More and more colleges are becoming “metaversities,” taking their physical campuses into a virtual online world, often called the “metaverse.” One initiative has 10 U.S. universities and colleges working with Meta, the parent company of Facebook, and virtual reality company VictoryXR to create 3D online replicas – sometimes called “digital twins” – of their campuses that are updated live as people and items move through the real-world spaces.
One metaversity builder, New Mexico State University, says it wants to offer degrees in which students can take all their classes in virtual reality, beginning in 2027.
However, licenses for virtual reality content, construction of digital twin campuses, virtual reality headsets and other investment expenses do add costs for universities.
Business models of companies developing metaverse technologies rely on collecting users’ detailed personal data. For instance, people who want to use Meta’s Oculus Quest 2 virtual reality headsets must have Facebook accounts.
Meta is also working on a high-end virtual reality headset called Project Cambria, with more advanced capabilities. Sensors in the device will allow a virtual avatar to maintain eye contact and make facial expressions that mirror the user’s eye movements and face. That data information can help advertisers measure users’ attention and target them with personalized advertising.
Building and launching a metaversity requires drastic changes in a school’s approach to teaching and learning. For instance, metaverse students aren’t just recipients of content but active participants in virtual reality games and other activities.
The combination of advanced technologies such as immersive game-based learning and virtual reality with artificial intelligence can create personalized learning experiences that are not in real time but still experienced through the metaverse. Automatic systems that tailor the content and pace of learning to the ability and interest of the student can make learning in the metaverse less structured, with fewer set rules.
Gender, racial and ideological biases are common in textbooks of history, science and other subjects, which influence how students understand certain events and topics. In some cases, those biases prevent the achievement of justice and other goals, such as gender equality.
To maximize the benefits of the metaverse for teaching and learning, universities – and their students – will have to wrestle with protecting users’ privacy, training teachers and the level of national investment in broadband networks.
___
Nir Kshetri does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
___
5 challenges of doing college in the metaverse
Ira Lichi // Shutterstock
Imagine our world, then picture it fully digital. For many, it looks like the metaverse, an immersive virtual space where we can log on to meet friends, shop, work in virtual offices, and even buy virtual real estate. Offering an estimated $800 billion market opportunity, the metaverse is eyed by online game creators, social networks, and various tech leaders who are looking for the next game-changing technology platform.
Although social media companies see it as a way to capitalize on revenue, building the metaverse is not exactly cheap. Facebook’s parent company, Meta, lost more than $10 billion in 2021 alone just to work on building its own vision of the metaverse. Such losses prove that companies like Meta are investing astronomical amounts of money to discover their next growth stage.
In the metaverse, making purchases is possible through crypto wallets. They are made to keep your cryptocurrency safe and easily accessible by storing your private keys. You’d be able to receive, spend, and send out cryptocurrencies such as Bitcoin and Ethereum. There are various forms of crypto wallets, whether it’s a USB stick or a mobile app that makes it similar to shopping online.
To look at this emerging world, Wicked Reports compiled a list from news reports and expert predictions exploring the ways that people may shop for different types of real and virtual goods in the metaverse Some of these options are already available to try today, others are in the early phases of development. But the metaverse is coming, and here is how it may affect your buying habits.
Ira Lichi // Shutterstock
Imagine our world, then picture it fully digital. For many, it looks like the metaverse, an immersive virtual space where we can log on to meet friends, shop, work in virtual offices, and even buy virtual real estate. Offering an estimated $800 billion market opportunity, the metaverse is eyed by online game creators, social networks, and various tech leaders who are looking for the next game-changing technology platform.
Although social media companies see it as a way to capitalize on revenue, building the metaverse is not exactly cheap. Facebook’s parent company, Meta, lost more than $10 billion in 2021 alone just to work on building its own vision of the metaverse. Such losses prove that companies like Meta are investing astronomical amounts of money to discover their next growth stage.
In the metaverse, making purchases is possible through crypto wallets. They are made to keep your cryptocurrency safe and easily accessible by storing your private keys. You’d be able to receive, spend, and send out cryptocurrencies such as Bitcoin and Ethereum. There are various forms of crypto wallets, whether it’s a USB stick or a mobile app that makes it similar to shopping online.
To look at this emerging world, Wicked Reports compiled a list from news reports and expert predictions exploring the ways that people may shop for different types of real and virtual goods in the metaverse Some of these options are already available to try today, others are in the early phases of development. But the metaverse is coming, and here is how it may affect your buying habits.
Both grocery shopping and dining out are ingrained in our everyday lives, and both are also possible in the metaverse. Recently, a video circulated on Twitter of how Walmart envisions shopping in the metaverse. Although it was created in 2017, current metaverse demos still appear to be similar. So moving our meals to the metaverse is not exactly something new, at least in the minds of grocery chain executives.
Grocery shopping in the metaverse may also help with staff shortages, supply and demand, and optimizing buying experiences. The first food order in the metaverse happened in March 2021 through Decentraland, one of the most popular virtual platforms to buy land and digital assets.
kate3155 // Shutterstock
Both grocery shopping and dining out are ingrained in our everyday lives, and both are also possible in the metaverse. Recently, a video circulated on Twitter of how Walmart envisions shopping in the metaverse. Although it was created in 2017, current metaverse demos still appear to be similar. So moving our meals to the metaverse is not exactly something new, at least in the minds of grocery chain executives.
Grocery shopping in the metaverse may also help with staff shortages, supply and demand, and optimizing buying experiences. The first food order in the metaverse happened in March 2021 through Decentraland, one of the most popular virtual platforms to buy land and digital assets.
Fashion in the metaverse will look a little different than strolling to our closets to pick out our daily outfits. Using digital garments “worn” through augmented reality, you’ll outfit digital avatars and possibly make them into non-fungible tokens, or NFTs, to trade and collect. With NFTs (basically non-replicable units of data that can be stored, traded, or purchased) rising in popularity, fashion brands have jumped on board. RTFKT studios, which is a Nike company, has created sneaker designs in the virtual realm, making them collectible in the metaverse.
As we inch closer to the metaverse, avatars and clothing continue to hold relevance. In June 2021, Decentraland allowed users to make and sell clothing for their avatars to wear on the site. Some users made a mint almost instantly: User Hiroto Kai sold $20,000 of digital kimonos in three weeks. This goes to show that virtual possessions generate sales and that the metaverse will leverage the clothing industry to help brands and individual designers grow a new form of revenue. Luxury brands will also be accessible in the metaverse, as Gucci, Balenciaga, and Fendi have already created digital collections for gaming avatars.
pancha.me // Shutterstock
Fashion in the metaverse will look a little different than strolling to our closets to pick out our daily outfits. Using digital garments “worn” through augmented reality, you’ll outfit digital avatars and possibly make them into non-fungible tokens, or NFTs, to trade and collect. With NFTs (basically non-replicable units of data that can be stored, traded, or purchased) rising in popularity, fashion brands have jumped on board. RTFKT studios, which is a Nike company, has created sneaker designs in the virtual realm, making them collectible in the metaverse.
As we inch closer to the metaverse, avatars and clothing continue to hold relevance. In June 2021, Decentraland allowed users to make and sell clothing for their avatars to wear on the site. Some users made a mint almost instantly: User Hiroto Kai sold $20,000 of digital kimonos in three weeks. This goes to show that virtual possessions generate sales and that the metaverse will leverage the clothing industry to help brands and individual designers grow a new form of revenue. Luxury brands will also be accessible in the metaverse, as Gucci, Balenciaga, and Fendi have already created digital collections for gaming avatars.
Real estate in the metaverse will allow us to invest in property within the digital realm, and it has already gained a lot of traction. Can you believe that someone paid $450,000 to live next to Snoop Dogg in the metaverse?
Those that got into digital real estate early have already seen massive returns. In 2021, the average price for a plot of land on Decentraland was under $1,000. Today, it sits at about $13,000. Digital homes, lots, and land are all being bought today because they are assumed to rise in value going forward.
Ebru-Omer // Shutterstock
Real estate in the metaverse will allow us to invest in property within the digital realm, and it has already gained a lot of traction. Can you believe that someone paid $450,000 to live next to Snoop Dogg in the metaverse?
Those that got into digital real estate early have already seen massive returns. In 2021, the average price for a plot of land on Decentraland was under $1,000. Today, it sits at about $13,000. Digital homes, lots, and land are all being bought today because they are assumed to rise in value going forward.
Art has already paved its way into the metaverse, with NFTs rising in popularity. What appear to be digital pieces of art are cryptographic tokens existing on a blockchain, and they cannot be replicated. These emerging digital tokens have assisted up-and-coming artists—like college student Jazmine Boykins, who trades under the virtual name BLACKSNEAKERS and managed to draw in more than $60,000 in a six-month period—to profit from their work tremendously.
The virtual art market overall is flat-out booming; online tracker Nonfungible.com estimated that the NFT market reached $15 billion in 2021. In the metaverse, NFTs may be used in art galleries, virtual marketplaces, and auctions.
Rokas Tenys // Shutterstock
Art has already paved its way into the metaverse, with NFTs rising in popularity. What appear to be digital pieces of art are cryptographic tokens existing on a blockchain, and they cannot be replicated. These emerging digital tokens have assisted up-and-coming artists—like college student Jazmine Boykins, who trades under the virtual name BLACKSNEAKERS and managed to draw in more than $60,000 in a six-month period—to profit from their work tremendously.
The virtual art market overall is flat-out booming; online tracker Nonfungible.com estimated that the NFT market reached $15 billion in 2021. In the metaverse, NFTs may be used in art galleries, virtual marketplaces, and auctions.
Virtual goods are already transitioning into the metaverse. Meta is currently testing ways for creators to make money within its Horizon Worlds social metaverse platform, with the hope they’ll be able to monetize virtual items and effects. Platforms such as Roblox—which is estimated to have more than 220 million monthly players and up to 22 million players on any given day—and Red Room currently allow creators to sell items that they make.
Elsewhere in the metaverse, virtual beer has become a big topic. Head of global innovation at AB InBev Lindsey McInerney believes that there is a spot for beer drinkers in the metaverse, which also presents a revenue opportunity. And she would know, as AB InBev owns bestselling macro-breweries Budweiser and Corona, as well as a deep bullpen of craft and micro-brew labels. Heineken, however, doesn’t feel the same after launching a virtual beer in an attempt to mock the metaverse.
This story originally appeared on Wicked Reports and was produced and distributed in partnership with Stacker Studio.
Gorodenkoff // Shutterstock
Virtual goods are already transitioning into the metaverse. Meta is currently testing ways for creators to make money within its Horizon Worlds social metaverse platform, with the hope they’ll be able to monetize virtual items and effects. Platforms such as Roblox—which is estimated to have more than 220 million monthly players and up to 22 million players on any given day—and Red Room currently allow creators to sell items that they make.
Elsewhere in the metaverse, virtual beer has become a big topic. Head of global innovation at AB InBev Lindsey McInerney believes that there is a spot for beer drinkers in the metaverse, which also presents a revenue opportunity. And she would know, as AB InBev owns bestselling macro-breweries Budweiser and Corona, as well as a deep bullpen of craft and micro-brew labels. Heineken, however, doesn’t feel the same after launching a virtual beer in an attempt to mock the metaverse.
This story originally appeared on Wicked Reports and was produced and distributed in partnership with Stacker Studio.
O, Pioneers! For those looking to find uncharted territories, there are lands still to be discovered. Namely, real estate sold via the metaverse. If you're confused, you’re not alone. Exploring land on the metaverse first requires a firm grasp of what the metaverse is. One problem: The definition is constantly evolving.
One explanation is that the metaverse is a digital world that’s parallel to the real world—something akin to cyberspace—encapsulating virtual reality, artificial intelligence, games, and mobile technology. In a VICE article, venture capitalist Matthew Ball suggested considering the metaverse a 3D version of the internet and computing. Andrew Kiguel, CEO of Tokens.com, calls it the next iteration of social media where users can meet and interact in a 360-degree immersive world.
So what’s the value proposition of such a new concept? Metaverse real estate sales reportedly hit $500 million in 2021 and industry experts expect it to double this year, according to CNBC. Some brands already in the market include Atari, McDonald’s, Death Row Records, Adidas, and Samsung. Metaverse real estate development companies are selling everything from virtual private islands (originally $15,000 each) to land next to celebrities' virtual mansions ($450,000 to be rapper Snoop Dogg's neighbor).
Fund That Flip compiled information about how to get started in real estate investment in the metaverse, and why you may want to. Information was sourced from news articles, tutorials, and explainers from experts in the crypto and investment space.
Immersion Imagery // Shutterstock
O, Pioneers! For those looking to find uncharted territories, there are lands still to be discovered. Namely, real estate sold via the metaverse. If you're confused, you’re not alone. Exploring land on the metaverse first requires a firm grasp of what the metaverse is. One problem: The definition is constantly evolving.
One explanation is that the metaverse is a digital world that’s parallel to the real world—something akin to cyberspace—encapsulating virtual reality, artificial intelligence, games, and mobile technology. In a VICE article, venture capitalist Matthew Ball suggested considering the metaverse a 3D version of the internet and computing. Andrew Kiguel, CEO of Tokens.com, calls it the next iteration of social media where users can meet and interact in a 360-degree immersive world.
So what’s the value proposition of such a new concept? Metaverse real estate sales reportedly hit $500 million in 2021 and industry experts expect it to double this year, according to CNBC. Some brands already in the market include Atari, McDonald’s, Death Row Records, Adidas, and Samsung. Metaverse real estate development companies are selling everything from virtual private islands (originally $15,000 each) to land next to celebrities' virtual mansions ($450,000 to be rapper Snoop Dogg's neighbor).
Fund That Flip compiled information about how to get started in real estate investment in the metaverse, and why you may want to. Information was sourced from news articles, tutorials, and explainers from experts in the crypto and investment space.
In this shared virtual space known as metaverse land, real estate is purchased through virtual real estate platforms. It’s possible to buy everything from land parcels to structures. There is limited availability, which often results in competitive bidding amongst buyers. Purchases involve non-fungible tokens, or NFTs, that act as real deeds, and the blockchain serves as a registry, providing a record of the transaction. Once a metaverse land sale is concluded, owners can sell, rent, or build on their virtual property.
Ebru-Omer // Shutterstock
In this shared virtual space known as metaverse land, real estate is purchased through virtual real estate platforms. It’s possible to buy everything from land parcels to structures. There is limited availability, which often results in competitive bidding amongst buyers. Purchases involve non-fungible tokens, or NFTs, that act as real deeds, and the blockchain serves as a registry, providing a record of the transaction. Once a metaverse land sale is concluded, owners can sell, rent, or build on their virtual property.
A growing number of platforms sell real estate on the metaverse. The “Big Four” are Decentraland, The Sandbox, CryptoVoxels, and Somnium Space. CNBC recently cited research from MetaMetric Solutions indicating 2021 sales of the Big Four topping $501 million. The same report forecasted potential sales could reach nearly $1 billion.
As for inventory available from the Big Four, CNBC said in February 2022 that 268,645 parcels of varying sizes were for sale. Decentraland and The Sandbox are dominating the space with the highest volume of sales, according to NonFungible. These two platforms run on Ethereum, a blockchain that powers financial services.
Ira Lichi // Shutterstock
A growing number of platforms sell real estate on the metaverse. The “Big Four” are Decentraland, The Sandbox, CryptoVoxels, and Somnium Space. CNBC recently cited research from MetaMetric Solutions indicating 2021 sales of the Big Four topping $501 million. The same report forecasted potential sales could reach nearly $1 billion.
As for inventory available from the Big Four, CNBC said in February 2022 that 268,645 parcels of varying sizes were for sale. Decentraland and The Sandbox are dominating the space with the highest volume of sales, according to NonFungible. These two platforms run on Ethereum, a blockchain that powers financial services.
Purchasing metaverse land is still speculative and highly risky. Janine Yorio, CEO of the metaverse real estate investor and advisory firm Republic Realm told CNBC, “There are big risks, but potentially big rewards.” That’s why for prospective buyers, digging into metaverse real estate to gain a clear understanding of its ins and outs is imperative.
In an article for The Motley Fool, realtor and general contractor Kristi Waterworth recommended spreading your investment across multiple platforms as the safest bet. Larger businesses and corporations like JP Morgan, McDonald’s, Atari, Samsung, and Walmart are jumping into metaverse real estate. Companies like these have an eye on advertising space like billboards in online meeting spaces, selling products in virtual retail shops, hosting real-time events like online concerts, and connecting with future customers through immersive digital experiences.
Immersion Imagery // Shutterstock
Purchasing metaverse land is still speculative and highly risky. Janine Yorio, CEO of the metaverse real estate investor and advisory firm Republic Realm told CNBC, “There are big risks, but potentially big rewards.” That’s why for prospective buyers, digging into metaverse real estate to gain a clear understanding of its ins and outs is imperative.
In an article for The Motley Fool, realtor and general contractor Kristi Waterworth recommended spreading your investment across multiple platforms as the safest bet. Larger businesses and corporations like JP Morgan, McDonald’s, Atari, Samsung, and Walmart are jumping into metaverse real estate. Companies like these have an eye on advertising space like billboards in online meeting spaces, selling products in virtual retail shops, hosting real-time events like online concerts, and connecting with future customers through immersive digital experiences.
Ready to seriously explore metaverse real estate? First, get a digital cryptocurrency wallet. This is necessary for accessing blockchain and storing cryptocurrency. Some browser-based options to explore are Metamask or Binance Chain Wallet. These allow for basic functions like buying, storing, sending, and swapping tokens. Whatever digital cryptocurrency wallet you choose will also need to connect to the platform through which you’re looking to make a purchase, and have the proper type of funding/crypto (tokens like SAND or MANA) used within that platform.
Mykhaylo_Kozelko // Shutterstock
Ready to seriously explore metaverse real estate? First, get a digital cryptocurrency wallet. This is necessary for accessing blockchain and storing cryptocurrency. Some browser-based options to explore are Metamask or Binance Chain Wallet. These allow for basic functions like buying, storing, sending, and swapping tokens. Whatever digital cryptocurrency wallet you choose will also need to connect to the platform through which you’re looking to make a purchase, and have the proper type of funding/crypto (tokens like SAND or MANA) used within that platform.
There’s nothing wrong with window shopping. Take a peek at what’s being offered on metaverse real estate platforms to see if something calls to you. For example, on Decentraland, you can head for the land offerings section. There, you can scroll through recent listings and find all kinds of real estate, even art galleries. To truly navigate platforms and get the full picture of offerings, you’ll need a digital cryptocurrency wallet in order to set up an account and gain full access.
Volodymyr_Shtun // Shutterstock
There’s nothing wrong with window shopping. Take a peek at what’s being offered on metaverse real estate platforms to see if something calls to you. For example, on Decentraland, you can head for the land offerings section. There, you can scroll through recent listings and find all kinds of real estate, even art galleries. To truly navigate platforms and get the full picture of offerings, you’ll need a digital cryptocurrency wallet in order to set up an account and gain full access.
What’s the next step? It’s possible to buy the land outright for the amount listed. If going this route, purchasers will be directed to OpenSea, the NFT marketplace where metaverse land transactions take place. If you prefer making an offer, there's a bid button to enter your offer.
If the seller doesn’t bite, the crypto put up for the bid will be returned to your wallet. If it gets a nod, then you’re off to OpenSea to complete the transaction. After you’ve nabbed the art gallery you were yearning for, browse around platforms to start building collections to showcase.
This story originally appeared on Fund That Flip and was produced and distributed in partnership with Stacker Studio.
kate3155 // Shutterstock
What’s the next step? It’s possible to buy the land outright for the amount listed. If going this route, purchasers will be directed to OpenSea, the NFT marketplace where metaverse land transactions take place. If you prefer making an offer, there's a bid button to enter your offer.
If the seller doesn’t bite, the crypto put up for the bid will be returned to your wallet. If it gets a nod, then you’re off to OpenSea to complete the transaction. After you’ve nabbed the art gallery you were yearning for, browse around platforms to start building collections to showcase.
This story originally appeared on Fund That Flip and was produced and distributed in partnership with Stacker Studio.