Into The Metaverse
The metaverse can be simply explained as a digital universe that uses virtual reality (VR), augmented reality(AR), blockchain, and social media, to create virtual spaces for user interaction imitating the real world. Metaverse is a connection of 3-D virtual worlds where one can create and explore virtual spaces with other people who aren’t in the same space as you in the real world.
If you play any online games like Minecraft or COD, then you’re probably familiar with the idea in which users control avatars to play and socialise in a shared server.
One of the major differences between online games and the metaverse is the idea of ownership. In COD, you pay real-world money for the virtual currency of the game, which then can be exchanged for digital items. You can’t resell these digital items for money on other marketplaces.
With the help of the metaverse, one can hang out with friends, play, learn, shop. It’s not necessarily about spending more time online — it’s about making the time you do spend to have fun and one could disconnect from the real world.
Future In The Metaverse
The metaverse isn’t a product a company can build alone. Built on blockchain-based technology Metaverse will unlock new potential. Just like the internet, the metaverse exists whether Google is there or not. The vast potential of metaverse will only be fully realized in the next decade. The metaverse is expected to be more open and built on an interoperable, blockchain-based framework that enables ease of use.
Metaverse also translates to a digital economy, where people can create and trade goods. Metaverse being interoperable unlocks a new level of untapped potential, allowing you to take digital/virtual items like cars or skins from one virtual world to another. Most platforms have virtual identities, avatars, and skins that are not interoperable, but a metaverse might allow you to create an avatar that you can take into different virtual spaces without being tied to one platform as easily as you can copy a picture from a social network to another.
Building The Metaverse
From Microsoft to the Chinese tech giant Tencent have decided to use their resources for the development of the metaverse. According to Bloomberg, the metaverse market could be worth 800 billion dollars by 2024. Some other estimates put the worth up to 1 trillion dollars. Many startups and communities are working to unlock the new potential of the metaverse. Decentraland and CryptoVoxels are already providing a taste of what the future of metaverse would be like. It might be some years before we see metaverse integration into the real world but the growth is rapid and it might come sooner.
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