The computer world is filled with jargon and buzzwords, and one that has recently been making headlines is ‘Metaverse’. From IT titans and venture investors to average folks like you and me, the phrase has caught the interest of nearly everyone on the planet.
We have arrived in the metaverse, one of the effects of technology’s continuous progress, in what appears to be a chapter of a classic science fiction novel. Years of invention and innovation have resulted in the emergence of increasingly virtual worlds, which may be accessible via games that use cryptocurrencies or non-fungible tokens (NFTs), social media, and augmented reality apps. These along with other technological and digital advancements have aided in the growth and extension of the virtual world.
While still in its early phases of development, the metaverse is an all-encompassing virtual environment that encompasses games like Fortnite, Minecraft, and Roblox, current technology and mobile internet, and marketing and business.
The Metaverse is Buzzing!
First, let’s discuss the hype. The metaverse became a buzzword in 2021, especially after Facebook (now Meta) announced a major company strategy of creating 3D social worlds linked to its Oculus headsets. But exactly, what is the metaverse? While there have been countless discussions on metaverses and the future of Web 3.0, we may expect more when events like the upcoming Metaverse Summit 2022 take place.
Warcraft, a massively multiplayer online role-playing game (MMORPG), is a strong example of a metaverse, cites its persistent existence, autonomous instance, freedom, and interoperability as evidence. Metaverse is defined as an endless, and immersive digital world of autonomous yet interconnected networks that will use yet-to-be-determined communication protocols. It allows for persistent, decentralized, collaborative, and interoperable digital content to intersect with real-time, spatially oriented, and indexed content in the physical world.
Our virtual existence will be able to supplement our physical presence in the metaverse. Instead of physically attending conferences, you might follow them virtually in the metaverse. You might be right there seeing history as if you were a part of it in real-time rather than learning it from a book. This advancement is the magical and astonishing part of the metaverse.
Virtual Presence
The metaverse ecosystem—an alternate digital environment—will be delivered primarily through virtual reality to improve the user experience when navigating interactive 3D interfaces. This virtual sense of presence, according to experts, could be the trump card in attracting and retaining users. As a result, the majority of the inventive flourish is expected here.
The metaverse will not only supplement existing business models, but it will also open up new markets. Companies would expect to see an increase in the supply of virtual services via a customer’s online presence (such as online meetings, medical appointments, concerts, and gym classes) and the provision of virtual items to avatars themselves.
Companies cooperating with digital platforms to sell digital assets ranging from designer garments to virtual real estate are expected to expand. Brand owners will be thinking about how to exploit and defend their intellectual property ahead of time. With portions of the metaverse’s construction relying on innovative technology (particularly the use of AI), the issue of patent protection and freedom to operate will be vital to consider.
Blockchain World
With the advent of a new open, decentralized internet, blockchain emphasizes blockchain for data management transparency. Blockchains provide decentralized authority, as well as easy, trustless data exchanges.
According to many experts, the blockchain technology will be vital in constructing a secure and egalitarian metaverse. The blockchain is also contributing to creating a new metaverse economy, defined by artists’ capacity to sell their work and receive adequate compensation for their efforts.
Non-fungible tokens, or NFTs, are a fascinating part of the metaverse because they allow people to sell everything from data to services and experiences while also benefiting the artist or creator behind each asset.
Web 3.0
Web 3.0 will allow women, men, machines, and companies to trade value and information and collaborate with global counterparties they do not know or explicitly trust without the use of a middleman. The decrease in the level of trust required for global coordination is the most meaningful change enabled by Web 3.0.
This shows a change away from explicitly trusting each member and attempting to gain confidence through extrinsic means and toward automatically trusting all network constituents.
Web 3.0 is believed to increase the breadth and extent of both human and machine interactions, far beyond anything we can imagine now. Many infographics related to metaverse are available on the web to understand it better.
Low Code Platform
The growth of low-code and no-code platforms and AI will make it easier for non-technical citizen developers to quickly get from concept to execution, whether for consumer or enterprise experiences or social or commercial value creation.
Gartner and others have plenty of data on enterprise use of these platforms, so this will almost certainly accelerate, allowing a big number of individuals to create and sell digital assets in a very capital-efficient manner.
Cybernetics
Another important driver of Metaverse interactions is cybernetics, which includes everything from simple joysticks, headsets, and googles to more sophisticated features that remove boundaries between human sensory-motor systems and digital things and creatures. We already have brain-computer links in the experimental form down the road.
Still, the rise of cybernetics is the best way to turn an idea from our heads into machines and relay the results back to us, i.e., imagination to experience execution quickly and even an improvement over a low-code platform that can scale these cybernetic-driven rapid prototypes. A wide range of businesses is bridging the gap between the real and digital worlds.
Extended Reality (XR) with VR and AR
By 2025, the market for extended reality (XR) will be worth $393 billion. XR is a catch-all phrase for immersive technology that includes virtual, augmented, and mixed reality. Cameras, microphones, and sensors are among the XR devices that are utilized to generate a simulated environment while still allowing you to interact with reality. One aspect that will continue to shape the metaverse is the growing popularity of XR.
Liminal spaces, which combine virtual and physical encounters, are causing a stir in industries such as culture and art. According to the paper, liminal spaces will become more visible at mixed or hybrid events and venues in the future as a result of XR.
Top Metaverse to Watch
The Sandbox
The Sandbox is a decentralized metaverse based on Ethereum that allows users to buy land in the form of non-fungible tokens (NFTs) that they may personalize and monetize. Estates and even districts can be formed by purchasing multiple Lands.
Among others, Atari and Bored Ape Yacht Club have already begun construction on The Sandbox. Snoop Dogg, an American rapper, recently erected a digital duplicate of his estate in The Sandbox, where he wants to stage live performances.
The Sandbox’s token is SAND, and with a market cap of $4.5 billion and a limited-time, play-to-earn alpha debuting on November 29th, this metaverse is one to keep an eye on in 2022.
Decentraland
Decentraland is a metaverse similar to The Sims or Second Life that is also built on Ethereum. The MANA coin is linked to Decentraland and is used to make in-game purchases.
Users can buy NFT plots called LAND, which are 3333 virtual feet, according to Decentraland. Multiple conjoining landowners with similar interests can form a district, and merging pieces of land will form an estate. Landowners can also rent out their property for dedicated events like concerts. The most expensive LAND estate to date has sold for $2.3 million.
Decentraland, with a market cap of $5.6 billion, will be at the forefront of metaverse talks in 2022.
Wilder World
The Sandbox and Decentraland are older metaverses than Wilder World. Wilder World is a photorealistic metaverse built on Ethereum, Unreal Engine 5, and its sibling firm ZERO.tech. Wilder World’s crew consists of seasoned 5D artists, including creators Frank Wilder and Chad Knight, who previously worked for Nike and assisted in creating stunning in-game images for the metaverse.
#Wiami, a 1:1 duplicate of Miami, is the first city developed in the Wilder World metaverse. #Wiami, like Miami in real life, is expected to become the metaverse’s crypto hub, according to Wilder World. The token $WILD powers Wilder World, and it may be used to buy NFTs like wilder.kicks, wilder.wheels, and wilder.cribs. The NFTs’ worth is not limited to their appearance. Owners of NFTs can use their things in-game or stake them for more rewards.
Wrapping up
We are getting closer to the future, and many of the items and concepts that we once thought were solely limited to science fiction and fantasy literature are now slowly coming to life thanks to constant innovation in various disciplines.
We are witnessing a peek of a richer, more borderless world that is full of promise as the metaverse develops. However, as this new world expands, we must be conscious of the new set of challenges that each new development entails. To make this new world a safer place, we must consider how we might address these issues so that we may continue to make progress.
