The word “metaverse” gets thrown around a lot these days. You hear it in interviews, on podcasts, and at conferences. But what is the metaverse, and why is it so hyped?
The metaverse is not a “universe” like the one we live in. Instead, it’s really more of a concept used to describe the next generation of online experiences—ones that blend the physical and digital worlds. And it’s a concept that is continuing to gain momentum. So, what is it, can you really experience it, and what it might ultimately become.
What Is this Metaverse Thing We Keep Hearing About?
I hate to string you along with a promise of an exact definition – sorry, it doesn’t exist. Think of your favorite metaverse movie*, like Upload, Ready Player One, and Free Guy and you get a glimpse into what the future might just hold. The metaverse could be the next step in the evolution of the internet—but it’s still being defined.
Most people think of it as a version of the internet that blurs the line between the virtual and the real—the digital and the physical—into a seamless, augmented experience, bringing things otherwise impossible to life through digital means.
“I know this steak doesn’t exist. I know that when I put it in my mouth, the Matrix is telling my brain that it is juicy and delicious. After nine years, you know what I realize? Ignorance is bliss.”
Cyper – The Matrix 1999
The Concept of the Metaverse
As an idealized, futuristic idea, the term “metaverse” has been used to describe a fully digital environment that merges the virtual with the physical and existing internet-based social interactions.
But that’s not all it is—or could become.
Imagine a world where you can explore, conduct business, and socialize without having to rely on real-world infrastructure, traveling to a specific location, or even changing out of your jammies. Sound like science fiction? That is exactly what is going on right now in some VR environments, with even more immersive experiences currently being developed by companies and research institutes around the world.
At its core, the metaverse is about bridging digital and physical divides. While the internet has allowed us to connect with people all over the world through technology, the metaverse is about taking that connectivity to the next level and creating a completely new and even more connected experience.
A Very Brief Timeline of the Metaverse
The idea of the metaverse has been around for a while now. Like many scientific breakthroughs over the centuries, it was conceived by inventive minds in creative settings.
1982 The term cyberspace was first coined by the American-Canadian author William Gibson in 1982 in a story published in Omni magazine and then in his book Neuromancer. In this classic science-fi novel, cyberspace is described as a computer network in a world filled with artificially intelligent beings. You can think of “cyberspace” as the father of VR and grandfather of the metaverse.
1990 In the 1990s, cyberspace began to be used to describe virtual locations in which people interacted with each other. These were forerunners to what may yet become areas of the ultimate metaverse—like the groundbreaking (and still very active) Second Life is considered to be the first metaverse prototype.
(April Fools)
1992 Neal Stephenson was the first to use the term “metaverse” in his science fiction novel, Snow Crash, a seminal book whose vision of the metaverse continues to shape the thinking of Silicon Valley pioneers.
In its early iterations, the metaverse was more of a vision than a fully formed concept. The early prototypes were highly experimental and were more about exploring potential than about providing a full, complete, and realistic vision.
The Future of the Metaverse
Right now, the metaverse is still in a very early developmental stage. Meaning it exists more in prototypes, experimentation, and virtual reality gaming than in the real world—but that’s bound to change in the future.
We’re already starting to see the beginnings of the metaverse in action with continuing enhancements in VR technologies. Most people, however think of VR as only being something they can experience through the use of a headset, like the Oculus Quest 2 or the HTC Vive Pro 2. But who knows how that engagement will work in the future. In the meantime, you can still step into a VR version by just putting on a headset.
Crypto and the Metaverse
Let’s talk for a minute about how this all bleeds into blockchain. From crypto-backed metaverse projects like Roblox and Mana, the future is happening on the blockchain right before our eyes. With the proliferation of NFTs, non-fungible tokens created as digital assets with programmed scarcity are an ideal tool to represent ownership of virtual assets that can be used in a metaverse environment.
Popular NFTs like the Bored Ape Yacht Club and CryptoPunks could even easily be modified into 3D avatars that a user can bring into a metaverse world. These virtual assets could even be traded, customized, and monetized as the metaverse evolves.
Because blockchain technology allows for decentralized ownership of digital assets— this could also work within the metaverse. This means users can own and control their digital property without relying on a single entity. Tokenization of assets, facilitated by cryptocurrencies, enables users to buy, sell, and trade virtual goods and experiences even today.
As cryptocurrency adoption continues to grow, these digital currencies will likely play an increasingly important role in shaping the future of virtual economies—like those in the metaverse. Consider Decentraland (CRYPTO:MANA), an Ethereum network-based metaverse experience. Decentraland uses it’s own crypto token MANA for users to purchase virtual land and develop it for games and other experiences, as well as to buy in-experience digital avatars and accessories.
Something to Think About
So, no, the metaverse is not a universe like the one you were taught in school. Instead, think of it as the next generation of online experiences—a collection of interconnected three-dimensional immersive virtual worlds that are being developed right now and may just change the way we engage with each other and with technology as a whole.
*To be fair, these are some of “My” favorites. But these are a great addition to any collection!
