“We are here for only a moment, visitors and strangers in the land as our ancestors were before us. Our days on earth are like a passing shadow, gone so soon without a trace.”
–1 Chronicles 29:15 NLT
Humans have only had one world to live in since the beginning of time: the real one. The idea of the Metaverse was previously exclusively found in science fiction, but modern technology tells us otherwise.
With platforms like Decentraland and the Sandbox, the day will soon arrive when we can all exist in the Metaverse where our individual digital avatars and those of others will interact to socialize, exercise, shop, go to classes and more.
What is the Metaverse
Initially coined by science-fiction author Neal Stephenson in his book “Snow Crash” in 1992, the term envisions a utopian world where people can connect and share experiences.
The term “Metaverse” took the world by storm in the fall of 2021, and continues to gain traction as platforms like Decentraland and the Sandbox seek to push the boundaries between what is real and what is not.
While its definition varies, it basically means digital spaces that are decentralized, and incorporates augmented and virtual reality to offer brand new experiences, identity and methods of ownership.
A World of Second Chances
Humans have always lived under the fear of death and on the tightrope of honor, reputation and prosperity. What if this doesn’t matter at all in the metaverse? In the Metaverse, you can live a second life without the burden of your present life in the real world. A research published by Tidio in 2022 found that the top three things people would do in the Metaverse but not in real life were:
- Trying extreme sports like skydiving, bungee jumping, or paragliding (38%)
- Alter their consciousness with the help of VR (instead of drugs and alcohol) (27%)
- Pretend to be someone else/create an alter ego of the opposite sex or different age or nationality
These results might suggest that apart from exploring the endless possibilities of the Metaverse, people would like to create a different self for the sake of escapism, be it from body dysmorphia, low self-esteem, or simply boredom of everyday life.
What exactly can you do in the Metaverse?
Explore the virtual worlds
Crypto games like the Sandbox and Decentraland have changed the landscape of Metaverse-like games dominated by Minecraft and Roblox, which adds digital assets to the whole experience. Users can import their own NFTs into the games and buy virtual land. Users can also use the game’s fungible governance tokens to redesign the parcel of land they inhabit.
Like any other sandbox game, users can choose to explore the virtual worlds and visit locations like virtual shopping malls, arenas and bars. Users can even play games, build houses or attend events.
Express yourself through customisable avatars
You can be whoever, or whatever you want to be in the metaverse. Initially popularized by science fiction and now enabled by Metaverse platforms, VR avatars can be highly flexible. A user can change their hair color, body type, accessories, gender or even appearance in the Metaverse.
Tools like Bitmoji, which have been around for a while, enables users to create cartoon avatars that could be imported into a large number of games and apps.
Apps like Ready Player Me allows users to customize their avatars manually or automatically by uploading a picture of themselves, which can then be used in 1,330 apps and games, including Nike’s RTFKT, Somnium Space and VR Chat.
Purchase Real Estate
Metaverse real estate is made up of parcels of land in a virtual, interactive world. The most popular metaverse platforms, like Decentraland, the Sandbox, CryptoVoxels, Somnium Space host space for buying, selling and leasing real estate. Owners can either sell the “land” at a higher value, or lease it to a property developer or VR event organizer for monetization.
The market potential of Metaversal real estate is limitless. J.P Morgan Chase and Grayscale expect the Metaverse to yield $1 trillion in annual revenues in the coming years.
Attend concerts and exhibitions
Virtual reality real estate can be used to hold a variety of activities, including social gatherings, concerts and exhibitions. Event planners might charge attendees for tickets in order to generate revenue.
Recently, Travis Scott’s Astronomical concert held in Fortnite was seen by 45 million people and grossed around $20 million, including sales of merchandise. People who otherwise would not have access to such experiences, due to geography orcost, can now participate.
Socialise and make new friends
The pandemic has shown us how telecommunications platforms could facilitate communication amidst social distancing policies. The Metaverseallows users to meet new people without having to travel huge distances or even leaving their homes, facilitating users with physical disabilities.
Get a job in the Metaverse
The Metaverse economy might fuel unique job opportunities such as VR wedding planners, decorators, engineers and tour guides that help new users explore the VR experiences available on the platform.
Some sectors such as gaming, fashion and real estate are seen as the most probable sectors that will adopt the Metaverse in the near future.
Investing in digital artwork through NFTs
Users can visit art galleries in the Metaverse and view digital art and purchase them as non-fungible tokens (NFTs).
In Decentraland, users can explore galleries all around the map, including Async Art, SuperRare and even Sotheby’s.
The concept of the Metaverse has opened a whole new world of possibilities, providing users with gamified, contextual experiences, the ability to create distinct personas and new means of ownership.
But what we can do in the Metaverse will eventually be shaped by our innermost thoughts and desires, such as the fear-of-missing-out, escapism, convenience and a lot more factors. The only thing that is certain is that the concept of the Metaverse is here to stay.
We hope this piece has given an insight into what you could do in the Metaverse. Please stay tuned to our future blog posts for more on the Metaverse.