Metaverse land certainly has its critics. We often hear them say something like “People are wasting money on fake land with fake homes filled with fake stuff!” They believe that because it’s not tangible, it must be a rip-off.
Why? Because it’s so frequently compared with something that is tangible: real land.
Misunderstandings like this are common when new technologies first emerge. Remember what people said about the internet, social media, and smartphones in their early days? It’s very similar to what people are saying about metaverse land now.
These arguments typically come from people who don’t understand the new technology, the driving force behind it, and its practical use.
So, I’m going to try to explain what metaverse land is in more practical terms. I’ll discuss why the arguments against it are largely based on a lack of understanding. Hopefully, I can help some people grasp the real, practical value of metaverse land.
Metaverse Land is Another Digital Asset
Blogs, websites, social media accounts, smartphone apps, and SaaS platforms are intangible. Yet, no one denies the real value they offer. Why? Because we’ve had time to realize their potential.
Metaverse land is more comparable to these technologies. It’s a digital asset that can be used to promote a brand, provide an experience, share art, play games, and collaborate with others. It’s just like every other digital asset, except it’s in 3D and (potentially) much more interactive.
So, it’s more accurate to think of metaverse land as a 3D website and the metaverse as a 3D internet. Virtual worlds exist on servers just like every other digital asset.
You can socialize with other people on virtual land just like you can socialize with them in Zoom calls – although studies show that virtual reality collaborations feel less isolating.
Tangible Uses of Metaverse Land
Metaverse land itself may not be tangible, but its utility is. It can bring value the same way that other digital assets can; it just does it in a more fun and interactive way. Here are a few examples:
- Brand Promotion: big brands are investing big money into their metaverse presence. We have previously covered how this is happening in both Second Life and The Sandbox. The metaverse provides a level of immersion that allows potential customers to experience a brand in new and exciting ways that websites just can’t offer.
- Retail and Art: Artists thrive in the metaverse! NFTs have recently gained significant popularity. This is partially due to the utilization of the blockchain: a digital asset can now be confirmed as the original and authentic work of the original artist. Enthusiasts can easily determine whether they’re purchasing the original or an illegitimate copy.
- Music Venues: Musicians who were turned down by the mainstream have found great success in the metaverse. It’s kind of their second chance at turning their hobby into a living. It’s also a great, unique way for fans to discover new artists that they likely would’ve never known about otherwise.
- Collaboration: Earlier, we mentioned that remote employees who collaborate in virtual reality feel less isolated. But there’s another reason that the metaverse serves as a strong collaboration tool. Researchers across the globe can collaborate in real-time in the metaverse. Even better, they can simulate real-world physics to complete experiments that would otherwise be costly or dangerous.
- Education: Many people wish they knew how to work on cars but are afraid to learn and practice with their own. Why? Because if they mess something up, it’ll probably lead to expensive repairs. Similar to research, the metaverse is a safe place to learn new skills without potentially harming yourself or your property. And since we already know that it helps people feel less isolated, it might be a more effective venue for online learning.