Everyone seems to be talking about “the Metaverse” as the next big thing that will change our online life these days. Everyone appears to have their own idea of “the Metaverse,” if they have one at all.
The term “metaverse” was first used in Neal Stephenson’s iconic cyberpunk novel Snow Crash, published in 1992. The Metaverse is described as a shared “imaginary realm” that is “made available to the public across the worldwide fiber-optics network”. Therefore, the phrase can apply to digital settings that have been enhanced with virtual reality (VR) or augmented reality (AR).
Meta in the term means “beyond” and verse refers to the “universe.” Some individuals use the term metaverse to refer to virtual worlds in which players can roam around and interact with other players; for example, a world where developers can design buildings, parks, signs, and other things that do not exist in reality.
How Does The Metaverse Work?
The metaverse can be divided into two sorts of platforms in general. The first involves leveraging nonfungible tokens (NFTs) and cryptocurrencies to create blockchain-based metaverse startups. People can buy virtual land and create their own settings on Decentraland and The Sandbox platforms.
The second group uses the metaverse to describe virtual worlds in general, where people might meet for business or enjoyment. In July, Facebook Inc. announced the formation of a metaverse product team.
Despite the fact that many metaverse sites offer free accounts,anyone who buy or sell virtual goods on blockchain-based platforms must use cryptocurrency. To buy and sell virtual assets, several blockchain-based platforms, including Decentraland’s MANA and The Sandbox’s SAND, require Ethereum-based crypto tokens.
In Decentraland, users can trade NFT artworks or charge for attendance at a virtual show or concert. They can also gain money by trading land, which has increased in value significantly in recent years. Users on Roblox can make money by charging other users for access to their games.
The Future Of The Metaverse
It’s unclear how genuine a true metaverse that exactly reflects real life can be, or how long it would take to develop. Many blockchain-based metaverse platforms are still developing AR and VR technology to allow users to interact with their surroundings.
According to PwC, multinational accounting and consulting business, virtual and augmented reality will boost the global economy by $1.5 trillion by 2030, up from $46.5 billion in 2019.
To prepare for the industry’s growth, Facebook Inc, Alphabet Inc-owned Google, and Microsoft Corp have all made investments in cloud computing and virtual reality startups.
There will be a lot of money for corporations that can monopolize particular areas, such as supporting platforms or services like payments, subscriptions, or advertising, much like there was a lot of money for companies that dominated “the internet.”
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