The Metaverse – What Is It? A Complete Guide

According to some expert predictions, the metaverse might bring changes that would revolutionize the internet as we know it, and alongside it, the way humans communicate and interact with one another.

Right now, it all sounds like science fiction — something that seems more believable as a part of a movie plot than real life. However, the metaverse is real, and it is approaching us at lightning speed.

What is the Metaverse, Exactly?

Metaverse has existed as a term for a long time, introduced in movies, books, TV shows, comic books, games, and more. However, it all revolves around the concept of binding people from different areas together. In a way, the internet already did it, providing us with a network that can simultaneously connect people from all over the world.

Then, social networks like Facebook emerged to provide platforms for interacting with one another. However, many consider this to be very limited, given the fact that we already have the technology that could improve these interactions and make them more immersive and realistic in the online world.

Of course, we will only know for sure what the metaverse will look like after it arrives. However, we know that it will rely on blockchain technology and protocols to run, and we have already seen multiple massive companies invest millions, if not billions into research and development of it.

The biggest example of this is undoubtedly Facebook. As some might already know, Facebook, the social network, is still alive and well. However, Facebook the company is no more, as it rebranded into Meta in late October of this year. This brought the metaverse to the attention of the public, the media, and even other companies that are now attempting to go in its footsteps.

The metaverse is envisioned as a new version of reality, one that would run on blockchain technology, use cryptocurrency for transactions, and allow you to do virtually anything. Users would be able to connect and syncrhonise with others. They would be able to visit digital stores and buy goods, pay for services, purchase plots of lands and build anything on top of them, and more.

They would also not be censored, and there would be no limits to participation. It would be completely decentralized, with superior interoperability, and filled with content created by the community for other community members’ virtual experience. It would also be able to store large quantities of data, and given that it is based on blockchain, it would also be safe and transparent.

The Role of NFTs

In addition to all of this, the metaverse would also rely heavily on NFTs, as users would be able to simply buy NFTs in order to take ownership of the underlying asset that it is connected to. It would also lead to the creation of new trends, such as using 3D avatars as our digital representation, which would then allow us to further express ourselves.

Now, to be perfectly transparent, we are still a long way away from any metaverse that can be considered functional and complete in any way. However, the metaverse is now a major focus of companies, developers, testers, and other users. As such, its development will progress rapidly, and it will see great advancements in a very short period of time.

Its full potential is still likely beyond our imagination, but even the things that can already be imagined are likely to forever change the way we interact with one another. People will no longer be limited to simply reading words on the screen or seeing pictures — they will be able to interact with most things, if not everything, participate in events, buy and sell items in the form of NFTs, and experience the world without ever having to leave their homes.

There are already plenty of projects working on this, such as Decentraland (MANA), Sandbox, Second Life, Cryptovoxels, and more, with new ones emerging all the time. Once again, the race is on, and the space is very competitive, meaning that some results are likely to be seen as soon as in a few years’ time.

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