How Does The Metaverse Work?
Hello and welcome back to our next lecture from this course on Metaverse wealth creation. Now in the second lecture we are going to talk about how the metaverse work. This is how the lecture is titled, how does the metaverse work?
So, let's dive into the information. Well, first of all, as stated before, the metaverse term has gained traction in the fall of 2021. Because of Facebook's name change to meta, if you know it has been a big buzz in the media, about Mark Zuckerberg changing Facebook's name to meta.
And it has been all over the place on TV on the internet on news, because it was a big change. Obviously, Facebook is already a very big name. Everyone knows Facebook, it has over 1.5 billion users. So, this is a very big thing and a very big, let's say move forward in promoting the metaverse and also a big move forward for Facebook as a company.
So now, meta is the main name of the company. However, the evolution and adoption of the technology itself has started at a wider scale with the year 2020 Since the pandemic started, and people were basically forced to look at the virtual space differently, and with more pragmatism, why?
Because there were restrictions all over the world. People have to work from home, computers. And digital spaces have become more and more popular. People have started to talk a lot on Zoom and having mutual conferences.
And basically, this was like the next step. Okay, the application of some things from the metaverse in order for people to interact, socialize and communicate better. And basically, this is what the metaverse will do, it will immerse us from a social, let's say standpoint, more into the digital world.
Now, things like virtual reality, augmented reality and artificial intelligence all contributed to building these new virtual spaces, called meta versus basically without these technologies, we wouldn't be able to have these digital worlds and immerse into them. Now people will be able to enter a Metaverse and they will be able to interact with others and do things that they do in real life.
Okay, they can go to bars, they can go to events, they can buy land, they can buy houses, they can even buy clothes, they will be able to have meetings at works, they will be able to go to concerts, advertised and much more. Okay. As you can see, these can have basically a huge economic impact.
And obviously, a lot of new opportunities will arise because of this. Now 2021 has also represented the rise of Metaverse projects in the crypto world. Many of you probably are familiar with cryptocurrencies and the crypto world.
And if you remember, again, with the start of two pandemic in 2020, crypto started to grow again. It's somehow kind of gotten out from that bear market. And some of the early adopters and the tooth enthusiasts of the metaverse projects are actually from the crypto space.
So, Facebook actually came in a little later, because these crypto Metaverse projects have started to become more and more popular since the beginning of 2021. Now we have seen a surge of new startups related to the metaverse in the crypto space this year, from which many are in the gaming industry. So, a very important role in the construction of the metaverse let's say as a cornerstone are these gaming, crypto gaming projects that are emerging
