It took a while to wrap my head around it but from my understanding, the “Metaverse” is essentially the next stage of the internet AKA Web 3.0 (or Internet 3.0). It will be the third evolution of the internet as we know. If you don’t know what Web 3 is then read “So… what the f*** is Web 3.0”.

In short, internet 1 (Web 1) consists of words and information from books. Internet 2.0 added video, social media, and interactivity. And now the metaverse will transcend the internet into its third stage switching from a 2d linear experience to a 3D immersive experience powered by the blockchain. The goal is to essentially combine the physical and digital world to make for a much more engaging online experience with people and brands.

The most familiar ‘metaverse’ example will be slapping a VR headset on and bam you’re in the meeting with all your co-workers from the comfort of your own couch.

The metaverse is designed to make things in the real world easier, more practical, and more creative. Experiences that are impossible on earth, like humans being able to fly, are possible in the metaverse. It’s literally like another world in a way — or should I say worlds because the metaverse isn’t one place there will be multiple metaverses.

Using a different metaphor, think of it like you’re on the main menu of a gaming console — you can scroll through different games you want to play, and the menu is internet 2.0. Each game is a metaverse you can enter and each one will serve a different purpose.

For example:

Crypto will be the currency used for transacting within the metaverse where you you can buy real or digital items (like clothes for your avatar, a hoverboard, real estate, or a real life pair of nikes etc). This is where NFTs come into the picture, which prove ownership of these items, with the blockchain being the underlying database for recording all transactions and ownership within the metaverse. (If you don’t know what NFTs are read My non-fungible guide to Non-Fungible Tokens).

Essentially, the Metaverse is a new, more immersive and exciting medium for people to interact online and for brands to engage and interact with their target audience. To be honest, the metaverse is kind of scary but really cool at the same time. But I am hyped about all the ways you can make money in the metaverse. It’s essentially creating new ecosystems and jobs for people.