The concept of the metaverse has been around since the 1990s. If you have played games such as Second Life, then you may already be familiar with the concept.
In 2003, the massively multiplayer online role-playing game (MMORPG) Second Life was released. Players create a customizable human avatar and can have their character do almost anything one can do in reality.
Mark Zuckerberg and the Metaverse
Mark Zuckerberg’s version of the metaverse was presented in 2021 after he established that Facebook would no longer be called Facebook, and instead, Meta.
Zuckerberg has invested a considerable amount of time and money into the metaverse and has attempted to tie in virtual reality (VR) and other components. His metaverse experience is said to utilize VR headsets. Several media outlets have recorded Zuckerberg predicting that the metaverse will be inherent to life in the future, and his prediction may not be far off. Big name stars such as Ariana Grande and Justin Bieber have held virtual concerts in the metaverse through their very own avatars.
Real Money for Virtual Property
Investors have been watching the metaverse waiting to capitalize on potential profit. They have created virtual spaces like shopping malls and concert venues by purchasing virtual property. According to digital currency experts, the metaverse will eventually be worth around $1 trillion.
The metaverse has its’ own virtual economy, and money in the metaverse is cryptocurrency. Those in the metaverse can buy what is called nonfungible tokens (NFTs), which are digital collectibles that represent items in reality. The NFT represents proof of ownership. Blockchains are essential to metaverse financing, as a blockchain is a digital public ledger that operates similarly to a bank.
A blockchain company called Tokens.com focuses on metaverse real estate. The company recently bought 50% of one of the biggest virtual real estate companies for almost $2 million called the Metaverse Group. The Group is virtually headquartered in a metaverse world called Decentraland. In Decentraland, the Metaverse Group resides in Crypto Valley, which is meant to represent the real world’s Silicon Valley. Tokens.com has used the virtual property to introduce real life companies such as Louis Vuitton into the metaverse. Additionally, the company will create profit from leasing property and advertising for brands.
