In 2022, the metaverse reached an all-new level when Facebook announced it would change its name to Meta and go all in on the space. But when will you be able to visit this metaverse?
The reality is the metaverse is already here. There is already a digital space where you can play, build, and earn money, just the one designed by Meta isn’t ready yet. The better question to ask is when will the metaverse be fully developed, and that answer is slightly more disheartening.
Read on to learn all about the metaverse, and the developmental troubles it has begun to experience. We will also discuss when you can expect the Metaverse to be fully functional.
When is the Metaverse Coming Out?
As mentioned above, the metaverse is already in existence. There are several platforms you can use to access it, including The Sandbox, Decentraland, and uHive. But before you get too excited, know that many of these platforms are still in development and don’t work to their full functionality just yet.
While 2022 saw huge interest in the space, unfortunately, many businesses have begun to lose interest in the metaverse in 2023. The main ones being Microsoft and Meta, which both announced in February 2023, that it would be laying off its entire metaverse division of over 100 employees.
This layoff is happening for two reasons, one, the US has entered a period of recession, and during a recession, it can be difficult to fund ventures like their metaverse platform. Two, as the US has entered a recession, many people have begun to look elsewhere beyond spending time in the metaverse.
Therefore, it isn’t the company that has lost interest in the metaverse but rather the population. Suddenly people are finding themselves once again working more hours or taking on a second job to make ends meet. They can’t spend the same amount of time playing games as they did during COVID.
Additionally, the year 2022 saw a dip in NFT and altcoin sales, leading many people to begin to distrust different blockchain technologies (not to mention the fall of FTX and arrest of Sam Bankman-Fried) and thus, they didn’t spend as much money in them as they did in 2021.
Based on this information, it’s important to know that the metaverse is still being developed, but it won’t be fully developed for a while (or ever). You can still enjoy the metaverse now, using the platforms we mentioned above, they just won’t be functioning to their full glory probably for another 5-10 years.
Related: What is the Metaverse?
How to Get in the Metaverse
Now that we’ve discussed that the metaverse is around and open for business (even if it’s just a small amount of business for now), you are probably wondering how to get to the metaverse. This is easier said than done.
First of all, you need to decide how you want to get into the metaverse. Do you want to become an investor? Or do you want to play games or buy space? What you need to do will depend on your answer.
Investing in the Metaverse
For those who aren’t necessarily looking to build or play, the best way to get involved in the metaverse is by investing. You can invest in numerous ways, including purchasing metaverse stocks or just buying a plot of land in the metaverse and renting it out to someone else.
Metaverse ETFs are one of the less risky (but still risky) ways to invest in the metaverse. You can also purchase a plot of land in Axie Infinity and pay someone to develop it for you. Just know that neither of these are a get-rich-quick scheme, and both will involve some serious up-front cash and patience, as it will take a while for returns to roll in.
Related: Investing in Metaverse ETFs
Logging into the Metaverse
If you just want to enjoy the metaverse by playing some games or buying a plot, your job is a bit easier. To start, you will need either a VR headset, a computer, or another gaming console in order to access the metaverse. While you don’t need all three, you will need at least a VR headset compatible with your phone to get started.
Next, you need to find a platform through which to access the metaverse. There are several available, and the one which is best for you will depend on personal preferences. Decentraland, The Sandbox, and uHive are all decent places to start.
To be able to purchase plots of land or play games, you will need to set up a digital wallet with some funds in the local currency. The type of wallet you will need will depend on the platform you choose to access the metaverse. Generally, there will be some sort of guide to help you get set up on the platform.
Once you have a wallet with some funds in the local currency of the platform you have chosen, it’s time to design an avatar. This will typically cost some of your coins, though some platforms allow you to design an avatar for free.
After you’ve made your avatar, you can explore the digital world you have chosen. In many, you may also want to buy a space of your own to decorate and build. But if that isn’t your cup of tea, you can also just go play games or see what other people in the metaverse have to offer.
The Future of the Metaverse
Overall, the metaverse isn’t much beyond a digital gaming platform yet. But, someday, it will be a place where people all over the world meet to hang out, shop, and do a whole array of digital activities. If you are interested in the metaverse, it is always better to get involved earlier rather than later. So, take the time to get your VR headset set up and begin exploring the metaverse today. Even if it isn’t full of activities yet, you are sure to enjoy yourself in the time being!
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