So, what the heck is the metaverse?

INVESTERA Co-Founders just wrapped a week in Miami immersed in Art Basel, one of the world’s largest art events, alongside DCentral, a crypto conference about decentralized finance, NFTs and the metaverse.

There was so much buzz across the city of Miami - NFT and metaverse billboards, hundreds of events dedicated to these worlds and people from all over the world joining the festivities. We felt a part of a historical moment with the merging of the fine art world with the crypto world. Check out how NFTs took the spotlight at Art Basel in this Coinbase recap.

With NFTs and the metaverse all over the news, especially after this week, we know it’s on a lot of people’s minds. We’re sharing some observations and thoughts…

So, what the heck is the metaverse? The definition is still very much a work in progress. For now, you can think of it as a virtual and augmented reality where digital objects and characters, aka avatars, interact.

While the metaverse is coming into form, one thing is clear, there’s a race for what the next stage of the internet (web 3.0) will look like and who will control it. Will it be the likes of big tech like Facebook (newly rebranded to Meta) or Microsoft? Or will the metaverse belong in the hands of many via decentralized platforms like Sandbox and Decentraland? Only time (and the market) will tell. We think it’s likely that both privately and public owned metaverses will co-exist.

You may be thinking, is this just a fad? We certainly are pondering that question. Especially after seeing projects promising virtual reality existences for the last decade and not taking off successfully. Case in point - SecondLife.

However, we can’t help but think that maybe it’s different this time. We’re hopeful that we’re at an inflection point of mainstream adoption where the perfect storm of pandemic economics, tech and culture have created fertile grounds for the next exponential digital change that the world is ready for. This is the first time we’ve seen such a diverse crowd of this magnitude interested in crypto and tech to this degree. It’s pretty exciting to see what was once so fringe start to enter mainstream thought and participation.

Wondering what it’s like to spend time in the metaverse? The Wall Street Journal published an insightful and humorous video about spending 24 hours in Facebook’s early stage metaverse. Watch it here. It brings up the question - will the metaverse actually enhance our lives for the better?

Mark Zuckerbeg seems to think so, ‘“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” CNBC reports.

But the metaverse isn’t just up to Zuckerberg, there are several other open metaverse projects that innovate beyond Facebook’s closed garden version. You can check out this list of top crypto metaverse projects to watch to get an idea. These projects have had huge growth in the last 6 months. Major brands and celebrities are rushing in alongside the general public and internet communities to participate.

There’s so much more to explore on this topic, send us an email (connect@investera.io) if you’re interested to learn more and would like us to develop resources on the topic.