Literally, everyone is curious about this most talked-about nomenclature “metaverse” ( I know I am), especially since Facebook changed its name to Meta last month.
Are you one of those who are still wondering what metaverse is all about? Why are Tech CEOs like Satya Nadella or Mark Zuckerberg talking about it? Is it the future of the internet? Or a joke? Or a marketing strategy? Or is it a video game? Or probably it is a deeply uncomfortable version of Zoom? Is it the next technology breakthrough or is it a techno-dystopian nightmare? Is it for better or is it for worse?
Well, that’s a riddle, wrapped in a mystery, inside an enigma.
Let’s unwrap this together.
Let’s practice this exercise to help to develop a better understanding of this complex and vague term called “metaverse”. Just substitute the word “metaverse” with the word “cyberspace” because the meaning will not significantly change approximately 90 percent of the time. The term does not substantially point to any specific type of technology. Rather, it is a massive shift in how human beings interact with technology. It is entirely possible that the term itself will eventually become just as outdated, even as the certain technology it once explained becomes commonplace.
Generally speaking, virtual reality is one of those technologies that make up the metaverse, classified by persistent virtual worlds that continue to exist even when you are not playing. Not only this but augmented reality also combines aspects of both digital and physical worlds. However, it does not need that those spaces be exclusively accessed through virtual reality or augmented reality. A virtual world such as aspects of Fornite which can be accessed via computers, mobile phones, and game consoles, could be metaverse.
So with all that in mind, let’s get into three crucial things that everyone has been discussing lately. Keep your eyeballs on this blog post, because it’s going to be a rollercoaster ride.
We all know that Deepika Padukone has been busy lately. But where was she? Any guesses? Hint: this is something related to virtual reality. Well, this stunning actress has been “into the metaverse” nowadays. She recently shared a clip on social media in which she was driving a car and the entire setting gives an animated kind of vibe. The stunning actress loves to give some goofy twists to her social media with enthralling posts. Now, she has nailed it again. The caption of the post says “into the metaverse” and the video has collected over 2.7 million views and the figure is increasing with the speed of light.
Without the shadow of any doubt, the relationship between metaverse and cryptocurrency is undeniable. Non-fungible tokens (abbreviated as NFTs) are the future of ownership needs, while cryptocurrencies will play a pivotal role in building the network of the future.
Following are the top 5 coins and metaverse projects that you should be following to keep yourself up to date in this ever-evolving world:
Facebook is willing to make investments in metaverse because it sees metaverse as the successor to the mobile internet. This revolutionary technology creates an opportunity for Facebook and its CEO, Mark Zuckerberg, to get ahead of the competition. Unlike the creator of iOS and Android, Apple and Google, Facebook does not control an operating system. Facebook has magnificently feuded with Apple over the fees the company changes for purchases made on iPhone applications, and the general control it exerts over tech giants such as Facebook through its terms for developers. Now, this is the chance for Facebook to become less reliant on Google and Apple. This is not only a great opportunity for Facebook to develop a value in the world of the metaverse, but also it provides them one more opportunity to establish something that has been a hindrance and that they lack over the past couple of years. Thus, it definitely makes sense for them to be investing in that technology.
“A report from crypto investment organization Grayscale predicts revenue from virtual gaming worlds alone could strike the figure of $400 billion by the year 2025 ”
The metaverse is increasingly at the forefront of what is called “web 3.0” as we head towards the next stages of the internet evolution. According to the crypto investment firm Grayscale, the metaverse could represent more than $1 trillion market opportunity with digital worlds continuing to embed themselves in our day-to-day lives. In comparison to the $10 billion that big names such as Facebook plans to invest, and the amounts that could follow from other organizations, as well as venture capitalists, the metaverse virtual world users, are even now in their early innings.
Hence, it probably is the case that any real metaverse would be one step ahead of any other cool VR games or digital avatars in Zoom calls, but mostly just something we still consider as cyberspace.