Five things you should know about the metaverse

The term “metaverse’” is creating a lot of buzz, especially within online communities and forums. However, defining exactly what it is can be tricky.

The metaverse is “essentially a merging of virtual, augmented and physical reality, and blurs the line between your interactions online and in real life”, says the author of this piece in Fortune magazine.

The Oxford Dictionary defines the metaverse as “a virtual reality space in which users can interact with a computer-generated environment and other users”.

And technology-focused news source WIRED says if we “mentally replace” the phrase “the metaverse” in a sentence with “cyberspace”, 90% of the time the meaning won’t substantially change. The writer argues that this is because the expression “doesn’t really refer to any one specific type of technology, but rather a broad shift in how we interact with technology”.

Here are five things we know about the metaverse right now.

While many of the games we play are accessible from our laptops, smartphones and other devices, entering the metaverse requires far more sophisticated technology.

To be one of the many users in the metaverse, you need to have access to tech such as the latest Oculus virtual reality headsets or augmented reality glasses. As with many games you sign up for and play regularly, in the metaverse you have to create your own avatar. Take advantage of the customisable options to choose the colour of your hair and eyes, your clothing, and even your accessories.

Once you have set up your profile, you can explore the metaverse using technology such as Decentraland (the first-ever virtual world owned by its users), meeting other users and making friends from there. Depending on your interests, you can also join clubs in the metaverse, trade digital assets, and be part of social games and other applications.

The metaverse came under the spotlight recently after tech giant Facebook rebranded as Meta. The $10-billion it spent on its metaverse division in 2021 shows the major role the company is playing in shaping this new realm.

During the virtual Facebook Connect annual conference in October 2021, CEO Mark Zuckerberg explained interactions in the metaverse, saying it’s “like we’re right there with people, no matter how far apart we actually are”. He added, “We’ll be able to express ourselves in new, joyful, completely immersive ways.”

But not everyone agrees. Critics of Zuckerberg and Meta believe that the move to the metaverse could be a publicity stunt to draw attention away from Facebook’s public relations issues (such as the Apple iOS 14.5 privacy update that requires users to actively opt in to allow apps to track them – previously, Facebook tracked data without this consent from its users). It has also been reported that the company has seen a decline in use among teenagers.

However, Facebook – or Meta, rather – is not alone. Companies such as Microsoft, Nvidia, Unity, Roblox and Snap have also been working on similar metaverse infrastructure, using virtual and augmented reality.

With interest in the metaverse picking up, so is the price of digital land. Sandbox, Decentraland, Mirandus and Axie Infinity allow users to buy digital property in the metaverse.

The idea is that users can purchase digital property for personal use, or to collaborate with brands that want a presence in various spaces in the metaverse.

Tokens.com recently bought digital property in Decentraland’s Fashion Street for 618 000 MANA, a cryptocurrency used in Decentraland (equal to about $2.43-million). Should fashion houses open up stores in that street, the company will become their “landlord” and profit from the real estate.

Apparently, as in the real world, what matters most in metaverse real estate is “location, location, location”.

“It is possible that days spent staring at a screen are behind us; now, users can fully immerse themselves within those digital ecosystems,” says the author of this article in media update.

Metaverse users “can tie into blockchain technology, where users can buy virtual land and assets, changing the way we interact with one another digitally – forever”. In the metaverse and through the use of VR headsets, AR glasses and their corresponding apps or devices, “you can go inside of – instead of just looking at on a screen”.

Popular artists like Lil Nas X, Ariana Grande, The Weeknd and Justin Bieber have all performed in the metaverse, joined by fans from around the globe.

According to a New York Times report, “Technologists believe the metaverse will grow into a fully functioning economy in a few short years and offer a synchronous digital experience that will be as integrated into our lives as email and social networking are today.”

“I currently am unable to see a compelling metaverse situation,” says entrepreneur and business magnate Elon Musk. And he is not alone.

Some critics don’t believe people will wear virtual or augmented reality headsets for protracted periods when immersing themselves in a virtual world. Also, this Intelligencer report says: “If we had a metaverse that dictated our relationships, a place where we kept assets and interacted with politics, then whoever controls that metaverse is the closest thing we have to a scientific god.”

It also suggests that the technology is not that user friendly at the moment. “The Oculus is not a wearable. In fact, it’s prophylactic. No one’s going to get near you.” It basically places a divide between you and the next person while cutting off human connection.

So, with all the focus on the metaverse at the moment (both positive and negative), it’s worth keeping an eye on developments in this realm – particularly for us communications, media and marketing professionals.