What is The Metaverse and Why Should You Care?
“Metaverse isn’t a thing a company builds. It’s the next chapter of the Internet as we know it. – Mark Zuckerberg”
Ever since Metaverse came into being, there has been a lot of buzz about what it really is and what that means for all of us.
The term came into major focus when Facebook announced its rebranding to Meta, and the steps were set in stone with Facebook’s acquisition of Virtual Reality giant Oculus in 2014. This big move was initiated by the giant to stand tall as a new digital frontier.
Since then, unravelling the mysteries behind Metaverse has been a hot topic.
In the beginning it has been imagined as a science-fiction dream turned into reality, even though films like Tron have years ago envisioned this kind of digital world. The “Meta” universe has now shifted from the game world to the social media world.
Now that more recognizable brands and companies are incorporating Metaverse in their operations, the curiosity among people regarding “what is metaverse” has increased like never before.
Everyone has their own perspective and definition of the term, there is no one way to project its right definition and to make any imperative on its future.
What is Metaverse?
“Do not get defined by the world but define your world with metaverse!”
If you are thinking that the metaverse is a sci-fi-related thing, you are not that far from the idea! You might as well be aware of it but not realise.
Put simply, Metaverse is a digital world, running parallel with your physical world.
From shopping to social media to games, the Metaverse rolls everything in one place. This virtual world allows businesses, users and other digital platforms to co-exist and interact, by an amalgamation of emerging technologies such as Blockchain/Crypto, NFT, and Web 3.0.
From gaming platforms like Roblox to NFTs, this virtual world comprises everything and is filled with endless possibilities.
Though the Internet is touted as the main entry point of accessing, communicating and socializing, Metaverse is believed to replicate the value proposition because of its involvement and growth.
This paradigm of Metaverse sets tunes with working and learning more about virtual reality. Thus, shifting people’s focus towards joining Virtual reality courses and mastering the skills of virtual reality.
Metaverse Technology; a sneak peek
The 3D version of the Internet
With all the buzz surrounding the Metaverse and the pouring of large investments in the technology, its clear that it will have a major impact in the future. Metaverse offers you the flexibility to do a lot of things including; shopping, networking, investments and a lot more.
Metaverse allows for methods and forms of interaction that weren’t possible before, bringing social networking to a new era. Surely, this also applies to NFT purchases or Crypto exchanges.
The “Web 2.0” social media has been focused on platform-centric user generated content which was then monetised by the platform itself. The “Web 3.0” era allows users to network with each other with the ability to buy and sell user generated content by themselves.
Eric Adams, the mayor of New York has accepted his paycheck in the form of Ethereum and Bitcoin.
Sounds interesting right?
You can now purchase anything or everything with cryptocurrency these days which leads to endless possibilities of shopping in the Metaverse.
No matter if you are building a digital Avatar on Roblox or an NFT inventory, metaverse offers you plenty of things to shop for.
Such spaces allow you to shop for upgrades of all kinds including new sneakers to outfits so that you can style your digital real estate.
This also gives advantage to create a unique identity in the metaverse world as you would generally do in video games.
If you are an avid gamer dipped in the gaming world, there are a lot of things that you can get. You can buy games and upgrade your library. You can also purchase microtransactions using cryptocurrency, provided your game’s publisher has made this functionality available.
Take an instance of Hyundai Motor Company introducing Hyundai Mobility Adventure which is a Metaverse experience on Roblox.
- Doing Business
NFTs and cryptocurrency have got enough hype and need no introduction!
For the metaverse, NFT and cryptocurrency are its building blocks and the metaverse allows you to buy, sell or store your NFTs on the platform.
With the growing popularity of NFTs, there is a high chance that this value is going to rise only. It also gives a platform to invest in digital artwork, digital collectables, tickets and coupons, and domain names.
It also gives advantage to mint your own NFTs and turn almost any digital media piece into an NFT.
Ralph Lauren’s selling clothes of Avatars and Nike creating NFTs with real world counterparts would give you a better sneak peek into NFT usage.
Moreover, this kind of technology is also benefiting music, art, or photography catalogues as they are also the potential entrants in the NFT world.
Should You Care About Metaverse?
The future of the metaverse is bright and flourishing. With its increasing popularity, more companies are following up in this sector.
Gartner reports suggested that by 2026 about 30% of the companies around the globe will be serving meta ready products or services.
Using augmented reality and virtual reality helps the metaverse to achieve its maximum potential. Simply wear your AR and VR-enabled headgear, handles and smart glasses to enter the world of Metaverse. This can help you view your surroundings in 3D and make the virtual changes more enticing.
As human brains are upto 60,000 times faster at processing visual stimuli than text, interactivity using real-time 3D visuals (VR and AR) are far more engaging and fruitful.
This technology has helped many users to plunge into the digital environment with more transparency and security.
Metaverse is now used in every sector including the education sector, finance sector, households, entertainment and online gaming.
Though, all metaverse platforms are different. Some are built for gaming while others focus on business or education, the possibilities are beyond imagination. It is becoming a place where every person can find their own niche.
Right now the metaverse is in its growing phase but if expert reviews are to be considered, the metaverse’s era will quickly usher in.
With more investments and support from the industry, the metaverse is likely to gain a competitive edge and grow in the decentralised world.
Metaverse is here to say and there is no denying it! So, to keep up with the technology and future trends, having an understanding of the metaverse is important.