Home » Cryptocurrency » Crypto Learning » What’s the fuss about Metaverse anyway? (Metaverse 101 guide)

What’s the fuss about Metaverse anyway? (Metaverse 101 guide)

Note: This metaverse guide deliberately keeps the information, raw and simple to apply. No fancy grammar. If you’re looking for something complex or nerdy, you should look away now.

(Last updated January 27, 2022)

Most Read Sections

Top games you can play and earn real money in 2022 – 10.0
How to invest in the metaverse in 2022 – 11.0
How to invest in metaverse games and tokens – 12.0
Top metaverse tokens and how to buy in 2022 – 12.1
How to buy digital land in the metaverse – 14.1
Creating and selling digital assets easily without doing it yourself -15.0 & 15.1
What are NFTS? – Section 5.1
How to buy NFT – 5.1.4
Popular Metaverse companies 6.1

Let’s begin

First a Teaser

Remember the popular video game Grand Theft Auto? Think of a GTA world – a digital world where you play with your character and explore but unlike the GTA world everything there has a real-world value from your characters’ clothes to the buildings you see and every object. You spend real money and can make real money. That is what the metaverse is in a nutshell. Metaverse will change the way we travel, shop, try on clothes, go to movies, do business and so much more.

1.0

Introduction

Not long ago when Facebook announced it’s now to be known as Meta, the word Metaverse was catapulted from an obscure buzzword into arguably one of the most prominent crypto-lingo today. But popularity is all that the word Metaverse owes Facebook, the invention of the word goes even farther. Metaverse first made its appearance in Neal Stephenson’s 1992 sci-fi novel Snow Crash which combined the word ‘Meta’ and ‘Universe’ (Metaverse… you get it?) to describe a  three-dimensional virtual (computer-generated) universe that users can experience in first-person perspective. The word Metaverse has since metamorphosed into what it is today which is the subject of this crash course.

2.0

What’s the Metaverse and why should you care?

The Metaverse is a world that combines people’s experience in the physical and digital world into an immersive experience. In its complete form, the Metaverse will be an alternate universe. Let’s make the explanation even simpler. The Metaverse will be a replication of our world but in digital form where you’ll be able to do whatever it is you already do in this physical world. From owning properties and buying real estate to attending your favorite concerts and movie premiers almost everything will be possible in the Metaverse. You will be able to interact with this universe using your own digital avatar or character. And since the Metaverse will have its own economy and governance system based on cryptocurrency and blockchain technology, you know what this means, right? Unlike the physical world where only the elites have a say, in the Metaverse, anyone and everyone will have a say in deciding the future of the Metaverse.

You should care because the Metaverse is the next big thing for the internet and if you’re plugged in early it could mean an opportunity of a lifetime to be financially free. You know what they say – the early birds eat the fattest worms

2.1

Metaverse Events getting popular

It’s more than just hype at this point, as many prominent individuals already jumped on board and the Metaverse is swirling with activities. Check out a few examples

– Musicians like Justin Beiber and Travis Scott have held successful concerts in the Metaverse

– Nike recently purchased RTFKT studios (a company that creates virtual shoes) and have filed trademarks further pushing their intent to sell Nike shoes in the metaverse

– Snoop Dogg has a virtual mansion in the Sandbox universe

Traci and Dave Gangnon got married in the metaverse

– Companies are buying real estate in the metaverse which they can rent out for huge sums of money

– On Feb 6 Janaganandhini Ramaswamy and Dinesh Kshatriyan will hold their Wedding reception in the Tardiverse metaverse (Polygon Network) and guests will include the bride’s late Father.


Metaverse wedding reception

3.0

A short internet history

Think about the early days of the internet, most companies like IBM, Myspace, AOL invested or built on the early web and made huge financial gains. The early days of the internet are referred to as web 1.0, where only one-way communication was possible. You could search for information and read it. That’s all. Next came Web2.0. which allowed users to generate their own content and prioritized user engagement with the development of social sites like Facebook, Twitter, Instagram.

And now welcome to the world of Web3 which is where we are at. In Web 3 decentralization is at its forefront and it’s powered by blockchain technology the same tech that gave us Bitcoin and other cryptocurrencies. The advantages of web3 being that the internet will no longer be centrally controlled by tech giants like Amazon, Apple, etc who can use our data without permission (remember the Facebook Cambridge Analytica scandal?). Instead, everyone will have a say over how their data is used and can choose to monetize it.

In web 3, we all own the internet. Read more about Web evolution here

Metaverse is at the forefront of the Web 3 internet revolution

4.0

Still on Metaverse

Metaverse combines many technologies to bring its alternate universe to life as follows: Defi, AR, VR, blockchain, A. I and IoT.

4.1

Defi: Decentralized finance describes a system where anyone can access financial services without the need of banks or any middlemen by making them available on the blockchain. You can borrow and lend money at better rates than most banks. Today many people make money from Defi through farming, staking, and much more. In place of banks, this alternate universe (metaverse) integrates Defi to create an economy that is fair to everyone.

4.2

AR: Augmented reality is a tech that enhances how you interact with the real world adding extra information. For example, today augmented reality can be used with your smartphones and smart glasses to make your life easier and better. In a regular day-to-day life when you point your AR-enabled smartphone at something maybe a street, the AR software can analyze it and give you more information. Could give you the name of the street and the various businesses done on that street – all in real-time. There are more use-cases. With AR you can even test products that you buy online to make sure it actually fits. You can test colors on your wall, customers can test out different clothes, watches, etc virtually. In the medical industry, AR apps can be used to scan patients to diagnose, surgeons can recreate the conditions of the patient and better plan procedures before executing. And a lot of games today use AR to create games that are fun and engaging.

In the Metaverse, AR along with VR will be used to create an alternate universe that is engaging and feels natural. The metaverse at its most complete form will feel real.

4.3

VR: Virtual reality used computer tech to create a virtual (simulated) environment that allows you to enjoy immersive 3D (360 degrees) experiences. The environment feels as real as possible because it engages your senses ) sight, touch, etc.) You can pick up digital items in the VR environment and feel them. You can walk around. All of these with the aid of devices such as VR headsets, motion controllers, special gloves, etc. Many industries are now using VR tech such as travel, real estate, and tourism (visit places, inspect properties from the comfort of your home), the Gameworld (make you feel like you are inside the game ), healthcare (better understand the human body) education (more interesting and engaging learning methods), Aviation (flight simulators are used by pilots in training), Entertainment (be inside the movie instead of just watching it), Automotive (to create virtual environments in which buyers can test cars before buying), e-commerce, etc.

Application of VR and AR will make metaverse as real or as close as possible to the physical world.

4.4

Blockchain: I don’t intend to go nerdy with this guide so I’ll keep it brief. You could do some further reading later if you think it’s necessary. Blockchain is the technology behind all of these from cryptocurrencies to NFTs to Metaverse. In simple terms, the technology provides a system of storing information in a transparent, permanent that makes it difficult to cheat or hack the system and all without a designated third party. Applying this tech to digital money birthed the first cryptocurrency -Bitcoin. Blockchain technology has since been applied to other industries including Banking and Finance, healthcare, media and entertainment, real estate, music, telecommunication, and many more.

4.5

A.I (Artificial Intelligence): Artificial Intelligence is the field concerned with the development of smart computers capable of handling tasks performed originally by humans. Some applications of A. I include Robots, Self-driving cars, Smart assistants (like Siri), etc. A.I will play a huge role in the metaverse.

4.6

IoT (Internet of Things): IoT describes systems that connect physical real-world objects to the internet and allow these devices to communicate (connect and exchange data). The application of IoT in the metaverse will help in effective communication between the real world and the metaverse.

5.0

NFT and the metaverse

5.1

What are NFTs? (Simplified for Newbies)

So NFT stands for Non Fungible Tokens. Forget the fancy grammar, it just means creating a digital copy of anything (picture, file, anything) and placing this digitalized copy on the Blockchain. Blockchain is the same technology that cryptocurrency is based on. NFTs are mostly created on the Ethereum network, although other blockchain network (like Polygon and Solana) for this have surfaced.

5.1.1

Why are NFTs special?

I’ll give you an example. Paper notes in your country’s currency – $100, 100 naira, £100, etc. Every $100 is the same. Every £100 is the same. This attribute is why you say it’s Fungible.

But NFTs as the name implies are Non-fungible because it means creating a unique digital copy of something. Only one copy exists and that’s what makes it special. People love rare things and attribute high value to them. That’s why NFTs have been so profitable.

5.1.2

How is it used?
These days NFTs are popular in the art and gaming industries although it has other use cases.

In the art industry, NFT art involves creating unique digital artwork and placing it on the Blockchain. These NFT arts are then sold in the NFT marketplace. Apparently, some buyers fancy the idea of owning unique digital art. If you buy an NFT it means only you have that original art. No one else in the world.

Now let’s talk about NFTs in the gaming industry.
Y’all play racing games, right? Let’s use that as an example. In these games, you get to select your own game characters for the race. In NFT games these digital characters can be traded. You could create your own characters in the racing game or evolve existing game characters and sell it on the NFT marketplace.

That’s the idea of NFTs at its most basic.

Really no big deal but it has grown into a huge industry because of the perception of value (if a majority agrees something has value then it does regardless of whether the value is questionable. As long as it’s got a market (buyers and sellers) it is valuable.

You could research further and do a deep dive about NFTs but that’s the gist.

5.1.3
Trading NFTs

The most popular platform to buy and sell NFT is opensea.com.

5.1.4
How to buy NFTs on opensea.com in 2022

  • Download a crypto wallet (I’ll recommend Metamask wallet extension on Google chrome browser).

You can download the mobile (on play store) or web version (on metamask.io).

Also, download the extension so you can use it on your browser. With a meta mask wallet, you are instantly assigned a wallet address. This address will be used to facilitate crypto transactions

  • Fund your wallet. You can fund your wallet by buying crypto (I recommend buying Ethereum as your first crypto) on coinbase.com
  • Go to opensea.com and connect your metamask wallet
  • Browse the opensea NFT collection. You can filter the search to show trending collections and any other field of interest
  • Once you find an item to purchase, place your bid and click buy now. You will need to confirm the transaction on your metamask wallet.

To sell NFT here’s a short guide here

A nice tool: Use this link here to keep track of high performing NFTs

5.1.5

NFTs in the Metaverse

Every item on the metaverse will be an NFT. Examples: Land, houses, everyday objects, characters, billboards, etc. There’s a lot of money to be made in creating valuable items for use in the metaverse

6.0

Who owns the metaverse?

Anyone can build their own metaverse. It just means building a massive digital environment ultimately the metaverse projects that will be popular are those with sustained high demand. Ethereum, Solana, Polygon, BSC (Binance Smart Chain), and WAX blockchain are some of the most popular blockchain platforms for building metaverses.

6.1

Popular Metaverse Companies

  • Facebook (Meta)
  • Nvidia
  • Blue Monster Games (inventors of Kart Racing League metaverse)
  • Roblox
  • Microsoft (Microsoft Mesh)
  • Sky Mavis (inventors of Axie Infinity game)
  • The Decentraland Foundations (created popular Decentraland game)
  • Pixowl Inc. (inventors of Sandbox game)
  • Epic Games (Inventors of the popular Fortnite game)

7.0

Application of metaverse

Games: Currently the most popular application of the metaverse. The days of centralized games where decisions are made entirely by the company are drawing its curtains. Games in the metaverse will have ownership (decision-making) shared across the entire userbase. In metaverse games, players interact with each other’s avatars in an alternate universe that allows them to engage in a series of activities that include playing games, creating games and experiences, socializing, and ‘having a life’ or a semblance of one in this virtual universe. And many of these activities can be monetized and are profitable in some form and anyone can be a participant. The gaming metaverse could be worth as much as $400 billion by 2025 (Source: here).

Some popular metaverse games include TCGWorld, Sandbox, Axie Infinity, Decentraland, Star Atlas, Netvrk, Roblox, and Sorare.

Cultural tourism: A Country can create a metaverse that replicates life and living in the country allowing anyone to enjoy an immersive tour of the country from any location in the world. You (your Avatar) could even be assigned a tour guide (Avatar) in this digital country who will show you fun places. You could attend events, meet new people (Avatars), go to the movies and so much more. The possibilities are endless and the experience can be monetized.

Historical tourism: Historic objects destroyed, lost, or stolen in the real world can be recreated in the Metaverse

Real Estate: The metaverse will change how people search and buy properties. You will be able to prescreen lands, apartments, and houses you might want to buy all from the comfort of your device

Social Network: Facebook, Instagram, and Twitter? Hell No. With the metaverse concept, current social networks are likely to go extinct or become redundant. Instead of just being able to send pictures and videos to your friends, the metaverse will allow you to socialize through activities. You’ll be able to go to events with your friends, go shopping, attend concerts, etc.

The workplace: I can’t be the only one tired of zoom meetings or am I? Companies like Microsoft are working on Metaverse solutions for the workplace. With Microsoft Mesh you can attend meetings virtually and feel truly present. Read more about it here

Health and Fitness: VR and AR tech are used to educate and train doctors, test new surgical procedures and diagnose patients.

8.0

Why gaming metaverse is the most popular metaverse

The whole metaverse experience resembles a gaming environment where you can do more than play games. No wonder it first gained acceptance and popularity amongst the gaming community. It’s easy to build metaverses inside game environments because games already have a virtual world. The concept of metaverses just broadens the scope by making it ‘more real’ with the introduction of an in-game economy with real-world value and decentralization. Game metaverses where players can earn real money for participating in games and related gaming activities are called Gamefi. More on that in the next section

The past few years have also seen other sectors like education, healthcare, business gamify (apply game design elements) their processes to increase engagement and productivity by using the same strategies that make games so fun and addictive – strategies such as awarding points and badges, maintaining a leaderboard, etc.

9.0

Gamefi: Make money playing games

In simple terms, Gamefi refers to play-to-earn games (also known as p2e games). The games will have their own tokens and players are rewarded with these tokens when they complete game-related tasks. You will need to own a metamask wallet (free to download for PC and mobile phones) to start playing these games and earning. For example in the Kart Racing League, players compete in races and are rewarded with EOC tokens for winning. The EOC can later be swapped for mainstream cryptocurrency. The most popular Gamefi is Axie Infinity where many players especially in low-income economies can earn a sustainable income from a few hundreds of dollars to thousands of dollars monthly.

Popular p2e games are not friendly for newbies because of the high entry price. In Axie Infinity, a player is expected to buy 3 NFTs worth at least $600 to start playing. That’s why I’ll suggest starting with new p2e games like Kart Racing League or any less popular ones because getting in is far less cheap. You can start playing Kart Racing League by buying one racer NFT costing around $150 which is required to compete in Mario-kart style races and start earning. Most Gamefi games also have bubbling marketplaces where players can buy, sell and rent in-game NFTS. P2E games (Gamefi) can be standalone games or can be parts of a huge metaverse and the game is just one of the many activities that can be done on it. In some metaverse platforms, users are allowed to create and monetize their own games.

10.0

Top play to earn games 2022

(last updated January 25, 2022)
(Got questions? Join my crypto community on Telegram here)

Gamefi (p2e games) comes in different forms from complex or combat style MMORPG games to easy arcade-style games. I’ll suggest starting with the easy ones .

Illuvium
Dash League
World of Warcraft
SolChicks
Sidus
Mirandus,
and the upcoming Realms of Ethernity (RoE)

Or go for easy play to earn games like
Yokai Kingdom
Pegaxy
WAM
Kart Racing League
ShibaRace
Crypto Slicer
Nitro League
DroneDJ
Outrace

Or you can go for a platform like Nest Arcade which has been referred to as the Netflix of play to earn games because it allows users play a wide variety of play to earn games

A useful tool: Use a platform like this to keep track of the latest play to earn games performing well in the market

(And by the way, MMORPG is an acronym for Massively Multiplayer Online Role-Playing Game and are story-driven video games)

What’s not to love? Why spend hours playing games for free when you can earn real money playing games.

Start playing and earning from any of the games above today. All you need is a wallet like metamask.

(Got questions? Join my crypto community on Telegram here)

11.0

How to invest in the Metaverse in 2022?

I know most people will just come straight to this section. And I don’t blame them because the reason why many are interested in the metaverse, NFTs, Gamefi, and all of these other fancy concepts is to make money. If that’s you, you’re in the right place. But I sincerely recommend going through the previous sections above to have an in-depth insight into this niche so you can better exploit it for your financial gains. But since you are already here, strap in, and let’s get started.

There are 4 ways you can invest in the metaverse.

(Note: The tokens mentioned below are just examples to make my point. This is not investment research. Do Your Own Research)

  • Investing in Metaverse games and tokens. (see section 12.0 below for guide)
  • Invest in Metaverse Companies (Stocks) (see section 13.0 for guide)
  • Buy land in metaverse games (see section 14.0 for guide)
  • Make money creating and selling digital assets (NFTs) in the metaverse. (see section 15.0 for guide)

    I’ll be teaching you step by step how to do each of the above. Read on.

(Got questions? Join my crypto community on Telegram here)

12.0

How to Invest in Metaverse games and tokens.

Metaverse games and platforms have their in-game tokens which are tradable on Centralized exchanges like Binance and decentralized exchanges like Sushiswap and Pancakeswap. You can make money by buying these game tokens on these exchanges and holding on to them until they increase in value. Or you could buy it and stake it. Staking is sort of like a fixed-deposit (Bank) scenario except better. Staking means locking your tokens away in a liquidity pool for a period to earn you an agreed percentage passively.

12.1

Top metaverse tokens to invest in 2022
(last updated 25 January 2022)

Some metaverse tokens you can buy include:
MANA (token of the Decentraland project)
SAND (token for the Sandbox metaverse)
KRL (token for the Kart Racing League metaverse).
ATARI token
Star Atlas
Zookeeper
Spheroid Universe
Shoefy
Netvrk
MetaBrands


Or you can buy a token like MVI (Metaverse Index) which is a way of investing in many metaverse projects in one token. The company behind it does the selection for you and aggregates around 15 metaverse tokens. You can buy MVI in Binance exchange

Use this link here to keep informed about high performing metaverse tokens

Here’s how to go about it ( feel free to watch Youtube videos to guide on each of the steps below. You can also join my group here

– for centralized exchanges like Binance

Step 1 – Register on binance.com
Step 2 – Register on coinbase.com and buy some Ethereum (ETH) with your debit or credit card
Step 3 – Send funds from your coinbase wallet to binance.com
Step 4 – On binance.com click on exchanges, then select a pair that contains the Metaverse tokens you want to buy. For example to buy MANA, choose the MANA/ETH pair and then buy as shown below (or you can use the MANA/USDT OR MANA/BUSD pair if you’ve converted your ETH to USDT or BUSD using the same method)


Buying crypto on Binance

Step 1: download metamask or Trustwallet free on your PC (or mobile device). In this example, I’ll show you how to purchase KRL tokens on Trustwallet (mobile). You can do the same for any other metaverse tokens you want to buy.
Step 2: Get the right contract address. You can check the contract address of the token by searching for it on websites like coinmarketcap.com, etherscan.io (if the token is on the Ethereum network), polygonscan.com (if the token is on the polygon network), etc.
Step 3: On Trustwallet (mobile), click on Dapps and select Pancakeswap under exchanges. This means KRL is trading on Pancakeswap DEX (Decentralized Exchange). On Pancakeswap, connect your wallet, next select the currency you need to exchange for KRL. In the image below, I used BNB. That means you must have some BNB tokens in your trust wallet.

(If you don’t already you can head over to binance.com to buy some BNB using the BNB/ETH pair and then send the BNB to your trust wallet address. Use the Binance guide in the previous section above to guide you))

Back to Pancakeswap, enter the KRL contract address and add. Then enter the amount of BNB you need to swap for KRL. (click MAX to use all your BNB). Click Swap and follow the prompt and just like that you have bought KRL


Buying crypto on Pancakeswap


Swap crypto on Pancakeswap

NOTE: You must join the telegram group of the Metaverse token you wish to invest in to get such information as the DEX the token is trading on, the right contract address, the suitable wallets, and the pairs e.g. KRL/MATIC. For example, to buy KRL on Sushiswap DEX on your desktop or PC, you’ll need a metamask wallet. Next, Go to sushi.com, click on the App, connect your metamask wallet, choose the MATIC first and then the token to buy in the next column (KRL) (Of course you’ll need to have bought MATIC on Binance and sent it to your wallet to do this)

Swapping on Sushiswap

13.0

Invest in Metaverse Companies (Stocks)

Investing in metaverse companies goes beyond just crypto. Many of the companies behind popular metaverse platforms are also listed on popular stock exchanges like the U.S stock exchange. For example, META (previously Facebook), NVIDIA, and Unity Software are shaping up to be frontrunners in the Metaverse niche and you can capitalize on their popularity by investing in the stocks of these companies right now.

You can buy stocks like this and more on Ally Invest, E-trade, Ameritrade, eToro, etc.

For Africans, you too can invest in these stocks by using Apps like Trove Finance. See a short guide here

(Got questions? Join my crypto community on Telegram here)

14.0

Buy Assets like land in metaverse games. You will be able to populate your land with in-game assets, rent out your land, resel land, advertise on your land, etc. Remember, as discussed in previous sections all of these assets are NFTs
There are many games with these features such as Sandbox, Decentraland, etc.


For this tutorial, we will spotlight Sandbox metaverse as a case study. You can use the same principle to buy assets on other metaverse games. In the Sandbox metaverse, users can buy digital plots of lands and build experiences (e.g. games) on them which they can share with other users and monetize

14.1

How to buy land on Sandbox?

You can buy land on Sandbox on the Sandbox marketplace or opensea.com. Everyone has a digital land these days and the ROI on some of these lands is through the roof. Binance, Snoop Dog all have digital lands on Sandbox. In November 2021, Republic Realm paid $4.3 million to buy parcels of land on Sandbox. A fan of Snoop Dogg also paid about $430,000 to buy land next to him on Sandbox. Damn!!!

So where do you begin?

You’ll need a metamask wallet to do this. Download metamask extension on your PC. Send some Ethereum tokens and SAND tokens to your wallet (you can buy both on Binance as explained in the sections above) and you’re ready.

See the guide here for more details

Getting started on Sandbox

Go to https://www.sandbox.game/en/ and signup using your metamask wallet. Fill in the requirements as shown below and you’re set.


Sandbox Metamask login

Complete Fields


Explore sandbox using the tabs on the left side. Click on Maps (shown below) to see an overview of the lands on Sandbox and the current owners. Binance, ATARI, FTX, and Pong all have land parcels. You can click on each land area to see more details about the land. Also to move to other sections of the map, click on the map area and hold down then move your cursor in the direction of the map you want to view.

Land Owners on Sandbox

Aerial view of Sandbox landowners

You can also buy, list, and/or sell Sandbox lands on opensea.io. Simply head to the website, connect your wallet, search for Sandbox and explore the results. See screenshots below for steps. So many assets to choose from.

Opensea sign up


Exploring Opensea

To create and list your own NFTs, simply click the create section. It’s easier to get someone on Fiverr to create the NFT for you at a very cheap rate and you can list it for sale on opensea and make a profit

Item creation on Opensea


Maybe land on Sandbox and other popular metaverse platforms are way too high at this point. Why not try other new and upcoming metaverses and get the best land prices. The KRL universe for example is launching soon. Get more details on the KRL telegram group

15.0

Make money creating and selling digital assets (NFTs) in the metaverse.
Again, let’s use the Sandbox metaverse as our case study. If land prices are way beyond what you can afford, creating and selling in-game non-land assets like pieces of game equipment, wearables, games, etc. can be very profitable.

Here’s how you do that:

Go to the sandbox marketplace (see image below) and see all your options. You too can list your NFTs on the marketplace once it has been created.

Sandbox marketplace

You can create games in the ‘Create’ section without any coding skills using the Game Maker tool

Game creation on Sandbox

15.1

And this is where it gets more interesting.

You don’t need to create any of these assets or games yourself. There are cheap creators on fiverr.com that can help create sandbox games and other assets at a cheap price. Simply register an account with fiverr.com. Next, search for sandbox and pick a service (seller) from the results.
Once the job is done, head over to the sandbox marketplace website and list your NFT for sale. Good luck.

Finding Sandbox services on Fiverr

More Sandbox services on Fiverr

(Got questions? Join my crypto community on Telegram here)

16.0

Future of metaverse

In the current state of the metaverse, different companies are building independent metaverses. In the future, it’ll be necessary to have solutions to bridge different metaverses together (cross metaverse solutions)

At this point, we are still scratching the surface of what’s possible in the metaverse. As better hardware and software to integrate with metaverse platforms becomes available we will enjoy even more heightened and immersive experiences on these platforms.

(Got questions? Join my crypto community on Telegram here)

Leave a Reply

Your email address will not be published. Required fields are marked *