What is metaverse?
Metaverse is a concept that is mentioned more and more in the media and technology world. It is a virtual representation of the real world that any person can access via the Internet. In the metaverse, people can communicate with each other and digital objects, while managing avatars, that is, digital versions of themselves. Metaverse should be a place where you can perform various activities as in real life, such as work, entertainment, shopping, travel, etc. Metaverse is still in the early stages of development and requires advances in technology, especially in the field of virtual and augmented reality. Many major companies, such as Facebook, Microsoft and Nike, have announced their plans to invest and create their own projects within the metaverse. This new concept is considered a key element of the future version of the internet, better known as Web 3.0, that will use decentralized blockchain technology and cryptocurrencies.
Source: cointelegraph
How does metaverse work?
Metaverse operates on the principle of a network of virtual, 3D environments in which people can communicate with each other. Metaverse is based on the integration of virtual, i.e. augmented reality, the Internet and blockchain technology. To access the metaverse, virtual reality equipment is required, such as VR glasses, which allows the user to experience the digital space as real, although there is the possibility of access without this equipment. Metaverse is decentralized, which means that there is no central authority that controls it, users can create and monetize content, buy and sell digital assets, participate in games and social activities, and transfer their data and characters between different metaverse projects. All of this is still in the early stages of development and requires further advancement of technology, especially in the field of 5G networks that will enable faster and more stable data transfer, i.e. easier access to metaverse to more people around the world.
Source: cointelegraph
Cryptocurrencies and metaverses
Cryptocurrencies are used to buy and sell digital assets within the metaverse, such as virtual lands, objects, art, and other resources that users need. Cryptocurrencies also allow users to have full control over their digital assets and identity, without fear of censorship or confiscation. This is the main reason why cryptocurrencies have become the chosen currency of the metaverse user. The same also encourage innovation and competition in metaverse, as they allow the creation of new platforms, projects and services that offer different opportunities for a lower price.
Source: cointelegraph
How to invest in metaverses?
If you want to invest in metaverse, you have several options. One of them is investing in shares of metavers companies, such as Meta or Microsoft. These companies are developing technology, platforms and services for metaverses, which could have great potential for growth and revenue. Another option is to invest in cryptocurrencies that deal with metavers, such as Decentraland (MANA), Axie Infinity (AXS), The Sandbox (SAND) or Enjin (ENJ). These cryptocurrencies are associated with projects that create virtual worlds, games and digital assets within the metaverse. Investing in metaverses requires research, patience and caution. This digital world is still emerging and can change and evolve in unexpected ways. Therefore, it is important to monitor trends, innovations and competition in this area. It’s also important to diversify your portfolio and invest only as much as you’re willing to lose.
Source: cointelegraph
Meta (Facebook) and metaverse
Meta is the new name of a company formerly known as Facebook. This name change triggers a new vision and mission of the company, which is aimed at building metaverses. Meta plans to develop various products and services for metaverses, such as VR glasses, smart glasses, virtual offices, social platforms and other applications. This company wants to be one of the leaders in creating metaverses, which in their opinion will change the internet as we know it. However, Meta also faces a number of criticisms regarding metaverse. One of them is the security and privacy of users’ data, who will have to share large amounts of personal information with a company that has a bad reputation in the area. The second challenge is competition with other companies that are also working on their metaverse projects, such as Microsoft, Nike or Roblox, but also numerous newly created projects.
Source: cointelegraph
Conclusion
Metaverse is a virtual world that will allow people to connect, entertain and create digital content in a whole new way. This concept is still in the early stages of development, but it is already attracting the attention of large investors. Investing in metaverses will be extremely profitable for those who successfully choose prosperous projects, but at the same time it is high-risk given that there will certainly be numerous companies that will not succeed in achieving their set goal, and will fail. It is certainly most important that when entering this new technology, be careful with your digital identity, i.e. not to disclose private information, and to be careful when investing, i.e. investing only what you are willing to lose. We hope you enjoyed reading today’s blog, we would like to hear your opinion on metaverse, and you can share it with us on our social networks (Twitter, Instagram).
