{"id":76196,"date":"2021-11-15T15:00:28","date_gmt":"2021-11-15T20:00:28","guid":{"rendered":"https:\/\/www.adorama.com\/alc\/?p=76196"},"modified":"2024-11-04T14:26:21","modified_gmt":"2024-11-04T19:26:21","slug":"what-is-the-metaverse","status":"publish","type":"post","link":"https:\/\/www.adorama.com\/alc\/what-is-the-metaverse\/","title":{"rendered":"What is the Metaverse and What Does it Mean for Creators?"},"content":{"rendered":"

The metaverse is the hottest topic to capture the tech industry\u2019s interest as of late. In a recent and major announcement<\/a>, Facebook CEO Mark Zuckerberg shared that his company would rebrand as Meta Platforms Inc., or simply Meta, signaling interest in pursuing the internet\u2019s undetermined future.<\/p>\n

The hypothesized metaverse currently doesn\u2019t exist \u2014 at least not in the expansive way Zuckerberg might imagine it \u2014 but the footholds most certainly do. Virtual and augmented reality<\/a> are the most essential components, with the former having risen in popularity thanks to Facebook\u2019s acquisition of Oculus<\/a> in 2014.<\/p>\n

Zuckerberg appears to be going all-in, as he believes the metaverse will not only revolutionize the web as we know it, but also be a huge part of the digital economy. We\u2019ve already witnessed a colossal surge of interest in crypto and non-fungible tokens (NFTs<\/a>), and both are certain to merge into the metaverse.<\/p>\n

The Meta Platforms CEO claims the internet\u2019s future is still five to ten years away<\/a>. However, with what we currently know, content creators can already begin to imagine how the metaverse will affect them.<\/p>\n

\"what
Photo by Bram Van Oost on Unsplash<\/figcaption><\/figure>\n

What is the metaverse?<\/b><\/h2>\n

\u00a0<\/b>Writer Neal Stephenson coined the term \u201cmetaverse\u201d<\/a> in his 1992 novel Snow Crash<\/i>. In the book, virtual avatars meet and interact in three-dimensional buildings and environments.<\/p>\n

Since then, companies like Microsoft and Meta have taken strides to bring the metaverse into the real world. In the recent Facebook Connect keynote, Zuckerberg<\/span> described the metaverse as a \u201cvirtual environment\u201d users can actually enter and occupy. Instead of looking at the internet on your laptop screen, you can go inside of it.<\/p>\n

It aims to be a place of intertwined virtual communities where people can meet, hang out, go shopping, work, watch concerts, attend sporting events, and more\u2014all through a combination of virtual reality headsets<\/a>, augmented reality glasses, and other devices.<\/p>\n

The metaverse intends to be a doppelg\u00e4nger world where people\u2019s virtual lives operate the same way as their physical lives. To further elaborate, the hypothesized concept contains the following elements:<\/p>\n

Public spaces where avatars interact<\/b><\/h3>\n

The most fundamental aspect of the proposed metaverse is a place in which people, represented by virtual avatars, can realistically navigate a virtual space. Think about how we\u2019re represented by photo, video, or username on the web, social media, or in Zoom meetings.<\/p>\n

In the metaverse, a 3D representation of ourselves can walk, talk, and interact with a virtual environment and other users. The avatar concept is nothing new, though recent advancements in virtual reality prove how in-depth an avatar can be.<\/p>\n

VRChat, a popular virtual reality game, is a great example of how \u201ccharacters\u201d might interact in the metaverse. In the game, people assume the role of their avatar. They look through their eyes, use their hands, move around the environment, and of course, socialize with other users.<\/p>\n

One \u201cworld\u201d for users to exist in<\/b><\/h3>\n

Ideally, the metaverse would be a single world in which every users exists. This is akin to the notion that the metaverse could be a \u201cdoppelg<\/span>\u00e4nger universe,\u201d where the virtual world closely resembles the real world. In the \u201cone\u201d metaverse, people could accumulate property and items like in real life, and their virtual existence would persist between sessions.<\/p>\n

This could prove one of the hardest challenges for the idealized metaverse to overcome. In all that we\u2019ve seen in games that loosely resemble what a metaverse might be, users inevitably end up split across different servers.<\/p>\n

The ability to create, own, and exchange virtual property<\/b>\u00a0<\/b><\/h3>\n

Perhaps the most intriguing aspect of the proposed metaverse is in the creation, ownership, and exchange of virtual goods. This is something that will directly affect content creators who could seek additional revenue streams in the metaverse.<\/p>\n

NFTs<\/b><\/h3>\n

As of now, non-fungible tokens (NFTs<\/a>) have exploded. NFTs are unique digital assets which are minted and stored on the blockchain. They are decentralized and independent of any controlling body. When someone buys an NFT, they are designated as the owner of that asset. These assets can be freely traded. Digital art is currently the most popular form. Although, an NFT can be anything such as music, photos, video clips, or even website domain names.<\/p>\n

This style of digital trading is unlikely to go away as the metaverse expands in coming years. It is very likely that NFTs will be the primary way to sell art and goods in the metaverse\u2019s early stages \u2014 until, hypothetically, something else comes along.<\/p>\n

While it\u2019s still too early to speculate, there are some conceivable problems which may arise. Namely, it\u2019s hard to say whether the freely tradable NFTs we know today will continue to be decentralized in the metaverse. Unfortunately, it seems unlikely that the idealized metaverse will exist as a single entity, but rather as a number of large metaverses run by different companies<\/a>.<\/p>\n

As these corporations begin to take an interest in what\u2019s happening on their servers, for example, it remains unclear whether NFTs purchased in Microsoft\u2019s metaverse will be transferable to Meta\u2019s \u2014 at least not without some sort of financial penalty.<\/p>\n

\"what
Photo by Laurens Derks on Unsplash<\/figcaption><\/figure>\n

What does the metaverse mean for creators?<\/b><\/h2>\n

Ultimately, the metaverse will provide a new platform for photographers and creators to sell their work. The sheer novelty of this is sure to attract buyers, as \u201cregular<\/span>\u201d NFTs have already done. Artists can mint their work, hang it in virtual galleries, and sell it to other people \u2014 all in the metaverse.<\/p>\n

In fact, the world\u2019s first version of this already exists. Legion Network, a pioneer in cryptocurrency and blockchain technology, announced<\/a> that their Bluemoon NFT Marketplace is ready for launch.<\/p>\n

Bluemoon is a collaborative NFT exchange<\/a> with integrated virtual and augmented reality. Users will soon be able to browse virtual NFT galleries and interact with other buyers and sellers in one corner of what is sure to become the broader metaverse.<\/p>\n

Bluemoon is incredibly innovative. Although, it\u2019s unlikely to attract anyone still skeptical of cryptocurrency and NFTs. Creators who haven\u2019t started to produce NFTs probably won\u2019t feel pressured into jumping on that train just because of Bluemoon\u2019s launch.<\/p>\n

The metaverse could make NFTs universal<\/b><\/h3>\n

If Zuckerberg\u2019s ambitions play out, the metaverse could become a part of everyone\u2019s online presence. The possibility is that NFTs, as they exist in the metaverse, go mainstream and former skeptics are now potential buyers.<\/p>\n

If that\u2019s the case, then making art and content for the metaverse in any form \u2014photography, videography, music, or otherwise \u2014 is sure to become viable revenue for creatives.<\/p>\n

Conclusion<\/b><\/h2>\n

Inklings of the metaverse are already here. It has been witnessed in worlds like Fortnite where players have attended virtual concerts by Ariana Grande and Travis Scott. In Roblox, where players build homes and communities. We also see it in high fashion, where Burberry launched an NFT line for the game Blankos Block Party. In VRChat, where avatars can interact in virtual reality. And in Bluemoon, where people will soon be able to trade NFTs in virtual galleries.<\/p>\n

Only time will tell if the metaverse can become a virtual parallel to our real lives. If it does, it will surely be another world for creators to share their work.<\/p>\n","protected":false},"excerpt":{"rendered":"

The metaverse is the hottest topic to capture the tech industry\u2019s interest as of late. In a recent and major announcement, Facebook CEO Mark Zuckerberg shared that his company would rebrand as Meta Platforms Inc., or simply Meta, signaling interest in pursuing the internet\u2019s undetermined future. The hypothesized metaverse currently doesn\u2019t exist \u2014 at least […]<\/p>\n","protected":false},"author":11111166,"featured_media":76197,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17804,17807],"tags":[15983,596,12741,17897,11649],"class_list":["post-76196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gaming","category-vr","tag-augmented-reality","tag-facebook-596","tag-meta","tag-metaverse","tag-virtual-reality"],"acf":[],"yoast_head":"\nWhat is the Metaverse and What Does it Mean for Creators? - 42West<\/title>\n<meta name=\"description\" content=\"What is the metaverse? And how can we\u2014 as creators\u2014prepare ourselves for the digital awakening that is to come? 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