The Metaverse
With the announcement of the change of name of the company Facebook Inc in Meta, Mark Zuckerberg clearly announced his intentions vis-à-vis Metaverse. That word has been in everyone’s head ever since.
All those who had no knowledge of this field are interested in it and ask many questions. It is precisely the purpose of this article to try to answer it as fully as possible.
What is the Metaverse
Let’s start at the beginning with a little etymology. The term Metaverse is an English term resulting from the contraction of the words meta and universe. In French, we speak rather of Métavers. In both cases, this makes it possible to name a fictitious virtual world.
This concept of a virtual universe is originally found in several literary works of science fiction. Among them: the novel Ready Player One by Ernest Cline or Snow Crash by Neal Stephenson.
The idea of a virtual alternative universe was conceived to allow human beings to live part of their life in these metaverses in the form of a hologram or an avatar. The goal now is to allow Internet users to not just watch a screen. With Metaverse, they will find themselves propelled inside a virtual world where they will experience things with almost as much realism as in the physical world.
Among the many experiments that Metaverse will allow, it will become possible:
- To have a social life without having to travel.
- To organize professional meetings with participants from all over the world in the same room.
- Shopping and trying on outfits without leaving home.
- To participate in a group sports class from home.
- To attend a live concert thanks to his avatar without leaving his living room …
In addition, the Metaverse will be a persistent, real-time synchronized environment. Users will be able to incarnate themselves at will through their avatar and meet other avatars of people connected at the same time. The persistence of this world will mean that even when a user is not there, the world will continue to evolve and exist autonomously and independently.
At this stage, the possibilities offered by Metaverse seem unlimited. This digital evolution promises to offer its users the gift of ubiquity. In other words, they could be in several places at the same time.
How will we get into the Metaverse?
The Metaverse as it is currently imagined, notably by Mark Zuckerberg the co-founder of Facebook, should be accessible through connected electronic devices. These include augmented reality glasses and virtual reality headsets. These devices are already on the market and have been for a few years. Originally mainly used by video game players, they will eventually allow you to immerse yourself in the ultra realistic 3D decors of the Metaverse.
The Oculus Quest (a VR headset designed and developed by Oculus VR, a subsidiary of Meta) was launched on the market in May 2019. This headset is equipped with two controllers that allow the user to move and move in the virtual universe. The race is now underway, as all the giants in the new technology industry are turning to their own innovations. After Meta, Microsoft and its device Hololens, Sony or HTC, it is Apple’s turn to announce that its own AR device will soon be born.
In order to make access to Metaverse more efficient in the coming years and to be able to carry out all kinds of activities, it seems that treadmill systems are also being studied.
Who builds the Metaverse?
The Metaverse is already under construction. In fact, several investors have already invested huge amounts of money to buy land in the virtual world. Others are actively engaged in creating goods that are currently selling and trading and could have significant market value in this parallel world.
The creation of this virtual universe cannot be attributed to a single entity. If Mark Zuckerberg tries to impose himself as master in the construction of the Metaverse, there is no doubt that it will be imperative to intervene and involve many actors to reach a fully functional level of development. Among these, many developers, companies from all sectors and much more.
Who invests in Metaverse?
Investments to develop Metaverse will come from and already come from many sources. Of course, Meta is currently in the lead with no less than $10 billion invested in 2021 alone. Several other large companies will soon invest in this sector.
In parallel, many start-ups should also invest in the creation of Metaverse by designing many ecosystems.
Finally, the funds invested by many individuals in the various infrastructures of Metaverse, in cryptocurrencies or in the NFT will also constitute large funds to ensure its development.
The use of cryptocurrencies and NFT within Metaverse
What is a cryptocurrency?
A cryptocurrency is an electronic monetary asset that exchanges peer-to-peer without the intermediary of a trusted third party such as a bank for example. Cryptocurrencies are also characterized by the absence of physical and tangible supports such as coins and bank notes.
The security of transactions and the entire ecosystem of each cryptocurrency are based on the technology of the Blockchain which constitutes in a way a ledger at the same time transparent and anonymous.
What is an NFT?
A NFT is a term that means “non-fungible token” or non-funggible token. As a reminder, the term “non-fongible” is an economic term that indicates that an asset or property whose value is subjective cannot be exchanged for another asset or property of the same value. For example, if a banknote is fungible, works of art or plots of land are not fungible.
The function of an NFT is to guarantee the exclusive ownership of a digital asset. Note that its market value is likely to fluctuate.
As a reminder, an NFT is not a cryptocurrency. Acquiring NFT requires performing a transaction in a cryptocurrency such as Bitcoin, Ethereum or other.
What is the role of crypto and NFT within Metaverse?
As in the physical and real world, purchases of goods and services in Metaverse will be made possible through cryptocurrency portfolios. The NFT will thus take their full meaning since they will constitute as many digital acquisition certificates.
For your information, the three crypto currencies that are today essential in Metaverse are: The SandBox (SAND), Decentraland (MANA) and Enjin Coin (Enjin).
What is the impact of the arrival of Metaverse for brands?
Metaverse is a brand new eldorado for all companies and brands that offer goods or services. Positioning oneself in this new market is therefore imperative for brands in all sectors.
Brands will first have to create offers adapted to Metaverse avatars. They will also have to use this virtual world and the many possibilities it offers to promote and communicate their offers in the real world.
Many brands have already understood this, and instead of waiting for competition to beat them, they have decided to take the reins of their future in Metaverse. Among the brands that act as precursors in this field are Balenciaga, Adidas, or Nike.
Endnote:
Metaverse is a virtual world where everything remains to be built. To stay connected, don’t hesitate to stay up-to-date with the latest news on a regular basis.
