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Why Is Everyone Talking About the Metaverse?

"Bringing together the right information with the right people will dramatically improve an individual."

The metaverse is a three-dimensional virtual world in which physical activities and social/recreational activities like studying, shopping, attending a concert, and dining in a restaurant are possible with the help of a headset or glass. It was created using technology that could someday replace the Internet and evolve society on a number of levels.

Metaverse consists of two words—"meta," a Greek word meaning beyond, and "verse," which is taken from universe—that combine to represent an artificial universe.

While the Internet is two-dimensional and limited to a screen, the metaverse extends beyond and constitutes a realm humans can enter and live within. Instead of watching a movie on a screen, inside the metaverse, we could one day live within the movie we are watching, an idea that was extravagantly portrayed in the film Ready Player One.

Image by: suttar tarasri

Image by: suttar tarasri

Avatars in the Multiverse

In the metaverse, you are represented by an avatar, a three-dimensional alter-ego character by which you move through and experience the artificial world. This virtual avatar enables the user to experience the world from the character's point of view.

Components of the Metaverse

1. Virtual Reality: Virtual reality is one of the main underlying components of the metaverse as VR allows virtual objects like people, things, landscapes, and environments to be realistically rendered. You are entering the metaverse with the help of the VR and the headsets that use VR.

2. Augmented Reality: AR will help bring the metaverse fragments into the physical world and enable us to interact with the components every day. A famous example of AR was the mobile game Pokemon GO, which allowed players to interact with pokemon in the real world.

3. 5G Technology: The continuous use of the metaverse requires faster downloading and uploading speeds and larger bandwidth for data. In other words, the metaverse needs a faster Internet to work.

4. Blockchain/Cryptocurrency: To buy anything in the metaverse, you must have virtual currency or crypto. These will be the main currencies of the virtual world.

4. Non-Fungible Tokens: NFTs, also known as Non-Fungible Tokens, exist on the blockchain and help prove the digital ownership of the assets acquired in the metaverse. Today, this technology is famous for owning memes, paintings, and pictures.

Image by: Alexey Yaremenko

Image by: Alexey Yaremenko

The Multiverse is a Work In Progress

There is still much development and technological upgrading ahead to build out a full metaverse ecosystem. A variety of projects in motion aim to do this.

Project Nazare: This project is developing full AR-capable glasses, which will contain hologram displays, sensors, projectors, and batteries in a glass of 5mm thickness.

Project Cambria: This project is working on making avatars that can reflect human facial expressions, skin tone, facial hair, and natural eye contact.

Early Vision

One of the leading inspirations for the metaverse came from the 1992 science fiction novel Snow Crash, written by Neal Stephenson. Early visions of metaverse advocates centered around making the principal technologies available to more people.

  • Horizon Home: It is the home space of the metaverse, the first thing you will experience when you put on your headset. Future developments will allow you to build your own home, but for now, there are multiple default options.
  • Horizon Worlds: This is the world in which you will experience the whole metaverse. The primary function is building the world and jumping into it with avatars. Nowadays, people create this platform to play games and have social functions like birthday parties.
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Image by: Thinkhubstudio

Image by: Thinkhubstudio

Merits and Demerits

Advantage of MetaverseDisadvantage of Metaverse

It will allow many creators to produce a proper platform where people can learn and develop.

The reputation of Facebook is synonymous with data breaches; hence, there might be a higher possibility of data misuse.

It will increase the value of cryptocurrency as the metaverse boosts its demands in the future.

The price of the quest headsets and technology will increase, demotivating many people.

The technology would give a chance to connect people across thousands of miles so they can collaborate on different projects.

The heavy VR sets will be complex for people to wear and use for an extended period of time and could present health issues for some.

The virtual office would help you work from different places worldwide with your own customized space to boost productivity.

Excessive use of the metaverse could influence people to interact less with the real world.

The metaverse will enable you to socialize with your favorite people through various activities like playing games and shopping at your home.

Cryptocurrency and other tech companies will benefit from this, while others will struggle for virtual relevance and monetization.

Companies Using Metaverse Technology

1. Roblox: The game Roblox is a VR universe of immersive, user-generated 3D worlds in which people can interact with others and play different games in a metaverse-like environment. The company has envisioned more activities for its users in the future.

2. Epic Games: The company that developed the widely popular game Fortnite is a leading platform that has successfully implemented the virtual concerts used in the metaverse.

3. Nike: The world's leading sneaker company has collaborated with Roblox to create Nike Land, a virtual world like the metaverse in which you can buy and sell different gears and sneakers and play games with your avatar.

4. Tinder: The dating application Tinder is set to introduce a cryptocurrency called Tinder coins. The company wants to develop a metaverse application that allows people to meet up virtually with their avatars.

5. Meta: The company previously known as Facebook is a leading company that has popularized the metaverse concept and is focused on improving the experience with Horizon World, Horizon Home, Project Cambria, and Project Nazare. These endeavors will likely revolutionize the virtual world.

Image by: Lemon_tm

Image by: Lemon_tm

Sources

1. Wikipedia

2. Meta Group

3. xrtoday.com

4. analyticssteps.com

6. Wired


This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

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