At this point, almost everyone with an Internet connection has at least heard of the Metaverse, but many people are still not quite sure exactly what it is. “Is it a video game?” “Does it have something to do with cryptocurrency?“ “Facebook owns it, right?”
Well, in a way, it’s all those things and none at the same time.
The Metaverse is a fully immersive virtual world or series of virtual worlds that users can interact with using both augmented and virtual reality. The Metaverse allows users from all over the world to interact almost like they would in the real world. If you’d like to get into the Metaverse and stake your claim, here’s how you can get started.
The first known mention of the term “Metaverse” was way back in the early ’90s in a science fiction novel called “Snow Crash.” While the concept in the novel was somewhat similar to the Metaverse of today, the two are unrelated.
Currently, users access information, consume content, communicate with friends, and more using browsers like Chrome and Firefox. These interactions occur in two dimensions on websites and web applications.
The Metaverse of today can best be thought of as a 3d version of the Internet itself, allowing users to access and consume the same information as they can in a browser but in an interactive, virtual world. While users can interact with the Metaverse in a browser, they’re encouraged to use virtual reality hardware like The Occulus Quest 2.
With the growing popularity of Web 3.0, or Web3, which is centered around token-based economics, Metaverse development has gone into overdrive. Now that users can assign value and create demand for virtual assets like real estate, investors, crypto speculators, and even large corporations have begun to stake their claim in the Metaverse.
Getting Into The Metaverse
So the big question most people have is not “what is the Metaverse?” but “how do I get into the Metaverse?”.
First, it’s important to note that the Metaverse is not a single place but an ever-growing collection of virtual worlds. For example, Decentraland, a popular 3d world, and Star Atlas, an online video game, are considered part of the Metaverse.
Getting Signed Up
So the first thing you’ll want to figure out is what Metaverse world or worlds you plan to enter. Let’s use Decentraland as our world of choice for this article.
To start, you’ll need a crypto wallet and a laptop to create your account and set up your avatar. Because Decentraland requires an immense amount of processing power, it’s not advised you use a standard laptop or smartphone to access it.
Getting The Right Hardware
Once you have settled on your first entry point, the next thing you’ll need is the right hardware to access the virtual world. Right now, the best hardware for this is The Occulus Quest 2.
The Occulus Quest 2 is a headset developed by Meta that allows users to immerse themselves in a virtual world. Users can look up, down, and all around themselves and see the world from all angles. Users can also move about freely if they have the space to do so safely.
Start Your Virtual Life
Once you’ve logged in with your avatar, you can then begin to explore Decentraland. You’ll be able to do things like play games with people worldwide, go to virtual concerts, make virtual friends, and even buy virtual real estate.
One of the great things about the metaverse is that it can be accessed anywhere, anytime. You can log in and start exploring, whether at home or on the go.
The metaverse is constantly expanding, so there is always something new to see and do. If you are looking for an immersive digital experience, then the metaverse is the place for you.
How Investors & Corporations Are Using The Metaverse
Now that you’re familiar with the general steps of getting into the Metaverse let’s talk about what everyone is most interested in – making money in the Metaverse.
Because the Metaverse is built on blockchain technology, users can attribute things like scarcity and quality to their Metaverse assets which give them real value. Currently, there are several ways that people can generate revenue in the Metaverse. Some popular methods are buying and selling virtual products and services, play-to-earn games, virtual real estate speculation, and even sponsoring virtual events.
Buying and Selling Real Estate in the Metaverse
One of the most popular ways people have generated revenue in the Metaverse is by buying and selling virtual real estate. Once in the Metaverse, any user can purchase a parcel of land for a pre-determined price.
Like in the real world, there is not an infinite supply of virtual land, so as more of it is purchased, the value of the remaining land will continue to rise. Several major companies like Price Waterhouse Cooper, JP Morgan, and Coca-Cola have invested in Metaverse real estate.
There is also an entire industry of renting out the virtual property instead of selling it. Owners of virtual properties can rent out their spaces to other businesses for live events and various other virtual uses.
Designing Virtual Products & Assets
Like in the real world, any products or assets in the Metaverse must first be designed and developed by someone. Just because these products are virtual does not mean that you can simply wave a magic wand, and they are born into existence.
Whether it’s clothing or accessories for your avatar, a home, furniture, or even a highrise skyscraper, all of these items must be designed and developed before they can be introduced into the Metaverse. Items will be valued based on the complexity required to develop them and their scarcity.
For example, it’s a considerable amount of work to “build” a skyscraper in the Metaverse, and once complete, there will only be one of them. However, it may be complex to design a clothing line, but once you’ve finished, you can “reproduce” the items like you would with a normal clothing line.
Promote Metaverse Events
Whether it’s a concert, a theatrical performance, or a 3000-person virtual paintball game, people in the Metaverse love to participate in events just as they would in the real world. For example, real artists such as Travis Scott have held paid concerts in the Metaverse. This concert, which took place within Fortnite, generated about $20 million in sales.
There have been numerous other players from the music industry who have also begun to stake their claims. Warner Music has partnered with The Sandbox, a virtual platform, to develop a virtual concert hall. Snoop Dogg has also purchased a big block of land on the Metaverse on behalf of his newly acquired Death Row Records label.
Common Questions About The Metaverse
Now that we’ve covered just about everything you’d need to know to get started with the Metaverse, it’s time to get out there and start building your virtual empire! Just in case you’re still not sold, or have some other questions, here are a few common questions we’ve heard from other readers about the Metaverse and how it works.
How is the Metaverse Related to Web 3.0?
In a way, Metaverse technology is a “feature” of Web3. The Metaverse is built with blockchain technology and open standards and is decentralized, allowing for secure, transparent, and tamper-proof transactions. So while the Metaverse and Web3 are not the same, there is considerable overlap between the two.
What is the Difference Between the Metaverse and Internet?
The metaverse is similar to the internet, but it is a more immersive experience. When you are in the metaverse, you can interact with other people and objects in ways that are impossible in the real world.
How Do NFTs Relate to the Metaverse?
NFTs, or non-fungible tokens, are digital assets that can be bought, sold, or traded in the metaverse. NFTs are unique and cannot be replicated, making them valuable assets. NFTs can be used to facilitate virtual transactions in the Metaverse and to represent items such as buildings.
How Does the Metaverse Relate to Crypto?
Different Metaverse worlds will have different relationships with cryptocurrencies. In some worlds, you may be able to use existing currencies like Bitcoin to buy and sell items. In other worlds like Decentraland, you must use their metaverse coin, MANA, to handle transactions. Each of these currencies will operate just as any other cryptocurrency does, however, some will only be able to be used within their specific worlds.
How Far Ahead is the True Metaverse?
The Metaverse is currently in its very early stages, so there are still years of development required before it fully reaches its potential. However, the building blocks are already in place. With the rapid development of new hardware and software technology and the popularity of crypto, the metaverse will become a reality sooner than you think.
What Problems Exist in the Metaverse?
Like any other early tech, the metaverse is not without problems. One of the biggest problems is scalability. There are some concerns about its ability to scale between hardware and software limitations, a lack of clear governance, and the current approach to platform development.
There are also some concerns about how privacy laws will play a part when it comes to advertising within Metaverse worlds. Some data privacy experts are concerned that the data collection on the Metaverse will be even greater than on the normal Internet.
Taking Advantage of the Metaverse by Starting a Crypto IRA
Getting into the Metaverse is an excellent way for investors to expose themselves to alternative crypto investments. Unlike traditional crypto investments, you have a more comprehensive range of investment vehicles and revenue opportunities.
Another excellent alternative crypto investment to consider is starting a crypto IRA. While most people are familiar with the concept of a traditional IRA or a Roth IRA, many investors planning for retirement are unaware that they can securely save for their future with crypto.
At My Digital Money, we provide investors with two options to invest in crypto. Our crypto IRA platform is an excellent option if you’re looking for a tax-advantaged, long-term solution. You can also cash trade crypto within the same account if you’re more interested in quick returns.
If you have any questions about getting started with My Digital Money, contact us today, and we’d be happy to give you a tour of the platform.