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Metaverse: The Hype of the Digital Era

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As soon as someone hears of Metaverse, it excites him and urges him to know more about it while raising questions like

Is it a virtual universe that resembles ours?
When will it get here?
When are we going to enter it?
Are we in it already?
What happens in a Metaverse?

Metaverse has taken all the conversations towards it where a few know what it’s all about and many from the other segment are either unaware of it or simply carry different perceptions of the phenomenon as per the fabricated statements spread in the air.

Well, whether you talk about tech enthusiasts or common users, it’s a topic of keen interest for both alike and you (as a reader ) as well. Isn’t it? So let’s dig deep inside it.

Metaverse: The Future of The Internet?

Metaverse is a virtual world that can be experienced by all of us by entering through our virtual identities, meaning our virtual avatars. In this virtual space, people can do anything and everything just like the real world and can even create things that do not exist in the real world.

“Metaverse is a medium to reach any virtual world.”

Inklings of the Metaverse do exist in the infinite space of online gaming in Roblox, Minecraft, to name a few. The concept was established in 1992 via the science fiction novel ‘Snow Crush’ by Neal Stephenson but came to life with the gradual evolution of technology and we have its prints emerging now and then.

Decentraland is evidence of Metaverse’s existence. (the brand superseded Facebook)

The term Metaverse can be mentally replaced by the word cyberspace as it doesn’t refer to a single technology but is a transition made towards how we interact with technology. It is potentially taking a leap in the digital era and is being used on a trial basis in specific spheres and soon will be described as people’s commonplace.

Characteristics, Metaverse in Short

  • Extensively scalable
  • Real-Time rendered
  • Interoperable
  • Existence of an unlimited count of users
  • Persistent and synchronous
  • 3D virtual worlds
  • An individual sense of presence
  • Continuity of data

Technologies that Make Up the Metaverse

Metaverse is driven by diverse forms of robust and powerful technologies and in an obvious sense, this latest concept can’t remain untouched from the roots of Artificial Intelligence, Augmented Reality, Cloud, Blockchain, 3D reconstruction, IoT, Mixed Reality, and Virtual Reality of course.

Extended Reality XR (combined as Augmented reality, Virtual Reality, and Mixed Reality) will have a key role, and being central to the idea of the metaverse, it will help make the virtual 3D environments accessible, interactive, and highly intuitive in real-time.

With the involvement of these above mentioned, one can say that Metaverse will soon be taken as the next major computing platform, making it as transformative to the society and business industry as a smartphone.

Can Metaverse Embody Real World Economic Activities?

Ideally yes.

It is believed and expected to connect the digital assets to real-world economic tasks and will also be adding an extension to the same. Put simply, users will be allowed to create, trade, and invest in products, goods, and services.

Setting up a foundation of value creation, virtual worlds would embed NFT (non-fungible tokens) that would be stored on Blockchain. Furthermore, users will be allowed to shift from one digital universe to the other along with their digital belongings.

Say, if a user buys NFT shoes from a brand will be made available for avatar use in any of the virtual world. Decentarland has its decentralized currency, MANA, that can be exchanged for cryptocurrency exchanges for other currencies.

Metaverse will facilitate the exchange of digital assets and flow of digital currencies the same way fiat money and physical goods are exchanged between people from different geo-locations.

What Does the Metaverse Offer?

The possibilities are virtually endless. Organizing a work meeting as if we were in the office, visiting a relative who lives abroad, visualizing the plan of our future home as if we were inside it, immersing ourselves in the paintings of an art exhibition…

Until now, the limits of the web were framed by the edges of the mobile or computer screen, but the aim is that, without taking too long, we go beyond them and enter a 3D Internet.

Still being in its infancy, Metaverse has its implementations where the main approaches to it, to date, have occurred in console, mobile, or PC video games, such as Fortnite, which has already organized paid concerts by Ariana Grande and Travis Scott, attended by more than a million people in the form of digital avatars by using a VR headset or goggles.

Many tech giants and popular brands have announced their efforts to materialize and monetize their virtual universes: Nike wants to establish its virtual storefronts, avatar gear, and other products to be purchased in the metaverse, Disney wants to create its virtual world inspired by Disneyland, and the Barbados government has signed a treaty to buy digital land and build the first legal virtual embassy, marking a history.

Companies are pouring billions of dollars to make sci-fi dreams and fantasies come true. It’s not like we will see the real world replaced by the virtual world; nonetheless, more frequently parts of the hour will be spent developing a digital life with imposed terms and conditions of use. So are you ready for the Metaverse?

To gain a deeper understanding of the concept and technology involvement allow
tech experts at CodeGlo to widen your knowledge on the development of the virtual worlds and platforms facilitating their use. Get in touch here.