The term “metaverse” is becoming more and more popular. It is a relatively new technology that many tech giants are putting huge investments in. However many still have not understood it and wondered why is it so attractive and how can it become the future of the Internet.
Metaverse overview
In case you have not known about the Metaverse, a brief introduction is provided below.
The Metaverse can be understood as a 3D virtual world where everyone has the right to enter and communicate, socialize with each other, or interact with virtual objects. The new technology is like a bridge connecting people with the virtual universe. It does not belong to any company, just like social media is not monopolized by any organization.
However, if you want to access social media, you need a platform such as Facebook, Twitter or TikTok. Similarly, if you want to enter the Metaverse, you need a specific platform such as Horizon Worlds of Meta (Facebook in the past).
Some features that make the Metaverse outstanding
1. Closely related to NFTs
The Metaverse is literally nothing but just an empty space without NFTs. NFTs are said to be the key to the Metaverse because everything in the Metaverse exists as NFTs, from people to objects or real estate. Users need NFT avatars, usually 3D, to represent themselves and have interactions. If one wants to put their car or house into the Metaverse, they have to mint them as an NFT first.
People have been talking about NFTs advantages for so long. They are well known for their ownership and uniqueness. Moreover, it is hard to forge or damage NFTs so they are used for identity and representation of digital assets that are traded in the Metaverse. In comparison to using social media like Facebook or Twitter where your digital assets like avatars and videos can be easily forged or lost, using the Metaverse is safer because your assets are minted as immutable NFTs.
2. Security
The Metaverse is an application of Web 3.0 and blockchain technology that is well known for its security because all the information can be recorded immutably and publicly. As everything in the Metaverse exists as NFTs which are known for their transparency and safety and all the transactions are operated under the smart contract mechanism, there are no worries about being cheated when trading things in the Metaverse.
What is more, the Metaverse is a great solution for leaking private information when taking part in online activities which have never stopped being a burning cyber-issue. Because the Metaverse is a decentralized platform, you can enter and do everything without KYC, which will protect you from privacy risks.
3. Sustainability
As built and developed on Web 3.0, which is considered a blockchain-based Internet. The Metaverse is designed to be sustainable, which means everything you have in the Metaverse will be there forever and you don’t have to be afraid that it will be lost or damaged over time.
Besides, many tech giants have seriously built and developed the Metaverse with many practical use cases in real life such as gaming, entertainment or even education. Therefore, the Metaverse is ensured to be sustainable and safe for your long-term investment.
4. Decentralization
Being decentralized means having no third party involved in the operation of the Metaverse. You can make any deal with other people, which can be called a peer-to-peer transaction, without the approval or interference of any organization. This will help to prevent monopolization.
Furthermore, you can actually keep your own assets in your digital wallet. That means you are the one who takes the responsibility of protecting them and can make any decisions about them such as to sell or to burn.
With this feature, the Metaverse offers an open and fair economy where everyone can transfer their assets from the real world into the Metaverse as NFTs. The price of an NFT will depend on how scarce it is and how much people are willing to pay for it, which helps to reduce pumps and inflation.
5. Interoperability
Interoperability in the Metaverse is the ability to unify users’ assets across platforms. This is one of the key features that highlight the Metaverse. As mentioned above, the Metaverse is a decentralized world, which means there is no one monopolising this world. If you want, you can easily transfer your properties to another Metaverse seamlessly and synchronously.
When you don’t like this social media platform, you can switch to another but it is not easy for you to transfer your digital assets. However, when you don’t like this Metaverse platform, you can easily transfer your properties to another Metaverse.
6. Transparency and data privacy
With the decentralization orientation, the Metaverse is built with the highest transparency. Everything in the Metaverse is clear for everyone to see. For example, when you want to buy a house as an NFT, you can trace back its history: who created it, who bought it and sold it at what prices, etc.
Moreover, employees or developers can access and read the company’s information or the project’s white paper before cooperating or working with that company. On the other hand, with blockchain technology, users can choose not to show some of their information and protect themselves from privacy risks.
Future of the Metaverse
The Metaverse is closely related to Web 3.0 and was born to the need for a decentralized world, where everyone can immerse themselves in and do anything from making interactions to trading with the control of any third party. With people’s curiosity toward the Metaverse escalating in recent times, it is predicted to be as popular as social media soon and become the future world.
The development of the Internet is also a support to the Metaverse. The birth of 4G, 5G Internet and WiFi connection facilitates the popularity of the Metaverse. In contrast, the Metaverse also spurs the growth of the Internet as it will attract more users.
With these advantages mentioned above, the Metaverse is utilized in many fields such as medicine, gaming, entertainment, education, and beyond. You can read more about the Metaverse and its use cases here.