Metaverse and Web3: the Brave New World

Metaverse, as a term, first caught my attention a few years ago when I came across Decentraland plots while following the NFT market. Honestly, it sounded interesting, but I didn't quite grasp its significance at the time. Everything I was learning seemed vague and confusing at times. However, after Facebook rebranded as Meta and made its announcement, global interest skyrocketed, and suddenly, things started to become clearer.

But let me tell you, it's perfectly normal if the concept of the metaverse isn't entirely clear to you. It can be just as confusing for those who try to explain it the most.

So, what exactly is the metaverse?

Defining the metaverse precisely at this point is somewhat challenging, but the most common interpretation is that it represents a network of virtual worlds focused on creating social and economic connections. Simply put, imagine a 3D internet where you can socialize, connect, earn, and shop. Sounds familiar? Well, it is, because we can already do all of these things in the internet environment that we know today.

Philip Rosedale, the founder of Linden Lab (the company that created Second Life, one of the earliest concepts considered as a forerunner of the metaverse), explained it well in an interview with Wired Magazine. He described the metaverse as the transition of the Internet from 2D to 3D, where it becomes populated with people in a way that has not been seen before. For example, when we buy sneakers in an online store today, we do it alone. But in the metaverse, we could see the avatars of other customers, who, like us, are looking at the assortment and making purchasing decisions, and even engage in conversations with them and exchange impressions.

In essence, the physical space (in this example, the point of sale) gets a virtual extension.

But why do we need this?

The human need to conquer new spaces is deeply ingrained in our nature, and we cannot view the Internet in any other way than as an extension of our living space. It is where we spend a significant part of our lives, and it is only natural that we strive to elevate our presence in it to a higher level of development. To make better use of it and bring it closer to reality to have a more advanced experience.

And here we are, standing at the gates of the metaverse. We're on the verge of the moment when the abstract becomes tangible and starts to belong to individuals, companies, and perhaps even states in the not-so-distant future.

But what does it look like today?

To begin with, let's say that the metaverses that are most talked about today are very reminiscent of MMORPG (Massively Multiplayer Online Role-Playing Game) environments - online games where we interact with other players in a world that does not have a definitive end but rather simulates life in an imaginary world.

The metaverse is still far from the stage where it can be called the new generation of the Internet and offer an experience that corresponds to the distant visions of the future where virtual reality essentially merges with the physical world.

However, what's important and what sets most web3 metaverse environments, such as Decentraland, Sandbox, or the upcoming Otherside, apart is the fact that everything within them can be owned by users.

So today, you can own land in the metaverse, as all the above-mentioned environments have long been divided into spatial units that are owned by individuals or entities. If you walk around Decentraland, you will likely come across ads offering you a plot of land for rent. The closer the plot is to areas where famous companies, personalities, and brands are located, the higher its price. Ownership of certain land is verified by an NFT, which in this context takes on the role of a deed.

To make things even more interesting, technology allows us to create and offer digital goods and services to customers within these ecosystems, without severing ties with what we currently consider reality. Therefore, it's no surprise that we hear more and more about new players who are gradually occupying the space in which we will inevitably find ourselves. Technology is developing rapidly, and this moment is undoubtedly ideal for planning the first steps towards new horizons.