Here's a metaverse explained in simple terms: What will the technology bring to the digital world, and what can users expect from this virtual world.
One of the promising possibilities that metaverses offer is in changing how people interact with one another. They could also come up with ways to address digital asset ownership and in-game monetization, which can radically change interactive experiences.
Last year, Facebook changed its name to Meta and stated that the giant wanted to shift its focus on metaverse technology. Since then, the company's new developments have been a topic of keen interest for tech enthusiasts everywhere.
What is metaverse?
The metaverse is a type of virtual world where people can enter the digital realm through their virtual identity. As a result, they can do things like shop and hang out with friends in a virtual world.
Metaverse is actually a combination of numerous technologies that include AI (artificial intelligence), machine learning, VR (virtual reality), AR (augmented reality), and blockchain technology.
Where did the concept of metaverse come from?
The idea of a Metaverse isn't new, being first conceptualized about three decades ago. Having said that, American author Neal Stephenson wrote about metaverse in his novel 'Snow Crush.' Over the last 30 years, technology has improved to the point where it looks feasible.
Notably, Facebook is not the first to work on metaverse. They were preceded in 2017 by the startup Decentraland. On their website, you can find a virtual world that has its own currency and economy that operates parallel to our own. Many other metaverse projects have been in the pipeline since.
You can easily access the metaverse and visit any virtual world through it. For example, if you go on a virtual tour and find a shopping mall that interests you, you will be able to shop there, and your order placed within the metaverse will also reach that address.
Metaverse technology is currently undergoing a trial. Common users are expected to get access soon, and with this, the digital realm can experience a major upgrade.
Metaverse and the evolution of web 3.0
Web 1.0 was the early internet of connected computers and servers that people could explore since they were usually controlled by a centralized company, such as Google, Microsoft, and Yahoo.
Web 2.0 has been characterized by the social networking revolution, blogging, and the monetization of user data for advertising. Further, these platforms are controlled by centralized entities to offer social media platforms, including Facebook, Instagram, and Twitter.
Web 3.0 will be the foundation for the metaverse evolution. It consists of blockchain-enabled decentralized applications, play-to-earn games, virtual shopping, and many more things that will support an economy of user-owned data and crypto-assets.
Projects associated with the metaverse
Experts are saying that metaverse is the next big thing in crypto. They are very bullish about it and say that buying when there's a dip is a good idea.
The Sandbox team has also announced a partnership with UniX Gaming, a decentralized autonomous organization. Moreover, it also plans to release more 'lands' in its metaverse platform.
Decentraland has issued a new manifesto that outlines its vision for the year 2022, including a prototype mobile app, improvements to their gameplay experience and greater utility of NFTs. Their plan is to make improvements on both the front end and back end.
Raghav Gupta said that big-name celebrities and brands have already started exploring the metaverse, taking advantage of its enormous potential. Snoop Dogg reportedly bought a plot of land on Sandbox to build a mansion and align with its vision, for instance.
JP Morgan, the largest US lender, has entered the metaverse by opening 'Onyx lounge,' which is a virtual lounge in the blockchain-based world of Decentraland. This complements their continuous journey into the blockchain via metaverse.
In a Nutshell
Most metaverse-based top cryptocurrencies were traded with high liquidity in 2021. Enjin Coin, Decentraland, Axie Infinity, Theta Network, and Sandbox came out as some of the top metaverse projects.
Nowadays, more and more people are embracing blockchain technology and the implications it has on the internet. Blockchain is giving users a chance to be part of an open metaverse where they share ownership of the network.
The Meta economy, including the Creator Economy, is set to rise exponentially thanks to more aspirational brands entering the metaverse.
Experts believe the use of virtual worlds will become big in the crypto and gaming space. They are extremely bullish on metaverse and are suggesting investors keep holding on to potential projects.