We have been hearing the ancient phrase, “Beauty lies in the eyes of the beholder” However, the birth of Metaverse elucidates the concept better. The digitization of all aspects of life, be it personal or professional has filled our lives with comfort. With this added accessibility and ease, there is only one thing missing: the personal touch. Even the most exciting things such as shopping online seem to be losing their charm and have turned into mundane rituals.
Go to the website >>select your favorite shirt >>add to the cart >>make the payment, and you are done.
But what if you don’t like it in person? What if the color does not suit you well? How do you find answers to a million what-ifs that go through your mind during this process?
While the solution to this particular problem lies in “exchange and return policies”, they come with their own drawbacks. To eliminate the hassle of buying and returning, the only other long term solution is AI and VR. With the introduction of Metaverse which is a Virtual World, trying clothes on without physically visiting the store is a piece of cake.
While the land is considered to be the best option to invest in, virtual lands are also part of that race.
Republic Realm, a virtual real estate developer, has broken all records by purchasing a $4.3 million piece of land in metaverse platform The Sandbox.
A Canadian company named Tokens.com just paid $2.43 million for a plot of property in Decentraland, which is billed as the world’s largest virtual land.
Not just that, but the big companies like Gucci and Nike have their stores on Metaverse, and people prefer to get married on the same, as it is very safe to invite as many people as we wish without getting worried about the pandemic.
What is in it for Me?
Well, it depends on your vision; as things are getting virtual, your scope of the business has also increased, so now it is safe to say that Metaverse is the limit. Online Weddings opens the opportunity to online events such as romantic dates, birthday celebrations, concerts, and that needs a different setup every time, you can be the virtual event manager, you can open your own stores if you are a seller and not sure what do you want to make an investment in the land won’t hurt, as land value never depreciates.
Is it even real?
It is as real as Global Warming, not everybody accepts it, but it exists.
Epic Games “Fortnite” first started the concept of a Virtual Reality (VR) concert with EDM star Marshmello — reportedly viewed by 10.7 million viewers. The show starring Travis Scott drew over 12.3 million people and grossed over $20 million in ticket and merchandise sales during one of the later episodes.
Note: Virtual Reality, or VR, is the use of computer technology to create a simulated environment that can be explored in 360 degrees.
Concerts in the Metaverse will soon be commonplace in the future; Justin Bieber is the latest performer to have announced an upcoming show in this virtual world.
From watching movies to working on zoom calls, we all are living another life virtually. According to the New York Times the Metaverse market for goods and services may soon be worth a trillion dollars.
Can I buy digital land, and how can I make money from that?
While the internet is infinite but lands in the Metaverse it is not. The asking price of digital land was fixed before the release, so you have to be quick about investing in the virtual world.
As a result, purchasing real estate and expanding your virtual land could create money through leases, advertisements, or acquisition and sale in the same way that real estate investments do.
Purchasing real estate and expanding your virtual land could create revenue through leases, advertisements, or acquisition and sale in the same way real estate investments do.
Convert your digital land into a party plot for weddings, birthday parties, and whatnot. After all, the world’s first virtual wedding in Metaverse happened just in December 2021.
Rent your virtual space to brands to sellers willing to set their shop virtually.
You can also use that as an opportunity to advertise billboards for companies and charge money for that.
Be creative and think about what else you can make out of it.
Will it be helpful for B2B?
B2B refers to Business to Business, where business becomes your direct customer, so in the end, you are selling to your customers only. B2B companies also need to advertise their services to their target market, and if the world is moving to Mars, that’d be the right place to advertise; then it is, anyways, a Virtual World.
It is an excellent opportunity for B2B companies to promote their services as products. You can show your services on a show shelf with respective unique selling points, and if you sell virtual products such as plug-ins, what can be a better place than selling a virtual product on a virtual platform. Showcase those plug-ins as a product, with the description and the selling price, I think it would be so cool if you have a product that is free and some of its features are paid, then the free balloon flying in the virtual air can attract so many customers.
Hence, it is for all, Business-to-Business (B2B), Business-to-Consumer (B2C), and also for Direct-to-Consumer (D2C).
How to do transactions in Metaverse?
The virtual world needs virtual currencies to complete the transactions, and this is where blockchain and cryptocurrencies technologies play a vital role. Blockchain technology has shown to be secure enough to power peer-to-peer (P2P) payments and scale across all digital payment media. It not only allows for an immediate price and information confirmation, but it also offers a high level of security and can be quickly embraced by the public.
The instant nature of blockchain and crypto payments means that digital assets such as NFTs (Non-Fungible Tokens), bitcoin, and other yet-to-be-discovered digital assets can be processed and settled immediately. These assets may be traded, sold, and advertised through the metaverse marketplace, which would be linked to a person’s blockchain-based payment wallet or similar, allowing for a secure, instant, and scalable method of taking payments for commerce.
Note: NFT stands for a non-fungible token, where all digital data is secured in an Ethereum blockchain; and can not be exchanged like bitcoins.
It further can be divided into three steps:
Make a cryptocurrency wallet:
This feature is available for all. For any purchase of a commodity, you need a wallet full of money; similarly, for investing in Metaverse, you need a crypto wallet loaded with cryptocurrency. You can buy metaverse tokens and NFTs through that.
Create an account on your preferred platform:
The simplest method to secure these tokens is to approach crypto exchanges like WazirX or CoinDCX and buy them straight with your currency-loaded wallet.
Some of the most popular tokens for purchasing land in the Metaverse include:
YTD Returns: 401%
Market Cap: $448 billion
2. Axie Infinity
YTD Returns: 18,016%
Market Cap: $6.5 billion
YTD Returns: 16,853%
Market Cap: $5.6 billion
YTD Returns: 4,219%
Market Cap: $4.4 billion
YTD Returns: 28,477%
Market Cap: $3.5 billion
6. Enjin Coin
YTD Returns: 1,971%
Market Cap: $2.5 billion
Purchase metaverse tokens or buy in-game NFTs/ own virtual land.
Note: You can create an account with OpenSea if you wish to access all the NFTs in one shared marketplace for convenience.
Select the NFT (Non-Fungible Token) you wish to purchase and make the payment. It’s important to understand that there are benefits and drawbacks to buying from the primary marketplace (Metaverse Tokens) and secondary marketplace (OpenSea, etc.). When you browse NFTs options, you will realize NFTs do not have a fixed cost, and it purely depends on the bidding. On the secondary marketplace, a Non-Fungible Token will invariably have a more excellent resale value. However, in the primary market, determining its genuine value is more complicated. It’s because you can compare the price of one NFT to the cost of others on a secondary marketplace that aggregates all NFTs in one place.
Believe it or not, the virtual world is going to rule super soon unless there is something crazier that comes to dominate. The future is in the hands of VR. For introverts, this is a blessing; they have been praying. But, for some, it can be proved a disaster. As we still live in a world where some sellers are still unaware of online selling and still believe in real-life connections and shops, it can be complicated to shift to this change.
Adapting to this new change can be tricky, but it is necessary to grow in the market. Metaverse is made for all, either you are a business willing to explore, or you are a consumer willing to go all online, or you are an investor and searching for new things to invest in, or a creator, the list goes on and on. B2B, B2C, D2C, it has everything for everyone. One crucial thing which needs to be learned is a transaction in cryptocurrencies.
Therefore, we all have to learn to adapt, invest, and explore Metaverse: The Virtual World.
A virtual-reality space where users can interact with a computer-generated environment and other users. In other words, A virtual world.
The overall project and the aim behind Metaverse coins are taken into account when rating or evaluating them. Another factor that joins in is market capitalization.
Some of the coins are really popular right now, and there are solid reasons for that.
- Decentraland (MANA) is a virtual reality platform that allows you to purchase, sell, and manage virtual properties (LAND).
- The Sandbox: The Sandbox is a virtual world where one can buy and sell virtual land and other goods.
- Axie Infinity (AXS): Axie Infinity has over a quarter of a million daily player base. The ownership and operation of the game give the player some stake with the help of a token called AXS.
Metaverse is the creation of a visionary who seeks to leverage a next-generation set of technologies. The idea behind the Metaverse is to make a profit and not benefit humanity. But, like other social media platforms, it can be used to better the world.