1990s, many people were still trying to understand how the Internet worked, and how it would play a role in our lives. Back then, many people probably wouldn’t have believed that one day, internet dating would be considered “normal.” In fact, dating apps are now the most popular way for people to meet their spouse. Believe it or not, the metaverse may be a part of your social life sooner than you realize.

What will the metaverse dating scene be like, and will it involve right swipes or witty bios? We don’t know, but we do know this: the first couple has already gotten married in the metaverse. Dave and Traci Gagnon and their metaverse marriage were showcased in the New York Times.

7. There won’t just be one metaverse

One of the most important facts about the metaverse that must be recognized is that there won’t just be one! Facebook may have rebranded to Meta, but Facebook’s metaverse won’t be the only option to think about.

Even now, you can buy virtual land in more than one metaverse. Decentraland is a popular metaverse platform. Decentraland’s native cryptocurrency $MANA has grown in value over the past year now that metaverse coins are more popular. Decentraland is different from Sandbox, which is also built on Ethereum but boasts its own $SAND utility token.

What does the future hold for the metaverse/s?

From Facebook to Decentraland, many companies are building their own versions of the metaverse, hoping it succeeds. Even major brands like Gucci and Target are getting into the game.

There will be different metaverse platforms with unique features and advantages, but one thing is for sure: the metaverse will be much more than just ONE “virtual world.” 

Which metaverse will you live in?