Summary: The Metaverse refers to a ‘virtual world’ where users can interact, shop, play games and work online using avatars. There are several different ‘virtual worlds’ that are perfectly poised to revolutionize the way individuals interact online. These virtual worlds have their own digital currencies, which can be used to buy and sell products online.
After Facebook’s announcement about changing its name to Meta, many are wondering how does the Metaverse work? The concept is still in its infancy; however, many companies are working on creating immersive virtual experiences for their users.
Simply put, the Metaverse has the potential to transform the way users interact, shop, work, and play online. The Metaverse utilizes virtual and augmented reality to provide incredible virtual experiences to its users.
The global VR market is expected to reach $12 billion by 2022. The Metaverse has also created numerous opportunities for individuals to earn within the virtual realm.
With all the hype around the Metaverse, many big brands such as Gucci and Nike have created virtual spaces for users to interact, play and make purchases for digital and real-life products.
How Does the Metaverse Work?
The term ‘Metaverse’ was coined by Neal Stephenson in 1992. His book Snow Crash outlined a prediction of the future where users were represented by avatars and were able to interact in a virtual world. It even featured digital currencies, which are gaining in popularity today.
His predictions were surprisingly accurate, as this next generation of internet mainly consists of digital currencies and much more. Fast forward to today, and tech giants such as Meta, Microsoft, and NVIDIA have dedicated themselves to developing the Metaverse.
Considered to be “the future of social media,” the Metaverse covers many broad aspects of virtual experiences, such as gaming, virtual events, social interactions, and much more. Users utilize avatars to move around, play games and interact with other users and the environment.
The Role of VR in the Metaverse
Using VR, individuals can step into a virtual world with a 360-degree vision, where they can view stunning landscapes, explore vast new places, attend social events such as virtual concerts, and much more. Virtual reality is crucial in making the entire experience more immersive, as it blurs the lines between the real and virtual worlds.
Digital Currencies and Virtual Economies
Each Metaverse also has its in-game currency, which can be used to buy or sell digital products. For example, the Sandbox has SAND, Decentraland uses MANA, etc. Users can exchange these currencies for real-life money at cryptocurrency exchanges such as Binance, Coinbase, and more. Users can connect their wallets to these platforms to start making transactions.
Most Metaverse platforms allow users to buy, sell and create digital assets. Each platform provides development tools that users can use to create virtual environments and much more!
Real estate in the Metaverse is also extremely popular nowadays, with many investors seeking to get significant returns on their investments within the virtual space. One of the most expensive land parcels sold to date was for $4.3 million in the Sandbox Metaverse.
Celebrities like Snoop Dogg and Paris Hilton have also purchased land within the Metaverse. They intend to launch their Metaverses to connect with their fans. Users can enter these Metaverses to play games, purchase accessories, and interact with other like-minded individuals virtually.
Different Types of Metaverses
There are primarily two types of Metaverses, i.e., Centralized and Decentralized. Before selecting a Metaverse, it is essential to understand the difference between both.
Centralized Metaverses offer users a chance to interact and share experiences, but they do not have the freedom to control their environment. A single entity runs the entire virtual space, and they have its own set of policies that would have to be followed to be a part of that world. One of the most famous examples of this type of Metaverse is Roblox.
How To Work in the Metaverse
The Metaverse is rapidly evolving, and there are plenty of opportunities for individuals to earn. For those wondering how to work in the Metaverse, the first step is to analyze what skills you possess.
A job in the Metaverse would primarily involve AI, Virtual Reality, Augmented Reality, Game Development, Blockchain, and other mainstream Web3 Technologies. There are also additional opportunities in platform moderation, customer support, and brand development.
With tech giants such as Meta, Microsoft, AMD, and NVIDIA working on developing the necessary infrastructure of the Metaverse, the demand for skilled individuals is rapidly increasing.
Here’s what you need to do to land a job in the Metaverse:
Gain the Necessary Skillsetafa
If you’re applying for a 3D developer position, you must be experienced in software such as Blender, Cinema 4D, Maya, and more. Knowledge of Unreal Engine or Unity may also be highly beneficial since many companies use these tools to develop the Metaverse. For example, the AFAR metaverse is using the Unity engine for its development.
There are also opportunities for moderators or people looking to work on digital currencies and NFTs.
Stay Up To Date
Join discord servers, and stay up to date on Metaverse-related news and projects to identify potential opportunities for you to work on. Interact with people and share your thoughts on the space to be recognized. Networking is key when it comes to getting a reliable job.
You can also participate in contests to sharpen your skillset and get noticed by decision-makers looking to add talented people to their teams. By keeping updated on who is working on the Metaverse, job seekers will be able to find plenty of suitable opportunities.
Create A Portfolio
While there are many entry-level jobs within the Metaverse space, it is crucial to keep building your brand by creating a portfolio. You can volunteer for specific projects to gain the necessary experience.
For example, if you’re seeking a career in software development, create some sample projects by volunteering for someone working on the Metaverse. Or, if you’re looking to get into brand development, offer social media services for free to a new NFT project.
What Companies Are Working On The Metaverse
Several companies are working on developing infrastructure for the Metaverse. These companies are working relentlessly to be a part of this incredible digital revolution. There are different niches for companies to work on the Metaverse. For example, companies can focus on creating 3D development tools, new metaverses, improving VR/AR headsets, establishing virtual economies, and much more.
If you’re wondering who is working on the Metaverse, we’ve listed some of the top ones below:
- Meta: Meta has silently been making strategic acquisitions to cement its position as a major player in the Metaverse. One of their earliest acquisitions was VR company Oculus for $2 billion in 2014.
The company is building its Metaverse called Horizon Worlds, where users can interact, attend virtual events, and more. Users utilize avatars to move around the Metaverse to explore different areas and meet new people.
In terms of hardware development, the company is also researching sensor-based systems to make the Metaverse experience more interactive. This includes haptic gloves, AI-Based Skin, more immersive VR headsets, and more.
- NVIDIA: Even though NVIDIA is widely known for its graphical processing units, the company has been making huge waves within the Metaverse space for its 3D Design Collaboration Platform, Omniverse.
The platform helps developers utilize pre-built templates to create 3D designs and scalable systems. It also has several features that allow users to share their work and collaborate effectively, thus enhancing productivity.
Large companies such as Lockheed Martin and BMW are already testing their Omniverse to create virtual replicas of real-life objects and processes. This allows them to maximize their factory workflows and achieve better results.
- Microsoft: Microsoft has adopted a different approach towards the Metaverse by focusing their efforts on what they call ‘Mixed Reality’. The company has been working on reshaping the exciting world of Augmented Reality.
Their HoloLens allows users to superimpose virtual images onto their real-life surroundings. Many large companies such as Heinz and Kawasaki are already testing the HoloLens in their factories to help solve supply chain problems, increase overall efficiency, and much more!
- Unity: Known previously for their games, many companies prefer the game engine Unity as it is easier to find skilled talent to develop solutions within it. The engine allows an “out of the box” way of thinking and helps users interact with the Metaverse.
This gaming engine aims to help developers create 3D content for different Metaverses. End users wear VR headsets to experience the other features the software engineers develop.
Unity will be highly instrumental in metaverse development as it allows developers to create and edit Metaverse surroundings and assets within 3D.
Remember, the Metaverse is still rapidly evolving. There are many unknowns since the technology just hasn’t caught up yet. However, with the hype around the Metaverse and the mass adoption of cryptocurrencies worldwide, the exciting possibilities within the Metaverse space seem more achievable than ever. We hope this article has helped explain how the Metaverse works; we’ve also included some tips on how to work in the Metaverse.
- How Do I Enter the Metaverse?
First, select a Metaverse platform such as the Sandbox and sign up as a user. You can then begin customizing your avatar. Once your avatar is ready, you can step into the virtual world to start creating new experiences.
- What are the Benefits of Buying Land within the Metaverse?
Virtual real estate is extremely popular nowadays, and users can buy them to sell it for profit. Other benefits include having your own ‘land’ within the Metaverse, where you can shape your experiences and connect with others.
- Do you need VR to enter the Metaverse?
While you do not necessarily need a VR headset to enter most Metaverses, you will only be able to experience the truly immersive nature of the 3D virtual space once you use the headset to enter.