Exploring the Metaverse: A New Virtual Realm Full of Ideas
Imagination time is here! Well, imagine waking up one day and finding yourself in a world that is completely similar to your real world, but it is completely digitalized. The Eiffel Tower, the Great Wall of China, and the Statue of Liberty are all present. Everything is the same; people are happy and dancing. Yet, it still doesn’t feel real. Well, that is because it is not; you are just in the metaverse. The metaverse, the universe—got it? Anyway, the metaverse is the last technological breakthrough that got people talking. So, in this article, we will demonstrate what exactly the metaverse is and the best metaverse ideas to establish there.
What Is the Metaverse, and How Did It Start?
One day, we all woke up to a huge announcement by the renowned Mark Zuckerberg. And no, it wasn’t about the chicken and the phoenix; it was much more. Mark Zuckerberg announced then the rebranding of Facebook Inc. to Meta and that they are working on an exciting new product and technology called the metaverse. He was like, guys, we’ve made a new virtual universe for Facebook. Of course, the announcements went viral, and all the details that were presented about the so-called metaverse took the world by storm. So what is the metaverse?
A metaverse is literally a digital mirror of the real world and the internet. It is a virtual space where people can communicate, interact, and even work! Fun fact: the term metaverse is actually taken from a 1990s sci-fi novel, where the metaverse was described as “a parallel to the real world,” which is what the actual metaverse is at the moment.
There were similar ideas to the metaverse, or, to be more specific, to the concept of the metaverse already incorporated in online games like the renowned Second Life. This game also operates with the same concept of creating an avatar and experiencing a full virtual life. Users would travel, shop, build houses, establish businesses, and so on. So, keep in mind that the idea of the metaverse is not limited to Facebook.
The Technologies Behind the Metaverse
The experts who were responsible for building and developing the metaverse used the capabilities of two powerful and very prominent technologies, which are virtual reality (VR) and augmented reality (AR). Augmented reality, or AR, as it is known, is the technology that allows the representation and appearance of virtual or digital elements in real life. AR has gained much recognition and is now used in many apps, especially on gaming platforms. On the other hand, virtual reality, or VR, is the technology that allows the creation of a digitally generated environment with elements and objects. Users can then engage in and feel this digitally generated environment as if it were totally real.
The metaverse depends on these two technologies to a great extent, as they provide the metaverse with all the capabilities it needs to operate. It goes beyond the purpose of creating a place where people can engage and interact; it goes way beyond that. The metaverse also encourages and emphasizes the fact of operating and establishing businesses through this virtual space. Meta Inc. took into consideration each and every field and industry and facilitated the process of establishing a virtual version of their businesses. This seemed to be very successful, as many major brands and businesses actually caved to the idea and established their own brand stores and buildings in this comprehensive virtual world. High-end brands like Gucci, Balenciaga, and Nike have established a great presence in the metaverse. Major companies like Google, Microsoft, and Epic Games also exist there.
How Is the Metaverse Impacting Different Fields and Industries?
The main purpose of the metaverse is to expand the horizons of all fields and businesses, and that is exactly what they are aiming to accomplish. So far, the metaverse has impacted a number of fields and is poised to transform even more. We can’t help but wonder what the metaverse is capable of in the future since it is not exactly a finished product at the moment. So, here are the fields that have been most impacted by this prominent technology:
Metaverse and Music
The first field that the idea of the metaverse really impacted was music. The music industry is an enormous one that faces many changes day by day. However, the metaverse expanded the horizons of such an industry by enhancing the capabilities of musicians and giving them new tools, methods, and technologies to incorporate. For instance, a company called Decentraland Foundation, owns Decentraland, the first decentralized metaverse. Decentraland announced in 2021 the first version of the Decentraland music festival. This music festival had a big lineup of performers and was actually successful. The idea of the metaverse also provides inspiring musicians with a space to show their work, perform, and even sell their creations. The idea of VR and metaverse concerts also emerged as they were claimed to be much safer and more convenient.
Metaverse and Education
Another field that flourished with ideas from the metaverse is education. The metaverse created a whole new world for virtual education, as it made many things that may have seemed impossible very possible. For instance, imagine learning about Pompeii, and suddenly you are there, experiencing their lives and getting a glimpse of how they were living. This is what the metaverse, as people believe, is capable of accomplishing, which is an engaging educational and learning journey where students can travel through times and universes with no limits and learn about everything. Additionally, to add the factor of communication, the presence of avatars would also help students interact and communicate, just as in the real world.
Metaverse and Architecture
The metaverse is also having a great effect on architecture and design. With virtual reality capabilities, architects and designers can make detailed 3D models of their projects, letting potential clients explore and interact with the areas in question before starting with the construction process. Because of this, not only can they save money and time, but we can also improve the quality and efficiency of their designs. The Metaverse also provides a platform for architects and designers to work together and exchange concepts with fellow professionals from all around the world, resulting in unique and original designs and creations
The Metaverse and Real Estate
Believe it or not, you can now buy and rent land in the metaverse. The metaverse is also having a significant impact on the real estate industry. The real estate market is also experiencing the impacts of the metaverse. Potential buyers can now utilize virtual reality technology to take in-depth tours of houses without leaving the convenience of their own homes. Additionally, the great emergence of virtual real estate companies has made this market a very rich and valuable one. People are now rushing to invest in virtual real estate in the metaverse, as day by day it is getting very expensive due to the enormous investments.
Virtual real estate agents and brokers are not a thing due to the metaverse. In order to buy or rent land in the metaverse, you have to do that in cryptocurrencies. People are now buying land and building their dream houses, which the lack of physical land and the inability to buy one prohibit them from doing. You’d be even more surprised to know that this virtual real estate market is now worth billions of dollars. A piece of land was very recently purchased by a virtual real estate company in the Decentraland metaverse for over 2 million dollars worth of cryptocurrency.
Two Metaverse Business Ideas to Consider
Did the metaverse pique your interest? Well, we don’t blame you; the concept and expectations of such technology are very promising. This is definitely why people are coming up with business ideas to implement in the metaverse. So, let us tell you about our favorite two.
Virtual Real Estate
Just like in the physical world, virtual real estate is a valuable industry in the metaverse, as we mentioned before. As more people enter this virtual world, the demand for virtual spaces to live, work, and play will increase. This presents an opportunity for individuals and businesses looking for new opportunities to develop and sell virtual real estate. This could include creating virtual homes, offices, and even entire virtual cities. As the metaverse grows, so too will the demand for virtual real estate, making this a potentially fruitful business idea.
For those unfamiliar, non-fungible tokens (NFTs) are essentially unique digital assets and identifiers. NFTs can stand for everything from virtual land to virtual goods to virtual experiences in the metaverse. Individuals and businesses can either develop their own NFTs to sell in a marketplace, form partnerships with other innovators to do so, or buy from others. Having rare and valuable digital possessions will become highly significant as the metaverse develops. And that is why it is among the great metaverse business ideas.
The metaverse is an out-of-this-world idea. No one would have thought that something like this would be possible to develop or operate. However, with the emerging technologies experts reach and create, we can hope that we might achieve even more than that. The fact that the metaverse is still something in progress leaves many of us to wonder: is it really beneficial, or do the cons outweigh the pros? Many people believe that the metaverse will only be worse for us as it will eradicate the bridge or line between virtuality and reality. Which can be very dangerous. The list of concerns and limitations goes on. But as we said, we can’t judge the metaverse until we get a full vision and experience of what it is actually like. Maybe it can exceed our expectations and be a breakthrough for humanity.