Life nowadays is unlike the old times as the world is moving towards digitalization and we can find almost everything virtually. It comes with both pros and cons but mostly it has improved the way of living for human beings making their life easier in every possible aspect. We can see Artificial Intelligence, Machine learning, and Virtual Reality taking over human jobs but one thing is to be sure that it can never replace human intelligence although it had made life easier by simplifying the everyday chorus for us. Through digitalization, the connection between the financial, virtual, and physical worlds has been massively linked. The introduction of cryptocurrency was an example of digitalization where your money can be saved in digital wallets and manage all the expenses through it. We can easily access almost everything at a single touch. Similarly, Metaverse is a part of digitalization where the 3D universe combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
Definition of Metaverse
The metaverse is a notion for an online, 3D, virtual space that connects users in all aspects of their lives. It would link many platforms, similar to how the internet connects several websites using a single browser. Augmented reality will power the metaverse with each user managing their character or avatar. For example meeting in your virtual office with an Oculus VR headset, finishing work and relaxing in a blockchain-based game, and then managing your crypto portfolio and finances all from within the metaverse. Avatars are used in the metaverse to represent the person, connect, and virtually establish a community. Digital cash is used in the metaverse to purchase clothing, weapons, and shielding in video games, among other things. Users can also use a virtual reality headset and controllers to journey through the metaverse for leisure with no specific objective in mind. In the metaverse, users traverse a virtual world that mimics aspects of the physical world using technologies such as virtual reality (VR), augmented reality (AR), AI, social media, and digital currency. The internet is something that people “browse.” But, to a degree, people can “live” in the metaverse.
The future of Metaverse
One of the most outspoken supporters of the metaverse is Facebook. Due to Facebook’s Diem stablecoin project, this is particularly fascinating for a crypto-powered metaverse. Mark Zuckerberg has stated openly that he intends to build a metaverse initiative to encourage remote employment and increase financial prospects for individuals in impoverished countries. Facebook’s ownership of social media, communication, and cryptocurrency platforms put them in a good position to merge these realms. Microsoft, Apple, and Google are among the other significant IT giants pursuing the establishment of a metaverse.
Metaverse for Gaming
Most of the games have shown interest in the metaverse as they think that this technology will be the future of gaming where users will be able to interact with each other and buy their characters. From the past few years, the gaming industry has grown rapidly where Artificial Intelligence and Virtual reality played a huge role by making the games more realistic and human interactions. The dynamics of the game make you think that you are in the game yourself but one thing which was missing in this industry was the ownership of their avatars. In the game, the avatars are provided by the game itself where you can equip them with online clothes that anyone can buy. But metaverse completely changed the dynamics of the game as the players will be able to buy their avatars and play with them where each of the avatars will be unique. The players will be able to buy different clothes and gears which will be made only one that ensures the uniqueness of your avatar. Moreover, the players will have complete ownership of that specific avatar which you can later sell according to its uniqueness and demand of it. Fortnite is the major collaborator in this project as they believe that this can completely revolutionize the gaming industry and will play an important part in the digitalization of the world. By connecting your digital wallets you can buy any kind of avatar or clothing through the cryptocurrency which will be unique in its way.
Virtual Reality
The metaverse will not only be limited to the gaming industry but will also play a major part in virtual human interaction. In the metaverse, you will be able to own an avatar that will only be made for you and by it, you can attend the meetings and meet your friends virtually. Your owned avatars will attend the meeting and gatherings virtually. Not only this there will be different events held in the metaverse which you can attend virtually like concerts where your avatar will be present thus making you virtually attend it.
It can be said that a single metaverse is a long way off but we can already see the development of which might lead to its creation. With the recent support from Mark Zuckerberg and Facebook, things have taken a quick turn as we can now see more people talking about it. If we will ever really reach the point of a metaverse is unsure. But in the meantime, we can already experience metaverse-like projects and continue to integrate blockchain more into our daily lives.
