What's the Meta with You?
What is the Metaverse? I know Facebook changed its name to Meta, but why? What will I do in the metaverse? Is this where I spend my cryptocurrency? All good questions. Here is what I know so far.
Meta means self-reflective, and verse is short for the universe. Therefore we have a self-reflective universe in which we can live. Metaverse is a term that came from Neal Stephenson's 1992 science fiction novel Snow Crash. Humans, as programmable avatars, interacted with each other in a three-dimensional virtual space that uses the metaphor of the real world. Stephenson used the term to describe a virtual reality-based successor to the internet. The term web 3.0 is commonly used to describe the third generation of the internet. I believe that it also carries the idea of the three-dimensional world of the metaverse.
That is to say, you can live in this 3D world as yourself, or you can also choose your skin or avatar. As a result, you create a customizable virtual representation of yourself. These avatars can take on almost any shape, size, or form. They allow for unprecedented levels of self-expression.
Imagine you get to create the person or "creature" you always dreamed of being.
Help Us See the World
Now that you have your new version of yourself, how do you enter the metaverse, and where do you go? You'll most likely want a pair of VR (virtual reality) goggles for starters. Oculus Quest 2 is the leading headset on the market; it sold over one million in 2020.
The next best competitor is PlayStation VR, which sold 125,000 units simultaneously. Most importantly, Oculus is a Meta (Facebook) company.
While using your Oculus goggles, you can only explore worlds owned and operated by Meta. You might ask if you can use them for Playstation; the short answer is no, the Oculus Quest series is not compatible with the PS4. If you plug the Oculus Quest into your PS4, nothing will happen because the PS4 can't interface with the device. The only VR headset that works with the PS4 and PS5 is the PlayStation VR.
We are witnessing the new dawn of companies trying to own the virtual world. Meta, Sony, HTC, Unity Technologies, Magic Leap, and Niantic are all vying for your virtual attention. Think of Facebook, Instagram, and your favorite video game in three dimensions. You engage in social media, no matter how young or old you are. Therefore, you will not be able to turn your nose up to this new experience. It is already here.
9 to 5
What would it be like to participate in this new world? Imagine that you are from another country and want to find a person in the U.S. to create a friendship. All you have to do is pull on your VR goggles, connect to your "new friend" app and pick your country of interest. You now put up your profile add your request for an American friend; as a result, you get several connections that say hello, let's connect. It is that simple and results-driven.
Now consider all the new business opportunities, dating applications, betting parlors, and virtual travel you could do. The possibilities are endless. That is why these large corporations are trying to own this space.
The Oculus virtual reality app topped the App Store download on Christmas in 2021. In other words, it confirmed Mark Zuckerberg's announcement this year that his company would invest at least $10 billion to build the metaverse, a virtual world he believes will become the standard for social networking, gaming, and even work in the future.
I Got You Now
Now that you are in this VR world, you may want to own property or hang out at a restaurant. What if you wish to buy new clothes for your avatar? You need money. Cryptocurrency is your method of payment. It doesn't matter if you are spending money or earning it. You'll need digital currency to survive.
The cryptocurrency, also known as metaverse tokens, is the next big thing in the digital asset sphere (who do I invest in?). Metaverse tokens are a unit of currency used to make transactions within the metaverse. The metaverse only uses specific tokens within the metaverse; several are available on exchanges such as WarziX, Coinbase, and Binance.
SAND is an up-and-coming token. The Sandbox is a virtual gaming world where players can earn SAND tokens for completing activities in the world. Integral to gameplay is the SAND utility token—built on the Ethereum blockchain. SAND tokens can be used within the metaverse to buy virtual objects and work on a play-to-earn model. Currently, 1 SAND equates to $6.55.
Additionally, there are several other tokens to consider. AXS, axie infinity is similar to The Sandbox and is a play-to-earn game. It involves selling, buying, and trading collectible monsters to earn AXS tokens. NFT tokens represent the monsters, and each one is unique. Over the past six months, this fun game has skyrocketed in popularity, and daily users have risen by nearly 5,000%. AXS currently has a global market cap of over $8 billion, with the AXS token presently worth $138.75.
THETA Coin is a decentralized video delivery network that provides a range of blockchain-enabled solutions to the problems facing the traditional video streaming sector. THETA coin powers the network. This token allows nodes (centralized connection points tied to individual digital devices) to validate transactions, produce blocks, and vote on changes to the network.
Think about Theta as the real world 2007 Netflix, when it went to a streaming service. Not everyone had the bandwidth to handle the content. Now even your phone can do the job. Theta puts the nodes closest to the user so that you can use/engage the 4K (8K soon) virtual reality without any glitches.
The THETA coin token is currently worth $6.69.
You are Already Playing the Game
In summary, the metaverse is this generation's world wide web, HTML, email, and Netscape. Only this time, people can play games and get paid for their effort, you can own digital land and charge actual rent, and anything else you do for business or social activity. Just think of Meta as the landlord, and everyone else is a renter.
Make no mistake, Meta and others are trying to get your attention to play in their world so that they can profit. However, I like to think of this holographic experience we call Earth as a place to play and create. You don't even need special goggles, just an imagination.
I'll leave you with a statement my wife Lisa likes to say; Go have fun!