Metaverse: Into the Web3 realm
- By Mavie Mourad
“Although the direction is clear our path ahead is not yet clearly defined,” said CEO Mark Zuckerberg at the time, “Last year was about putting a stake in the ground about where we are heading. This year is about execution.”
In October 2022, Meta CEO Mark Zuckerberg shared with us his thoughts & intentions on developing a virtual world where people can socialize, shop, work, and even live; which officially declared the birth of the “Metaverse” …. but did it?
In fact, the conceptual Metaverse was being imagined decades before 2022; the first time the term “Metaverse” got introduced to the human dictionary was in 1992 in the novelist Neal Stevenson’s science fiction, Snow Crash while the virtual reality concept dates as early back in time as the 1800s.
But how did the metaverse become real? Implementing a farfetched notion like the Metaverse was not actually much of a surprise to the gamers community because games are the most accessible existing portal to a virtual world where avatar characters that demonstrate real people can interact, go on adventures, buy supplies, and even make real money just through their screens. So, it was somehow anticipated that gaming would be the first course of action to come to mind when we envision virtual worlds. Therefore, the Metaverse of today, or as foreshadowed to be, is enabled through gaming platforms.
Metaverse’s fidelity and engaging nature are established upon three main pillars gaming platforms, VR technology, and cryptocurrencies.
GAMING
Wealth Favors those Who Push Boundaries
Cryptocurrencies
A conceptual world needs implemented transactional systems for it to become a functional one. So, just like our tangible world the Metaverse needs a currency system to build an economy that can enhance its realism; the currency used in metaverse is cryptocurrency.
Crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries. Just like our real-world countries; each land and/or platform has its own unique cryptocurrency.
Cryptocurrencies used in each platform mentioned above include Robux in ROBLOX, ERC-20 token in Decentraland, and ERC-20 utility token SAND in THE SANDBOX.
Virtual Reality
VR and AR technologies enable the metaverse to imitate real-world situations while adding multiple enhancements.
Metaverse utilizes virtual reality to provide its visitors with immersive experiences where they can indulge in a world of wonders. It enables participants to go beyond the surface of the tangible world.
The top 3 metaverse-enabled platforms are ROBLOX, Decentraland, and THE SANDBOX. These platforms allow individuals and developers to create their own versions of the metaverse. Usually, gaming platforms are immersive and interactive.
- Decentraland
Decentraland is a web-based 3D virtual world platform that utilizes the Ethereum blockchain. Ariel Meilich and Esteban Ordano founded the platform in 2015, making it the first of its kind; With a public launch in February 2020.
Decentraland enables users to own a plot of land, rent it out, build on it, and design houses, bars, gardens, parks, and more which sets Decentralend apart from other platforms in a unique manner. They can even attend and host virtual concerts or sports games in its world.
The platform has hosted notable events in the past few years. These include a MetaMask party celebrating 10 million active users and a Super Bowl event held at Miller Lite’s Metaverse dive bar. Celebrity artists such as Ariana Grande, Travis Scott, Marshmello, and Justin Bieber have all hosted virtual events on the platform with immense success.
2. ROBLOX
ROBLOX is a multiplayer online platform. In this interactive 3D universe, both kids and adults can create games and interconnect with one another.
ROBLOX, which was first developed as a website in 2006, is currently accessible on many different devices and has millions of active daily users.
So how does ROBLOX work? Players can interact by creating an avatar as a profile representation. The platform enables them to choose specific physical attributes like health, custom looks, and other features.
Although users may need to make in-game purchases, getting started on ROBLOX is free. Users can also join as developers and help build games for the platform. Some widely played games developed by users on the ROBLOX app are Jailbreak, Adopt Me, Brookhaven RP, and Club Penguin.
- THE SANDBOX
THE SANDBOX Metaverse is a virtual environment created by Pixowl studios that enables game players to create, acquire, and exchange digital goods. Just like how ROBLOX and Decentraland characters customizations work, THE SANDBOX offers access to lands, embellishments, and other features.
Each asset purchased, sold, or exchanged in THE SANDBOX metaverse has its own non-fungible token (NFT) with its unique identification license kept on the blockchain.
The technology introduced the “Play to Earn” concept, where you can use THE SANDBOX to create collectible items and list them on a marketplace to earn. The Metaverse added feature allows the player to be a gamer and to earn at the same time.
The community
So, who is in the Metaverse?
Metaverse hosts 400 million active users each month. The biggest portion is from ROBLOX (230 million) excluding the total number of gamers around the globe. In 2021, there were almost 1.48 billion gamers across Asia, making it the largest market for video gaming worldwide, with Europe coming in second place with a gaming audience of 715 million, and 168.4 million in the Mena region. In total, there were an estimated 3.24 billion gamers across the globe. As a result, retailers set up shops and land in the Metaverse to reach this rich market. While for many people this all sounds fanciful, a growing number of companies are buying up space in the metaverse. These firms include Adidas, Burberry, Gucci, Tommy Hilfiger, Nike, Samsung, Louis Vuitton, and even banks like HSBC and JP Morgan.
In conclusion anyone who even has a vague understanding of global development is aware of how this castle of opportunities is unmistakably supported by technical capability. Over the years, there has been a notable change in how we live, work, and pass our free time. Although the metaverse is still in an experimental phase, it passed the efficiency evaluations with excellence. A Brilliant example would be Nike’s statement about how Nike-land x ROBLOX hosted 7 million visitors after just 5 months of going live; such statistics imply that investing in the Metaverse represents a massive opportunity for businesses who want to reserve their seat in the future of consumer behavior.
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