The 21st century is known for creating and expanding the virtual world also known as Metaverse. It promises to be far more immersive, interactive, and collaborative than the last century which is known for establishing the internet. Metaverse has always existed in some form or degree. Such experiences may have even started with the television and radio where we consume content visually and audibly. Similarly, we devour content through websites, video games and social media. Metaverse has been a hot topic of discussion because of Facebook. On October 28, 2021, Mark Zuckerberg rebranded Facebook as Meta. Meta is the nebulous concept that inspired the new name, Metaverse. Metaverse is also known as the next evolution of the internet called Web 3.

What is Metaverse?

Metaverse is a dynamically evolving and all-embracing movement. This movement is related to the digital world because Metaverse embraces our personal experiences as digital experiences in the domain of virtual reality. The macro-strategist, Raoul Pal has described Metaverse as our present existence with oscillating interactions with the digital world. Therefore, it is the digital fluidity of our existence. According to the Founder of Ceek, Mary Spio, "The Metaverse will enable content creators to connect with audiences in a whole new way, creating massive opportunities for monetization through NFTs, digital merchandise and so much more." For instance, NFTs and other virtual currencies are the means of payment in Metaverse. Fiat currencies are used to buy an apartment in this physical world, similarly, cryptocurrencies and NFTs will be used to buy an apartment in the virtual world. It has become clear that blockchain technology will underpin the metaverse and help create a sustainable ecosystem.

Limitless Possibilities

The COVID-19 pandemic raged across the world and grounded the economies of many companies. The internet and the resulting Work from Home (WFH) technology helped companies stay afloat amidst pandemic crises. Various sectors like education have radically changed post-pandemic and have become more technology-intensive. The metaverse will potentially alter these sectors further by introducing virtual reality (VR) based wearables. These wearables will introduce the users to an alternate virtual world from the confines of their homes. People will be able to interact without the need to undergo long commutes, breathe in polluted air or even dress up for different occasions. Children will be able to study various subjects and modules at their own pace instead of going to school physically. Post-work routines like watching movies or social interactions with friends will have their alternatives in the virtual world without the hassles involved in the physical world. In short, the possibilities with the Metaverse are endless.

The metaverse represents infinite possibilities only limited by the human imagination and technology. With the ability to convert from fiat currencies to cryptocurrencies, people will switch between the physical world and the Metaverse with relative ease. Consumers will purchase virtual land and even throw a party for loved ones by using crypto tokens that are issued by entities facilitating these virtual interactions. Artists will perform in the Metaverse and will be paid in cryptocurrencies. The expansion of the Metaverse will potentially lead to a rapid expansion of the global economy.

Future of Metaverse

Today we already have a nascent version of the Metaverse existing with digital goods like Non-Fungible Tokens (NFTs) but at the same time, there are many concerns. For example, human interaction will be reduced to avatars in a virtual world. Continuous digitization will reduce empathy among humans and make them devoid of emotions. Apart from subjective philosophical concerns, there are concrete issues such as the security of users’ data and privacy. Data protection, violation of privacy, potential identity theft, besides other types of fraud are becoming growing concerns for metaverse users. At the same time, however, metaverse companies are solving these issues. Companies like Horizon World have started taking measures after some unwanted incidents. Renowned companies such as Microsoft, Apple, Nvidia, and Roblox are pouring huge funds into metaverse projects. Soon, proper regulations will be implemented in the metaverse industry.

Now, Metaverse is not an idea but an industry. Meta owns the leading producer of virtual reality headsets, Oculus. Microsoft has been supporting various cases with its HoloLens mixed reality smart glasses since its first release in 2016. In addition, Apple is rumoured to release its AR and VR headsets in 2022. HTC, Pico, MagicLeap, and other manufacturers are rapidly advancing various hardware platforms, while cascade technology architectures are shifting various computational loads across back-end server infrastructures to edge devices. The metaverse will be an ubiquitous computing experience where users can leverage traditional devices like computers and mobile devices while also enhancing the experience with emerging immersive AR and VR wearables.

Finally, the same innovative technologies that have been disrupting the financial services industry since the Bitcoin network came into existence in January 2009 can be used to enable the continuity of data in the metaverse. NFTs, or non-fungible tokens, are an excellent example of how blockchain technology can be used to verify the ownership of digital assets. There are already 3D virtual reality platforms that take advantage of them.

Marc Petit, vice president and general manager of Unreal Engine at EPIC Games, stated in an interview recently that the metaverse will require, “shared virtual worlds that incorporate persistence.” What this means is that for an ideal customer experience a user should be able to move from universe to universe with their digital belongings. An example of this would be a user’s NFT shoes purchased from Nike in the future will be available for avatar use in Meta’s Horizon platform while also in other virtual worlds like those in Fortnite and Minecraft.

Decentraland is a fully decentralized world in the metaverse industry. It does not have any central leadership and is based on the Ethereum blockchain. Through this organization, players can control the policies that determine how the world behaves. Decentraland also has its decentralized currency, MANA, which can be exchanged on cryptocurrency exchanges for other currencies. In the future, Decentraland could be one of many decentralized worlds that make up a portion of the metaverse, with digital assets and currencies flowing between them the same way fiat money and physical goods are exchanged by people living in different countries in the real world.

The infrastructure behind today’s internet allows massive quantities of people to gather in virtual environments. For instance, more than 12 million players tuned in for a VR concert in Fortnite featuring Travis Scott. This current infrastructure is very impressive. It has set a foundation step for the metaverse industry to evolve further. The metaverse will be driven by diverse forms of technology such as cloud infrastructure, software tools, platforms, applications, user-generated content, and hardware. Book an appointment with Alfabolt to learn more about how you can incorporate metaverse in your business. In addition to the technical requirements, the metaverse will include various user experiences including entertainment, gaming, commerce, social interactions, education, and research. The question is then, how long will it take before we move from various protometaverses toward the grand metaverse? Mark Zuckerberg believes that it will be by the end of the decade, but it could also be much sooner than that because foundational elements are already in place.

The Rise of Metaverse