What is the Metaverse: A Beginner’s Guide to Entering the Metaverse

Without a doubt, a recent trend and buzzword within the Web3 space has been “Metaverse.” When Facebook changed its name to Meta, this term took the mainstream media by storm and got people excited.

Metaverse does not have a single agreed-upon definition but is usually described as an alternative virtual reality in a 3D space. People part of the Metaverse can attend virtual events, go shopping, meet celebrities, friends, etc. and even start a business and earn a full-time income.

What is the Metaverse?

The Metaverse utilizes digital currencies and Non-Fungible Tokens (NFTs) for the running of its economy and for the open ecosystem and environment, which can be explored by the users.

The Metaverse exists on the Web3 and blockchain ecosystem. All one needs to enter the Metaverse is a compatible device and an active internet connection. Notably, recent innovations are pushing the Virtual Reality (VR) and Augmented Reality (AR) boundaries of the Metaverse.

The Utility of the Metaverse

As a virtual, 3D world, the Metaverse opens up numerous possibilities for the users. Some of the most popular utilities in this virtual world are events, concerts, and activities like shopping and partying.

Various brands and companies have utilized the community building and monetization aspects of the Metaverse. Retailers like Samsung, Adidas, Gucci, Tommy Hilfiger, and Louis Vuitton have opened their outlets on popular Metaverse platforms such as The Sandbox and Decentraland. Giants in the banking space – HSBC and JP Morgan – are also hopping on to this trend and are opening branches within the Metaverse.

Another popular utility of the Metaverse is the earning factor, where people are presented with different earning opportunities. A major example of this is real estate within the Metaverse which allows people to buy parcels or blocks of land which can then be leased to organizers and other companies for monetization. Users can also sell their land if the value goes up.

Metaverse breaks physical barriers

The Metaverse goes beyond physical barriers and provides an opportunity for anyone to explore different parts of the world and socialize and interact with other people from around the world in one place. It allows them to meet and greet brands, celebrities, and even friends, which can be somewhat improbable in real life.

This concept is sustaining a virtual economy where users have the opportunity to start a business, network with other entrepreneurs from across the globe, earn, and enjoy numerous events.

The Metaverse is also providing opportunities for developers and virtual architects with more job opportunities as it continues to grow.

How can we access the Metaverse?

Two of the most popular Metaverse platforms are The Sandbox and Decentraland.

Decentraland was an early pioneer of the Metaverse that opened in 2017 and it is built on the Ethereum network. Decentraland not only allows users to buy, rent and sell land but allows them to explore casinos, attend concerts, go shopping, and more. Famous companies such as Samsung, Walmart, Atari Casino, DKNY, Forever 21 and many more are featured only on Decentraland

The Sandbox is Decentraland’s biggest competitor and is an Ethereum 3D metaverse. It uses NFTs and Voxels to develop 3D items in a blockier art style. It transformed into a metaverse in 2018 and has featured big names like Binance, Adidas, and even rapper Snoop Dogg over the years.

Both companies also feature full-fledged metaverse creators, allowing users to create 3D models that can be bought and sold on the marketplace. They can also create concerts, construct buildings, develop games, and more.

Users can get started on the Metaverse by going to these websites, making an account, and linking their wallets. After one’s avatar is created and customized, one can enter the Metaverse.

Apart from Decentraland and The Sandbox, some popular Metaverse platforms that you can be a part of are Cryptovoxel, Roblox, and Somnium Space. Even games like Minecraft and Fortnite have been described as a Metaverse due to the nature of combining 3D in-game space with non-gaming elements.

The future of the Metaverse

The Metaverse isn’t slowing down its development anytime soon. Flocks of users are entering the Metaverse and are looking to add to and expand it. It is also opening the doors for people to earn a passive income and with turbulent times due to the COVID-19 pandemic, the Metaverse has shown that people can stay connected without leaving the house.

This story was written in partnership with Linx Games

Linx Games is a community-driven blockchain game distribution platform for gamers and developers to interact, socialize and exchange ideas.