After Meta (previously known as Facebook), launched their second Connect 2022 conference a few weeks ago, I got to thinking that almost everyone has heard about the metaverse, but how well do people really know details about it or is there some confusion about how it works and how it will affect our lives in the future? I also assumed that some people might be interested in learning more about the basics of the Metaverse. I had always wanted to read a simplified op-ed to help me understand more, like someone talking to a 5-year-old, I hope I can provide the same in this write-up.  

Let’s take a trip down memory lane:

For the past couple of years, more and more words began surfacing, even though not new, words like Metaverse, NFTs, Immersive, Avatars, Blockchain, Cryptocurrencies, were being used frequently across conversations. Even gaming platforms were already offering “immersive experiences” such as Roblox and Minecraft. Finally, the deal was sealed when tech giants started investing significant amounts of money in the Metaverse; Microsoft acquiring Activation Blizzard (owners of Call of Duty) for $70 Billion USD and even Google investing $39 Million USD into private equity funds for the Metaverse. 

Back to reality: 

This is when the regular individual started taking the Metaverse seriously. Many of us even started having FOMO, I am guilty! What if we’re late? What are we missing out on? What if opportunities are being wasted? Panic mode! 

But what does the metaverse actually mean?! Meta means beyond, and verse, means universe.     Broadly speaking, the technology companies refer to when they talk about “the metaverse” can include virtual reality—characterized by persistent virtual worlds that continue to exist even when you’re not playing. The metaverse doesn’t compete with the internet — it builds on it and develops it into what is known as the Web3.  

In the metaverse, users traverse a virtual world that mimics aspects of the physical world using such technologies as virtual reality (VR), augmented reality (AR), AI, social media and digital currency. The internet is something that people “browse.” But, to a degree, people can “live” in the metaverse.  

The metaverse isn’t something new, if you really think about it, NFTs (non-fungible tokens) have been around for years in the form of skins, granted, they are not unique pieces, but they did open our minds to buying online “gadgets” and keeping them there. Even the gaming industry that gave us Fortnite, Minecraft and RuneScape presented us with the first feel of what the Metaverse really is. From the beginning, they offered in-game economies, buying skins, selling accounts and much more. It, of course, expanded exponentially during the pandemic.

Naturally, gigantic brands invested in the Metaverse, Nike acquired RTFKT (spelled Artifact); a digital fashion & collectible company founded in January 2020. They’ve created items from digital sneakers to collectible avatars. While Adidas created a new collection specifically for the Metaverse, not to mention luxury brands like Gucci, Burberry and D&G making serious money selling digital fashion! Analysts are predicting that the luxury brands revenue in the Metaverse could reach $60 Billion USD by 2030.  If this is not mind-blowing, I don’t know what is!

How does this work? Most luxury goods are released in limited quantities and users who purchase them receive an NFT as a virtual certification of ownership, making this industry a gold-mine, weightier than it already is.                                                                  

Even concerts are now being promoted by celebrities on the Metaverse. Paris Hilton had her first performance in Decentraland (one of the several virtual worlds a.k.a the metaverse) during September 2021 through an in-avatar and is now promoting her Neon Carnival in Paris World via Roblox.   

Furthermore, Travis Scott earned $20 Million USD from his metaverse performance with Fortnite and brought in 12,000,000 viewers to his concert. Now, let’s compare this to a real-life concert, Travis Scott would have earned a maximum $1,1 Million USD per concert with a capacity of 50,000 people.  

Yes yes I know, the actual feeling of being in a concert is a completely different experience, but let’s keep this debate for another article. 

Let’s start getting serious:

Now, if you’re anything like me, you would like to understand what the first step to getting into the Metaverse is, so let’s begin there. 

As a start, it would be beneficial to know that there are currently “multi” metaverses and ones in the making, I can’t help but reference Dr. Strange in the multi-verse of madness, a dedication to all Marvel fans. However, not all are owned by big corporations like Facebook and the one Microsoft is currently creating. Actually, you will find plenty of other metaverses on platforms such as Opensea.io. Once you click on Virtual World and then rankings, a whole new world of metaverses will open up to you, such as Decentraland, Sandbox and tons of alternatives. Many even have their own marketplaces, land plots and NFTs. 

BUT, first thing’s first. To enter the Metaverse, you need to be well equipped: Step one would be to purchase the Oculus (or if you have some patience, Quest 3 is in the making) that would set you back at least $299. The prices can go up to approximately $1,499 for an Oculus pro, however, save that till you become a super VR pro. For now, the $299 version is more than enough for one to gain a great experience in the metaverse, especially that one will not need the extra memory for the basic needs.  We, as humans, are wired to perceive the world around us visually and spatially through the lights reflections which come into our own eyes. VR headsets can mimic the same environment and trick our brains into believing what we are seeing. 

Second, you will require the Oculus link virtual reality headset cable that will cost you approximately $80 (Oculus Link is the optic cable that connects Oculus Quest to your gaming PC). 

Third, you need to install Steam; a gaming program that holds your licenses and games. 

Finally, install Neos Metaverse, a community-driven virtual reality platform providing you with the tools to create your own virtual content and experiences.

These points should set you up. You are now ready to enter the metaverse! 

Your options are limitless, you can play Axie Infinity, a crypto game where you earn money, you can teleport from one place to another seamlessly and buy a plot of land. Since the majority of the time spent in virtual reality is now within multi-player apps, you can actually make new friends and meet them in your new apartment.    

Fitness is a huge industry in the metaverse where you can work out from the comfort of your own home and then jump into your office at Horizon Workrooms, your virtual office in the metaverse. Imagine even learning about history through living the actual experiences in the metaverse, what an amazing evolution to education this would be.

For now, my only points of discussion were some of the positives of the much-debated metaverse, but of course, we all know that there will also be many setbacks and alternative opinions that are yet to be discussed, which we will in future op-eds.