You might live in this world now, but soon there will be others to live in (no, we're not talking about Mars, sorry Elon). The metaverse will be the most talked-about thing in 2021. This year, between the third pandemic wave and whatever wave we're on now, the word "pandemic" started showing up in our lives, and it won't go away. With the latest tech buzz, the usual suspects (Facebook/Meta, Microsoft, and the rest of Silicon Valley) are lining up to get in on the action, but smaller players are also making moves. But what is all the fuss about the metaverse? And what does it have to do with blockchain, non-fungible tokens, or living online 24/7? There's a lot to talk about, so let's get right to it.
What is the metaverse, then?
First of all, it's hard to explain what the metaverse is. We can all agree that there has been a lot of blah blah blah, but at the end of the day, could you explain what a metaverse is to your grandpa over a Sunday roast? Since we are talking about something that doesn't exist yet, it can get confusing. Let's keep it simple: a metaverse is a shared virtual space that uses augmented reality (AR) and virtual reality (VR) technology to make it very realistic, immersive, and interactive.
In a metaverse, there can be more than one virtual world, where people can do a wide range of activities that are a mix of the real and the virtual. In a metaverse, you won't have to stare at a screen like you do now. Instead, you'll be inside all the online things you do, like shopping, meeting friends and family, going to a concert, and even getting official paperwork done.
The metaverse development services are a lot better than what you get from your screen time now (have you been doing a lot of that lately? We're all guilty of this, so the solution is to combine your daily tasks into a highly interactive platform that lets you do more in one place.
This idea has been around for a while, or at least since Neal Stephenson used the word "metaverse" in his dystopian novel "Snow Crash" in 1992. (to be fair, he has distanced himself from any metaverse plans). And many of us have seen meta references in movies or TV shows like The Matrix, Ready Player One, or Tron, so the basic idea isn't that strange after all.
As long as we're talking about basics, here are some of the things that make up a metaverse:
BOUNDLESS: Because the metaverse is a 3D virtual space, it doesn't have any physical or other kinds of limits. It's an endless space where there are no limits on how many people can use it at the same time, what kinds of activities can happen, what industries can move in, etc. It makes the Internet more accessible than what is already available.
PERSISTENT: You can't turn off, reboot, or reset a metaverse. Users can join the metaverse at any time and from anywhere in the world. When they do this, their experience is always the same. A metaverse will change over time based on what its users do together, like creating content and experiences.
DECENTRALIZED: The metaverse is not owned by a single company or platform, but by all of its users, who can also take control of their private data. Blockchain technology is a big part of this (we'll talk more about it later), because it makes sure that all transactions in a virtual world are always public, easy to track, and safe.
IMMERSIVE: Whether you use a VR headset, AR glasses, or just your phone, you'll be able to enter a new level of immersion and interaction, where all of your senses are more fully engaged and you feel more present in your experiences. As a very real place, the metaverse will also be able to change based on what its users do. For example, its users will be able to directly change its environments, objects, colours, lighting, and more.
VIRTUAL ECONOMIES: People in the Metaverse can take part in decentralised virtual economies that are powered by cryptocurrencies like Sensorium Galaxy's own SENSO. This includes places where people can buy, sell, and trade things like avatars, virtual clothes, NFTs, and tickets to events.
SOCIAL EXPERIENCES: The people who use the metaverse are its beating heart. Through user-generated content like virtual creations, personal stories, and interactions with AI-driven avatars, everyone in a virtual world shares experiences and helps shape the future of the metaverse.
In fact, experiences like the metaverse have been around long before Facebook's recent rebranding as Meta. In games like Second Life and The Sims, where users are in charge of the lives of their online avatars, this idea has been around for a while. Even back in 2009, Facebook was experimenting with things like Farmville, a game where people could run their own virtual farms and sell their crops in exchange for "Farm Coins." Even though these platforms have some parts of the metaverse, they still have events that don't have much of an effect outside of the platform where they happened.
A true metaverse is a continuous experience that brings together parts from different platforms and audiences. Now that we know about this part, what else can make the metaverse work?
Cryptography is what keeps the metaverse going.
In the metaverse, anything can happen. We mean anything because no one really knows what the future will bring. For now, gaming and entertainment are in the lead because they have the most developed infrastructures that can be used in a virtual world and grow within it. Their virtual economies are a big part of why this is the case. You could play Roblox, Axie Infinity, or Fornite. These platforms that are similar to metaver have done very well, not only because they offer entertainment, but also because they have thriving marketplaces where users can buy, sell, or trade items using native tokens like V-Bucks or AXS. All of these digital-native spaces depend on a strong virtual economy to make new assets (like NFTs), experiences, and activities. This has helped lay the groundwork for the economics of the metaverse.
Living in a metaverse doesn't make sense if it doesn't have an economy that can support the activities (and financial goals) of its people. So, a key part of any virtual world is making things that are valuable and easy to sell. Remember that all kinds of things can happen in the metaverse, and people need a strong reason to want to go there and stay there. Real-world economics is about competition, scarcity, supply and demand, and other things that affect all of us.
Blockchain-based currencies make it easy and safe for all assets in the metaverse to be made, traded, shared, and tracked. This could make it easy for users to move items between worlds or meta destinations. One SENSO token is worth $10 inside Sensorium Galaxy, for example. Those who buy SENSO with traditional fiat payments are charged this rate. But SENSO is also traded on crypto exchanges for slightly more than $2.5 at the time of writing. This means that users can get SENSO at a dynamic discount if they buy it on the open market.
Users who hold SENSO also get extra benefits, such as the chance to join the Council and vote on product decisions through a DAO.
A decentralised economic model based on blockchain fills a big hole between games and the metaverse, opening the door to a new era of digital assets and ways to make money. In a game, the developer owns and controls all of the in-game assets on a centralised server. In the metaverse, however, users are the sole owners of their entire experience. This includes things like works of art, music, and dance routines. In metaverses like Sensorium Galaxy, these can be made as NFTs and sold for SENSO in a secure environment where ownership and authenticity are always kept by the blockchain.
Blockchains like Wakatta add a new layer of functionality by adding new types of NFTs that can be updated, have a limited amount of time, and are based on text. This makes the metaverse even more exciting because you'll be able to not only make NFTs of your own work but also work with other creators or artists to build on top of existing art without breaking the law (read infringing on copyrights, intellectual property or ownership rights). Wakatta's NFTs can help both event organisers who want to tokenize tickets and game developers who want to give out in-game assets that are tied to certain times.
In the end, the metaverse means a lot of money. Some people think that virtual worlds could bring in as much as $1 trillion a year from things like advertising, digital events, and online shopping. Since the metaverse is still mostly undeveloped, it's safe to say that now is not the time to fall asleep at the wheel.
Buckle Up, We're Going Meta
So you decided to take the red pill and go down the rabbit hole of the metaverse. What's next? Well, you need hardware to start. The good news is that you don't have to go out and spend a lot of money on a piece of high-tech equipment. You can get into a metaverse with just your smartphone. For example, Sensorium Galaxy's mobile app has a lot of meta features that you can use right now. The only problem is that you might not get as much of a meta experience as you thought because you won't be able to fully immerse yourself in the metaverse, which is what makes it so amazing.
For a sneak peek, a phone is great, but to get the full experience, you might want to buy a VR headset or, if you don't want to go all the way, a pair of AR smart glasses. When deciding how to get into the metaverse, there are a lot of things to think about. Choosing the right VR headset could be one of the most important things that makes or breaks your experience. We've made a guide about this topic to help you get started. When you use a VR headset instead of other methods, the idea is that you'll be fully immersed in the metaverse and feel like you're really there. Depending on the headset you use, you may also be able to talk to other people through your avatar and use all of your senses.
Meta, which used to be Facebook, is way ahead of the competition when it comes to headsets. The Meta Quest 2 is still the most popular headset on the market, followed by the Playstation VR and the Valve Index. In the past few years, demand for VR headsets has grown, but it's expected to grow even more. This is likely because of all the talk about the metaverse. There are rumours that even Apple will join this hot race.
After a decade of hype, it looks like both technology and high-quality VR experiences are catching up, and not just in games. Applications have popped up in fashion, music, metaverse education, sports, and other fields, which has led to a sharp rise in demand.
This is likely to keep happening as more platforms move to virtual reality and enter the metaverse for the first time.
Everywhere, meta
As was already said, there are already some experiences that are like the metaverse. Roblox has done meta events like hosting Gucci's 100th anniversary party and opening the NFL's first Meta store. Meanwhile, rival game Fortnite isn't too far behind after holding hugely popular virtual concerts with artists like Ariana Grande, Travis Scott, Marshemello, and others. But the metaverse is changing in many ways, and it is likely to continue some of the following trends:
Corporate: Due to the COVID-19 pandemic, a lot of people around the world are now working from home. This means that working online is already a reality for many of us. As Facebook (sorry, Meta) has already tried to show us with Horizon Workrooms, the metaverse would just be a continuation of that. Others, like Microsoft, are doing the same thing, and we can only expect more companies to try to send their workers into the metaverse.
Gaming: It's fun, you can meet new people, and you can make a lot of money. Because of metaverse game development, games like Axie Infinity, Sandbox, Illuvium, and Decentraland are at the front of the race to connect the metaverse. These are the kinds of platforms that are likely to bring the most people to the metaverse. They have a strong social network and a decentralised economy at their core.
Entertainment: As a form of entertainment, free time in the metaverse will soon look very different. The metaverse takes entertainment to a whole new level. You can hang out with real-life users, make friends with AI-driven avatars, and watch your favourite performers headline a mind-blowing virtual concert. Sensorium Galaxy is one of the metaverses that focuses on experiences that are out of this world. Built with the help of some of the best artists in the world, like David Guetta, Armin van Buuren, Steve Aoki, and more, this metaverse has a wide range of music that fans all over the world will enjoy. Sensorium Galaxy will have more than just a world for music. For example, there will be a world for meditation and other self-improvement practices.
Real Estate: Are you having trouble paying your rent? Can't get a mortgage? No clear way to get out of the rat race? Real estate might be out of your price range, but buying a plot of virtual land could make you very, very rich. Just a few days ago, when a "virtual estate" sold for $2.4M, Decentraland broke yet another metaverse record. And there are lots of other things to buy in virtual worlds like Sandbox. You can buy land, but you can also buy houses or even yachts with helipads, hot tubs, and DJ booths if you want something a little more unique.
But really, the metaverse is a place where you can probably find anything you want, no matter what you're interested in. With so many people in the mix, the only thing that limits what can be done in virtual worlds is your imagination.
When do you want to enter the metaverse?
A full-fledged metaverse might not happen for years, or at least ten years. There are still a lot of technical problems to solve, starting with the fact that the world doesn't have an online infrastructure that could support millions or even billions of people using the metaverse at the same time. In addition, a constant and reliable internet connection is a key part of the metaverse. A glitchy, "loading" virtual world is a long way from what a real metaverse should look like. But technologies like 5G and edge computing are still in the works and can't meet the needs of a complex infrastructure like a metaverse at the moment. Data privacy and security also have to do with other things. We don't know when you'll be able to step into the first real metaverse, but when you do, we'll be there to greet you.
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