The Metaverse: what it is and why it matters

This word almost seems to have come out of a science fiction movie, when instead it’s starting to become part of the new normal. However, the term itself actually originated in 1992, when Neal Stephenson wrote “Snow Crash,” a science fiction story. Others, however, will surely have thought of the dystopian novel set in 2045 written by Ernest Cline in 2011, “Ready Player One”. Well, let’s just say, you all are well on your way to understanding the concept, even if today’s Metaverse is something different.

What is a Metaverse?

Let’s start by defining this seemingly obscure term. When we speak of a Metaverse, we are referring to a virtual environment in which humans interact, socially but also economically, with each other through the individual avatars. In practice, it is a kind of metaphor for the real world. In other words, a virtual world to which users connect and build as they wish, but following a series of rules. The Metaverse is something that crosses and unites the physical and digital worlds, since there is an exchange of data and resources between the two universes. We can also picture the Metaverse as a kind of successor to the Internet itself rather than an extension of it.

Nowadays some of the most popular and successful examples of Metaverse are Roblox, Fortnite, Animal Crossing, Decentraland or The Sandbox.

The Metaverse is here to stay?

The only thing we can say for sure is that, however it goes, the Metaverse will change the way we interact with the digital world. It will give us access to new virtual experiences, bringing new opportunities to creators, players and artists, and revolutionizing the creator economy.

Here at Rarecubes we are very confident because we believe that the Metaverse is part of one of the most relevant developments of this century. That’s why we dedicate ourselves to the virtual world with so much commitment and passion.

How might the Metaverse fit into our lives?

To give you an idea, imagine for example that you can enter a virtual store and buy a unique outfit for your avatar, and then go to a pizzeria ( also strictly digital) and order dinner that will then be shipped to your home in the physical world. Doesn’t that sound cool to you too?

Now don’t confuse the Metaverse with a video game, though, because this digital universe is not based on achieving a goal. In the Metaverse you can, for example, play by entering a theme park or a casino. This is why Decentraland and The Sandbox have introduced the use of cryptocurrencies, allowing their users to monetize within the game.

Speaking of a more formal use case, imagine being able to use the Metaverse for your work as well. For example, when there’s a need to have a remote meeting, instead of using a medium like Zoom, you could think of something more interactive that makes you feel closer than you actually are. A real-world and practical example are the Horizon Workrooms, introduced in August by Facebook, with the goal of bringing people working remotely together.

What do NFTs have to do with the Metaverse?

Now that you have an idea of what the Metaverse is all about, let’s see why NFTs play a key role here. In a digital universe, as well as in the real one, the concept of ownership and authenticity is important. Thanks to the blockchain on which they are based, NFTs make it possible to guarantee both factors.

To be more specific, NFTs give people ownership rights to their avatars, accessories, game items, virtual land, and much more.

Opportunities for business

Although it may not seem so obvious, the virtual world has much to offer to many businesses, and not just to the big international brands. Let’s look at how businesses (and others) can make use of the Metaverse:

• Sell virtual products

Let’s take any brand as an example. In the Metaverse it could sell the digital copy of a real object but at a lower price, for example with the purpose of educating the public about this new approach. An alternative could be marketing products available exclusively online, to be collected or used in the virtual universe.

• Reach a wider audience

An enterprise might consider putting its brand on a virtual object, such as a piece of clothing or a painting. This innovative approach would allow the company to reach a new audience, for instance the young generation.

• Create a new kind of exclusivity

In addition to certifying an object in the digital world, NFTs also serve to maintain and reinforce the scarcity and exclusivity of it. Remember that each NFT is unique, and because it is decentralized, it cannot be altered, modified, or destroyed by anyone who does not have the right to do so (i.e., the owner of the NFT).

Rarecubes has big plans for NFTs, but you may have already noticed that. Our ambition, however, is unstoppable, and that’ s why we are working on something even more amazing to offer to our customers.

Stay tuned, we have some big news coming soon!

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