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Are We in the Metaverse Yet

Are We in the Metaverse Yet?

by Arifa Rana

People in the crypto community claim to be working on it. It’s possible that gamers have already moved in. It’s being exploited by the art world. It’s being saved by web veterans. But what exactly is it?

The most important technological concepts frequently make their way into the language before they are fully formed. The internet of things, the sharing economy, and the cloud are examples of jargon that arises out of nowhere, underexplained and misused.

In a few rare instances, the phrase is retained. A lot of people talk about a lot of unrelated topics, and then those topics combine into one semi-comprehensible topic. Then we spend the rest of our lives in that item. Do you recall hearing about “the internet”? Prepare to enter “the metaverse.”

The word dates back to the dawn of the digital age: It was first coined by writer Neal Stephenson in his 1992 novel “Snow Crash,” and was later recreated as the Oasis in Ernest Cline’s novel “Ready Player One.” It refers to a fully complete digital world that exists beyond the analog one in which we live.

A utopian metaverse could be shown in fiction as a fresh frontier where social norms and value systems can be rewritten, free of cultural and economic sclerosis. Metaverses, on the other hand, are frequently dystopian – virtual havens from a fallen earth.

The metaverse, as a buzzword, refers to a wide range of virtual experiences, locations, and assets that grew in popularity during the pandemic’s online-everything shift. These new technologies, when combined, hint at what the internet will become in the future.

Most social media, as well as video games like Roblox and Fortnite, and Animal Crossing: New Horizons, in which users can create their own worlds, have metaverse characteristics. You’re a part of the metaversal experience if you own a non-fungible token or even simply some crypto. At the very least, virtual and augmented reality are metaverse-related.

If you’ve ever gone to a work meeting or a party with a digital avatar, you’ve entered the realm of metaversality.

Founders, investors, futurists, and executives have all attempted to make a claim in the metaverse, praising its possibilities for social interaction, experimentation, entertainment, and, most importantly, profit.

The metaverse, according to Matthew Ball, a venture capitalist and prolific essayist, is “a sort of successor state to mobile internet,” a framework for an extremely connected life. He writes, “There will be no clean’ Before Metaverse’ and ‘After Metaverse.'” “Rather, it will emerge gradually over time as various goods, services, and skills integrate and melt together.

Mark Zuckerberg, speaking to CNET in Ma, expressed his own Facebook-centric perspective:“We want as many people as possible to be able to experience virtual reality and be able to jump into the metaverse and have these social experiences within that,” he said, referring to Facebook’s experimental virtual reality environment, Horizon, which he hopes people will explore using the company’s Oculus headsets.

“We’ll be able to virtually feel like we’re there with each other,” Jensen Huang, chief executive of Nvidia, which develops computer chips, said in a June interview with VentureBeat.

If all of that is too much for you right now, consider this: the metaverse is the internet, but it is so much more.

And, while it may still be some time away, if it materializes at all, it appears to be closer than it has ever been.

Roblox has been dubbed a metaverse since it allows independent creators to create popular children’s games.

In the midst of the crypto mania earlier this year, the price of a currency named MANA began climbing the charts on Coinbase, a famous digital currency exchange.

MANA is the currency of Decentraland, a virtual world where pieces of digital land were selling for hundreds of thousands of dollars in March. (After oscillating around 10 cents for two years, MANA temporarily broke $1.60 in April, bringing the total worth of all tokens to $2.4 billion.)

Decentraland is a commune made up of user-generated NFTs, with only a few hundred users signed in at a time as of July, down from a peak in the low thousands in March. The platform’s creators have described it as “infrastructure upon which to build a place,” rather than “a place.” (The Ethereum blockchain powers Decentraland’s currency and land contracts.)

Decentraland residents are continually putting up events for other users, such as concerts and art shows. There are casinos where you can wager in MANA and where the croupiers are paid with MANA for showing up to work. sense The sparsely populated grid of half-developed plots and themed zones that makes up Decentraland is a work in progress. Users are mainly left to explore and wonder: What now? in black-and-white events.

Speculators appear to be less perplexed; after all, Decentraland is primarily a study of scarce digital property. Republic Realm, a “digital real estate firm,” purchased an NFT of a 259-parcel virtual estate in Decentraland for more than 1.2 million MANA, or more than $900,000 at current exchange rates, earlier this month.

Sotheby’s, which bought a small plot of land in Decentraland’s arts neighborhood and built a duplicate of its London galleries, recently wrapped up its first metaverse exhibition.

The auctioneer, Michael Bouhanna, claimed that 90 percent of the 3,200 visitors to the galleries had no idea who Sotheby’s was or what they did, but that the experiment was valuable in helping existing clients envision NFTs, which the auction house is already selling.

Decentraland differs from its forerunners, such as Second Life, a virtual environment owned and controlled by a private firm called Linden Labs, in that it is decentralized. According to Decentraland’s founders, the goal has always been for users to take control of the environment, building and doing whatever they choose.

“Fortnite is a centralized experience,” according to Dave Carr, a spokesman for the Decentraland Foundation, meaning that it is run from the top down, with significant choices made by Epic Games. “You feel like you’re a part of something here.”

There are casinos in Decentraland where you can gamble in MANA and where croupiers are paid with MANA to show up for work.

“It took off in a way none of us expected,” said Epic’s chief creative officer, Donald Mustard.

As millions of players flocked to Fortnite Battle Royale, a gaming mode reminiscent of “The Hunger Games,” the developer hastened to incorporate social elements such as voice chatting and dance parties. Epic said Fortnite produced more than $9 billion in income in 2018 and 2019 combined, according to financial documents made public in federal court in May as part of an antitrust lawsuit against Apple. Players spend money on superhero costumes and banana suits for their characters.

Epic now promotes Fortnite as a metaverse, rather than just an interactive experience.

In court, Epic’s vice president of marketing, Matthew Weissinger, claimed, “It’s more than a game.” “We’re creating something called the metaverse, which is a social environment.”

According to the firm, a Travis Scott concert performed within Fortnite in April received more than 12 million concurrent views. According to Epic CEO Tim Sweeney, over half of players are using the game’s creative mode, which allows players to populate their own islands with structures and games.

The creation of the metaverse, according to Mr. Sweeney, also implies a struggle for its independence. He alluded to Epic’s lawsuit against Apple, which is likely to be decided in the coming months, multiple times without directly mentioning it.

Mr. Sweeney said that defining the metaverse was challenging, but he understood what it wasn’t: “The metaverse is not an App Store with a collection of titles.” “In the metaverse, you and your friends, as well as your appearance and cosmetics, can travel everywhere and enjoy new experiences while being socially connected.”

Could a tunnel be built from Roblox to Fortnite and other games in the future, uniting them all in a futuristic world? Mr. Sweeney agreed. Every year, millions of games are developed on Roblox.

Here’s a screenshot from the Mad City prison-escape game.

Roblox, a platform where independent creators create popular children’s games, may be the most accessible and expansive vision of the metaverse.

According to the company’s financial report, customers spent approximately 10 billion hours playing Roblox in the first quarter of 2021, with more than 42 million players logging in each day. In addition, players spent $652 million on Robux, the site’s virtual currency that can be used to buy hats, guns, hot air balloons, and other digital stuff for their characters. The company’s valuation soared to $45 billion when it went public on March 10; it’s now closer to $50 billion.

Roblox’s co-founder and CEO, Dave Baszucki, whose company’s shares were suddenly worth $5.5 billion after the market closed that day, expressed his gratitude on Twitter.

Mr. Baszucki declined to be interviewed for this article, but he has talked about Roblox as a metaverse extensively and ambitiously. He has stated that his goal with Roblox is to reach billions of people, not simply children. He said the company performs its business discussions on the platform during an investor presentation in February.

“We believe Roblox and the metaverse will join these as vital tools for corporate communication, just as the mail, telegraph, telephone, text, and video have done for collaborative work,” Mr. Baszucki said. “One day, we could even be able to shop in Roblox.”

Indeed, a digital Gucci bag sold for more than $4,100 on the site in May, surpassing the price of the original product. (Roblox also has a darker side, which includes strip clubs, sex parties, and Nazi re-enactments, which the corporation does not condone.)

Every year, millions of games are developed on Roblox, with a large portion of the revenue generated going to independent developers through the sale of digital objects and upgrades. In some situations, game designers as young as adolescence have become millionaires.

Ammon Runger, 16, and his colleague Stefan Baronio, 23, have earned six-figure incomes for creating the prison-escape game Mad City, which has over 200,000 monthly users. Mr. Baronio used the money to buy a new car and pay for education. He described the encounter as “life-changing,” but refrained from declaring Roblox a metaverse.

Mr. Baronio stated, “I absolutely feel like they’re getting there, but I still think they’re fairly far away from there.” According to the corporation, half of the platform’s users are 13 or younger.

In any case, the business is moving forward. According to Craig Donato, Roblox’s chief business officer, the platform’s fastest-growing consumers are 17- to 24-year-olds, and the company is introducing new languages as it extends its user base throughout the world.

Mr. Donato claimed that he spent so much time meeting in the company’s virtual workplace during the pandemic that when he returned to the physical area, he had to remind himself that he couldn’t do all his Roblox persona could.

He remarked, “I was thinking, ‘Gosh, I have to make sure I don’t leap out the window.'”

Gucci Garden is a Roblox game.

While the metaverse has a lot of corporate interest, there are plenty of skeptics.

In a May earnings call, Strauss Zelnick, the CEO of game publisher Take-Two, said he was “sensitive to buzzwords” and speculated the metaverse could be just hype. “Will any of this matter in five years if you take the metaverse, SPAC, and cryptocurrency? He answered, “I’m not sure it will.”

Then there are many who question whether the IT sector’s interest is only opportunistic, or whether it is completely missing the purpose.

For example, Evo Heyning has been working and playing in the metaverse for the past two decades. She was even employed by the State Department to assist them establish a presence in Second Life.

“It was always perceived as people participating in a new form of public commons,” Ms. Heyning said of past virtual worlds. Obviously, a large number of enterprises will now assert dominance.”

Tech executives’ wishes and assurances are good, but private platforms are private platforms. Ms. Heyning described a concept known as “interoperability” as “I can build an avatar right now, but I can’t jump from one realm to the next.” In her opinion, the metaverse isn’t a single company’s or organization’s product or space, or even all of them put together it’s the way they’re connected.

In order to make that connection, Ms. Heyning, 45, has formed the Open Metaverse Interoperability Group, which aims to create technology standards for “bridging virtual worlds” in the hopes that metaverse gamers will accept them.

Robert Long, another member of the group, likened his ambitions for the fledgling metaverse to those for the early web. He stated, “There is no single proprietor of the entire thing.” “It’s decentralized, like the internet, with many different people hosting it. We’re looking for the metaverse’s HTML.”

Kayvon Tehranian, the creator and CEO of Foundation, a marketplace for NFTs, sees developing the metaverse as an opportunity to correct what he believes prior internet stewards and users got wrong. Blockchain technology, he claims, is the key. It’s secondary how humans interact with the metaverse.

“The fact that we’re surrounded by a global layer that’s always there,” Mr. Tehranian said, referring to the Ethereum blockchain, “where there’s no central party that decides whether something is available or not?” That, he claims, is the cure to the digital world we presently inhabit, which he compares to a metaverse but “with tyrants” (Apple, Google, Facebook).

His metaverse adheres to a specific definition of liberty. “What I truly care about is that you own items as an individual,” he remarked. “Property ownership is a tool,” says the author. It’s effective. It provides economic benefits.”

Depending on your ideological perspective, this may sound more dystopian than utopian. It’s just practical, according to Mr. Tehranian.

He continued, “We’re still dealing about human nature, which is greedy and selfish.”

Many people see the metaverse as a lucrative business prospect. Mike Winkelmann, a.k.a. Beeple, the man who sold an NFT of his artwork for $69 million, is working on a start-up called We knew that will sell NFTs associated with specific moments in time, creating “the memory palace of the metaverse,” as the business puts it. (Its early offers contain highlights from Andy Murray’s tennis career.)

Mr. Winkelmann’s idea of what the metaverse might be, or already is, remains broad, despite his investment in the crypto-oriented vision. It’s not just virtual reality, augmented reality, blockchain and NFTs, or virtual worlds and games that make up the metaverse.

“People are looking at it as a ‘Ready Player One’ or a virtual reality thing,” he remarked.

He added, holding his phone up to his eyes, “That’s roughly how near that screen is to your face.” “This doesn’t change the fact that a lot of these events are taking place in a virtual space.”

After a gradual and unsettling transition from today’s internet, which is maybe more metaversal than it gets credit for, it’ll just keep blending until we’re all wearing goggles or living in tanks of goo, he said. Mr. Winkelmann explained, “It’s a crude form of what’s coming.”

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