Imagine meeting your family or friends in a 3D virtual world, an artificial one, rather than in real life. Using a headset or special glasses, you enter this world while sitting in your room. You do almost everything you do in the real world, but not in the real world, in the same manner, you work, study, or shop. In the future, Metaverse promises something similar. It is characterized as the technology that will eventually replace the internet and become humanity’s future. So, read the entire blog to learn how Metaverse operates, its technology, currencies, and what the future holds for it.
What is Metaverse?
Metaverse is a combination of two words: meta and verse. The word Meta is derived from the Greek prefix meta, which means “beyond.” The word “universe” is used in the text. We exist in this reality, and there will be a Metaverse beyond it. This term is most commonly used to describe a man-made universe. The Internet is sometimes referred to as a different universe, but when you connect to it, you are bound to only two dimensions. These are 2D screens, whether on your phone or on your PC. When it comes to the Metaverse, however, the Metaverse will be a world where you can be entirely immersed in it in three dimensions.
When you watch a movie in the Metaverse, for example, you will not only observe the movie as a spectator, but you will also feel as if you are in it. Despite the fact that several firms have recently attempted to develop their own virtual worlds and Meta-verses, Facebook has reignited interest in the term. When Facebook chose to change its name to Meta, it was a big deal. They claim to desire to rule the Metaverse. They aspire to become a Metaverse firm rather than a social network.
“You can do just about anything you can imagine,” according to Mark Zuckerberg’s description of the Metaverse. Get together with friends and family, work, learn, play, shop, and create, as well as brand new categories that don’t quite match our current knowledge of computers and phones.”
- Virtual Reality is the first (VR). This technology is already available. However, in order to utilize it, you must wear those cumbersome headphones. Many customers complain that if it is worn for more than half an hour, it causes headaches and motion sickness. It is also envisaged that with new technology, these bulky headphones would become smaller and thinner, eventually shrinking to the size of conventional glass.
- Augmented Reality is the second technology (AR). This means that some synthetic elements have found their way into our natural environment. It won’t be complete virtual reality.
- In addition, there is a discussion of 5G technology being present in the Metaverse. If we want to build a massive virtual environment, we’ll need to constantly upload and download massive amounts of data, which will necessitate extremely fast internet rates or 5G.
Currency in Metaverse
Because everything in the Metaverse is digital, money spent to buy something cannot be real money, hence a digital currency is required. Cryptocurrencies are useful in this situation. It should also be safe because there are a lot of transactions occurring all the time. There will be a hacker threat or a data leaking threat. Blockchains can be utilized to assure their security.
Also, how do you go about buying land in the Metaverse, any other property, or any asset in the Metaverse? This is supposed to be accomplished through the use of non-fungible tokens (NFTs). NFTs are blockchain-based tokens that may be used to establish ownership of any digital asset. It is currently used to acquire and sell meme ownership. Concert tickets can also be validated using NFT. If someone, like many celebrities last year, is throwing a virtual party in the Metaverse.
Will Metaverse Idea Work?
This is a fascinating query. Many Metaverse-related innovations have been attempted in the past, such as Google glasses, however, they have all failed. The following are the primary reasons for these inventions’ failure:
They lacked every function that consumers actually required. It appeared to be cutting-edge technology. People who owned one could brag about the glass’s powers, but there was almost no practical use for it. You can already accomplish everything on these devices on your smartphone. On a smartphone, you can do it even better. A similar statement can be made about the Metaverse.
It’s exciting to see how you can sit in a 3D virtual world and engage with people while holding 3D meetings for the first time, but why bother? Everyone must wear glasses, while others must call in 3D. It is simpler to go on the phone and make a regular video call. The same is true when it comes to making new acquaintances. You can meet them in person, but if you prefer to meet remotely, set up a video call with them. Alternatively, use messengers to communicate with them.
Fake Dystopian World
People also don’t want to be so removed from reality that they lose how to live a real life. To live our entire lives in this fictitious, artificial environment. People will stop worrying about the actual world if the virtual world becomes too engrossing and entertaining. This is Dystopian in the extreme.
The most serious issue with Facebook and Mark Zuckerberg is the potential of data theft and privacy violations. On Facebook, you are tracked in every way possible. Similar material is shown to you depending on the exact pixel you click, the content you watch, and the accounts you follow.
This causes bubbles to form. You remain encased in your bubble. It just shows you what you’re looking for. Your every move will be tracked since they want you to work in the Metaverse and talk to your buddies. They will record everything you say in order to sell advertisements. They can collect more data on you the more time you spend in the Metaverse.
Even after investing $188 billion and owning Oculus, the world’s largest virtual reality headset firm. Microsoft handily defeats META for various reasons.
- Microsoft has dominated the gaming industry with Xbox hardware and acquisitions of game firms such as Minecraft in 2018, ZeniMax in 2020, and Activision Blizzard in 2022 for $69 billion. Meta, on the other hand, has less game development experience and does not yet have a single game studio.
- .If the same thing had happened with metastasis, the first consumers of personal computers in the 1990s were firms that bought them for their staff to boost efficiency. Microsoft has a long history of selling software to businesses, whereas Facebook was predominantly a consumer-facing corporation.
- .META’s Horizon Workrooms has a direct counterpart in Microsoft Teams. The only distinction is that Microsoft Teams has 145 million daily active users.