September 22, 2021

Cointelegraph Consulting: Going down the Metaverse


As NFT sales appear reanimated after a nearly two-month dry spell from its apex in May, a particular NFT application is gaining popularity more than ever: Metaverses. Metaverses have gained its fair share of media attention lately, with big moves coming from companies like Facebook and Epic games. However, not everyone — even those who have been in crypto for a long time — has caught on to what metaverses are despite the hype. But as more companies, celebrities, and artists venture into the space, it has become another domain that deserves some thorough consideration.

The metaverse is a network of virtual environments in which people can interact with each other, digital objects, and the physical world through their avatar. While definitions of the metaverse vary, they orbit around technologies including VR, AR, digital twins, and blockchain. Herman Narula, CEO of Improbable, describes the metaverse as “something more than a game but less than the real world. The metaverse is to virtual worlds as a website is to the internet.”

Metaverse bandwagon

For weeks, Mark Zuckerberg has been beating the drum for metaverses. The Facebook founder views virtual worlds as the next iteration of human interaction online. Zuckerberg sees Facebook transitioning from a social media firm with a set of connected applications to a metaverse company with a set of interconnected experiences. And its recent move to introduce Horizon Workrooms is a step in that direction. It’s also in a prime spot to run after its metaverse objectives since it has invested heavily in VR technology for several years.