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Metaverse: Why, How and What

Presentation · February 2022

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Kashif Laeeq
National University of Computer and Emerging Sciences
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 Metaverse: Why, How and What
Dr. Kashif Laeeq

What is Metaverse?
Metaverse is a new beginning to create
something new, much like the early days of
the Internet. Billions are being invested in
building metaverse, and tech tycoons call it
the future, but what is metaverse? The term
metaverse was coined in 1992 by science-
fiction writer Neal Stephenson. Its most
basic definition refers to “the concept of a
fully immersive virtual world where people
gather to socialize, play, and work.” It is a simulated digital environment that combines
augmented reality (AR), virtual reality (VR), blockchain, and social media principles to create
areas for rich user interaction that imitate the real world.

The metaverse concept, recently publicized by Facebook's rebranding as Meta, will revolutionize
how we interact with the world. Facebook's CEO, Mark Zuckerberg, stated that "the next
generation of the internet is metaverse" and that existing social media will come under the
umbrella of this new wave. He describes metaverse as "a virtual environment where you can
present yourself with people in digital spaces. You can kind of think of this as an embodied
Internet that you're inside of, rather than just looking at."

How Blockchain Technology Underpins the Metaverse?

As the metaverse is built on blockchain technology, any items you own or produce are unique
and cannot be replicated or stolen. As with art pieces, blockchain technology assures that distinct
digital goods traded in the metaverse are one-of-a-kind. Furthermore, cryptocurrencies keep the
metaverse running; everything is purchased and sold using distinctive sorts of cryptocurrency.
One of the most used terms in the metaverse is NFTs. The Non-Fungible Tokens (NFTs) are
unique cryptographic tokens and cannot be duplicated on a blockchain. NFTs can be used to
represent real-world items that are collectible digital assets that hold value in the same way that
physical assets do; for example, a piece of land in metaverse comes under NTF.
Will the Metaverse Replace the Real World?
The metaverse can shape the future in which
we spend more time in the virtual world
than reality. An avatar represents you in the
metaverse, comparable to the avatars that
Facebook started using in 2020. Many
technology experts believe it will eliminate
the issue of geography, particularly when it
comes to business interactions. According to
Harding, an increasing number of businesses
will have "boarded the metaverse train in 2022.” Many tech executives anticipate that one day,
individuals will begin to create their metaverses and that instead of Oasis, we will all be relaxing
in that world.

How Important are Cryptocurrencies in Metaverse?

Since metaverse is built on blockchain, cryptocurrencies also use the same technology.
Therefore, it will be the most popular form of payment in the metaverse world. Using
cryptocurrency will be the simplest, most convenient, and least expensive method to embark on
a global metaverse shopping trip. You may use your cryptocurrency at any store, regardless of
where it is located. You won't waste money on international communication or transaction costs
if you use crypto, and most stores in the metaverse accept all major cryptocurrencies.

How Will Businesses Trade in the Metaverse?

Bloomberg Intelligence's metaverse represents a "$800 billion market opportunity." The
metaverse creates a new economy in which wealth will be generated, traded, and increased with
a different currency yet connected to real-world money. We'll soon see businesses will be
formed, office buildings will be built, meeting for remote workers will be held, and job interviews
will be conducted in the metaverse world.

The metaverse will see a surge in digital commerce, primarily as big-box retailers like Walmart
aim to sell things there. CNBC reported Adidas launched NFTs and purchased land on Sandbox
VR, a virtual real estate firm. Gucci, a fashion brand, collaborated with game developer Roblox to
sell goods in the metaverse. Balenciaga has partnered with Epic Games, the creator of Fortnite,
to provide virtual boutiques. RTFKT, a famous metaverse brand with a shoe collection, was
bought by Nike. An 18-year-old designer sold more than $3 million in virtual footwear in less than
seven minutes. Nike is looking to hire virtual wear designers and has a field for trademark
applications for its trademarks on virtual footwear, among other things.

Fortnite’s Marshmello Concert in Metaverse

Beyond games, Roblox views itself as a
future hub for metaverse experiences. They
intend to introduce instructional
videogames into schools. Roblox recently
hosted a Marshmello concert in Fortnite,
which gathered 60 million people,
indicating the metaverse's success.

At the Marshmello show, everyone flocked

to a stage where the DJ, in avatar form,
spun beats, and there were cool things that happened like beat drops throwing everyone up in
the air or disabling gravity altogether. Things were only possible in a video game concert.

Metaverse Decentraland; A Virtual World

Decentraland is a decentralized virtual reality
platform where you can purchase virtual plots
of land in the form of NFTs using the Ethereum
blockchain's MANA cryptocurrency. You may
also create your own business, shops, and
applications on that land. Its users govern the
platform through the Decentraland DAO, a
decentralized autonomous organization.

Andrew Kiguel, CEO of Tokens.com, invested

$2.5 million in Decentraland, one of the metaverse's largest and most developed lands, opening
the way for a wide range of commercial opportunities. He intends to put on a fashion show with
avatar models, catwalks, and pop-up stores. Kiguel also plans to create buildings in
Decentraland's Crypto Valley and other metaverse communities and rent office and retail space.
Republic Realm, a New York-based digital real estate company, spent around 1,295,000 MANA
($913,228) for 259 plots of Decentraland to convert into a virtual shopping center.
Each world in metaverse has its specific currency to carry out transactions. Like Ethereum and
Solana, Blockchain technology creates these virtual worlds. SAND is used in the Sandbox, while
MANA is used in Decentraland.

How to Buy a Property in Metaverse?

To purchase virtual property, you must first
register with a metaverse platform, such as
Decentraland, The Sandbox, or Axie
Infinity, among others. Binance, Gemini,
and Coinbase are all popular platforms for
purchasing metaverse cryptocurrency.
These exchangers will assist you in
converting real cash to metaverse crypto. If
you already have cryptocurrencies, such as
Bitcoin or Ether, you may trade them for metaverse directly. You can restore your dollars to
cryptocurrencies like ether or native currencies of the metaverse you are dealing in, like MANA
or Sandbox, and store them in your digital wallet. You may buy or rent land in many ways on the
https://metaverse.properties/ website. They do business with Decentraland, Upland, Sandbox,
Somnium, and Cryptovoxels metaverse property. The lowest plots of metaverse land cost around
USD 11,000. In the popular platforms Decentraland and the Sandbox, 1x1 units are the minor
plots of land. Virtual land has become a valuable asset, with some properties reaching millions of
dollars.

Final Thoughts – Why is Metaverse the Future?

 The IT industry is particular about the metaverse, predicting that it will be worth $800
billion by 2024 and have a community of one billion by 2030.
 According to Nvidia's CEO, the next step in the company's metaverse development
strategy has a market potential of $10 billion over the next five years.
 CEO Microsoft Bill Gates projected that virtual meetings will migrate to the metaverse
within three years and that people would increasingly rely on VR headsets and avatars at
work.
 People will build avatars in the metaverse that are likely to be identical to them in real
life. They will spend money on unique apparel and accessories to equip and beautify their
avatars.
  Platforms like AltspaceVR will enable individuals to connect for live virtual events like
comedy clubs or music concerts, creating community based metaverse experiences.
 Metaverse malls are being built, allowing you to shop at virtual world stores and stock
up your avatar's wardrobe.
 The metaverse is intended to use augmented reality at some point in the future. This is
where you'll be able to see "holograms" of the metaverse against the background of the
real world with AR glasses.
 In the future, the idea is to connect all of the metaverses so that your avatar and digital
assets may be smoothly moved from one to the other.
 Companies will construct "physical" outlets in the metaverse, and they may also pay
developers to do it. In high-traffic areas of the metaverse, "real estate" will undoubtedly
be more expensive.

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