Growing technology has integrated the vision of how we see the world and how we use it to keep our hands high above all within the marketplace. The instinct of exploring is inside every person living on this planet, and thanks to that instinct hidden in us, we got to see different planets, whereas we got to discover hidden realms of the world. Ignition of such factors in journeying around paved the way to more innovation and creation that propelled us to build a digital world called ‘metaverse’.
Still, many questions have to be answered before one can actually understand the formalistic approach of what Metaverse is and what are its use cases. Alongside, we need to go through the risks involved in investing under the operations of this digital universe. And I am sure as soon as we get deep into this exciting subject, you will definitely find the world of Meta a creative approach to feature your ideas using a vast level of technologies.
What is Metaverse?
Simply stated, Metaverse is a virtual galaxy where you can place your virtual home or business or even can set up your wedding occasion virtually; it sounds cool, right! But one thing is missing, where are you in this virtual world? The Metaverse cooperates with its role by creating avatars, the replicas of yourself playing your part within that virtual environment.
Is the metaverse real?
Although the world of Meta isn’t entirely placed yet, it has blown away many companies towards itself, and why not when you get to make a digital impact in the world of tomorrow. This cybernetic universe is already listed under various priority lists of many giant tech corporation institutes. Why?
Origin of the metaverse
It was coined by Neal Stephenson in his sci-fi novel dated back in 1992 brings forth a new ecosphere of the 3D world that combines real-time persistent, interoperable, infinite, and self-sustaining arenas made of AR, VR, and the technology of blockchain to bring together an economically developing universe.
Why is this Metaverse needed?
The Meta world was the word created a long time ago but is gaining importance at present condition. Why is it so? Well, one point may be the perspective knowledge that has developed since we step into the technologically digitized surroundings. In comparison, another aspect may be that we have started considering our Digital self is more important than the physical world.
It is a need, and in fact, it is a commercial requirement for many companies, which is proven by the fact that Facebook has already changed its name to Meta. In contrast, Nike, Microsoft, and others are on the line in transforming their business site into a virtual model. Whereas you get crypto which is not the actual money but acts like them, and the user’s replicas or avatars can spend that money wherever they like. Interestingly, a couple got married in the Meta world where their avatars were present to play their part along with some family guests and the bride’s late father.
So, in short, the world of Meta is actually the next headway of the internet powered by blockchain technology and gives the user an advantage of trading virtual assets conveniently. It opens up a space where anyone can do anything they cannot even think of doing in the real world. It is said that Mark Zuckerberg felt for the increase in the social interaction to be met in his app, and thanks to Meta, his intended desires got satisfied with him getting connected to the virtual galaxy.
Metaverse use cases
- A virtual space for business market vendors
Transforming the traditional business marketplace into a digitized one is the concept of technologies in the Meta world. Increasing the business’s brand value by offering exclusive class facilities, the virtualized universe gives away a 3D e-commerce platform. Within this virtual environment, the companies can get into touch with merchants settled abroad or perform actions like inspecting products or negotiating price ranges. In contrast, an individual can put forth interactive and convincing business marketing content to instantly get a positive impact on customers.
- A virtual space for education
All of us are very well aware of how the present scenario is moving on amidst the rise of the pandemic. Even the education system has gone entirely online mode where rather than meeting up at school rooms, we meet at online video conferencing rooms, but things seem not so compelling. Often, these platforms get on nerves due to network issues or other technical problems making a poor engaging experience.
By connecting to a virtual model of Meta world, the engaging experience becomes far better with advanced 3D technical support amidst the graphic-rich virtual environment. Meta world lets you interact as a life-like avatar within a natural surrounding rather than indulging in a computer video process meets.
- A virtual space for advanced blockchain
Augmented reality, virtual reality, and blockchain technology merged up to give out the galaxy of Meta. Blockchain is a database that helps manage cryptocurrency and performs its functionalities as distributed ledger technology where the immutable records aid in maintaining the transactional properties alongside supporting the digital assets superiorly.
Connecting to metaverse held a higher production system in digital assets like NFT industries to take considerable actions with advanced features amidst the shared realm of the virtualized environment. Moreover, this virtual space of Meta brings forth a better blockchain gaming experience and NFT game collectibles that give next-gen online games functionalities.
- A virtual space for a social media platform
The very recent example of expanding social media platforms by connecting to the Meta world is Mark Zuckerberg’s Facebook adopting Meta as its name. The very idea of such a move is that his vision of creating a more interactive 3D surrounding gives an enticing feeling of a realistic digital experience.
Within this arena of the Meta universe, an individual can glance at intuitive graphics-intensive content, whereas the user himself benefits as a content creator amidst a robust digital infrastructure.
The risk involved with the Metaverse
Although metaverse is paving the path for new generation superiorities, there is a particular risk involved within this path that occurs as a roadblock to the future success of this digital concept.
- The main problem of the metaverse is people are getting engrossed in utilizing the idea but have ignored the fact that it is only in the initial stage now. At this initial stage of progression, the challenge is people’s perception that the metaverse seems like a curse to modern society because the addiction to the meta world gives rise to issues like mental depression and anxiety alongside physical problems like obesity.
- Another prime challenge is data protection. The AR and VR headsets are the dependent cause for the leakages of data equipped within the camera capability. There are primarily chances of dark web functionalities finding their place in the Meta world.
- The next challenging point is both a limitation as well as a boon for the users in the metaverse. On the one hand, creating a real life-like avatar in the Meta universe seems surreal, which is impossible to think of in the actual world. The user can form any gender, race, age or identity in the virtual world, which is an alter ego of what they wish to look like for the sake of escapism. But on the other hand, this hidden identity may bring a negative tone of damaging someone else’s reputation by copying anyone’s avatar and undertaking the unwanted end objective.
Companies investing in Metaverse
Facebook is a social media network that allows users to engage with one another, form communities, and socialize from the comfort of their own homes. The social networking platform has broken down national barriers, allowing people all around the world to engage with people in far-flung locations.
With Activision Blizzard, Microsoft gets the chance of scaling up its business in a brand new era. With the procuring of Activision Blizzard in $68 billion, the Microsoft gaming industry got a reboot in reimagining and monetizing the concept of consumerism. Thus connecting to metaverse opened a new path for Microsoft in scaling their transition process and on the other hand, recognizing the potential worth of marketing in the digital world.
Epic Games is a video game and software development firm based in the United States that was founded in 1991. Fortnite, Unreal Engine 4, and Unreal are just a few of the excellent games available from the company. Survival games like Fortnite and Unreal Engine 4 appeal to adventure seekers.
Roblox has a vast variety of games, such as Meepcity and Bloxburg, that allow players to create virtual homes and conduct fundamental survival chores in the virtual world, such as obtaining a job and seeking adventure.
Nike is a multinational corporation based in the United States that is shaping the future of footwear and apparel. It is today a multiservice brand that includes footwear, apparel, equipment, and services. It was founded on January 26, 1964. It is well-known for its footwear (both casual and sports).
Nike NFT, which has hitherto stepped into the space with its inauguration as NIKE LAND, jointly partnered with Roblox to give out fascinating avatar suits in the VR games made of NFT Nike products, has again pushed into the news by joining the RTFKT studios, which will craft Nike NFT sneakers.
Tencent is a Chinese multinational corporation that offers digital products and services to help people live better lives. It was established in 1998. Tencent currently offers e-commerce, mobile commerce, internet, and payment services.
Magic Leap is a startup business based in the United States that develops wearable technology (such as virtual reality) that allows individuals to interact with digital surroundings. Magicverse, a new system that will bridge the gap between virtual and actual worlds, is a newly coined concept from “Magic Leap.” Different things will collide in the universe of “magic verse.” It will be a mix of IoT devices, spatial computing, and sensor technology.
Gather is a platform for video conversation. It’s developing a metaverse platform for virtual offices, conferences, and gatherings. It involves creating a virtual layer on top of the earth’s physical layer where people may communicate, mingle, and have fun. The virtual reality environment will provide a dash of pleasure to an otherwise mundane existence.
The benefits of the Metaverse is crucial ( conclusion)
Problems are everywhere, but we cannot overlook the solutions and beneficial propaganda of indulging in a galaxy of the metaverse. When it comes to Cryptocurrency if we say it has been managed under the blockchain technology system and thanks to the Meta world, every person is becoming a severe enthusiast of playing with crypto. In fact, the virtual world helps create a unique set of innovative approaches in the minds of individuals that aids them in hoisting the sense of creative imagination and fulfilling the desire to do anything unimaginable in the actual world.