The Metaverse – what is it, another buzzword or the future of gaming? The Metaverse is a new world with its own rules, inhabitants, laws, and passage of time.

It cannot be ended, erased, or paused. The world will live and develop regardless of our wishes. Whether you want to become a part of it or regret not joining years later is up to you.

Five facts about the Metaverse that you should know

The world may be virtual, but it’s highly realistic. You can do everything you’re used to in the real world: Buy clothes, build houses, make friends, build a career, make money, and a million other things.

The currency of Metaverse has real-world value. Unlike gamer points and levels, money in Metaverse isn’t exclusively dependent on the game itself. Bloomberg TV predicts the gaming market will grow to $800 billion by 2024, and many companies have taken that prediction seriously. For example, Nike has developed virtual shoes for sale and American singer Ariana Grande has already earned over forty million on the sale of digital souvenirs.

The Land in the Metaverse is getting more and more expensive, and it looks like it still has far more growth to come. Just imagine that just a year ago, in December 2021, one of the most inexpensive pieces of land in Decentraland cost $14,000. The reason for the price increase is finite resources and increased demand.

Metaverse Space is not rubber-stamped. As we said, world space is finite, and soon what is already happening in the real world will happen – the prices of liquid properties will skyrocket. Do the math: Each parcel is 16 meters. Decentraland has an area of 1,440,000 square meters (144 hectares), comparable to the size of half of Moscow.

Metaverse is not only for gamers. It is a mistake to think that The Metaverse is something from the realm of game technology. The world is real and severe enough that some states will likely eventually open embassies in The Metaverse. Very soon, the embassy of the state of Barbados will launch.

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What Is a Metaverse?

Metaverse can be described as the inevitable evolution of internet advancement. But what exactly is this metaverse, and how will it transform our daily activities and business?

Imagine a virtual space where billions of people exist, work, shop, learn, and interact with one another from the comfort of their homes in the real world.

In this space, the smartphone screens we use today to connect to the internet to have access to information have become portals to a 3D virtual realm that’s palpable — like real life, only bigger and better. Digital facsimiles of ourselves, or avatars, move freely from one experience to another, taking our identities and our digital currencies along.

What we considered as hype yesterday does exist today and it’s gradually affecting every aspect of human activities.

A Brief History of Metaverse

Metaverse is a vision of what many in the Information Technology space believe to be the next iteration of the internet – a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.

Some of the technologies that provide access to this virtual world, such as virtual reality (VR) headsets and augmented reality (AR) glasses, are evolving quickly; other critical components of the metaverse, such as adequate bandwidth or interoperability standards, are probably years off or might never materialize.

The concept is not new: The term metaverse was coined in 1992 by author Neal Stephenson in his sci-fi novel Snow Crash, and work on the technologies that underpin a virtual reality-based internet dates back decades

The Role of NFTs in the Metaverse World

NFTs {Non-fungible tokens} play a big role in the usefulness and popularity of the metaverse. NFTs are a secure type of digital asset based on the same blockchain technology used by cryptocurrency. Instead of metaverse coins, an NFT can represent a piece of art, a song, or digital real estate by metaverse companies which can be accessed using metaverse VR.

An NFT gives the owner a kind of digital deed or proof of ownership that can be bought or sold in the metaverse.

metaverse company bills itself as the world’s first virtual real estate company. It acts as an agent to facilitate the purchase or rental of property or land in several metaverse virtual worlds, including Decentraland, Sandbox, Somnium, and Upland. Offerings include conference and commercial spaces, art galleries, family homes, and “hangout spots.”

While the metaverse has created opportunities for new companies such as Metaverse Group to offer digital goods, established brick-and-mortar companies are also jumping in.

For example, Nike acquired RTFKT, a startup that makes one-of-a-kind virtual sneakers and digital artifacts using NFTs, blockchain authentication, and augmented reality. On its website, RTFKT said it was “born on the metaverse, and this has defined its feel to this day.”

Prior to the acquisition, Nike filed seven trademark applications to help create and sell virtual sneakers and apparel. Nike and Roblox also partnered on “Nikeland,” a digital world where Nike fans can play games, connect and dress their avatars in virtual apparel.

“NFTs and blockchain lay the groundwork for digital ownership,” said Nick Donarski, co-founder of Ore System, an online community of gamers, content creators, and game developers. “Ownership of one’s real-world identity will carry over to the metaverse, and NFTs will be this vehicle.”