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Metaverse: What Does it Offer the World ?

Vr, Virtual, Reality, Metaverse, Headset, Woman, ManOn October 28, 2021, Mark Zuckerberg made an announcement in a founder’s letter, Meta: A Social Technology Company. In his words;

The next platform will be even more immersive — an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build.

In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop, create — as well as completely new experiences that don’t really fit how we think about computers or phones today.

You have read a part of the founder’s letter. You can read the whole letter https://about.fb.com/news/2021/10/founders-letter/ to know more.

To save you the time and answer the questions that bothers your mind, what is Metaverse all about and what is the relevance of it in our world today and for the future. Journey with me to the virtual realities of Meta to get all the enlightenment you need.

Don’t go away!

What is Metaverse?

Metaverse, simply put, is a concept of a continuous, online, 3D universe that combines diverse multiple virtual spaces. You can look at it as a future iteration of the internet. The metaverse will enable users or its audience to connect, work, meet, game, and socialize in these 3D or virtual spaces.

The metaverse is not fully in existence or in operation, but there are some platforms that have metaverse-like elements. If you are familiar with video games, they are currently providing the closest metaverse experience. Developers have made this possible by hosting in-game events and creating virtual economies that push beyond the boundaries.

In other ways, The metaverse can be viewed as a concept of an online, 3D, virtual space connecting users in all aspects of their lives. Metaverse would connect multiple platforms which are similar to the internet containing different websites accessible through a single browser or search engines.

The metaverse will be driven by augmented reality which means that each user can control a character or avatar with an Oculus VR headset in the virtual office, relax in a blockchain-based game, and then manage the crypto portfolio and finances inside the metaverse.

With the Metaverse, the connections between the financial, virtual, and physical worlds have become more linked than ever before. The devices used can give us access to almost anything we want at the touch or click of a button.

Why are video games linked to the metaverse?

In some existing virtual video games such as e worlds, games like Second Life and Fortnite or work socialization tools like Gather.town, there are some aspects of metaverse that can be seen.The video game Roblox even hosts virtual events like concerts and meetups. They are not the metaverse but have some elements that will be in the metaverse as it brings together multiple elements of life into online worlds.

Video games have been noted to offer the closest metaverse experience currently online which isn’t because they are 3D.They offer services and features that show other aspects of our real life. Players can use those games for other activities and as a part of their lives in the “cyberspace”. For instance, Fortnite is a multiplayer game in which 12.3 million players took part in Travis Scott’s virtual in-game music tour.Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life.

How does crypto fit into the metaverse?

The crypto ecosystem is also a great feature of the metaverse. NFTs, blockchain games, and crypto payments aren’t just limited to crypto geeks anymore but extended to anyone interested in exploring. Cryptocurrencies can be a great fit for a metaverse as it allows for creating a digital economy with different types of utility tokens and virtual collectibles (NFTs).

From this, metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. The blockchain technology will be able to provide transparent and reliable governance systems in the virtual space. Also, Axie Infinity is one play-to-earn game that many users play to support their income. SecondLive and Decentraland are other examples of successfully mixing the blockchain world and virtual reality apps.

Crypto will offer other aspects such as digital proof of ownership, transfer of value, governance, and accessibility. This means that in the future, people will work, socialize, and even purchase virtual items in the metaverse and have a secure way of showing ownership.

What is a metaverse job?

As it is being explained earlier, the metaverse will combine all aspects of life in one place in the virtual space. Although many people work from home, the metaverse 3D office will enable people to interact with colleagues’ avatars. People’s jobs may also be metaverse related and provide income directly that can be used in the metaverse. Such jobs already exist in reality but will also be featured in the virtual world.

For example, GameFi and play-to-earn models now provide steady income streams for people worldwide. These online jobs would be great features in the metaverse future implementation. People have shown their willingness to spend their time living and earning in virtual worlds.

What’s the future of the metaverse?

Facebook, the social media giant is one of the loudest voices for the creation of a unified metaverse for the future.This is interesting for a crypto-powered metaverse due to Facebook’s Diem stablecoin project. The founder, Mark Zuckerberg has explicitly mentioned his plans to use a metaverse project as a way to support remote work and improve financial opportunities and provide steady income for people in developing countries.

Facebook’s ownership of social media, communication, and crypto platforms give it a good start combining all these worlds into one for the benefit of humanity. Other large tech companies that are also targeting the creation of a metaverse are; Microsoft, Apple, and Google.

For a crypto-powered metaverse, further integration between NFT marketplaces and 3D virtual universes seems like the next step to be taken. NFT holders can now sell their goods from multiple sources on marketplaces like OpenSea and BakerySwap, but a 3D platform doesn’t exist yet for such transactions. On a bigger scale, blockchain developers might bring up popular metaverse-like applications with more organic users than a large tech giant.

Closing Thoughts

Metaverse seems one of the greatest ideas in a technology-driven world. It may be that a single, united metaverse is likely a long way off but we can see developments that may lead to its creation.

Although, it may seem unsure if we will ever arrive at the point of the Metaverse. But, we can see that there are metaverse-like projects already being developed and continue to integrate blockchain more into our daily living.

4 thoughts on “Metaverse: What Does it Offer the World ?”

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