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Understanding the Metaverse concept and using the platform to make money

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Elizabeth Denny
Elizabeth Denny
Elizabeth is a senior editor, covering all things social media for enterpriseig. She writes about tech, film, streaming, games and sometimes other things.

Understanding the Metaverse concept and using the platform to make money

The Metaverse is a virtual world that exists as a computer-generated simulation, or “virtual reality.” It is created through the use of 3D graphics software and can be used to host social networks, online games, and business applications. The term was first coined by Neal Stephenson in his 1992 science fiction novel, Snow Crash. Unlike the internet, which is a platform for communication and information sharing, the Metaverse is an immersive experience in which users can interact with each other and create objects. After understanding the Metaverse concept and having an idea about it, you may consider using the platform to make money.

1. What is MetaVerse?

 

The Metaverse is a decentralized platform for creating and managing digital assets and identities. It is a new generation of the Internet, built on blockchain technology. It is also a 3D virtual world where users can create their avatars and interact with others.

It is the first project to combine blockchain technology with virtual reality. Also, it is a foundational platform for the development of new internet infrastructure. Metaverse will enable users to create and manage their digital assets, identities, and economies. So, if we would like to use an analogy for Metaverse, it is not a website or an app, but the Internet itself, just in another form. While some people might use it to play games, others might use it to sell products, have a chat, attend (virtual) concerts, meetings, and more. Of course, it is not possible to imagine what the metaverse will be like in the future, because it would be something like trying to guess in the 1940s what the Internet would be like in 2022.

Understanding the Metaverse concept might seem a bit difficult, yet it is not a completely new concept. I mean, World of Warcraft and similar games were the early versions of the metaverse. The concept has been around for a long time, but it has never really taken off. The reason for this is that the metaverse is a concept that is very hard to define because it is a very broad concept. For instance, Mc Donald’s has registered 10 trademarks in the virtual space, which might give you an idea. Additionally, Facebook has changed its parent brand name to Meta and invested nearly 10 billion dollars in building the Metaverse. Thus, everybody is trying to create his or her own platform.

2. So, what should you understand from this?

There are different platforms that every company has created for its own users. Thus, it is similar to social media or online gaming platforms such as Facebook, Instagram, Twitter, World of Warcraft, Sims, etc. On these platforms, you can interact with people for various reasons and with different aims. Another way to interact with people and businesses in the Metaverse is to set up your own account. You can use it to communicate with other users and businesses.

Furthermore, when we think of the metaverse, it doesn’t necessarily mean playing games and walking around in a virtual space only. To make you understand the concept better, I would like to give another example, Microsoft has created a technology called Mesh in which people can project their holographic selves onto other users and can interact and communicate as if they were in the same place.

There is also another platform called Roblox, which is a virtual world in which users can create their own games and share them with other users. The games are created using a programming language called Lua. Consider a fair where visitors can play games at stalls. Roblox is similar to a massive fair in the virtual world. Its users can create their own games to use the platform to make money by exchanging the virtual currency known as “robux” that they earn.

3. Using the platform to make money

Understanding the Metaverse concept and using the platform to make money

You may feel yourself out of the game already. However, there is no need to feel that way. We don’t know about the Metaverse concept and the opportunities it could bring us fully yet. So, don’t force yourself to choose a way of dealing with the issue. Don’t think that you should be quick to use the platform to make money.

If you are planning to earn money within the Metaverse, the first thing I would recommend doing is reading and following the news and developments about the topic and finding out what skills you may need. However, if you think that you don’t have much time to make up your mind, the starting point might be Sandbox.

Create an asset and sell it on the Sandbox platform. When you first create an account on Sandbox, you are automatically given a small amount of $Sand to start with, which is the currency of the platform. This is intended to help you get started with testing and developing your products. However, at some point, you will likely want to acquire more sand in order to continue expanding and developing your products. There are a few ways to obtain more sand. The simplest way is to sell assets on Sandbox. When you sell assets, you receive $Sand in exchange. This can be a great way to get the additional $Sand that you need in order to continue developing your products. For instance, you can create a yellow Lamborghini and sell it for $287. It may not be a huge amount of money, but when you create a pool of assets, it can be a good side revenue for you. Earning money on the platform might be a side advantage while you are doing what you like.

4. What applications do you need to create assets to sell on the Metaverse?

Understanding the Metaverse concept and using the platform to make money

Understanding the Metaverse concept, you can now focus on how to start creating your assets. Since these are platforms designed with 3D models, you will need to create 3D assets by using appropriate programmes such as Blender3D, Maya, Unreal 5, and so on. However, it is another post’s topic, so I will finish this paper here and wish you luck with your Metaverse adventure.

Summary

The Metaverse is a virtual world where you can play games, interact with people, and do business. Also, Sandbox is a platform that you can use to make money.

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