Everything you need to know about the Metaverse
- July 21, 2022
- Business & Tech
No one imagined that successful communication between HTTP clients and servers through the internet could lead to the development of an online world where we could buy land or attend concerts. Yes, you guessed it right we are talking about the embodied internet – METAVERSE.
The word has taken the heat since Mark Zuckerberg’s announcement to focus on the metaverse and he even renamed the consortium Facebook Inc. – Meta. However, the metaverse has been around for many years.
What exactly is ‘Metaverse’? To put it in one line – The metaverse is real-world on the internet. You read it correctly, it is the internet universe, where you can do everything from hanging out with friends to buying land or even finding love.
We know that you have a lot of questions. So, let’s jump to the answers and know a few things about Metaverse.
What is Metaverse?
It is a multi-dimensional experience on the internet where people can interact immersively. It is a fusion between reality and the virtual world. When inside the internet universe, you can party, work, meet, date, shop, and do anything you do offline. Augmented Reality (AR) and Virtual Reality (VR) technologies make it possible for you to attend a business meeting, event, or concert while in bed.
Who can join?
You do not need something like a wormhole to travel to Metaverse. It is very easy to join the internet world. Just with a VR headset, internet connection, and the right applications you can enter the space. “The Sandbox” is a very popular game through which you can join the internet verse. The users design, develop and make money from their creations on Metaverse. The main component of this universe is info exchange between multiple systems. If you are playing or played Fortnite, then you have been, in a way, a part of the metaverse.
Work, play or chillax
There is potentially no limit to what you can do in Metaverse. It is a world with endless possibilities just like the MCU or DC verse. The developers and supporters have a pretty basic vision for the metaverse. Anyone can do anything, video games, work, relax, chill, party with friends, travel anywhere, have conferences, etc.
Residents of the Metaverse can create a well-connected economic world powered by blockchain and cryptocurrency. The way humans indulge in the monetary activities of buying, selling, and exchanging in the real world, citizens of internet space can also trade avatars (how you look in the online world), clothes, food, event tickets, NFT, etc – pretty much anything you can think.
Just like gaming has become a multi-billion-dollar industry, Metaverse and virtual world has the potential to be a $1 Trillion entity across varied segments – adverts, digital events, and e-commerce.
No owners but everyone owns it
Do not confuse Meta (formerly Facebook Inc) to be the owner of Metaverse. Meta is the name of a group that owns Facebook and its brands. But no company, group, or platform owns Metaverse, the online universe. All the users are its owners. So, if you enter Metaverse after reading, you also become its possessor. However, just like we have laws and rules in the real world as well as legislators, the W3C or World Wide Web Consortium decides the standards of Metaverse.
Financial transactions are safe and secure as blockchain technology is one of its pillars. Do not worry, privacy is a priority. In terms of cyber-security, the verse can be attacked in several places and systems will be a target of data thieves. This can be a bummer but as the platform gains more members this will change. The avatars, used to identify a person in the online world, can be copied, erased, or manipulated. However, biometrics can prove to be a good solution.
Thinning the line between reality and Metality (World in Metaverse)
The way cryptocurrency, blockchain, and NFTs have made their way in our lives, Metaverse will soon become a reality thus minimizing the gap between the real and virtual world. The pandemic changed the way we work – a transition to remote working seemed impossible before Covid 19 and as the workplace changes, businesses are already thinking of new ways to work.
Metaverse could give birth to a different style of online working. Meta (the company) has introduced the Horizon Workrooms. They are the first step in making virtual work a real thing. Many tech giants including Microsoft are developing something similar. Statistically within the next 10 years, 23 million jobs worldwide will become virtual, which could be humanity’s official entry into the Internet Universe.
Metaverse might sound interesting but intimidating. We are still too far from achieving perfection in its design and around 10 years away from the point because of mainly 2 reasons. First, the metaverse cannot sustain millions of people, infrastructure is distant but we can make it possible. Secondly, the most important requirement, the Internet connection, is not available to all. An uninterrupted internet connection is a key building block. Imagine you hang in the glitchy virtual world while partying with friends, it is annoying. A fast reliable connection is necessary for its proper working.
Only time will tell if it becomes successful or turns out to be a bomb among the people.
If you want to share anything on this or a topic you care deeply for, send us your submission. Here are the guidelines.