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What is the Metaverse? Everything You Should Know

When Facebook CEO Mark Zuckerberg rebranded the social media company to Meta, few people understood the big bold step. At the time, Zuckerberg stated that the change would focus more on the company's "metaverse" vision.

But what exactly is the metaverse, and why is someone like Mark Zuckerberg so excited about it? To begin with, he is not the first billionaire to toy with the concept of the metaverse, as Amazon co-founder Jeff Bezos has done his fair share of hanky-panky with the internet's potential to change how we live.

What is the Metaverse?

Simply put, Metaverse is an alternate virtual reality in which you can be you, but much cooler. You can do whatever you want without worrying about what your friends or family will think. There's nothing to be concerned about.

You can shop for all kinds of digital goods inside a metaverse and order a similar shoe or t-shirt in reality if you think it will look good there as well. However, everything will cost you money - both in the digital and physical worlds.

However, there would be a minor distinction. While in the real world you may have to pay in currencies issued by central banks, in the metaverse you can pay with cryptocurrencies or digital coins.

How is Metaverse created? 

A combination of cutting-edge technologies such as virtual reality, augmented reality, and blockchain, combined with the power of social media, can give life to a metaverse, which is currently the hottest topic in Silicon Valley.

So, expect to see a lot more people walking around with VR headsets plugged in, probably 24 hours a day, creating an alternate life for themselves, buying clothing, food, virtual artwork, and even real estate.

Where did the concept of the Metaverse come from?

The term "metaverse" was first used in Neal Stephenson's best-selling 1992 sci-fi novel Snow Crash, which depicted a dystopian world. Other examples of a metaverse can be found in the Matrix trilogy and Ready Player One.

However, the true history of the future world dates back to the 1980s, when a scientist named Jaron Lanier coined the term "virtual reality." However, VR was prohibitively expensive at the time. Extremely expensive.

Metaverse cryptocurrencies

In the metaverse, cryptocurrencies or fungible tokens are displacing real currency because, in the end, simple monies are required to fuel the 'digital economy.' And the metaverse is one economy in which you might want to invest.

In the metaverse, cryptocurrencies have taken the place of money. Virtual Digital Assets or cryptos certainly function as currency in the metaverse. However, due to the power of crypto, transactions are likely to be faster and smoother than in the real world.

The majority of existing metaverses accept cryptocurrency as payment. They can, however, create their own crypto tokens or accept other popular coins to make payments easier and simpler.

NFT in metaverses

NFTs, also known as non-fungible tokens, have become an essential component of the metaverses that are currently causing a stir on the internet. For those who are unfamiliar, NFT is a unique and non-transferable unit of data that can be pieces of art, sports trading cards, digital property, or anything else that is stored on a digital ledger.

NFTs are currently changing the way the gaming industry operates by making digital goods ownership extremely simple. And the best part is that your cryptocurrency investment in a game has real-world value outside of the game.

Never Before Seen Metaverse in Gaming!

Epic Games, the creators of Fortnite, have been working in the Metaverse for over a year. It recently organised a concert featuring big names like Travis Scott, Marshmellow, and Ariana Grande. Gamers logged in from their devices and watched the live concert during these one-of-a-kind concerts. They were able to move and dance (virtually). The event organisers allowed attendees to purchase digital merch to use to raise the bar - just like at a live concert!

Should invest your money into Metaverse in 2022?

Metaverse, in its various forms, is currently taking baby steps. However, companies such as Facebook, Microsoft, and Disney are investing billions of dollars in order for the concept to take giant leaps rather than move like a toddler.

Furthermore, the growing popularity of cryptocurrency is making it easier to trade in metaverses, which would otherwise be a difficult nut to crack given the difficulty of converting real-life into tokens. It doesn't matter if the platform is Meta or Microsoft, as long as there are no major glitches and you have no one else but yourself to enjoy an alternate reality in more ways than one.

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