Influencer Academy

What is the Metaverse? Understanding the “Next Big Thing” On the Internet

Jul 21, 2023
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As technology continues to evolve, so does the way we interact with each other and the world around us. In the world of gaming and social media, the word “Metaverse” has been thrown around a lot in recent times.

It’s not just some buzzword. Mark Zuckerberg completely rebranded Facebook and changed its name to “Meta” to shift his focus to building a Metaverse. So what exactly is it? And why does it matter? Keep reading this article to find out.

What is Metaverse, Exactly?

Metaverse on virtual reality glasses

The concept of the metaverse is not exactly new. It’s a cyberspace or digital world where people come together to talk, play games, and do stuff together. However, this has already existed for many years in video games such as Fortnite, World of Warcraft, or even Minecraft.

So what’s different now? Why the hype? Metaverse is not a new type of technology but rather a shift in how people should interact with virtual online worlds.

These virtual worlds, or “metaverses” continue to exist and function even when you’re not playing. They can be accessed by virtual reality, augmented reality or just like any other video game, on a computer, smartphone or a console. Tech companies are building entire worlds where people can create, buy, or sell products. These worlds will have complex economies and people will be able to offer services and products to each other.

In an ideal scenario, users will be able to move their digital assets between different metaverses. Technically speaking, that’s hard to accomplish but a lot of companies will benefit from it if a very big company (see: Meta) can build a metaverse with a great environment for developers and businesses. That’s why Mark Zuckerberg is committed to building a solid metaverse platform to monopolize the market (just how he did it with Facebook). Facebook has served as a central point for businesses, advertisers, and even video game developers.

Woman Using Virtual Reality Headset to Shop Online

Facebook’s API and advertisement service has allowed millions of third-party service providers to make money and grow their businesses on the platform. Once Mark Zuckerberg builds his metaverse, he’ll probably create a similar environment for developers and business owners to create shops, events, games and much more all in a virtual world.

Essentially, the metaverse is a virtual world where people can interact with each other, engage in activities, and even create their own content. It's the next stage of social media that offers much more than just videos and photos on a 2D news feed. 

What is the Use of Metaverse?

Teenager play VR virtual reality

Every company investing into the metaverse has a different story. Meta talked about owning property which can be visited by friends and family members. Their goal is to be able to do everything you do in real life but in a digital world. Microsoft, on the other hand, says that they can hire and train new staff in virtual offices. Another idea is to use the metaverse to run the government.

Nobody likes going to government offices and dealing with bureaucracy. If a government office can be hosted on a metaverse, people can “visit it” and get their required service, ask questions, and even submit documents from the comfort of their homes.

Metaverse for Content Creators and Social Media

Creative studio

The metaverse is still just a bunch of ideas and not a reality. The only way to create a practical metaverse will be if all tech and social media giants collaborated to produce a single cyberspace for all of their users. That’s likely not to happen because it doesn’t make economic sense for, say, Facebook to give its users away to TikTok. However, even if one company builds a metaverse, this can greatly benefit social media creators to come up with totally new content ideas and trends.

For example, YouTube has its own ecosystem, content trends, and culture. This wasn’t built by the company but by the creators who used YouTube’s platforms and made it come to life.

Similarly, the very first metaverse will become a place for creators to unleash their creativity and find completely new ways to build communities. Audiences on a metaverse can actually interact with you at events, visit your concerts, purchase your merch, get VIP tickets to visit you at your digital house, and much more.

This creates a very personal experience and allows creators to build deep and authentic relationships with audiences. While the metaverse is a long way off, there are still some Web3 social networks such as Paysenger that allow you to build communities in a similar way.

What’s Paysenger?

Paysenger

Paysenger is a Web3 social marketplace that gives creators a place to monetize content, build a portfolio of digital assets, earn royalties, and collaborate with other creators. It offers social networking features combined with NFT technology and tokenization through EGO crypto tokens. Every piece of content you post on the app gets turned into an NFT and can easily be sold for a profit.

What’s more is that you can earn tokens for producing content that goes viral. It’s great to build a closer connection with your community because it offers features such as:

  • On-demand content: Fans or sponsors can easily send content requests to you for personalized videos, photos, or shoutouts. You get paid each time you complete a request.
  • Paid messaging: Your time and attention are valuable! Anyone on Paysenger can reach out to you but for a paid DM. This allows you to identify high value requests.
  • Tokenization:  Paysenger has a complex create-to-earn economy where users trade content, NFTs and attention. Every EGO token you own lets you purchase DMs with influencers to immediately get their attention. Or you can use tokens to promote your profile.

EGO tokens can be directly earned on the platform by posting great content or by collaborating with others.

Metaverse for Gaming

Man Sitting on a Sofa at Home And Playing VR Game

Arguably, metaverses for gamers have already existed for a very long time. Games like World of Warcrafts, Path of Exile or Warframe have full economies where people can meet each other, host events, buy or sell things, and even make investments into digital assets. 

If companies can find a way to create a centralized metaverse with many games on it then people could enter and exit games just like switching restaurants in the physical world. You’ll be able to make friends in one game and then take them to the other without exiting the platform.

Metaverse for Productivity

Computer aided manufacturing

Meta has repeatedly emphasized on the implications of metaverse on human productivity. We are slowly shifting towards a work-from-home culture thanks to internet collaboration tools. A lot of companies have been able to sustain these systems and run just fine in a remote work format.

However, there are limitations to human collaboration when you’re not physically located in the same room. On the metaverse, you could join a conference and interact with other people much like the physical world. Meta showed holograms in their video demo but that’s probably not going to happen without a giant VR headset on your face. 

Basically, you get a virtual office environment where you can have meetings and even use design software like Photoshop on the fly. You can make presentations, ask feedback from others, and even collaborate on creative projects.

Conclusion: Is the Metaverse Real?

Global Business For Virtual Remote Work

The world’s opinion about the metaverse is split. People continue to compare it to the internet back in the 90s. A number of experts predicted that the internet wouldn’t become a reality but today it’s a part of our daily lives. According to a survey of 4,600 business and tech leaders, 71% executives think the metaverse will be good for business but only 42% think it will be a revolutionary breakthrough like the internet.

The biggest problem at the moment is that the vision of metaverse is very hard to execute in the current business environment. The only way it can be done right is if all major companies collaborate on a massive scale. Experts believe it could speed up training, lower employee turnover, eliminate offices, and increase the overall happiness of workers all over the world. However, is metaverse really the step forward? Is it something that humanity really needs? We’ll leave that for you to decide.

Are you a content creator looking to grow? Paysenger is a new social marketplace where creators can easily monetize their content and earn money for offering content creation services to sponsors, fans, and influencers.

It’s a growing platform with very little competition at the moment so you can easily attract followers, get likes, and get noticed by sponsors.

Join Paysenger today as an early adopter.

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Feb 21, 2024
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