Not long ago, Meta, formerly known as Facebook, introduced the concept of Metaverse, and the whole world went into a frenzy, wondering what Metaverse is and what it can do for us. If you have heard the buzz around Metaverse but did not get a chance to explore what it entails, this post is for you.
In this post, not only are you going to learn about the basic concept behind Metaverse but how it leverages from and benefits other platforms and technologies. So, without further ado, let us dive right in.
Defining Metaverse
The Metaverse refers to a digital online world with 3D virtual space. Here users from around the world will be able to gather and connect for all sorts of reasons, including entertainment, business, shopping, communication, and more.
This virtual world will also be able to integrate several platforms just like the traditional Internet connects different websites in a single browser window. While it may sound like a concept from a Sci-Fi movie, it is real, and it is here! Some even go as far as to say that Metaverse is the future of human society.
What Drives Metaverse?
The virtual universe of Metaverse will be all about augmented reality (AR). Each user existing in the magical digital verse will be represented by an avatar or a character. This is something similar to using an Oculus VR headset that mixes elements of the virtual world with the real world around you.
You will be able to work at your office in the virtual world and then right away jump to relaxation mode by hanging out with your friends or playing a blockchain-based game. In simpler terms, whatever your personal preferences and tastes might be, you will be able to build your own version of Metaverse around you.
The metaverse marketplace acts as a universal shopping arena for virtual users.
Metaverse: What to Expect
As Meta continues to create a buzz around introducing a unified virtual universe, businesses are looking for ways to align themselves to get some early bird advantages. From adapting crypto-based solutions to creating digital assets and NFTs, brands are thinking outside the box to make the most of Metaverse.
Meta has been very clear that the Metaverse is going to be crypto-powered with its own Diem Stablecoin at the centre of its economy. The idea behind the Metaverse is to transform the financial system and promote remote work for people across the world, especially in developing countries.
Apart from Meta itself, several other industry giants are already taking an interest in the creation of their own metaverses. Some of the big names include the likes of Apple, Google, and Microsoft.
Metaverse and Crypto
Crypto is an essential component of the Metaverse. This technology will play a vital role in the proof of digital ownership and transfer of asset’s value. Moreover, it will also enable decentralized accessibility and governance with little interruption by any one entity controlling the entire financial system.
Similarly, as you learn to work, socialize and play in the Metaverse, you will eventually need to shop for virtual items. For example, you will need clothing for your avatar, make in-game purchases, buy virtual lands, homes, and other equipment.
Similarly, Metaverse will transform the way businesses carry out business transactions. With cryptocurrencies, financial transactions will be more accessible, more secure, and faster compared to the traditional banking system.
Metaverse and Economies
Apart from socializing, working, and entertaining yourself, Metaverse will also combine the economies. The concept is to create digital currencies with decentralized governance so users will be the rightful owners of their finances and the money they own.
This is going to transform the world economy, giving more autonomy to businesses and entrepreneurs. Users are creating and claiming ownership of valuable currencies and assets such as crypto-coins and NFTs, as you read this post. Therefore, we are not talking about something to come; the future is here!
Metaverse and 3D Gaming
As Metaverse is all about the 3D worlds created in virtual reality, games are at the epicenter of the entire experience. The exciting part is that the gaming world is not integral to Metaverse just become they are in 3D. in fact, the reason for games to be so important is that games these days offer various features and services.
For instance, companies offer in-game purchases while the user plays the game. There are other video games, such as Roblox, that can even host virtual events for you, including social meetups, gigs, and concerts.
Another excellent example of Metaverse and gaming correlation is Fortnite, a multiplayer game with approximately 4 million players all over the world. Imagine the marketing opportunity for your business to promote your products and services.
Metaverse and NFTs
Talking about Metaverse is incomplete without a mention of non-fungible tokens (NFTs). The integration of 3D virtual universes from different brands along with NFT marketplaces is the logical way forward to create a centralized high street for virtual users.
NFT aficionados are already creating, buying, and selling digital assets and goods via numerous marketplaces such as OpenSea and others. However, a giant, more popular marketplace for the NFT 3D market is yet to emerge. Who knows, just like Amazon or eBay, some blockchain developers may create a popular one-stop
The Takeaway
As futuristic as it may sound, the concept of having a unified metaverse is not a far-fetched idea anymore. You can already witness the development in this domain as businesses and developers work hand-in-hand to create interactive and immersive applications and solutions.
This is going to be a classic case of using cryptocurrencies and blockchain technology to create a science fictional world. Whether the world will ever be able to witness a pure metaverse society someday is open for discussion. However, if it does, then Metaverse is going to be the future of how human society functions, interact and communicates in years to come.
