Top 7 Myths About the Metaverse You Need to Stop Believing

The meta-universe is one of the most talked about technologies of our time, but along with the interest in it, the number of myths is growing. Many imagine the meta-universe as a single virtual space available to everyone, or believe that it is created exclusively for gamers. However, the reality is a more complex and interesting one.

As in any rapidly developing sphere, it is important to separate the truth from misconceptions. For example, collectors of rare coins always use a coin checker to make sure that the find is authentic. The same is true in the case of the meta-universe - to truly understand its possibilities, you need to understand which statements are true, and which ones it is time to leave in the past.

So today we offer you to analyze some common myths about the meta-universe and explain why it no longer makes sense to believe in them.

Myth No.1: The Metaverse Is Only for Gamers

One of the most common misconceptions is that the meta-universe is nothing more than the illustrious gaming center. Although video games like Fortnite, Roblox, and Decentraland were early adopters of the meta universe, the technology goes far beyond gaming.

In reality, the meta-universe can be used in a wide variety of industries, e.g., education and business, art and real estate. Virtual classrooms and corporate meetings are already taking place in the meta universe, enabling remote collaboration in ways that traditional video calls have never been able to do. NFT museums and galleries allow art lovers to explore and purchase digital works in an immersive virtual environment. Even collectors are utilizing the meta-universe, as rare items like ancient coins and memorabilia are now sold through digital auctions and authenticated as NFT.

By the way, big global brands such as Nike, Gucci and Adidas are investing heavily in the meta universe. In 2021, Nike acquired RTFKT Studios, a company specializing in virtual sneakers and collectibles, demonstrating how lucrative digital fashion can be. Gucci, meanwhile, sold a virtual bag in Roblox for more than $4,000, bigger than its real-life counterpart!

Tip: If you are new to the metaverse but not into gaming, start your way with exploring virtual exhibitions and NFT galleries. These platforms provide a more relaxed entry point where you can witness the metaverse’s real-world applications beyond gaming.

Myth No. 2: The Metaverse Is a Single, Unified Place Everyone Will Join

Many people picture the metaverse as a single, all-encompassing digital world, for example, like The Oasis from Ready Player One. In reality, the metaverse consists of multiple independent virtual worlds, each with its own infrastructure, rules, and economies.

Popular platforms like Decentraland, The Sandbox, Somnium Space, and Horizon Worlds all operate separately. There is no universal gateway that allows seamless travel between these digital worlds. Some companies are working on bridging different metaverse spaces, but for now, each remains its own digital ecosystem.

Interesting fact: In 2021, Facebook rebranded as Meta, placing a big bet on a meta-universe. However, their Horizon Worlds meta-universe project faced difficulties in user adoption and proved that creating a unified meta-universe is not an easy task. Despite Meta's billion-dollar investment, their vision of a unified digital world was never realized.

While the idea of a singular metaverse might sound futuristic, it’s unlikely to happen anytime soon. Instead, we may face the rise of a multiverse, i.e. a collection of digital environments that suit different interests and industries.

Myth No. 3: NFTs and Digital Assets in the Metaverse Have No Real Value

Many people believe that NFTs are just expensive pictures with no real worth, but that is far from the truth. The key to understanding NFTs is blockchain technology, which ensures authenticity, ownership, and scarcity in the digital world.

NFTs (non-fungible tokens) are not just images, they act as digital proof of ownership for things like virtual real estate, digital fashion, music rights, and rare collectibles. And some of these assets are already being treated as serious investments.

Take virtual real estate, for example. Land in Decentraland and The Sandbox has been sold for millions of dollars, with people and businesses buying plots to create stores, events, and digital experiences. In some cases, the prices of these digital properties are comparable to real-world real estate.

NFTs are also changing the way people collect rare coins. Now, collectors have a possibility to use blockchain technology and verify the authenticity of digital and tokenized physical coins. Just like a Coin ID Scanner helps identify real coins, blockchain explorers allow users to check the ownership history and legitimacy of NFT-backed assets.

Tip: If you are thinking about investing in NFTs or digital assets, make sure to do your research. Trusted NFT marketplaces and blockchain explorers can help you verify an asset’s history before you buy. Due to it you can avoid scams, as well as make smart investment choices.

Myth No. 4: You Can’t “Touch” Anything in the Metaverse - It’s Not Real

A common criticism of the metaverse is that it is not "real" because everything is digital. But that misses the point - technology is moving fast. With virtual reality (VR), augmented reality (AR), and haptic technology, interactions in the metaverse are starting to feel much more like the physical world.

Due to using things like VR controllers and haptic gloves, users can now feel textures, weight, and even resistance when interacting with objects in the metaverse. New tech like Tesla Suit and HaptX gloves can even simulate a sense of touch to make these digital experiences incredibly immersive.

For example, rare coin collectors are now tokenizing physical collections, creating NFT versions of their real-world items. Due to this they can protect their coins while also enabling digital interactions with coins. Just imagine holding a 3D-rendered rare coin in a VR museum and examining every detail - it is already possible in today’s metaverse.

Tip: Be careful with digital replicas. Just as counterfeit coins exist in the real world, there are fake NFTs and fraudulent assets in the metaverse. Thus, check twice  the authenticity of an item before making a purchase or trade.

 

Myth No. 5: The Metaverse Is Completely Safe, and You Can’t Lose Money

One of the most dangerous myths about the metaverse is the idea that it is a safe environment where nothing bad can happen. Is it true? Unfortunately, no. It is just as risky as the physical world, if not more so. Scams, fraud, and cyberattacks are real problems in the metaverse.

Because the technology is still new, many users do not fully understand the security risks, which makes them easy targets for bad actors. NFT scams and phishing attacks, hacked wallets and rug pulls are a few ways you could lose your money in virtual worlds.

In fact, one of the biggest heists in digital history happened in 2022, when hackers stole $625 million from the gaming platform Axie Infinity by exploiting a vulnerability in the system. This shows just how real digital theft can be.

So, just like you would not leave your collection of rare coins unprotected, always be cautious in the metaverse. Use verified platforms, secure wallets, and enable two-factor authentication (2FA) to protect your digital assets.

Myth No. 6: The Metaverse Is Just a Fad That Will Soon Disappear

Some people argue that the metaverse is just another temporary trend that will fade away like the dot-com bubble or other past tech fads. But actually the metaverse is growing rapidly, and there is evidence it will be here to stay for many years to come.

Today, tech giants and investors are investing billions of dollars into metaverse development. For example, companies like Meta, Microsoft, Apple, and Nvidia are all-in, i.e. they invest in virtual reality, blockchain infrastructure, and AI-driven digital experiences.

On top of that, Web3 technologies and decentralized finance (DeFi) are helping to accelerate the growth of the metaverse, confirming  that it is not just a passing phase but an entire new ecosystem in the making.

Tip: Even if you are not interested in investing in metaverse assets, try to understand how this technology works to receive some benefits in the future. Just like the early days of the internet, people who get in on the ground floor will be ahead of the curve.

Beyond the Horizon of Myths

The meta-universe is more than just a fashion or a fantasy mirage, it is a dynamically evolving reality. And while some are clinging to misconceptions, others are already building a future in it. So whether you will be an observer or a participant is up only to you.