The world metaverse is gaining popularity. Being an alternate virtual reality, the metaverse is full of shared 3D spaces where people can attend virtual events, build their homes, dress up avatars and interact with one another. Even though the metaverse is in its development stage, users are now able to build great architectural structures, host events, and earn a full-time income – all in a virtual world.
Experts believe that metaverse will become a bright future for brands, marketing artists, investors, social gatherings, and property agents. It also seems to provide the freedom to create anything you desire. Metaverse exists on the web3 (decentralized) platform, just like in real life, but metaverse operates independently of the outside world.
Metaverse is really just a separate reality where everyone can enter, having access or through apps. It is worth noting that the metaverse is a shared environment. According to Precedence Research, the metaverse market was estimated at USD 51.69 billion in 2021 and is suggested to reach around USD 1.3 trillion by 2030, with a CAGR of 44.5% during the period from 2022 to 2030.
Where is the Metaverse?
The metaverse is on the internet, more specifically, Web3. Web3 is based on the blockchain ledger. Anyone can access the metaverse by connecting to the internet and having a compatible device like a mobile phone and computer. Metaverse is now mainly run thanks to augmented and virtual reality while also utilizing other technologies, including 3D tools and monetization opportunities. However, you need to be either invited to a metaverse land or have an app that will give you access and allow you to choose a preferred metaverse to join.
How Is Metaverse Used?
Since metaverse presents lots of opportunities for a vast range of groups and industries, it is now used for many purposes, like:
- Social gatherings ( interviews, concerts, parties, art exhibitions and other events);
- Monetizing virtual assets, products and skills;
- Play-to-earn (P2E) games;
- Start a business;
- Get a stable income;
- Foster a community.
Metaverse provides the feeling of an actual presence though the world is virtual. It is achieved by allowing users to create their own content and avatars, buy lands, build homes, interact with others and do everything they can do in real life.
In contrast to social media, users have to actually present in the metaverse to interact with others. In other apps, you send the message and wait for a reply at a later time, which is known as asynchronous communication.
Therefore, metaverse’s requirement to be present to communicate with others makes the platform more intimate and natural. To give you a full understanding of what the metaverse is, below you will see several most exciting present-day examples.
Examples of the Metaverse
A large percentage of metaverse platforms are on the upswing in terms of usage and popularity worldwide. Still, most people don’t know specific ones and how to buy metaverse land unless they’re in the niche already.
If you want to better understand the industry and what it can be used for, consider checking out the articles from Metaverse Insider. Also, below you will see some examples of metaverses to learn more about this futuristic technology.
Virtual Reality (VR) Chat
Virtual Reality Chat is unique in several ways. Metaverse is the most recognizable among the general public for newbies. However, not everyone knows that the metaverse can also be classified as a video game. More specifically, the discussion of how exactly the metaverse can be classified raises interest.
As a result, VR Chats are the epitome of the metaverse since it represents a 3D virtual chat room where people are avatars that interact and talk to other avatars. Even though it might be considered a video game, it meets all the specifications of the metaverse.
Cryptovoxels
Cryptovoxels refer to a user-owned virtual reality (VR) environment that has been developed on the Ethereum blockchain, which includes a city called Origin City. The city’s roadways are held by an organization, while individual lands are owned by anyone who bought them as a non-fungible token (NFT).
Aside from exploring Origin City, avatars are able to create, buy, and sell their own virtual assets through the in-game voxel builder. Once they create a digital asset, they can then trade them on popular NFT marketplaces like OpenSea.
Decentraland
Decentraland allows users to buy virtual real estate intuitively named LAND. The platform also works on the Ethereum blockchain ledger, where the assets represent NFTs. Decentraland is a popular metaverse with its own virtual marketplace full of digital assets and events.
In case you are not interested in this metaverse and don’t want to spend money, the platform allows you to create an avatar and explore this virtual world while interacting with other avatars. However, you will not get any awards or attend the unique virtual events that are located in the metaverse.
Somnium Space
Last but not least is Somnium Space. It is a virtual reality universe with its own economy and coins all linked together. The metaverse is accessible in 2D mode from almost any device while also allowing people to use VR technology to boost the experience from desktop and mobile devices.
The key thing that differentiates Somnium Space from other platforms is the potential to examine gaze tracking, increased user engagement, and high conversion rates. Somnium Space is also all about community.
Final Thoughts
Metaverse is a new way for people and brands to connect. It has gained popularity after COVID-19 since businesses and people started to understand the importance of relocating their products and interactions online. As a result, the metaverse has opened many opportunities for people all across the world.
