The Metaverse is a collective virtual universe that is facilitated by the use of virtual reality (VR) and augmented reality (AR). It is physically persistent and provides enhanced immersive experiences.
Most projects on the market fail to understand the dynamics of the metaverse. As one can realize going through this whitepaper, the era of publishing sophisticated whitepapers is over. Despite many similar changes, most projects are still being executed in the same way as they were in the past. Now is the time to take a step back and understand the whole thing better. That's why we're here; to learn, to teach, to share and to build together.
Metaverse isn't all about building a virtual space. The virtual world should meet the needs of a web2 user while allowing the community members to build and improve the ecosystem. In the ultimate phase of the metaverse, all the web2 activities of users such as shopping, gaming or socializing will be moved to web3. Instead of searching through web pages, the users will make us of coordinates and other data they will be provided with.
Contrary to the popular misperception, metaverse isn't a new concept for the users of 3D platforms such as Second Life — a video game that allows you to socialize, build and shop via your avatar in a virtual environment. Just like your transformation into an avatar, many habits will also change and find a way out. This is why a project with a great understanding of web2 and web3 ecosystems will help community transform their habits. Consequently, we must acknowledge that transformation of habits is one of the main goals.
Following the rapid growth of popularity of metaverse applications, the number of metaverse projects launched has also dramatically increased. This certain hype cycle emerged around metaverse projects and the “metaverse” as a keyword, created an unexpected increase in the number of metaverse projects out there. The main reason for the saturation in the market and the excessive use of the word “metaverse” is the misunderstanding of the actual metaverse. Most investors don't know what they are investing in and just see it as just a fad; also, as a juicy financial opportunity. This is why the motto of projects has to be "educate your community". This is the only way, WAGMI. The key to make all these happen is right in front of us: Community. Projects that manage to build powerful communities at the beginning will grow wildly. And there is the outstanding example of BAYC community and their metaverse product: Otherside.
Most projects have focused on building an entire metaverse, which is costly and time-consuming to say the least. The projects shoulder the burden of construction in their metaverse in its entirety. However, this holistic approach is financially unsustainable. It's impossible to grow without the help of developers and users in your community.