Metaverse sounds futuristic right but not anymore. We are living in a world where people create their own fantasies. Metaverse already exists and people are curious about it. Back in 1972 Pong was released which was one of the earliest video games. It was created by Atari INC. So, what it has to do with metaverse. Pong was one of the first successful video games that were sold and it helped in creating the video game industry. And vice versa happened. Video games help in creating the metaverse. Let me explain!
What Metaverse actually is?
The term Metaverse was coined in 1992 in the novel “Snow Crash”. Metaverse is a portmanteau of “Meta” and “Universe”.
Metaverse is a digital world or you can call it a digital space, a universe. Whatever you like to call it. This Digital world consists of avatars, objects, and things. It is the combination of technologies like Virtual Reality (VR) or Augmented Reality (AR).
The idea behind Metaverse is to create an experience in which users can live in that world and connect with people. It sounds like a video game in which you actually are there and performing actions based on your instincts. People also call metaverse “Web3.0”. It’s the evolution of the internet world and how we consume content online.
Why is Metaverse important?
Metaverse has its own power which will create enormous amounts of opportunities. As more people are getting used to using digital products it’s less likely that they would not turn to the metaverse.
Meta verse is not only a virtual world where people just want to connect to each other and play games on the platforms. Metaverse is more of its own economy.
Companies will also use these platforms to make their own impact by advertising in the metaverse and marketing their products to a new audience.
Metaverse has its own unique audience with people who believe in a decentralized economy or technocrats. It’s highly possible that we might buy products in the virtual world instead of going to a website or downloading a new e-commerce app.
People might buy virtual properties in the future but these all are assumptions about what it could hold for the future. You can think of endless possibilities.
What is a virtual economy?
In 2021 we saw the real boom of the digital economy with NFT’s and crypto boom. Metaverse is next! Virtual economy is the next emerging economy where many opportunities are awaiting.
Virtual economy is an emerging economy where you can buy, sell or create digital goods. People use the virtual economy for creation and entertainment. The fact is that it lacks the aspect of a real economy that is not considered to be fun. Virtual economy is the intersection of technology and societal change, and it’s the future.
According to a report about 2.5 billion people are actively participating in the virtual economy. It already has a value of over $100 Billion. Thanks to the pandemic that gave a push to the virtual assets to get their importance.
What is decentralized Infrastructure?
The concept of decentralized infrastructure is really getting its way ahead. People buying cryptocurrencies, NFT, or buying a mall in the virtual world.
According to a report by the blockchain data research firm Arcane Research, The bitcoin Grew 73% this year, the second-largest cryptocurrency Etherium was up to 455% and the third largest token grew up to 1344%. The growth of bitcoin has beaten the S&P 500 which grew 28% in 2021. The prediction is that it might beat S&P 500 in 2022 again.
The decentralized marketplaces have given the power of buying and selling digital goods without anyone owning them.
Marketplaces like Decetralland where you can buy virtual real estate. These marketplaces allow people to buy, license, sell, and rent their virtual assets.
Ever heard of playing a game in the game! No, let me introduce you to the sandbox metaverse. The Sandbox based on the Ethereum blockchain is a virtual metaverse that allows you to play games within a game. Here you can buy virtual plots which can be customized.
“We think the opportunity of virtual real estate, digital land is much more interesting than physical real estate because of how fast you can develop your business, your experience on top of it”.
Sandbox co founder and COO Sebastien Borget
Why are big companies getting into Metaverse?
Big companies want to grow their revenues and want to reach more audiences and if you are an early adopter of the new technology it makes you a fortune.
The digital economy is expected to reach $800 billion by 2025. When you look up the numbers and the young Gen Z which is born in the modern technological world it makes sense why the big companies are heavily investing in the Metaverse.
Why did Facebook change its name to Meta?
On 28th October the famous social media platform Facebook CEO Mark Zuckerberg announced to change the name of its iconic company to “Meta”. This made headlines all over the world. People started to realize the true power and opportunity of the metaverse.
Facebook has always pushed the idea of connecting people and making interaction more accessible and easy but Metaverse is an emerging economy where there are a lot of ways to make more money out of it. Let Mark Zukerberg explain to you what he wants with “Meta”.
What is Microsoft Mesh?
Microsoft introduced its mesh platform which enables people to experience mixed reality. The concept of holoportation lets your holographic version port itself to another space.
The Covid-19 really pushed this technology when you have to social distance or work from home. This technology could make your experience of interaction more real. The 3D models of offices and furniture can provide you with the perfect way to meet and interact. The holographic experience of things will give the perfect experience for engineers and architects.
The push for this technology can really impact the way we do business or meetings. The Microsoft Mesh will become the best way to conduct a meeting for employees. It has many applications. For example, a company can interview new employees while having the experience of sitting in a workspace in a digital space.
What is the future of the metaverse?
The metaverse is more impressive, interactive, and collaborative than the internet that is why it is known as the WEB3.0. The Metaverse will eventually push the virtual economy and will dominate the era of the 21st century.
Virtual Reality (VR) will finally be able to experience its true power also augmented reality (AR). from watching movies to attending a concert all will be soon seen in the virtual world.
The cryptocurrencies will help to lead the metaverse to become the transaction normally. Consumers will shift from traditional shopping to virtual shopping which will give them the same experience of buying products. People will arrange parties and marriages in the virtual world by using crypto tokens that are issued to members facilitating these virtual interactions.
In my opinion, Metaverse is the future. It’s a little bit early for the majority but still, it holds the power of becoming the real decentralized structural economy. It might become the new normal in the future and we might get used to it.
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