A Complete Guide to the Metaverse - The World between Technology and Reality

The Metaverse represents the convergence of many online worlds into one vast interconnected global environment, including virtual worlds and augmented reality. It drives the Internet and the emerging Web 3.0, merging into a centralised and interoperable space. In this future space, communication, finance, gaming worlds, NFTs and much more are part of a larger online experience.

The term "Metaverse" first came up in 1992 in Neal Stephenson's cyberpunk novel, Snow Crash. The book defines Metaverse as a fictional place that is made accessible to the public using the global fibre optics network and projected onto VR goggles. The developers are capable of creating real-life elements like buildings, signboards, hoardings, and parks along with the things that don't exist in reality. All of this delivers a highly interactive experience where people can live their digital life to the fullest.

What Does Facebook's Meta Have to Do with Metaverse?

Keep in mind that Metaverse isn't owned by any single company and many tech giants are currently attempting to contribute to creating the best experience including Facebook, Minecraft, Microsoft, and Amazon. However, given Facebook's influence in the digital social space combined with its Oculus acquisition means they are the front runners. Interestingly, during the Facebook Connect keynote which lasted for 90 minutes, the Facebook CEO Mark Zuckerberg and his colleagues used the term "Metaverse" over 80 times.

However, Stephenson has clarified that there has been no dialogue between Facebook and him about Metaverse and there's no business relationship. It means that Facebook is offering its own unique interpretation of Metaverse which could be considerably different from Neal Stephenson's original concept.

How Metaverse Blurs the Line between Reality and the Digital World

The question that usually comes up when we talk about Metaverse is what it contains. If we break down the fundamental vision and look at the history of the concept, we discover that it consists of a multitude of unique online spaces where each space serves a distinct purpose. There are different components that when combined deliver the complete Metaverse experience. Some of the key components include the following.

• A shared digital social reality where avatars represent individuals
• A permanent imaginary and interactive world inhabited by avatars
• The capability to purchase and own virtual property
• The capability to develop your own virtual property
• The capability to sell and/or exchange your virtual property
• Three-dimensional (3D) Telepresence Using VR/AR
• A shared digital social reality where avatars represent individuals

One of the most fundamental building blocks of Metaverse is 'embodying' the internet or giving it a physical shape. As of now, on any social media website or network, you use a username and a profile picture to represent yourself. In Metaverse, however, this will be replaced by a completely customizable avatar which you will be able to personalize based on your preferences. The avatar won't be a static body either. It will have the capability to speak, move, and perform actions.

If you're into online gaming, you are probably aware of the existence of these avatars in the gaming space. That being said, what an avatar can do within a game or service can vary quite a bit. The current progress made in the virtual and augmented reality space means that users now have more freedom than ever to embody and personalize their avatars which can be seen through virtual eyes. Not only that but they can also perform gestures and actions and interact with virtual elements using motion-tracking controllers.

• A permanent imaginary and interactive world inhabited by avatars

Anyone who has ever played 'Second Life' knows about the concept of a digital imaginary world. That's exactly what we mean when we talk about a permanent interactive world in Metaverse, except it can be projected onto VR/AR headsets to provide an enhanced real-life experience. In some instances, the virtual world even reflects the scarcity of real estate by restricting the availability and accessibility of space. On the other side of the spectrum, the world could just be a shared virtual space for a game or an event like a multimedia concert where users can entertain and enjoy themselves.

Ideally, there is only one Metaverse world where every avatar inhabits a single digital space. The world contains all the properties, things, and items required by the users to complete their experience. However, the current technical limitations mean that modern Metaverse-like worlds are split between small spaces where a limited number of users can interact.

• The capability to purchase and own virtual property

As it stands now, the idea of owning virtual property is loosely defined. It can mean that you own a JPG that's linked to your account or you might have a complete collection of gear and equipment in an online game such as Fortnite. The unique characteristic is that the virtual property remains tied to your account or avatar and you don't lose its ownership between different sessions.

With the creation of Non-Fungible Tokens (NFTs), the development community is now trying to establish a decentralised way to materialise ownership of virtual property without any interference from a third party such as a corporate server or central authority. This means that virtual property can be bought, sold, and traded in a free digital market between different Metaverse worlds that are controlled and influenced by a number of companies. That being said, the interoperability along with the cooperation and collaboration required between the companies to enable free movement of virtual property isn't just there yet.

• The capability to develop your own virtual property

Enabling Metaverse users to create their own virtual content isn't just beneficial for the users but the Metaverse world makers as well. On one hand, the users can create virtual elements to shape the world according to their preferences and on the other, the world creator doesn't have to invest time, effort, and financial resources into creating all the virtual objects. This can be witnessed in games like Roblox and Minecraft where virtual worlds simply provide a range of building blocks and the players build their own worlds. The companies can leverage the potential of the network effect to create massively detailed worlds without any input.

However, remember that filling a Metaverse world with countless virtual properties cannot be left to the users alone. There has to be some level of control and moderation to prevent the occurrence of copyright infringement, explicit content creation, and more. That's why there needs to be a balance between control and freedom when companies allow users to create their own virtual property.

• The capability to sell or exchange your virtual property

Once again, this is already happening in online games like World of Craft where gold farming can be used to sell and exchange virtual property. Then there are more strictly controlled and moderated Metaverse world economies such as in EVE Online. This gives users the opportunity to sell and exchange their virtual property like they would in real life. It also enables a real-world like characteristic to add to the Metaverse experience.

You have to bear in mind that universal interoperability currently doesn’t exist and there is a lot of fragmentation as different companies have created their own worlds and economies and sub-economies. Maybe in the future, when the technology allows, we will see a singular and universal Metaverse world where any virtual property can be sold or exchanged without worrying about the world you’re in.

• Three-dimensional (3D) Telepresence Using VR/AR

When it comes to rounding off the true Metaverse experience, this is where it all comes together. Tying all the aforementioned features under a single umbrella of virtual and augmented realities where we can actually go beyond the real world and live our lives as 3D avatars performing actions and doing things that we can't in the real world. Replacing flat screens with VR/AR goggles will allow us to live a new 'presence' with other avatars that are inhabiting the same Metaverse world. It'll feel as if you're in the same room with other people with their own quirks and personalities.

There have been a few efforts towards creating this type of experience in the form of Horizon Worlds and Horizon Workplaces developed by Meta. The experience is still quite far from the Metaverse we envision but it's the first step towards creating a world where thousands of people will be able to coexist.

Coinpanion Presents Metaverse Portfolio to Foster Exceptional Digital Experiences

To unlock this potential and help cultivate the Metaverse, Coinpanion designed a Metaverse Portfolio, so that you can participate in this virtual lifestyle now. Explore the carefully thought out composition below:

Metaverse

• Axie Infinity (AXS) Gaming | Sector - Gaming, Metaverse, NFT

Axie Infinity is a "play-to-earn" pet training game and a virtual world built on the Ethereum blockchain. Players can collect, breed, battle, and trade in-game pets called Axies. All in-game assets are represented via fungible ERC-20 or non-fungible ERC-721 tokens and thus trade on secondary markets.

• Decentraland (MANA) Virtual world on the Ethereum blockchain | Sector - AR, Metaverse

Decentraland is building a decentralised, blockchain-based virtual world for users to create, experience and monetise content and applications.

• The Sandbox (SAND) A community-driven platform where creators can monetise digital assets and gaming experiences | Sector - Gaming, Metaverse

The Sandbox is a virtual world where players can build, own, and monetise their gaming experiences using non-fungible tokens (NFTs) and $SAND, the platform’s utility token. Players can create digital assets in the form of NFTs, upload them to the marketplace, and integrate them into games with The Sandbox Game Maker. The Sandbox virtual world is made up of LAND (digital pieces of real estate) in The Sandbox Metaverse that players can buy to build experiences on top of.

• Enjin Coin (ENJ) Gaming community platform and virtual goods marketplace | Sector - Gaming, NFT

Enjin is a platform that is used to create projects (i.e. video games, web apps). Once built, developers can issue in-game assets as Ethereum tokens. All created assets can be “melted” or exchanged for the Enjin coin at any point in time.

NFT Tech

Many associate the term Non-fungible token (NFT) with images of digital artworks and collectables. NFTs are a special type of blockchain-based tokens that can be used to demonstrate proof of ownership over digital items, such as art, music, or playable video game items. While the hype around digital art reflects a compelling use case, it is hardly the only thing driving the NFT sector. The road ahead is full of opportunities for investors that will accelerate the adoption and use of NFT, with the most important of these being NFT-controlled access - especially to the Metaverse.

• Flow (FLOW) The blockchain for open worlds | Sector - Smart Contracts, NFT

Flow is a blockchain that aims to make it easy for developers to build decentralised applications and businesses. It uses a multi-role architecture design to scale the network. Flow asserts that its innovative strategy will improve network speed and throughput while preserving composability standards and a developer-friendly environment.

• Ethereum (ETH) A decentralised computing platform | Sector - Smart Contracts

Ethereum is a distributed blockchain computing platform for smart contracts and decentralised applications. Its native token is ether (ETH), which primarily serves as a means of payment for transaction fees and as collateral for borrowing specific ERC-20 tokens. Moreover, the ERC-721 token standard allows for the creation of NFTs on top of the Ethereum blockchain and contributes to the overall NFT-infrastructure.

• Polygon (MATIC) Scaling | Sector - Scaling

Polygon is a platform designed to support infrastructure development and help Ethereum scale. Its core component is a modular, flexible framework (Polygon SDK) that allows developers to build and connect Layer-2 infrastructures.

• Filecoin (FIL) Blockchain-based distributed file transfer and storage | Sector - File storage, Web3

Blockchain layer-1s are often limited in the amount of on-chain storage capacity. Because not all NFTs – and the images or websites they reference – are stored on the layer-1 or layer-2 level, NFTs require another storage solution. Filecoin is a decentralised data storage network that allows users to sell their excess storage on an open platform. It acts as the incentive and security layer for the InterPlanetary File System (IPFS), a peer-to-peer network for storing and sharing data files.

Increase Your Stake in Metaverse…

Although some people believe that Metaverse is a concept for the future but the reality is that it's happening right now. The ideas and their proofs-of-concept have already existed for a long time and now is the time that major companies are planning and investing to bring it all together with Facebook and Microsoft at the forefront of the effort. The point is that Metaverse is going to bring the digital world together one way or the other.

If you are thinking about being a part of this exciting experience, you can start with Coinpanion's specially created portfolio of Metaverse tokens including NFTs. The time to wait was yesterday, the time to invest is now.

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