You may live in this world now, but there will be others to populate in the not-too-distant future (no, we're not talking about Mars, sorry Elon). Enter the metaverse, the year's hottest topic. Between the third and whatever pandemic wave we're currently experiencing, the term crept into our lives - and hasn't left. The latest tech buzz has the usual suspects (read: Facebook/Meta, Microsoft, and the rest of the Silicon Valley crowd) scrambling for a piece of the action, but smaller players are also getting in on the act. But what is the point of all this metaverse fanfare? And what does this have to do with blockchains, NFTs, or living in the internet 24 hours a day? There is a great deal to unpack, so let's get started.

What is the metaverse, then?

To begin, defining the metaverse is a tall order. We can all agree that there has been plenty of yada yada, but at the end of the day, would you be able to explain what a metaverse is to your grandfather over Sunday roast? Due to the fact that we are discussing something that does not yet exist, it can become perplexing. To keep it simple, a metaverse is a shared virtual space that is hyper-realistic, immersive, and interactive due to the use of augmented and virtual reality technology.

Within a metaverse, there may be multiple virtual worlds where people can engage in a variety of activities as a result of the fusion of physical and digital. Rather than staring at a screen as you do now, a metaverse will allow you to immerse yourself in all your online experiences, such as shopping, meeting friends and family, attending a concert, and even completing official paperwork.

The metaverse offers several significant advantages over what you currently receive for your screen time (have you been watching a lot of television lately? We're also guilty of this), so it all comes down to integrating your daily activities into a highly interactive platform that enables you to accomplish more in a single location.

This concept has existed for a long period of time, at least since Neal Stephenson coined the term metaverse in his 1992 dystopian novel 'Snow Crash' (to be fair, he has distanced himself from any metaverse plans). And many of us have encountered meta references in pop culture, such as in The Matrix, Ready Player One, or Tron, so the concept's fundamentals are not unfamiliar.

To begin, here is a breakdown of some of the characteristics that define a metaverse:

BOUNDLESS - As a 3D virtual space, the metaverse transcends all physical and non-physical barriers. It's an infinite space with no restrictions on the number of people who can use it concurrently, the types of activities that can take place, or the industries that can enter. It significantly increases accessibility compared to current internet platforms.

PERSISTENT - A metaverse is impervious to unplugging, rebooting, or resetting. Users can access it at any time and from any location in the world, ensuring that their experience is always consistent. A metaverse evolves over time as a result of the collective contributions of its users, such as the content and experiences they create.

DECENTRALIZED - The metaverse is not owned by a single corporation or platform, but by its users, who can also exercise control over their personal data. Blockchain technology plays a significant role in this (more on that later), as it ensures that all transactions within a virtual world are transparent, easily traceable, and secure at all times.

IMMERSIVE - Whether you're wearing a virtual reality headset, augmented reality glasses, or simply your smartphone, you'll be able to experience a new level of immersion and interactivity, where all human senses are engaged fully and users feel more present in their experiences. As a highly realistic space, the metaverse will also be able to adapt to its users, who will have direct control over its environments, objects, colours, and lighting, among other things.

VIRTUAL ECONOMIES - Participants in the Metaverse can participate in decentralised virtual economies powered by cryptocurrency (such as Sensorium Galaxy's own SENSO. This includes marketplaces where users can purchase, sell, and trade digital assets such as avatars, virtual clothing, non-fungible tokens, and event tickets.

SOCIAL EXPERIENCES - The metaverse's lifeblood is its users. Each participant in a virtual world shares experiences and contributes to the metaverse's future through user-generated content, ranging from virtual creations to personal stories and interactions with AI-powered avatars.

Indeed, experiences resembling the metaverse existed prior to Facebook's recent Meta rebranding. Earlier iterations can be found in games such as Second Life and The Sims, in which users have complete control over their online avatars' lives. Even as recently as 2009, Facebook was experimenting with pre-metaverse experiments such as Farmville, a game that allowed players to manage virtual farms and sell their produce in exchange for Farm Coins. And, while these platforms incorporate elements of the metaverse, they remain isolated events with little effect outside of their original platform.

True metaverses are continuous experiences that incorporate elements from multiple platforms and audiences. Now that we've nailed down this component, what else could make the metaverse tick?

Cryptocurrency keeps the metaverse afloat.

Within the metaverse, anything is possible. And by anything, we mean anything, because nobody truly knows what the future holds. For the time being, gaming and entertainment are leading the race, as they have the most developed infrastructures capable of being adopted and evolving within a virtual world. A significant factor in this is their virtual economies. Consider the games Roblox, Axie Infinity, and Fornite. These metaver-inspired platforms have soared to prominence, not just for their entertainment offerings, but also for their thriving marketplaces, where users can buy, sell, and exchange items in exchange for native tokens such as V-Bucks or AXS. All of these digitally native spaces rely on a thriving virtual economy to generate new assets (such as NFTs), experiences, and activities, laying the groundwork for the metaverse's economics.

There is no point in living in a metaverse if the economy cannot support the users' activities (and financial ambitions). Thus, creating easily monetizable value is a critical component of any virtual world. Bear in mind that the metaverse is capable of hosting a variety of activities, and users require a compelling reason to enter and remain. Competition, scarcity, supply and demand are all examples of real-world economics that anyone can understand.

Blockchain-based currencies enable the creation, exchange, sharing, and tracking of all assets within the metaverse to be done easily and securely, potentially allowing items to be moved seamlessly between worlds or meta destinations by their users. For example, one SENSO token is worth $10 within Sensorium Galaxy. This rate is applicable to those purchasing SENSO using conventional fiat currency. However, SENSO is also traded on cryptocurrency exchanges at a price slightly above $2.5 at the time of press, which means that purchasing SENSO on the open market can provide users with a dynamic discount.

Additionally, holding SENSO provides metaverse users with additional benefits, such as participation in metaverse governance via a DAO, where users can join the Council and gain voting rights on product decisions, among other perks.

A blockchain-based decentralised economic model bridges the gap between gaming and the metaverse, ushering in a new era of digital-native assets and monetisation opportunities. Unlike when playing a game, where the developer owns and controls all in-platform assets via a centralised server system, users own and control their entire experience in the metaverse. This category includes artistic endeavours such as works of art, music, and dance choreographies. These can be minted as NFTs and sold in exchange for SENSO in metaverses such as Sensorium Galaxy, in a completely secure environment where ownership and authenticity are always preserved by the blockchain.

Blockchains such as Wakatta add another layer of functionality by introducing new types of non-fungible tokens (NFTs) that are upgradeable, time-limited, and text-based. This adds to the excitement of the metaverse because you will be able to not only create NFTs of your work but also collaborate with other creators or artists to build on top of existing art without it being illegal (read infringing on copyrights, intellectual property or ownership rights). Similarly, Wakatta's NFTs can assist metaverse event organisers in tokenizing tickets and game developers in issuing in-game assets tied to specific time periods.

At the end of the day, the metaverse is synonymous with large sums of money. According to some estimates, the annual revenue potential for virtual worlds could reach $1 trillion, spanning segments such as advertising, digital events, and e-commerce. Thus, it is reasonable to conclude that - given the metaverse's current state of development - now is not the time to fall asleep at the wheel.

Fasten Your Seatbelts, We're Going Meta

Thus, you've chosen to swallow the red pill and discover just how deep the metaverse's rabbit hole truly extends. What happens now? To begin, you'll require hardware. The good news is that you don't have to go out and purchase an expensive piece of high-tech equipment. Your smartphone is sufficient to enter the metaverse, and there are numerous meta features available in Sensorium Galaxy's mobile application, for example. The only caveat is that you may end up missing out on much of the meta experience, as you will be missing out on the immersive aspect of the metaverse, which is truly spectacular.

While a phone is ideal for a sneak peek, for the full experience, you may want to consider investing in a VR headset or, if you're not ready to go all-in, a pair of augmented reality smart glasses. There are numerous factors to consider when determining how to enter a metaverse. Choosing the right VR headset is probably the most critical factor that will determine whether your experience is a success or failure. The advantage of VR over other mediums is that you become completely immersed in the metaverse and can achieve a genuine sense of presence. Additionally, depending on your headset, you'll be able to communicate with others via your chosen avatar and engage all of your senses.

When it comes to headsets, Meta (formerly Facebook) is miles ahead of the competition, with its Meta Quest 2 headset continuing to be the most sought-after on the market, followed by Playstation VR and Valve Index. Demand for VR headsets has increased in recent years, but it is expected to increase even more in the coming years, no doubt as a result of all this talk about the metaverse. Apple is also rumoured to be entering this hotly contested race.

After a decade of hype, it appears that both technology and high-quality virtual reality offerings are catching up, and not just in gaming. Applications have proliferated across a variety of industries, including fashion, music, education, and sports, resulting in a dramatic increase in demand.

This trend is likely to continue as more platforms migrate to virtual reality and make their first foray into the metaverse.

Meta, everywhere

As previously stated, some metaverse-like experiences are already available. Roblox, a video game platform, has experimented with meta events, such as hosting Gucci's 100th anniversary or opening the NFL's first meta store. Meanwhile, rival Fortnite is not far behind, having hosted massively successful virtual concerts featuring Ariana Grande, Travis Scott, Marshemello, and others. However, there are numerous perspectives on the metaverse's evolution, and they are likely to follow some of the current trends:

Corporate: With a large portion of the world's population shifting to remote work during the COVID-19 pandemic, many of us are already accustomed to working online. As Facebook (sorry Meta) has already attempted to demonstrate with Horizon Workrooms, the metaverse would be a continuation of that. Others, such as Microsoft, are following suit, and we can only anticipate more businesses attempting to send their employees into the metaverse.

Gaming: Is enjoyable, you can meet new people and earn a lot of money. That is why Axie Infinity, Sandbox, Illuvium, and Decentraland are leading the metaverse race. With a robust social network and a decentralised economy at their core, these are the platforms that are most likely to attract users to the metaverse.

Entertainment: Downtime in the metaverse can quickly take on a life of its own. From interacting with real-world users and making friends with AI-powered avatars to witnessing your favourite performers headline a mind-blowing virtual concert, the metaverse elevates entertainment to new heights. Sensorium Galaxy is a metaverse devoted to out-of-this-world encounters. Constructed in collaboration with some of the world's most prominent artists, including David Guetta, Armin van Buuren, and Steve Aoki, this metaverse features an expansive musical catalogue that appeals to a vast universe of fans. Sensorium Galaxy will also include additional content hubs, such as a world dedicated to meditation and self-actualisation practises.

Real Estate: Are you experiencing a rent crunch? Are you unable to purchase a home? Is there no obvious way to escape the rat race? While real-world real estate may be out of reach, purchasing a plot of virtual land could make you extremely wealthy. Only a few days ago, Decentraland set yet another metaverse record with the sale of a $2.4 million 'virtual estate.' And there is plenty more to purchase in virtual worlds such as Sandbox. You'll find not only land, but also houses and yachts (complete with helipads, hot tubs, and DJ booths) for those interested in more exotic real estate options.

However, when it comes to the metaverse, you're likely to find whatever you're looking for, regardless of your field of interest. With this many players, the only limit to the possibilities of virtual worlds is one's imagination.

Enter the metaverse... but when?

A fully developed metaverse may be years, if not a decade, away. There are still numerous technical obstacles to overcome, beginning with the fact that the world lacks an online infrastructure capable of supporting millions (or even billions) of people simultaneously accessing the metaverse. Additionally, an uninterrupted and reliable internet connection is a critical component of the metaverse, as a glitchy, 'loading' virtual world scenario is the polar opposite of what a genuine metaverse should look like. However, 5G and edge computing technologies are still in development and are currently incapable of meeting the demands of a complex infrastructure such as a metaverse. Additionally, there are other concerns regarding data privacy and security. Only time will tell when entering the first true metaverse will become a reality - but when it does, we'll be there to greet you.

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