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What is the metaverse?

The Metaverse is an alternative digital space that simulates or expands the real world through the latest technologies of virtual reality, augmented reality, etc. However, it’s not the only metaverse definition, and not the most accurate one either. The reason for this attributes to the vague concept behind this word, as it’s neither a service nor a specific technology.

Some experts call the metaverse the next iteration of the Internet, others describe it as a phenomenon at the junction of our reality, the Internet, and a video game.

In the metaverse, users can navigate the world via personal avatars. It’s possible not only to interact with virtual objects but also with the avatars of other people. That is, people can build social networks, entertain themselves, get a job, buy and sell things, or even own properties inside the metaverse, which makes it a simulation of the real world or its extended version.

How does the metaverse work?

Since the concept of the metaverse has not yet been fully brought to life, it’s also hard to precisely describe how this “digital universe” would work. However, it is known that the metaverse consists of a number of distinctive features, sometimes roughly divided into so-called mixed reality and virtual economies.

Mixed reality describes the “body” of the metaverse, the virtual space and objects there constructed using the combination of VR and AR technologies that deliver hyper-immersive experiences. It also includes digital representations of the users called avatars.

The virtual economy is what makes the metaverse unique. In this world, participants can trade things or even buy land and properties via cryptocurrency that they can exchange for real money. Some popular metaverse platforms also have their own currencies.

One of the pioneering digital spaces that tried to reach the metaverse level was VR-powered video games. Nowadays, top metaverse platforms have gone much further and now combine several technologies, among them include VR, AR, AI, IoT, 3D modeling, blockchain, brain-computer interfaces, etc.

Opportunities in the metaverse

When it comes to business opportunities in the metaverse, many entrepreneurs don’t know why and how to invest in the metaverse to truly grow and improve their business.

Here are some aspects of your business you can enhance by learning how to get into the metaverse and use it for your company:

  • Improve your interaction with customers via VR/AR experiences (demonstrate virtual items, build immersive showrooms, host virtual events, etc.);
  • Use rich metaverse business opportunities to advertise goods and services in a novel way;
  • Simplify and secure transactions by employing cryptocurrency;
  • Create an enhanced digital environment for better business teamwork.

With all that said, unique features and technological opportunities in the metaverse are what makes investing in the metaverse a profitable solution for businesses in nearly any field.

How to get into the metaverse

When people think about how to access the metaverse, they usually think that they need some costly, advanced technologies. It is only partially true.

To get the most out of the metaverse experiences, it’s good to have a powerful computer that can process complicated operations, as well as a VR headset. In this case, users will be able to enjoy all metaverse opportunities and play a full part in this world.

However, there are also some examples of metaverse platforms that don’t require any additional equipment besides a computer or smartphone. For instance, joining metaverses like Decentraland or Sandbox is very much like playing a game. Having just a device and a crypto wallet, users can sign in, create an avatar, and then explore the world with all its features.

Examples of metaverse platforms

Although there’s no unified and interconnected space, as this concept suggests, it’s still possible to find stand-alone metaverse examples and use metaverse platforms for specific purposes in various fields, from gaming to organizing the workflow in a company.

Here is the list of metaverse platforms that have gained popularity in recent years:

  • Decentraland,
  • Sandbox,
  • Horizon,
  • Fortnite, and
  • Roblox.

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