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Metaverse – Merging Fantasy With Reality

This article is contributed Nakul Gyani

Joining the bandwagon with tech leaders like Microsoft and Epic Games that are already working towards developing and perfecting an interactive metaverse to take user experience to the next level – Zuckerberg led – global social networking giant Facebook also very recently announced its plans to create approximately 10,000 new high performing-positions over the next five years to build the metaverse followed by rebranding the parent company with a new name – META.

But why are all these big players investing so heavily in a concept only a handful of us know about? And what exactly is the ‘metaverse’?

Here is all you need to know about this crazy new alternate universe and how it will shape the future of business, investing and the world in general.

What is Metaverse and why is everyone talking about it?

Metaverse is a 3D virtual reality space where users can interact with their surroundings and other users without physically interacting with them. The users have their own avatars that enable these social interactions. Although such an advanced metaverse does not exist at present, the day when this can become a reality is not far away.

At present, apps like Axie Infinity, Decentraland and SecondLive are the only metaverse themed apps that enable users to perform functions like play-to-earn and buying & selling of virtual land (assets). Popular games like Fortnite and Roblox also provide a similar experience though not at a level as Axie Infinity and the like..

AR, VR, NFTs, blockchain and crypto currencies are the core building blocks of the metaverse and the world has already seen the capabilities of these technologies and concepts individually. A combination of these clubbed with the imagination of the human mind can open doors that never existed before. This proposition makes this a potential goldmine for the ones who understand and enter into it at the right time.

How will it shape the world and what lies ahead?

The applications of metaverse are huge as they provide unlimited real estate for everything imaginable. It has the capability of creating a new way of human interaction similar to what internet was able to accomplish a few decades ago.

Apart from its obvious applications in gaming and social interactions, it also the ability to change the trading and crypto currency markets for the good. Instead of trading NFTs (2D), investors would now have the option to trade virtual spaces (3D) in the metaverse in exchange for crypto currencies or other intangible virtual assets. And since only a few companies will have the technological and financial expertise to conceive a metaverse, the demand is bound to be high, which make a lucrative venture for investors.

Additionally, the concept of block chain based governance or decentralized governance will also be put to test. Trading between discrete worlds will only be possible through blockchain technology. Though companies like Facebook and Epic Games would be having their own centralised metaverse, many small players plan on using decentralised metaverse to enable a more robust trading environment. The extensive use of blockchain in metaverse will thus, lead to its wider adoption.

What about the future?

Talking about the future, metaverse has the potential to change the way businesses operate. Businesses can have their own dedicated metaverse world within which they can foster a community. Buying, selling and renting virtual spaces for events will become common. It will ultimately foster an ecosystem where all the borders of exchange are broken and everyone, from the simplest of the individual to the biggest businesses can trade alike.

Doesn’t this sound like way beyond the future that the human mind has imagined until now?

Who knows, maybe work for this is already in progress and we are just days away from the big discovery!

I am extremely intrigued to know the next phase of technology and artificial reality that will impact our lives – are you?

 

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3 Comments

  1. Nishikant Pandya November 2, 2021

    Very nice.

    Reply
  2. Nishikant Pandya November 2, 2021

    Very nice

    Reply
  3. Sanjeev Sharma November 3, 2021

    Metaverse has been explained in a very simple way so that even a non technical person can understand. It has been extremely intriguing and very helpful to know this scientific concept which is going to be the future.

    Reply

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