This Explains The Metaverse – OZY

Like many things that suddenly seem to be trending, the concept of a metaverse has been around for years. The computer game Myst was released in 1993 and allowed users to explore an alternate world. Ten years after the game second life emerged, allowing users to have an identity as a character in a virtual world. It pushed the Metaverse much closer to feeling real.

Thanks to the innovation and growth of the blockchain and the dawn of crypto tokens, it is now possible to make real purchases in the virtual world of the metaverse, allowing people to buy and sell things from each other. to others. More on that below, but suffice it to say, it’s a pretty big deal.

Contrary to what its name suggests, there is not a single metaverse but rather several meta universes. Some, like decentraland.org, are open to anyone who simply visits a web address. Others, like Fortnite, require the download and installation of a special application. Accessing the metaverse isn’t really any harder than opening any app or surfing any website. And while you can put on a VR headset to create a more immersive experience, it’s not essential. (Image: Decentralized)

With global lockdowns in effect and venues closed on every continent in the first year of the pandemic, the idea of ​​virtual spaces that could be designed and built to host events became very appealing. Live concerts, art exhibits, and fashion shows filled the Metaverse, which served as a meeting place for those who couldn’t meet. As the world has reopened, virtual experiences have continued, and now they’re often cross-marketed with real-life events. A recent example was New York Fashion Week in February of this year, when the designers held shows in urban locations as well as the Metaverse. To avoid confusion, the acronym “IRL” is used to distinguish between events that will take place in real life and online.

Non-fungible tokens, or NFTs, add an essential new dimension to the metaverse and connect virtual life to reality. Reminder of part one of this series that each NFT is unique; an NFT is like a trading card and a concert ticket wrapped into one. In the metaverse, NFTs can be used to allow a certain visual element to be displayed. In the case of fashion, this means that holding a particular NFT can enable an individual’s metaverse personality – otherwise known as their avatar – to wear a specific virtual garment, such as a new pair of Adidas sneakers. In order for their avatar to wear this wanted design, that person must have the NFT that grants this permission. And these virtual authorizations can be intertwined with real-world purchases. For example, if you own these IRL sneakers, you can also wear them in the metaverse.

The recent steep declines in the crypto markets have highlighted that, like the real world, the metaverse is not without risk. NFTs purchased for use in the metaverse may not retain their value; experts recommend setting clear limits on the amount of real money you spend in the virtual world. Additionally, the people you meet in this virtual realm are often anonymous, which means it’s essential to proceed with caution before sharing personal information or exposing anything about yourself IRL. The Metaverse is a young and growing space and there are definitely some bad actors within it.

Perhaps one of the most exciting things about the current wave of metaverse innovation is that anyone can now participate in building virtual worlds. While games like the aforementioned Fortnite are developed by private companies and are used by those who purchase and download the software, other metaverses allow participants to help build the (virtual) world around them. Decentraland exists on the blockchain, which means it is not controlled by a central entity. Anyone can buy and own a space in this world.

As in the real world, there are maps to help you navigate the metaverse – for example, the Decentralized card gives you an immediate idea of ​​the borders and neighborhoods of this world. Locations in the metaverse have addresses that are used for navigation and can be shared with potential visitors. Also similar to the real world, an interested buyer can buy land and build a house, which will determine what others will see when they visit that location, much like people in a real-life community see the color of their neighbors. houses and the flowers planted in front. In the virtual world as in the real world, the owners of a given space also determine who else can access it. Access is often granted by NFT.

The general idea is that the more virtual space you have, the more events you can host. For businesses, more events mean more commerce and more revenue. And just because real estate in the metaverse is virtual doesn’t mean it’s unlimited. Metaverses must be built and popularized in order to attract visitors; there is little real estate in the busy virtual corridors. The more exclusive the virtual neighborhood you are in, the more people are likely to go there. Snoop Dog invests in the metaverse Sandbox; holding real estate near Snoop’s properties would likely drive traffic to your location, making it more valuable than plots on the outskirts. (Image: Sandbox)

From Snoop to Mark Zuckerberg, big names are placing big bets on the metaverse’s continued explosion. At OZY, we assume the next frontier is the rise of hybrid life: real-life events will virtually offer parallel experiences, like a concert that offers bonus content during a sister show in the metaverse. While the virtual world will never replace the real world, the metaverse gives ordinary people new opportunities to share their creativity, whether in fashion, music or art. In the next and final installment of this four-part series, we’ll explore how you can create your own NFT and make it available to avatars in the metaverse.

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