Dreaming of a different life? That’s possible in the metaverse – a virtual world that anyone can be a part of. Here’s everything you need to know before getting on board.
What is the metaverse?
The concept has been around for decades, with Second Life being one of the earliest platforms. But the term only gain mainstream popularity towards the end of 2021. After social media company Meta announced its move towards virtual- and augmented- reality technologies, “metaverse” quickly became a popular search keyword.
In the metaverse, users pay for virtual services, products, and entertainment in digital currencies. Soon, anything you can find in the real world may soon have its place in the metaverse, including digital land.
For a fully immersive experience, you will need the right gadgets, cryptocurrencies, and an understanding of the unique selling points for each platform. Suppose you would like to expand your social network, play games, or become neighbours with a famous rapper, there’s a platform that can cater to your various needs and interests.
Picking a VR headset
There are many VR headsets on the market, and some of them come with their own ecosystem of applications, games, and virtual reality applications. If you have a specific application in mind that you want to try out, you might want to get the headset that’s most compatible with that application. Just like in crypto investments, do your research before purchasing a headset. While you’re at it, don’t forget to check the prices too. That way, you’ll make sure that your purchase is within your budget.
Jumping into crypto and NFTs
Some metaverse platforms operate on blockchain, with transactions paid in cryptocurrencies native to the network. For instance, developers built Decentraland on the Ethereum blockchain and accepts transactions paid in Ether or the platform’s cryptocurrency token, MANA.
If you haven’t purchased any coins yet, now is a good time to do so. Suss out the metaverse platforms you wish to join, look up the blockchain network it is associated with, and purchase its cryptocurrency.
For security purposes, we highly encourage coin holders to use hardware wallets like UKISS Hugware to store the private keys to their cryptocurrencies. That way, hackers will not be able to steal your funds even when they hack into the metaverse platform.
NFTs, or non-fungible tokens, are digital commodities that can represent art, fashion, music, and many other assets. Many metaverse platforms facilitate the sale of these NFTs, some of which have growth value. However, not all NFTs are genuinely valuable. Market manipulation tactics can artificially inflate an NFT’s value.
Picking a platform
Now that you’ve got your headset and coins, here are just some of the more popular platforms you may want to get started with. Whichever platform you choose to join, be sure to stay safe and secure. Use a hardware wallet and two-factor authentication to protect your assets.
Decentraland is built on the Ethereum blockchain and allows users to join virtual communities, attend venues, trade real estate or other virtual products like digital clothing and accessories. Each virtual real estate is a piece of NFT.
Virtual landowners can build all kinds of applications on a piece of virtual land, with each parcel measuring 16 square meters.
Sandbox is a metaverse platform on the Ethereum blockchain that allows users to create and monetise their own online games. Transactions are paid in $SAND.
The platform features voxelised characters and environments that are visually similar to Minecraft, another metaverse platform. Notable Sandbox landowners include gaming company Atari, and NFT creators Bored Ape Yacht Club, CyberKongz and Pranksy. Rapper Snoop Dogg has already snatched a piece of virtual land on Sandbox.
Roblox is the metaverse of choice for both children and adults. It offers a slew of digital costumes and accessories from a variety of real-world brands. Players can shop, create, or sell virtual items, as well as interact with members of the community.
According to its official website, Roblox users have launched more than 20 million games on the platform.
Stageverse offers virtual tours and interactive media experiences for audiences to enjoy together. Some of these experiences even come with augmented reality and 3D special effects.
Most recently, the platform showcased an immersive two-hour concert by British rockers MUSE. Titled “Enter The Simulation,” fans who attended the virtual concert enjoyed a 360-degree musical experience at home.
Metaverse users owning a significant amount of virtual property should consider securing them with a hardware wallet to avoid falling victim to cyber theft. The UKISS Hugware® hardware wallet provides offline storage of private keys to digital assets while protecting data with encryption.