The term metaverse has exploded throughout NFT projects. Top publishers have written many articles on the great digital land rush and how many corporations are getting involved.
Plots of land on Decentraland and other projects have sold for millions and driven hype to new levels. Still many people do not understand that the Metaverse is not a single thing but a fragmented and disjointed set of applications.
The picture being painted about ‘The Metaverse’ by many projects and companies follows the idea that there is a digital, connected world, in which many people can roam around and find their favorite brands, purchase land and interact with others in a whole new way.
In truth, many of these digital worlds are not connected at all. Products that Meta (formerly called Facebook), Decentraland, The Sandbox and other projects are creating do not interact with each other at all. This is a huge issue as hype can fade from projects, leaving these worlds empty and valueless.
The digital worlds available today are very much in their infancy. You are limited on what you can do, where you can go and how much there is to interact with. While these projects continue to develop new features and functions, there is room for growth and it is unclear who will offer the best virtual world in the future.
The speculation is still very high and some of the high-profile companies involved, like Adidas, have chosen to be a part of one project and not others. This can obviously change if one project does not meet the development goals that a partnership was looking for.
Traveling around the various metaverses right now is very disappointing and much like a ghost town. The famous locations in these games, like fashion districts, are just a set of buildings with brands on them but there is no way to enter these shops or interact with them in any way.
Currently there are no metaverse games that use VR or AR technology but instead use keyboard and mouse to move around the city. Basically, there is a huge gap between what people expect from these virtual worlds and what is available today.
Before you get caught up in the metaverse craze and purchase expensive land or items, know what you are getting into. Use the tools available to see how many active users the project has and if that is trending up or down. Keep track of development progress and know how long it will take for them to reach their full potential.
Metaverse may become the next big thing in the future but not all of these projects will survive. Stay safe and make sure you do plenty of research before you buy.