Metaverse is the latest zing in the digital world and people everywhere seem to have awaken towards this new domain of internet. Though the term is not a new one, yet it has accumulated new dimensions in the past few years.
What is Metaverse?
A Metaverse is the new name for the expanding network of 3d virtual reality. It is therefore an affluent virtual space which provides various opportunities to its users like socializing, shopping, interacting or playing games. You can even do your office work on the Metaverse.
Actually, Metaverse intends to provide us a virtual life which will be a replica of our real life. So, all the activities that we carry out in our real life with our friends and colleagues, we will be able to execute them on Metaverse as well.
The term ‘Metaverse’ was first used by the author, Neal Stephenson in his Science fiction writing – Snow Crash in 1992. Snow Crash, talks about a computer dominated society and advent of then-futuristic technologies like virtual reality, augmented reality, wireless Internet and digital currency.
But today this word has gained more meaning as it is turning to reality under the influence of Web 3.0, decentralized iteration of the internet.
Metaverse- Effect on Lifestyle
The intrusion of Metaverse will completely revamp our lifestyles. The people will put on a digital avatar and work on digital platforms. Goods and services will be sold through the digital platforms. These online spaces will transfer the viewers into another world of 3D reality and give them an immersive experience where they will be able to interact with their new virtual space. It will be accomplished with an amalgamation of technology and sound so that it can be as close or even better than the real-life experience.
Metaverse will combine the best of both – Virtual reality and Augmented reality. Henceforth, it can be said that it will be a substitute world and your proxy avatar will replace you there and the real world in its entirety.
Metaverse – One or Many
Now this is a million-dollar question as will there be only one Metaverse or multiple with different names, features and functionalities. It is still not explicit whether one company’s equipment like VR, headset will be compatible with another company’s virtual world or cloud-based graphics. Although compatibility with others will prove a point in favor of growth of a particular company.
With so many companies competing each other in order to create a niche in this space, it is difficult to predict who will emerge as winner and rule the metaverse space.
Metaverse and Cryptocurrency
The Metaverse will require the users to have some basic equipment like AR/ VR headset to experience the 360-degree virtual world. Apart from having your own avatar, you will be the owner of digital assets and land in the form of NFTs as the record of every ownership will be maintained on blockchains. You will be able to own residential and commercial property where you can live and entertain your clients and friends, of course, in their digital avatars.
Ethereum, the second big name in the world of crypto community, after Bitcoin- is already a common name among the leading Metaverse Cryptocurrencies. The chief reason for this being the underlying support in the form of smart contracts. The most dominant Metaverse like Decentraland, today use their own tokens or cryptocurrency to facilitate buying of assets on their platform.
Cryptocurrency may or may not be a part of the future Metaverse but Tokens cannot be done away with at any cost. Crypto assets in the form of NFTs (Non Fungible Tokens) and the concept of Metaverse will be so inter-dependent that it might be difficult even to imagine the existence of one without the other.
Many companies are already selling virtual land in exchange of digital tokens on blockchains of Ethereum. The concept of virtual land has gone so far that companies like SuperWorld allow people to buy, sell, collect, and curate over 64 billion unique plots of virtual land which are mapped over the entire surface of the globe, allowing users to purchase any place of their choice.
The digital currency and assets have seen exponential growth in the last decade and when it will be coupled with the concept of Metaverse, an emergence of a completely new era can be expected. Companies like Microsoft has already spent billions of dollars towards expansion in Metaverse by investing in ActivisionBlizzard. The changeover of Facebook to Meta is a part of everyone’s journey who has been using Facebook. The digital worlds of Gaming giants like Roblox, Minecraft and Fortnite, are setting up the pace for the Metaverse boom.
The people of the crypto community will definitely have an edge over the others when it comes to investing in the Metaverse. This community understands the underlying technology of blockchain and decentralization behind the whole concept.
What path the world of internet will choose for itself in future is a question that nobody can answer with conviction. The way technology is expanding in all directions may pull up the interest of industry players in some other more lucrative direction. Since the journey of Metaverse towards success is still half way only, we can’t be sure about what future stores for this new virtual space within our real space. Though the involvement of some big shots to the field like Microsoft, Facebook (now Meta), Nvidia, etc. point towards a promising time ahead for METAVERSE.
