More and more people are valuing an immersive experience in virtual reality.
However, past are the days of AR/VR. There is a new concept in town – The Metaverse, a combination of AR/VR, NFT, web 3.0 and more with a potential to create virtual reality experiences we have never experienced before. The best part is this is not a thing that is just for video games. From communication, gaming, shopping to finances, Metaverse can redefine many sectors.
Let’s look at what’s Metaverse and why you should know about it.
What is Metaverse?
The Metaverse can be identified as a 3D, virtual, online space that focuses on connecting the users to one another on a grand scale. The best example is the internet that we are currently using. Just like the internet, the Metaverse connects multiple platforms under a single portal to make things easy for its users.
An established Metaverse will allow users to log in to it and live a whole different virtual life. Video games are a great example of virtual worlds where players play however they see fit. Since more and more people are trying to find ways to escape reality, the chances of success of a Metaverse are high.
Imagine if the living conditions of the planet get worse to the point where it is too hard to enjoy anything. In a case like that, a virtual space where people can escape and live their lives away from the hardships of reality will be much more favourable. Considering the direction our planet is going, it is not hard to imagine a future like that.
With the way things are going, the possibility of a large number of virtual worlds seems more likely. Big names in the industry like Meta (or Facebook), Google, Microsoft, Nvidia etc… are already started developing their own iteration of a virtual world.
History of AR/VR
The idea of AR and VR is something that dates back to the 1800s when the first stereoscopes saw the first light. From there on, various ideas and prototypes came out, and the most impressive one of them is the “Ultimate Display” from Ivan Sutherland in the 1960s. Many people consider this to be the blueprint that laid the foundation for modern-day VR.
The early 2010s was when VR and AR technologies really started to spread their wings. In 2010, the Oculus Rift VR headset came out and sent shockwaves in the market. Following the release of Oculus, Sony and Samsung released their own versions of the VR headset. In addition, Google Glass, a pair of AR glasses, came out at the same time.
Pokémon Go was one of the games that used AR to its advantage and took the world by storm. Today even the blockchain is getting in on the action by introducing Metaverses like the Decentraland and the Sandbox.
While the world Metaverse seems foreign, the idea of it has been something that many titles have used. One of the best examples of the above-mentioned worst-case scenario is the movie Ready Player One. It shows the full potential of this virtual world idea along with its ups and downs.
The name change of the social media giant from Facebook to Meta shows their interest in the Metaverse. Even with all of this, we are still in the early stages of reaching the maximum potential of VR and AR.
Endless possibilities with the Metaverse
The possibilities that come with a fully immersive Metaverse can be limitless. Many people have a different definition of what the Metaverse is, and there are some interesting opinions out there.
Part of society thinks that the Metaverse is something that is already here. For instance, they argue that staring at a screen is also an instance of interacting with a virtual world. Furthermore, there are even some people that say humans are cyborgs and mobile devices are technical extensions of ourselves.
Applications that use AR technology like Pokémon Go, Dogami, and IKEA mobile app shows what is possible with this tech. Even top-of-the-line VR gear like Oculus Quest 2 and Valve index is only capable of showing a fraction of what can be achieved with VR.
While we can’t argue with them, we can’t agree with them either. While it is true that they are adding the virtual aspect to our lives, it can be much more.
We strongly believe that a fully immersive Metaverse will be a place where users can lead entirely different lives. This virtual world will be capable of giving much more than sounds and images for users to feel immersed in the experience.
Since many companies aim to send out their version of the Metaverse, users will need the freedom to access whichever one they desire. In the same vein, other than the centralized versus decentralized ones will also come forth with the help of the blockchain. Decentralized blockchain Metaverses will help secure your private data and keep them away from the grubby hands of tech giants.
What makes this Concept so Revolutionary
You might wonder why some people are making such a big fuss on this topic. The answer to that is a simple and easy one. Metaverse will be the next step in the digital world and will revolutionize how we interact with the world.
Asking if the Metaverse matters now is like asking if the internet matters back in the 1990s.
It’s natural that people will have controversial opinions and doubts about the implementation of such technology. Just like the internet, the Metaverse is sure to fulfil our needs that we didn’t even know existed and will also evolve and adapt to suit the needs of the user. Combined with the large emphasis on Web 3.0 and the blockchain, this virtual world will bring much-needed changes to the world. Decentralization of the daily aspects of life is one of these changes.
A properly implemented VR/AR world will help with many limitations that limit humans, may it be physical or psychological. Just imagine a world where you can accomplish your daily tasks and jobs at the same time living nearly limitless fantasies.
All the time we spend now staring at screens or trying to find ways to entertain ourselves can directly change into time spent in the Metaverse. If this does not excite you yet, then it’s about time you start to pay attention.
Metaverse in the Blockchain
With the freedom it provides to its users, blockchain is a technology that is highly compatible with a virtual world. The benefits that can be gained from the collaboration are many in numbers. Let’s take a look at a few of them.
- Digital proof of ownership
The only thing that anyone can own on the internet is the domain name. But blockchain can enable users to connect personally owned, non-custodial wallets to the Metaverse avatar. This alone can enable users to prove ownership of assets and give them a simple way to make transactions.
- Digital Collections
If the Metaverse has a crypto wallet at its disposal, users will be able to show off their digital collectable items. With the help of blockchain technology, assets can be coded with scarcity restrictions to ensure their value, uniqueness, and authentication.
- Transfer value
Transferring value is a major part of the world that we currently live in. If a virtual world aims to be a substitution for it, it must carry with it the ability to transfer value. This is where blockchain comes in. Blockchain can act as a framework to securely transfer digital assets and implement a DeFi system.
- Interoperability
Many tech giants have started their process to introduce their own versions of Metaverses like Omniverse, Decentraland, and Meta. If the world is going to move towards mainstreaming these virtual worlds, there needs to be a way to seamlessly move from one to another. And blockchain is leading the race to find interoperable solutions.
- Accessibility
If it is to be a successful virtual world, it must be able to be accessed by anyone in the world with an internet connection — Which the Metaverse can. In a world like that, everyone will have the same opportunities and will level the playing field. Issues that come with your origin place and its economy will be a thing in the past.
When all of these are considered, it is easy to see the importance of blockchain to the development of metaverses.
Metaverse in Daily Life
So, you might be wondering how a virtual world like that can help a human in their daily life in the real world. There are many ways that the Metaverse can help out the real world. For example,
- Various events and television
Events such as musical shows, fashion shows, and sporting events will be much more accessible with this method. Anyone from any part of the world can join in on the fun while being in the comfort of their homes.
Major artists like Justin Bieber, Ariana Grande, and KSI are already hosting such shows and seeing massive success. In addition, the latest movie releases and shows will be available on the Metaverse.
- Food delivery
As a basic necessity of any human, food and delivery of food will take priority in the virtual world. When your avatar contacts a food service in the Metaverse, you will have the option to have the food delivered to your doorstep in the real world. Big names in the food industry like McDonald’s have already taken steps to implement a similar service in the Metaverse.
- Shopping
Just like food delivery, when shopping, you will have the ability to send goods to your real-world address. When doing things like cloth shopping, you can also check to see if they fit you before the transaction happens. In addition, you will have the freedom to dress up your avatar. They will be just like NFTs.
- Medical field
Metaverse will also open the doors to meet medical, scientific, and pharmaceutical professionals from all over the world. Furthermore, the blockchain will help to store and maintain your medical records in a way that is both verifiable and tamper-proof. Aimedis Health City is a great example of this.
- Work
If a company decides to operate on the Metaverse, it will help them reduce funds that could have gone towards properties, supplies, and transportation. The workers will also be able to work from home in a more comfortable environment. Furthermore, people will have access to international job opportunities like never before.
- eSports
eSports are a field that is taking over the world in an impressive fashion. For instance, games like League of Legends get a reach of over 194 million, beating MLB, NBA, and NHL and games like Dota 2 have a prize pool of over $45 million. Combine that with a Metaverse that is more favourable for eSports than traditional sports, eSports will surely take over. In addition, play-to-earn projects like Axie infinity will surely increase the already massive reach of eSports.
- Economic and finance
Metaverse will revolutionize the way people look at the finance sector. DeFi institutions as well as brick-and-mortar businesses, are already taking steps toward a virtual world. This has led to scenarios like the Ministry of ICR of South Korea pledging $186.7 million towards the Metaverse ecosystem.
What’s the future hold for the Metaverse?
What the future holds for technology like Metaverse is a question that cannot be answered directly. This technology is only taking its baby steps, and even that has had a major impact on the world.
Reports even suggest that 65% of primary school children as of now will have to work in job roles that do not exist yet. This might be because of the Metaverse.
If the world adopts this technology with open arms, it will be where most of the lives of humans will be spent. So imagination is the limit when it comes to the future of Metaverse, and the day it is getting implemented worldwide keeps getting closer.
Conclusion
While many find it difficult to believe in a virtual world apart from our own, we are already experiencing primitive forms of it. Video games, social media, and AR/VR applications are driving us towards a world powered by a Metaverse.
Whether people like it or not, you won’t stop it from being implemented. In conclusion, in a fully immersive Metaverse, the possibilities will be endless, and the people will be able to live their life the way they intend.
Metaverse 101 