1. Some of the readers reading this article might be able to recollect the time when internet was a new thing. The world wide web thing. In fact, it was beyond imagination of most of the people. It was hard to imagine a connection of connections that would provide all the information. Same is the case with METAVERSE, it is an imaginary and digital world. So, what is Metaverse and how to earn from Metaverse?
2. Metaverse– A Digital World. It is going to be a digital world on the internet where one will be able to have a digital self. A digital self who will be just as per our wishes and would be easily amendable. you can change color, height, weight and tone etc . This digital self would be able to live in a digital house and have digital neighbors. It would be an entire world where everything would be there starting from house, hospital, shopping malls and all other things present in a real world.
3. Metaverse & AI. The most relatable example of metaverse is the 3D gaming glasses. You must put them on and you lose the sight of real surroundings and everything around you are what you want to be or what the particular verse has to offer. AI playsa vital role in. the efficient functioning of the concept. Suppose you want to attend a meeting in metaverse. You have to put on a 3D goggle and sit in a conference hall (virtual) with the avatars of rest of the members. Our avatar would be attending the meeting. We would be able to change the dress and the look of our Avatar. How much fun it would be? It will all be the algorithms and AI that would be doing all these things.
4. Metaverse & NFTs. Suppose our Avatar is out to shop in a mall in the metaverse. The items that would be exclusive would be available as NFTs. We will be able to buy and sell NFTs and our avatars will be able to use those NFTs.
5. How to earn from Metaverse. The most important part comes now, Why is the concept important, how do you earn from this. Probable methods by which you can earn in the metaverse: –
(a) Buying and Selling the virtual land in the Metaverse Domain.
(b) Owning a store in the domain and making profit thereof.
(c) Buying and selling the NFTs in Metaverse.
(d) Retaining the virtual memory of the loved ones even after they have passed away. This concept has been a part of many sci-fi movies.
(e) Meeting the avatar of someone who is living on the other end of the planet.
6. Platforms to Start Investing. In coming times there will be a lot of platforms that will offer the trading of properties in the virtual domain i.e. the Metaverse. The currency to invest will be the cryptos and the platforms would be the same. It allows users to invest in cryptos and thereby in the Metaverse. So, what are we waiting for let’s go and start the wonderful journey?
7. High Return & High Risk. Though the transactions in the Metaverse would be the fallout of the blockchain technology but still the risk of loss of the investment cannot be ruled out. No doubt the risks would be manyfold but the risk is high as well.
8. Emotional Risk. It is suspected by experts that over a period of time, people will get strongly and emotionally attached to their avatars and will stop interacting with the real world. One will strive more in the virtual world for the avatar to survive but in the real world the time would lapse at same pace. It means that virtual world will become more important and the real relations won’t matter. The owners of the metaverse domain would suck out real money out of the pocket of the owner of Avatar just to keep certain privileges working.
9. For example, the owner of the metaverse would charge $500 for letting your avatar drive a car in an exclusive lane and to let it meet some celebrity’s avatar. If the person fails to make the payment the Avatar would be confined to the home and the amount would have to be paid to enjoy that privilege. It is accepted that one enjoys the virtual privileges of the virtual Avatar but the loss of the privileges would have a serious impact on the mental health of the owner.
10. Conclusion. To conclude, we at Medhini Energies suggest that before jumping in to invest in this new domain, one must weigh the risk profile and available funds and then only start investing. To the agencies and to the governments around the world, it is vital that the pros and cons of the virtual world be gauged and then the citizens be allowed to get involved. It is so because people to use it for good would be less and to misuse it would be more. In a country like India, the youth is technologically advanced but a large portion of the population still awaits literacy and proper internet connection.
Let us embrace the advent of technology with open arms but be vigilant at the same time.
Medhini Energies