All You Need To Know About The Metaverse

The days of dreaming about a utopian, fictional world are long gone. And although such a world is not real yet, it is soon going to be. We know it as the Metaverse.

The Metaverse is a technological sensation, a digital 3-D space based on real people, places, and objects. The connections between the digital, physical, and technical world have led to forming a ‘Phygital world.’ The Metaverse is booming with social and economic potential. Developers have incorporated Virtual Reality (VR), Augmented Reality (AR) and uprooted our traditional beliefs about what a virtual world should look like.

However, the Metaverse is not wholly in existence for now. The closest experience of a Metaverse can come from video games like Roblox, Minecraft, and Fortnite. NFTs, blockchain technology, and cryptocurrency play a significant role in developing the Metaverse.

The Origin of the Metaverse

The concept of the Metaverse is not new. We can trace its origin to 1992 when Neal Stephenson, a sci-fi writer, coined the term to describe a virtual 3-D space. Likewise, the core ideas behind the Metaverse - Virtual Reality and Augmented Reality - have been in circulation for decades. It is only now that these terms have gained the public’s attention.

Much of the credit goes to Mark Zuckerberg and the rebranding of Facebook to META. He further unveiled his plans for the Metaverse in 2021. Additionally, Microsoft launched Mesh, a platform that can virtually collaborate across various devices.

Decoding the Metaverse

The Metaverse is a step further in the evolution of the internet. It would be a digital space spanning multiple platforms where people can socialize, play, work, and live as their avatar forms. These spaces would not evaporate after users have stepped out from them.

Technologies like Augmented Reality (AG), 3-D printing, and Virtual Reality (VR) will drive the concept of Metaverse. Microsoft CEO Satya Nadella and Mark Zuckerberg envision the Metaverse as a combination of VR headsets and AR glasses. While wearing the headset, you can attend a meeting in your virtual office, play blockchain-based games, and trade in crypto coins, all inside the digital space. 

Notably, the digital world will draw parallels from the real world. Neighborhoods, parks, and offices in the Metaverse will be based on the physical world. Our physical reality and virtual reality will inevitably overlap.

The Metaverse Experience 

The fantastic idea behind Metaverse requires a headset for an immersive, 360-degree experience. Moreover, people will design their avatars and possess NFTs as digital assets. Blockchain technology will track and maintain a record of these assets. Hence, the digital world is a step towards decentralization.

You may be able to buy a piece of land, build a house, and invite your friends’ avatars over for a pool party. Besides elevating games, the Metaverse will be a  revolutionary step in decentralizing governance. Further, it will create a digital economy where avatars assemble goods and trade them. You will be able to navigate between multiple spaces and platforms and carry your virtual persona with you.

Some Metaverse Projects

It is very evident that the Metaverse is here to stay. Some companies like META and Microsoft have unveiled their definitive plans for the next few years. Below are some other projects which may catch the limelight:

• Meta City - It is an NFT-based game that users can play to earn awards

• Star Atlas - Solar network has built this Metaverse which operates mainly with NFTs and digital assets

• Decentraland - It is a virtual social world where you can trade digital tokens, play games, and socialize with other players

How will Metaverse Impact Our Lives?

We can calculate the significant impacts of Metaverse from Virtual Reality and its applications. For instance, medical professionals use VR in numerous pain management and physical rehabilitation contexts. Likewise, the Metaverse can prove to be extremely useful in those areas and surgical training, managing phobias, and anxiety. Moreover, experts suggest that it can also enhance our understanding of human behavior.

Virtual travel in the Metaverse might just be the future of traveling until it is safe to travel again physically. You can experience the luxury of hotels and rustic cottages while sitting on your couch. It will also have an undeniable impact on our regular interactions. The need for physical meet-ups would reduce, and people prefer virtual meetings. 

However, the most significant impact Metaverse will have on cryptocurrency and NFTs. As people own NFTs in the digital world, they will require a medium of exchange. The digital assets people create in the Metaverse would also be up for trade. Consequently, the use of cryptocurrency will skyrocket as it provides a decentralized way of transactions. 

Environmental Aspects

Although Metaverse is a leap in the technological world, it might not benefit the environment. But, it does have a few advantages. Metaverse will reduce the levels of global warming by eliminating the need for human travel. As we prefer meeting virtually, it would result in less traffic and consequently less pollution. Also, military training activities like pilot training would shift into the digital world, lowering carbon emissions. 

However, operating the Metaverse facilities would require an enormous amount of energy. Since Metaverse will also utilize blockchain technology and VR, it will have a destructive impact on the environment.

Conclusion

As much as we progress towards a unified Metaverse, it seems far away. Developers are continuously working on various technologies like Virtual Reality (VR) and Augmented Reality (AR) to create a Phygital World. The Metaverse will be based on a few other concepts like blockchain, and NFTs would form a significant part of the digital world. 

People will interact in the Metaverse through their avatars, designing and controlling themselves. Also, our physical lives will intersect with the digital ones. We would be able to perform all the activities in the virtual world with the same ease as we execute in the real world. However, we need VR headsets to enter the Metaverse.

The Metaverse will change our lives, directly or indirectly. Multinational giants have laid down detailed plans for the digital world, and we can expect that the Metaverse will impact our lifestyle.