The buzz around Metaverse is real and growing. Almost every other person is talking about it. And if you are someone who hasn’t heard of it before, you may wonder: What is Metaverse?
Simply put, Metaverse is where imagination meets reality. It’s a spatial computing platform where everything and anything is possible. Think of a digital platform that mirrors real-world experiences with key aspects of day-to-day lives, such as communication, trade, and currency.
But what is Metaverse technology? Metaverse is built upon blockchain technology. It integrates two main technologies – Augmented Reality (AR) and Virtual Reality (VR) to create 3-dimensional worlds where you can be anyone, meet anyone, and be anywhere from the comfort of your couch.
In fact, the Dubai International Financial Centre (DIFC) has launched its Metaverse platform, DIFC Metaverse Platform. This platform aligns with Dubai Metaverse Strategy, which aims to add a whopping $4 billion to Dubai’s GDP. Some other upcoming and popular Metaverse platforms in the UAE are:
- Yas Island Metaverse
What is Metaverse Exactly?
The Metaverse refers to a hypothetical future version of the internet, an immersive, shared, and persistent virtual space that integrates virtual and physical experiences. In simpler terms, it’s a shared virtual space where users can interact with each other and digital environments in real time, using virtual or augmented reality technologies.
The concept of the Metaverse has been around for decades, popularized in the science fiction novel “Snow Crash” by Neal Stephenson, published in 1992. In the book, the Metaverse is a virtual reality shared by millions of users, where people can interact with each other, attend virtual events, and engage in commerce.
The term gained attention recently due to advancements in virtual and augmented reality technologies, blockchain, and the growing popularity of online gaming and social media platforms. Tech companies like Facebook, Microsoft, and Epic Games have announced plans to develop their own versions of the Metaverse, with the potential to revolutionize how we work, learn, socialize, and entertain ourselves.
How Metaverse Works?
Several Metaverse technologies integrate and interact to create a virtually limitless world. These include:
- Virtual and Augmented Reality
- 3D modeling
- Artificial Intelligence
- Internet of Things (IoT)
Now if the next question on your mind is: how to use Metaverse or how to access the Metaverse, read what follows carefully.
Users can enter the Metaverse through virtual reality headsets or other devices and interact with other users and digital objects in the space. Several Metaverse experiences are accessible, but they all live independently on various platforms and may be accessed through a wide variety of unconnected devices. As a result, a united Metaverse is only possible when all these Metaverse experiences are unified in a single ecosystem.
Some possible Metaverse examples include virtual events and conferences, online gaming, social media, education, and e-commerce. For instance, virtual events can be held in the Metaverse, allowing people worldwide to attend without the need for travel.
The Metaverse could also enhance online gaming, immersing players in a shared virtual world. Individuals can also attend music festivals and concerts on the Metaverse or meet their friends in a virtual world when geography restricts them.
Features of The Metaverse
Now that you have a fair idea of how Metaverse works, let’s break down the features of Metaverse. The Metaverse is a complicated and changing idea that combines many different technologies and features. It can potentially change how we interact with others and digital environments, and it will probably continue to grow and change in the coming years.
This virtually limitless world has several Metaverse features crucial to its existence. Without these features, the Metaverse wouldn’t be what it is today, and you would lose the meaning of Metaverse. These features include decentralization, digital avatars, blockchain, virtual lands, social interaction, 3D Reconstruction, and more. Let’s look at each of them in detail now.
Due to its decentralized character, the Metaverse is immediately distinguishable from the current internet. Decentralization in the Metaverse is crucial to users’ ability to have unique experiences. But in what ways does the Metaverse guarantee that each user will have their own individual digital adventure? Blockchain technology. It enables people to control their data and assets and decentralizes the Metaverse.
This is one of the most exciting Metaverse features to date. Avatars are a novel kind of self-expression. They don’t have to be carbon copies of your real person to be expressive. You could be ANYBODY or ANYTHING.
These avatars can be customized to reflect the user’s appearance, personality, and preferences. And providing players with the option to personalize their in-game avatars is a certain way to turn any game into an engaging gamified experience.
Safety is a concern when you are in a Metaverse, especially since it includes trades and money. So how does Metaverse tackle this concern? Blockchain technology is used in the Metaverse to facilitate secure transactions and ownership of digital assets. Blockchain can be used to create unique and verifiable digital assets such as virtual real estate, artwork, and even digital currency.
Metaverse estate is booming in popularity. Anybody with enough cryptocurrency may buy land in the Metaverse. Non-fungible tokens (NFTs) are a kind of blockchain asset that cannot be traded for other assets, and land is one such NFT. In virtual land, users may engage with digital stores, virtual games, and even entertainment. The land’s potential use is contingent on its dimensions and location.
Social interaction is a key aspect of the Metaverse, allowing users to connect with others in a shared virtual space. Users can communicate with each other using text or voice chat, attend virtual events, and even form virtual communities. These interactions and conversations occur in cyberspace, which serves as a mirror representation of the real world.
The Metaverse uses 3D reconstruction technology to create immersive and interactive environments. This technology allows you to create highly detailed and realistic digital landscapes, objects, and characters.
Individuals can put their environments online by using powerful 3D cameras to make photorealistic 3D models of buildings, real places, and other things. The 4K HD photos and 3D spatial data are then sent to computers, which are processed to make a virtual copy for exploration in the Metaverse.
Why is Metaverse Important?
There are seemingly “endless” ways in which Web 3 and the Metaverse might change business and society in the United Arab Emirates. The United Arab Emirates has great potential to develop as a center of both talent and innovation.
The newly stated intention to increase the Metaverse’s contribution to the economy to $4 billion by 2030 in Dubai would contribute to the emirate’s overall development and better the lives of its citizens. The plan is to increase the number of blockchain and Metaverse businesses in Dubai and for the creation of 40,000 new roles.
But that’s not all. Here are a few more reasons why Metaverse is important.
Enhanced Selling and Buying Experience
Seamless, Safer Transaction
Online meetings have become the new normal. But the downside to them is viewing and interacting with others in rectangles via likes and comments. The same goes for holding live events. But with Metaverse, things can be completely different. It may be a fully-fledged VR experience with proper networking and engagement options. The audience will feel better like they’re part of the action.
There are currently a number of companies using augmented reality to let customers virtually try on clothes or glasses, see the potential placement of new furniture, or obtain a makeover complete with new hairstyles and cosmetics. It’s possible to have similar but improved experiences in the Metaverse. With the ability to rent or buy retail space, you may open up shop in the Metaverse and let customers have a look at your products.
There is nothing like having the ability to interact with an audience worldwide. Metaverse allows you to step beyond general advertising and make use of storytelling. Stories that go deeper into the values and ethics of a company are considerably more memorable to customers than catchy phrases.
At some point in the future, narrating stories will give way to “story living,” in which audience members actively participate in the tale as actors or even protagonists.
Combining the virtual world of the Metaverse with cryptocurrency is a natural progression. Even at this early level of adoption, it will be difficult to reap the advantages of the digital world without a crypto wallet. Payments in Metaverse may be made with only a few mouse clicks and are completely transparent, so there’s no need to connect your real-world bank account.
Education has seen a couple of shifts in recent times – from textbooks to video-based learning and offline settings to online environments. And now, with Metaverse, it can take another big leap where children can learn and test their ideas without harming themselves or wasting resources. Also read Our listing on top blockchain development companies in UAE.
Pros and Cons of Metaverse
|Access to experiences that may be otherwise unattainable for the common population||May become a source of escape for individuals who dread the world|
|Fully-immerse interactions with a virtual representation of the world and its object||Increased cost of accessing Metaverse due to expensive technologies and AR/VR gear.|
|Enhance social interactions from the comfort of your home||Discourages real-life interaction in real settings, hampering interpersonal relations.|
|Endless opportunities for networking, marketing, and engagement.||Might raise concerns about data collection and privacy violations|
|Shared virtual experiences with friends and family mirroring real-time experience||Requires immersion into VR technologies which may pose risks in the individual’s real environment they may not be aware of.|
Best Metaverse Platforms
Several leading platforms and businesses are now exploring the Metaverse and creating their own Meta worlds. Here are some of the best Metaverse platforms –
There are 21+ million Bitcoins in circulation, and this virtual building has 21 floors to symbolize that number. It offers several opportunities to earn money thanks to the introduction of novel virtual experiences. In this tower, users may create their own avatars, take part in a wide range of activities, get insight into the world of cryptocurrency, and even buy “real estate” in the virtual world.
Decentraland is a social network in cyberspace. It allows users to create, trade, make money, and travel across the online world. There are now unprecedented possibilities for both education and entertainment. With Decentraland, users may have conferences and buy and sell digital items in specialized markets. Communicating with other people is as easy as it is in real life.
It’s a 3D simulated environment running on the Ethereum blockchain, where users may trade goods, construct structures, and earn cryptocurrency. Sandbox is compatible with a wide variety of hardware, including Windows phones and smartphones. It opens up new avenues for earning cash through innovative virtual experiences.
Best Metaverse Examples
Metaverse is typically seen in games which also happen to be one of the best Metaverse examples. These games truly define the features of Metaverse, making them engaging and interactive. Some of the best Metaverse examples are as follows –
Second Life is a virtual universe where users may meet and build connections with others by adopting a unique avatar. Users may host events, go to concerts, create works of art, utilize virtual items, and even help construct things like virtual buildings in Second Life.
Fortnite is one of the most prominent “competitors” in the Metaverse space. It was released by Epic Games in 2017 and evolved from a multiplayer online game to a social media platform where famous bands like Ariana Grande now hold concerts.
Roblox is a platform that lets anyone make their own video games. It has evolved into a Metaverse platform that provides users with access to a wide range of virtual experiences, notably VR ones. Roblox’s main selling point isn’t its collection of virtual reality games but rather its goal of consolidating all kinds of games into one place.
How Will Metaverse Affect The Future?
It’s no surprise that Metaverse is here to stay and change how things work around the world. For instance, it could change how you experience travel altogether, with developers trying to mirror popular tourist destinations in the Metaverse for you to explore. Education can become more practical and hands-on, where children can actually experience and see what happens.
It will also become easier for entertainment to break geographical barriers and reach everyone simultaneously. One can also expect a significant change in how healthcare works. Open and interoperable medical services might just become a reality if the data, services, and assets that make up the 3D places are easy to move.
It will lead us into a space where anyone and everyone can access everything and anything without barriers.
Is metaverse the future? Metaverse is crucial to unlocking seamless connectivity, high-powered innovation, great economic potential, and enhanced personal expression. From creating new revenue streams to interacting, learning a notch up and exploring new identities, Metaverse will change the way the future looks.
The Ninehertz is a leading blockchain development company that can help you build your own Metaverse with its expertise and experiences. From NFT marketplaces and social media to 3D games, we can help you build your own interactive and engaging virtual environments for a variety of purposes, like training and marketing. All you need to do is get in touch with us!
Who Started the Metaverse?
What is the Best Example of Metaverse?
What are the Best Metaverse Platforms?
What are the Best Metaverse Technologies?
How to Join Metaverse?
Will the Metaverse Replace the Internet?
What are Some of the Challenges of Metaverse?
Do People Make Money in the Metaverse?
The Metaverse concept was introduced in Neal Stephenson’s 1992 novel “Snow Crash” but no individual or company can be credited with starting it. The 2003 virtual platform, “Second Life,” is often called the first Metaverse.
Second Life is considered one of the best examples of Metaverse, being a virtual world that allows users to interact with each other in a simulated environment.
Some of the best Metaverse platforms include Decentraland, Somnium Space, and The Sandbox, each with its own unique features and user base.
Metaverse technologies include blockchain, virtual and augmented reality, and artificial intelligence, which enable users to create and interact with virtual environments and assets. However, there are no best Metaverse technologies.
To join the Metaverse, you will need to have a gaming console, internet connection, virtual reality headgear, and augmented reality glasses. You can access the Metaverse by simply playing a game and creating an avatar.
The long-short answer to this question is a NO. Metaverse is only possible due to the internet. It will not replace the internet as such but rather expand and enhance what you can do with the internet.
There are a couple of challenges of Metaverse which may also become its cons. These are governance and regulation, privacy and security concerns, and ensuring accessibility and inclusivity for all users.
Yes, people do make money in Metaverse. They do so via selling virtual assets, providing virtual services, and creating and selling virtual experiences.