Metaverse: The alternate reality

Chuck Roberts
Posted 3/1/22

Many of us have been hearing the buzzword “Metaverse” and wonder what this is all about?

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Metaverse: The alternate reality

Posted

Many of us have been hearing the buzzword “Metaverse” and wonder what this is all about?  According to the high priests of the digital world, the Metaverse is a completely alternative universe in the digital world (Internet) where users, through their digital, self-designed robots (avatars), can move around and interact with this alternative environment. 

Meta Platforms Inc. (Facebook), Microsoft, Unity, Epic Games and Roblox are some of the companies that are important entities in the Metaverse, all attempting to make their participation profitable.

In order to participate, you need a VR (virtual reality) headset and in some cases a hand controller for each hand. The VR headset is essentially a set of goggles with a small TV set inside that allow you to view the Metaverse. The hand controls help you navigate through the Metaverse.

You get onto the Metaverse through a portal such as Sanbox or Decentraland. You will usually have to set up an account (crypto wallet) through a vendor such as Meta Mask. Looking into your VR headset, you enter the Metaverse and control your avatar much like a video game.  You, through your avatar, can navigate through the Metaverse (alternative digital universe) doing various things such as traveling, interacting with other users, engaging in sports, playing games and making money such as buying and selling Metaverse land. Some have purchased land in the Metaverse for thousands of crypto coins hoping to sell it at a higher price in the future.

You can also trade in stock attributed to Metaverse companies such as Meta Platforms (NASDAQ:FB), Boeing (NYSE: BA), Roblox (NYSE: RBLX) or Microsoft (NASDAQ: MSFT). Investment in these companies, solely based on their participation in the Metaverse, is still considered risky.

If you wish to purchase Metaverse real estate you must use Metaverse crypto money in the form of non-fungible tokens (NFT’s). These are digital coins that, when a sale occurs, the Metaverse platform checks out the sale and transfer of ownership to make sure it is legitimate. Once you own the Metaverse land, you can build on it, rent it or sell it, hopefully at a profit.

You keep your NFT’s in your digital cryptocurrency wallet. You can also use your NFT’s for other things such as clothing and other appurtenances for your avatar. NFT’s are divisible and can be exchanged for other forms of currency. The ownership of some cryptocurrencies allows one to vote within a Metaverse platform on decisions regarding where NFT’s should be invested or on the expected release of new features.

Several companies are spending millions of dollars in the Metaverse hoping to convince society that this is a development akin to sliced bread. Will there be mass acceptance of the Metaverse like the acceptance of the Internet by society or will it be a passing fad that disappears like large fins on automobiles?

Many are betting on the alternate reality (Metaverse), but personally, I prefer regular reality.