What is Metaverse and how it could impact the world

If for some reason you have missed Steven Spielberg’s Ready Player One, find an opportunity to watch it. This film is perfect for a whole family. You will spend a wonderful 2,5 hours enjoying breathtaking adventures of a teenager Wade Watts and his friends saving the virtual world and recalling all your favourite movies, games and music from the 80s. As a bonus you will get a general idea of what the metaverse might be like.

Why to think about the metaverse?

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There is a good explanation why there is so much hype around the metaverse. During the pandemic many things like meetings with friends or social activities got banned. Induced isolation made people think of a virtual world, where all these things could become possible.

And not only common things! If there are no bounds why not to have an ability to fly, or to change your appearance. In the virtual world you could become a robot or an alien, everything is possible! You could instantly move from one place to another, create your own spaces and invite your friends there.

Some of these aspects are common for science fiction, movies or computer games. But altogether they have not been fully implemented yet in any type of virtual reality. So, what is the metaverse in that case?

So what is the metaverse meaning?

Digital companies say that the metaverse is a server space that allows hundreds or thousands of people to connect at the same time, or/and special hardware and software that allows them to do it. 

Game developers acclaim that the metaverse is a constantly running game which gives its users shopping possibilities, including transactions with NFTs and cryptocurrencies. 

The producers of VR devices insist that a metaverse is any kind of a virtual or augmented reality, while social networks present it as an online social club. 

Some groups of people suggest that the metaverse should include all of the above.

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Sometimes the metaverse is even called ‘the future of the internet’. The promoters of the metaverse concept claim that it will allow users to bring their avatars and digital belongings from one virtual world to another. However so far it is impossible to implement technically.

Note! Metaverse is a concept of simultaneously existing and connected virtual worlds which is hard to realise technically.

Is metaverse risky?

Whatever it is, the metaverse is being actively promoted as a new trend by such giants as Meta (there is a Facebook metaverse which is called Horison Worlds), Microsoft, Apple, Nvidia etc. In the past months news about the metaverse has been coming quite regularly. 

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When we hear that JPMorgan and HSBC are investing in plots of virtual land in the metaverse, it makes us think of the reason for that. Keeping in mind the recent burst of interest in NFTs, or an unpredicted success of cryptocurrencies, we would not wish to miss this new trend in the digital world.

Nevertheless, there are concerns that the metaverse could become another bubble, like many NASDAQ companies or Apple’s golden smartwatch that were loudly announced, but turned out to be a total failure. 

Note! Investments in the metaverse are considered as high risky ones as there is still doubt that the metaverse could become another bubble.

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How to invest in metaverse

Investments can be done either in metaverse stock by purchase of shares in developing companies, or inside the metaverse in the form of purchase of NFTs (non-fungible tokens). 

How to make a cryptocurrency

In order to buy a metaverse NFT you will need a cryptocurrency wallet. There are several apps that allow you to make deals in metaverse crypto space. Some of them (like Coinbase or Ethereum), can operate only one currency. Others, like Metamask or Cryptology, permit the use of many currencies.

Please, be aware that transactions with cryptocurrencies and NFTs are not regulated by law of any country. These transactions are carried out person-to-person and are registered by the blockchain, e. g. by a multitude of computers that check and ascertain the deal online and instantly.

Most common is to buy metaverse real estate, or commercial property that could be resold or leased later on. The most popular metaverses are Decentraland, Epic, Sandbox, Roblox and HyperVerse.

Note! Deals with NFTs and cryptocurrencies are not subject to the law of any country.

Metaverse, a life-changing trend

There is no doubt that the metaverse is going to change a great deal before it takes its final form. However, it is hard to overestimate the influence of the metaverse on our lives. 

In the near past we saw good examples of this kind. Since the introduction of blockchain, it has become clear that great power sources are required to support it. The future internet Web3, that will empower the metaverse, is going to be decentralised as well as blockchain, meaning that the quantity of computers involved will grow exponentially. More and more energy will be needed to empower all these computers and constant calculations thus stimulating corporations to search for renewable and sustainable sources of fuel.

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Hardware and software developers are preparing for the era of the metaverse, working on faster processors and communication apps. High-tech companies are improving headsets and controllers for virtual reality. Heads of governments all over the world are discussing the question of legal regulations of the metaverse. A great job is awaiting graphic and user interface designers.

As to us, users, we can simply wait for the future to come, or participate in its creation right now. Our dreams and ideas about the metaverse may help it become a better world for all humanity.

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