Last year, Facebook CEO Mark Zuckerberg announced the company’s move to embrace the metaverse. Along with rebranding Facebook’s parent company into Meta, this announcement is also showing just how far online networking has come.
If you are scratching yourself over this concept, a metaverse is a virtual world where online users can interact through digital avatars. Think of it as real life, only that it happens in a video game-like universe where anything is possible. Apart from playing games, you also get to join events, buy goods, and even build your own business.
Metaverses function as communities offering immersive virtual experiences that will change how we live soon. However, Facebook is only a newcomer to this concept. While Zuckerberg says that it would take five to 10 years for Meta to develop a fully functional metaverse of its own, there are a few that have already been in operation since the early 2010s. These include Decentraland and The Sandbox. The concept of the metaverse has to be the single biggest technological disruption in this era. There is no doubt it will change the way we live soon.
Immersive entertainment and leisure
For many people, gaming is all about using a console or PC to take part in a virtual universe. The metaverse is taking this to a whole new level through VR and AR integration. Through these technologies, gamers feel more engaged and in control of their virtual environments. Apart from that, metaverses also provide musicians an avenue where they can perform in front of a virtual crowd.
Taking fashion closer to you
Another important feature of the metaverse is the fact that it provides the world’s leading fashion brands a new niche to penetrate. Virtual clothing is accessible to users who want to customize the look and personality of their avatars.
Brands like Louis Vuitton, Nike, and Gucci already have a presence in the metaverse, so if you think e-commerce is just about buying controller grips and Fortnite skins, think again. The metaverse is bringing you closer to your favorite fashion brands and allowing you to make a statement through your virtual identity.
The metaverse as an investment vehicle
We should expect the metaverse to constantly expanding as more users become more aware of its exciting capabilities. There will be a high demand for virtual real estate as brands are looking to establish their virtual presence. Just like in the real world, there is a race for precious real estate in which serious investors should take part.
It works the same way as buying and leasing out physical properties, but the only difference is that the transactions and the properties themselves exist online. Investors can also take part in tokenized investing. With this, property owners sell shares of their properties in the form of tokens to investors who earn through the income that these properties generate.
At present, metaverses are undergoing constant refinement in a bid to deliver the experiences they promise to users. Nonetheless, they hold a lot of promise in terms of transforming our lifestyles.