In Brief
The metaverse is increasingly becoming an inevitable buzz word that makes it feel to be probably the next big thing. Beyond being for or against this technology, the current article aims at exposing what is the metaverse for beginners, in an objective way. This article also provides an overview of the must to know notions around the metaverse and answers to the main questions that are often asked about this intriguing trend. The goal is also to make this content as concrete and applicable as possible by providing a hands-on metaverse. This is the Metaverse fully explained for beginners (With exclusive hands-on examples).
Basic definition
Simply put, the metaverse is a unique shared virtual world that humans can experience in an immersive way using headsets and other accessories. The metaverse can also be experienced “classically” using a screen and simple controllers, and does not necessarily need to be equipped by very expensive hardware to be able to access it.
Literally, the metaverse means beyond the universe, more explicitly it stands for meta-(uni)verse. The term was first invented in 1992 by Neal Stephenson in his novel “Snow Crash”.
You can see the metaverse as a big 3D roleplay game universe, where you can have the avatar that you want and where you can be whoever you want to be. The only difference with respect to classic online 3D roleplay games is that in the metaverse, you will find real people behind the other avatars, and that the goal here is not to beat the final boss, but rather to be able to have a second life.
Stay tuned, you will see real and concrete examples of the metaverse later in The Metaverse fully explained for beginners about The Metaverse fully explained for beginners.
Some surrounding notions about the metaverse
When speaking about the metaverse, there are some notions that are inevitable. Here are some of them, if you want to dive deeper into each of these, please refer to the adequate specialized article:
Virtual world:
This term is used interchangeably with metaverse and refers to the 3D immersive space that the metaverse offers.
It’s also called interchangeably Web3.0, it’s the next big web technology and it’s based on the principle of having decentralized web resources. In other words, instead of having a website in one single server that is controlled by one single entity, this website in Web3 will be built in a shared or decentralized network that can’t be controlled by one single entity. This is made possible thanks to the blockchain technology.
Blockchain:
It’s the main technology that is behind Web3, metaverse, cryptocurrencies and the main next tech big things. Blockchain consists in putting transactions in a digital ledger. The ledger is then distributed agnostically among a resilient network, where no one has the full control of it. This makes the transactions of the blockchain (almost) impossible to hack, and provides at the same time the same level of power to all its users.
NFT (Non Fungible Tokens):
NFTs are virtual assets in the metaverse that can be created, exchanged and traded. NFTs are unique replicates of digital assets which provide them their value. NFT technology is heavily powered by blockchain technology. For example, an NFT is a unique digital art that you can create. You can then register this digimat art with a unique reference in the blockchain, which makes it a unique digital art or an NFT. You can then sell it, trade it or keep it for yourself like any classic physical asset.
The metaverse in numbers
In The Metaverse fully explained for beginners, let’s take a look at the metaverse global market size is assessed at $47 billion in 2022, and it’s expected to reach the value of $678 billion by 2030, with an amazing CAGR of 40% during this period. Some resources predict even a market value of more than $1500 billion by 2030.
Major tech companies like formerly Facebook are investing massively in the metaverse. Facebook, for instance, has already invested more than $10 billion there. More importantly, the leading tech company changed its name to Meta, proving how important the metaverse is for it.
Hands-on the metaverse
The metaverse looks like a giant 3D online game. Like any game, the experience, colors and feeling can vary from one one virtual world to another. Indeed, the ideal goal of the metaverse is to build one single sharable and interoperable world where anyone can travel from one world to another. However, in reality, the current version of the metaverse is not yet that advanced. The current metaverse worlds are often very disconnected and incompatible between each other.
In order to make you see the metaverse more concretely, let’s simply go and take a walk there !
Let’s visit the most popular virtual worlds of the metaverse today that are: Decentraland, Upland and Somnium Space VR in The Metaverse fully explained for beginners:
Decentraland:
Upland:
Somnium Space VR:
The metaverse in common culture e.g. movies and books
If you are a little frustrated by the current experience of the metaverse, or simply eager to see the bigger potential of it in the near and far future, you can take a look at great resources that present this technology in its best and worst sides.
The most recommended resources are books and movies about this subject. If you like more movies then “Ready Player one”, or “The Matrix” (especially the first), would be great resources for inspiration about the metaverse. If you also like reading then you can go for fiction novels like “Snow Crash” where the world metaverse was firstly invented. You can also go for the book version of “Ready Player one” by Ernest Cline. Or non fiction books like “The metaverse and how it will revolutionize everything” by Matthew Ball.
The different versions of the metaverse
When mentioning the metaverse, most people think of virtual worlds, which is far from being the only version of the metaverse. Even virtual worlds can take different versions.
You can find virtual lands like Decentraland or Upland. These lands can be experienced using fully immersive solutions like the headset and advanced controllers. These same words can be experienced also using a classic screen and classic controllers.
The metaverse is way more than that. It encompasses the following experiences as well:
DeFi:
It stands for Decentralized Finance. You should have already got the idea that metaverse, blockchain and Web3 are all about decentralization and avoiding putting the power between single hands. DeFi is about building financial services around that central concept of decentralization. For example by having decentralized banks, insurances and investment organizations.
GameFi:
GameFi stands for Financed Gaming. It corresponds to the metaverse portals where players can play to make money. Often the exchange money is crypto money but it can also be classic currency. From volumic and monetary perspectives, GameFi occupies an important place among the metaverse world.
Crypto currency:
Crypto currency is the digital money used online. Famous examples of cryptocurrencies are Bitcoin, Cashcoin and Etherium.
Crypto wallets:
These are digital wallets that allow the end-user of the metaverse to handle cryptocurrencies and tokens. Digital wallets guarantee the efficiency of the crypto money exchange and the security of the transactions. A famous crypto wallet that is widely used in the metaverse today is Metamask.
Tokens:
Tokens are a version of crypto money. The main difference between these two is that crypto money is meant to be used for general purposes without being tied to a particular configuration. Whereas tokens are a kind of crypto money but that are tied to a given virtual world or a given platform. An example of a token in the metaverse is the Mana token from Decentraland.
NFTs:
These are unique or finite digital assets that can be created, acquired and traded by the end-users of the metaverse. NFTs can take different shapes like digital art, video, picture, scanned pieces of fine arts, digital fashion articles and songs.
DAOs:
It stands for Decentralized Autonomous Organizations. Again another product from the metaverse that is heavily relying on the notion of decentralization. A DAO is an organization that is built on the top of the blockchain technology and that is not owned by a specific individual nor a group of individuals. A DAO is owned and managed by its community. Let’s take an example of a DAO around the protection of refugees. Such a DAO will take its strategic decision based on a vote among its community; it’s often financed by DeFi through crypto money. It can also have other or classic resources of financing, as long as the principle of decentralization and share of power is kept.
For more information about these notions, please refer to the dedicated specialized posts around these topics.
How the metaverse will change the world
In this post about The Metaverse fully explained for beginners, let’s list why the metaverse is expected to change the world in many aspects:
Social aspect:
The metaverse can be considered as the upper level of classic social media in many aspects. By keeping the strength of the classic social media offer, it provides an additional unique experience of getting virtually closer to the members of one’s network.
Business aspect:
The metaverse is expected to have numerous impacts on businesses. This is particularly true for industries like: Fashion, culture and arts, gaming, marketing and communication, retail, textile and clothing.
Educational aspect:
The metaverse takes e-learning to the next level. In fact, a common weakness of classic e-learning is the engagement of the e-learners for their undertaken courses. The experience that the metaverse fixes these limitations by offering a unique engaging experience for the e-students by mixing e-learning and deep social and immersive experience.
Technological aspect:
The metaverse is built on the top of revolutionary technologies like Web3, the blockchain and virtual reality. Through the development of the metaverse during the upcoming years, these technologies will benefit from the increasing deployment of the metaverse. Hence making a virtuous circle since the development of these key technologies democratizes the use of the metaverse, and the increasing adoption of the metaverse create a need for developing further these key technologies.
Political aspect:
Governments are starting embracing the metaverse through governmental services in the metaverse. Indeed, public diplomacy is expected to leverage the metaverse and virtual worlds in order to gather diplomats and discuss international matters immersively in the 3D world. More concretely, in August 12th 2021, the government of Barbados approved the creation of the first virtual embassy, of a real country, in the metaverse.
Cultural aspect:
The metaverse offers unique cultural experiences like visiting museums from the whole world being physically thousands of miles away. Assisting to real and virtual cultural events like concerts and theaters.
Ecological aspect:
The fact of being able to meet and discuss like in real but virtually has a trivial positive impact on the global carbon footprint. Thanks to the metaverse, billions of miles are saved for cars, trains, planes and boats. Numerous conferences, meetings, family events, commercial meetings, shoppings and more can now be made immersively from home.
Financial aspect:
The metaverse opens numerous financial opportunities for businesses and individuals. The business aspect is covered previously. From the individual perspective, major solutions from the metaverse like DeFi, GameFi, NFT, virtual land trading and cryptocurrencies open big doors for investments for individuals. On the other hand, since this trend is relatively recent, this kind of investment should be undertaken with high caution because it represents very high risks.
The bad aspects about the metaverse
As stated previously, this article about The Metaverse fully explained for beginners is meant to be objective regarding the metaverse. In this framework, let’s list as well the downsides and the danger behind the metaverse:
The metaverse will make numerous victims of the classic system:
Like any big breakthrough technology, the metaverse will make winners and losers. Categories losing because of the metaverse are: Classic educational systems, physical events organizers, transport companies especially airlines and trains, energy companies, physical museums and physical cultural spots.
Metaverse and mental health:
The metaverse presents numerous mental health risks like: addiction, disconnection from the real world, lack of real social life, loneliness, impact that it could have on kids and teenagers.
Privacy and Cybersecurity:
The metaverse is basically a digital technology. When speaking about digital technologies, privacy and cybersecurity protection is always a hot topic. It’s the case with the metaverse too.
Exclusivity and elitism:
Even if it aims at being democratized as much as possible and as soon as possible, taking part of the metaverse is not for everyone. This is particularly true when one wants to live the metaverse experience at its fullest by: Investing, playing, acquiring and being active. In that case, the metaverse is and will be for years, a toy for the social elite mainly.
Lack of reglementation:
It’s well known that reglementation is always behind innovation. This is especially true in the realm of the digital world. And this is still very true for the metaverse. The fact that the legislation is not yet very clear regarding the metaverse is a real issue: For instance how to deal with harassment and assault, how to deal with cyber criminality and how to define the boundary of decentralization and autonomy for organizations like the DAOs.
To conclude
To conclude The Metaverse fully explained for beginners, whether one is for it or against it, the metaverse is becoming increasingly something to know about. This is because of its huge potential and possible impact on the different aspects of our lives. On the other hand, the metaverse has numerous downsides that should be known as well.
This is a basic introduction to the metaverse. There are still numerous subjects to know about it if you are interested like how to build a metaverse. Subjects like: What is the current competitive landscape behind the metaverse. What are the most traded assets in the metaverse and much more.
So stay tuned if you are interested in this topic, a lot more is sitting in this blog. Don’t hesitate and go dive deeper into the metaverse mastery with us ! Don’t hesitate also to put your comments and questions below, we read all of them, by real humans and not robots ! 😉
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