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Metaverse: what it is, and what you can do with it

Metaverse
News

May 10th, 2022 - 4pm

It has probably not escaped you, since the end of 2021 Facebook has become Meta. And this name choice is not a coincidence. Mark Zuckerberg wants to transform social networks into Metaverse. But what is the Metaverse? And what is its connection to cryptocurrencies and NFTs?

First, instead of asking what the Metaverse is, let's ask what it could be. Although the idea is a bit dated as it first appeared 30 years ago in the science fiction novel "The Virtual Samurai" by Neal Stephenson, its meaning is not yet fixed.

Neal Stephenson described the Metaverse as "a virtual hub that connects all the other virtual worlds". This includes the Internet, virtual reality (VR) and augmented reality (AR). One of the most telling examples of the Metaverse is the science fiction movie "Ready Player One". In it, characters escape reality through a digital world, thanks to VR headsets.

The Metaverse (also called Meta universe) creates a kind of digital copy of yourself. Today, to access your favorite social network, you simply log in on your browser or through an application. The Metaverse breaks the traditional codes by making you put on a VR headset to enter the skin of your avatar, and interact with your friends' avatars.

Top 4 uses of the Metaverse

Wondering what you can do in this universe? The possibilities are almost endless. But here are 4 examples of currently possible uses:

  • The social networks of the future

  • From traditional money to cryptocurrencies

  • What is an NFT?

  • Real estate of the future and other applications

  • Social networks of the future

The social networks of the future

In its simplest version, the Metaverse is designed to be virtually social. Whether it is a social network or a video game, different companies are already working on this possibility.

Meta, the parent company of Facebook, has for example launched Horizons World: a virtual world in which users can meet and play video games together through a virtual reality headset. For the moment, this virtual world is only available in the United States and Canada.

The gaming platform Roblox offers mini games where your avatar can interact with other avatars, chat with friends, etc.

Finally, the first role-playing games based on virtual reality are appearing on the market. Go on quests with other players. It's like being in the movie "Ready Player One".

From traditional money to Cryptocurrencies

The Metaverse is a world of its own. It therefore has its own economy. The virtual currencies are called "cryptocurrencies", of which Bitcoin (BTC) is the best known example.

The major difference with traditional currencies is that crypto-currencies are not managed by a governments or central banks. A bank account and a bank card are therefore not required to use them. All transactions are carried out virtually via an online system: the blockchain.

But cryptocurrencies do not end at the virtual world, they are even increasingly used in the world. In 2021, Salvador actually became the first country to make Bitcoin an official means of payment.

What is an NFT?

When talking about virtual worlds, it is unthinkable not to mention NFTs. These are virtual collectibles. Instead of collecting stamps or sneakers, you can now collect artworks, famous tweets or even virtual clothes.

When you buy a NFT with cryptocurrency, you become the official owner. This means you can keep your item (virtually) and resell it later in hopes of a potential capital gain.

Real estate of the future and other applications

Another current trend: virtual real estate. Virtual real estate sales generated over half a billion dollars last year. If your dream is to live next door to Snoop Dogg's virtual villa, the Metaverse makes it possible.

This parallel world is finally giving more and more space to events. The virtual Fashion Week was held there for the first time in March for instance. Instead of watching the fashion show via streaming, you can now attend the event by putting on your VR headset, and even continue the show by participating in the after party.

Web 3.0 is right now with Love Packages

The Metaverse is only at its beginning, but one thing is certain, digital will continue to be more and more important in our daily lives. The choice of our fixed and mobile internet plans is therefore very important. It is also interesting to combine both of them in order to have a maximum of data at an advantageous price. With Love Packages by Orange Luxembourg, surf without constraints, whether you are at home or on the move.