If you’ve been seeing the word ‘metaverse’ more frequently but still aren’t quite sure what a metaverse is, let’s break it down.
Put simply, the basic definition of a metaverse is a digital environment that runs 24/7. Early iterations of metaverses include games like Club Penguin, an online game launched in 2005 where users could create their own virtual penguin and interact with other users, and Minecraft, an extremely popular video game where users can craft virtual worlds out of blocks.
Metaverses have come a long way since the days of Club Penguin; currently, the most popular metaverse games are Decentraland and Sandbox. Both of these projects have garnered billion-dollar market valuations over the last several years, and have worked with massive corporations to develop branded experiences in their own metaverses.
Another major aspect of today’s metaverses are digital assets that are interoperable between various games, like a weapon skin NFT that works in both Call of Duty and Fortnite.
So, what are you able to do right now in the metaverse?
Build and explore virtual worlds
The most obvious thing to do in any metaverse is to simply explore and interact with the virtual world. Games like Decentraland have created vast open-world environments, and many players of the game have built spaces within the environment ranging from houses to museums and performance venues.
Further, these games typically have a cryptocurrency tied to the game itself – this opens the door for fully-featured transactions and economic developments to take place. Users and companies alike are already searching for innovative ways to monetize their personal plots in the game, ranging from play-to-earn mini-games to creating digital assets that are wearable in-game.
Collaborate from anywhere
During the pandemic, many people were looking for creative ways to have more productive meetings while everyone was working remotely. The metaverse allows people to meet in a more personal way, even going as far as developing specialized apps for this purpose. One such app, called Spatial, allows multiple users to meet face-to-face in a virtual conference room.
Create your own virtual avatar
In the metaverse, your digital avatar can be whatever you choose. It can look exactly like you, or nothing like you! You can even dress yourself up as a food item, such as a hot dog or a banana! The possibilities truly are endless.
If produce isn’t quite your style, many companies are working on developing NFT assets that are wearable in the metaverse. One such example is a recent Nike collaboration with non-fungible token developer RTFKT, in which they created a pair of digital sneakers that avatars can wear in Sandbox. After launch, these cyber sneakers have been selling for around 0.25 ETH, or nearly $800 at current market price according to data from OKX.
This overview isn’t meant to be a comprehensive list of everything you can do in the metaverse, but hopefully, this gives you a starting point to begin your own exploration. The metaverse is continuing to evolve and grow with each passing day, so the possibilities are endless!