APPENDIX 1
METAVERSE
This document is created for use with those who do not understand the Metaverse. This one-pager provides enough content to begin having more robust discussions without extensive background.
What’s the Metaverse, exactly?
It’s a catchall term for the growing number of platforms on the internet that have built immersive, interactive worlds, some of which incorporate NFTs and cryptocurrencies. Several are platforms for gaming; some are digital meeting spaces; some include virtual entertainment and businesses; and some offer all of the above.
What tech do I need to get there?
Some beginner-friendly Metaverse platforms, like Roblox, can be accessed through your smartphone. But to get a more immersive experience, you’ll likely need a desktop or laptop computer with a good GPU, or graphics processing unit. (Windows PCs tend to perform better than Macs.) A gaming console like Microsoft’s Xbox can also be a good entry point.
Virtual reality (VR) headsets and augmented-reality (AR) glasses are already widely used in some gaming environments. And Meta, formerly Facebook, is integrating its Oculus VR headsets into its plans. But for now, most early Metaverse environments don’t require them.
What can I do in the Metaverse?
On most platforms, you’re represented by an avatar, and you see and hear and sometimes even feel the same things it does. Some popular activities involve playing and designing games, building 3D virtual environments and visiting those others have built, viewing digital art, and attending virtual concerts. You can also hang out and chat with other avatars. And on many platforms, your avatar can buy things: Game players can purchase weapons and special powers, for example, while others can buy customized clothes and accessories. Some speculators are doing a brisk trade flipping virtual “real estate” on platforms like Decentraland and the Sandbox.
How do I pay for things?
On Roblox, game platforms like Fortnite, and many other company-run platforms, you can pay with credit cards or a PayPal account. Other platforms are blockchain-based, and there you often need crypto to transact.
Why does business want to be here?
Consumer brands think the Metaverse can be a branding and marketing tool and a place for e-commerce. Gaming and entertainment companies hope to reach bigger audiences. And all kinds of companies hope the Metaverse will enable their employees to interact, problem-solve, train each other, design and repair things, and generally connect in ways that are more engaging than yet another videoconference call.
Adapted from the February/March 2022 issue of Fortune.