What Is the Metaverse?

The Metaverse is a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with its key civilizational aspects like social interactions, currency, trade, economy, and property ownership – founded on a bedrock of blockchain technology.

Metaverse is a mix of 3-dimensional worlds accessed through a browser, a mobile app, or a headset. It would allow people to have real-time interactions and experiences across large distances. A vast ecosystem of online applications will be the outcome.

In essence, it is a universe of limitless, interconnected virtual communities where people can socialize, collaborate, and have fun using virtual reality headsets, augmented reality glasses, smartphone apps, and other technologies. It will also include additional aspects of online life, such as social media and shopping.

The metaverse can be divided into two sorts of platforms in general:

The first involves leveraging non-fungible tokens (NFTs) and cryptocurrencies to create blockchain-based metaverse startups.
People can buy virtual land and create their settings on Decentraland and The Sandbox platforms.
The second group uses the metaverse to describe virtual worlds in general, where people might meet for business or enjoyment.
In July, Facebook Inc. announced the formation of a metaverse product team

People who buy or trade virtual assets on blockchain-based platforms must use cryptocurrencies, despite many metaverse services offering free accounts. Several blockchain-based platforms, such as Decentraland's MANA and The Sandbox's SAND, require Ethereum-based crypto tokens to purchase and sell virtual assets.

Is the Metaverse a new concept?

Comparing the Metaverse to the internet in the 1970s and 1980s feels appropriate. Speculation about what it would look like and how people would use it arose as the foundation for the new communication form was laid. Although it was widely discussed, few people understood what it meant or how it would operate.

Why metaverse is a strategic technology trend

In retrospect, everything did not go precisely as some had hoped. It’s time to define this nebulous and complicated term, though, as the Metaverse is predicted to grow to be an $800 billion market by 2024. Tech titans like Facebook, Microsoft, Apple, and Google are investing heavily in making it a reality. They invest in its development because of its potential applications as follows

Immersive experience

All global organizations began to make widespread use of online communication tools and the popularity of these tools is increasing. In addition, Metaverse has many advantages for children, especially from an educational perspective. With the help of such technology, learners can grasp abstract concepts easily in a more engaging way.

It can be said that the pandemic has played an important role in the popularity of these communication tools. And Metaverse technology is one step ahead of virtual instruments.

Metaverse provides a rich experience for attendees, and they can make the most of the 3D environment within it. They can interact with attendees just like they would in real life.

Developing a virtual economy

The virtual economy is sure to become ubiquitous in today's world of technology and science. With the expansion of virtual event technology, the virtual economy will also continue to develop in the coming time.

In this case, Metaverse acts as an exchange platform for digital assets of the same economic value. In addition, Metaverse also dominates in introducing new activities and capabilities in the real and virtual worlds.

In addition, Metaverse promotes the widespread use of digital currencies, cryptocurrencies, tokens, digital currency ownership, blockchain games, and other financial applications.

Blockchain support

This is another advantage of Metaverse. Metaverse further strengthens the position and power of Blockchain.

Blockchain can be described as the foundation of digital currencies like Bitcoin and Ether. Along with it, Blockchain facilitates the development of NFTs. Metaverse promotes NFT-based games and provides a suitable environment for these blockchain games and environments.

Upgrade the application of social media

All social media platforms are two-way. Because platforms like Twitter, Facebook, and Instagram... are always limited to interaction between screens.
Thus, a rich and distinctive social media interface allows users to interact with each other the same way they would in real life. A graphically intensive platform that enables face-to-face interaction of all uses for content created in a virtual environment. And Metaverse is the solution.

How do NFTs fit into the metaverse?

Users can trade NFT artworks or charge for admission to a virtual show or concert in Decentraland. They can also make money by trading land, which has seen a significant increase in value in recent years. Users can earn money on Roblox by charging other users for access to their games.

What is the metaverse used for today?

Application in terms of 3D interactive experience

People can use Metaverse for online meetings and meetings through augmented reality tools. This increases the emotional efficiency of the interaction and allows the ability to express itself very intuitively, like in a face-to-face meeting.

The current online exchange via text messages and calls is not guaranteed to convey all the content. We still need to meet face-to-face to discuss this. With Metaverse, users can physically interact like in the real world.

There are even intuitive tools like 3D tables and 3D models that are easy to edit and sketch out ideas. Similarly, this can also be applied to online education and training when there are geographical barriers or distances due to the epidemic.

Art

In the future, artists, and inspires can take advantage of Metaverse social networks to launch performances and chat online, but bring the experience to life.

Street artists or art content creators such as 3D paintings, sculptures, etc. can deploy on the Metaverse platform with high realism.

The service and advertising segment will also see a lot of growth thanks to the support of the metaverse. Brands can build and promote their brands in 3D and allow users to experience their products most authentically without going to the store.

Digital entertainment

An indispensable application of Metaverse being developed is the electronic entertainment segment. Game titles now allow users to interact with the virtual world as if it were real, with the help of AR-VR devices. The appearance of virtual reality glasses that come with programmed realistic 3D worlds is the simplest.

Exploration of the universe and future life

Further, this is not an impossible application. With scientific observations and predictions about the universe, with limited mobility technology, humans can recreate habitats on another planet or more modern habitats in the future in the Metaverse.

This not only expands the experience but also helps to advance simulation-based science research further.

Pros and cons of Metaverse

Pros

A fully realized metaverse may still be a decade or more away, but several positives and emerging applications that technology delivers have already been identified.

Improbable and even impossible experiences

Only a select few can venture into outer space, have the fortitude to scale the Himalayas, or are athletic enough to surf the largest waves. The metaverse, however, is expected to deliver lifelike experiences such as these to the masses in their environments.

More equal access to virtual experiences

The metaverse could be an equalizer, giving people access to existing experiences that were shut off to them for reasons such as cost, distance, or disabilities.

Heightened social connections and lifelike interactions

Users can expect not only to have new experiences in the metaverse, but they'll also be able to share those experiences in real-time with friends, family or anyone they want as if they're together in the real world.

More accurate representations of physical objects in the virtual world

The metaverse will let people more accurately see and interact with physical objects as if they were real, Gownder said. A car shopper, for example, could visit an auto dealer in a fully immersive spatial web, examine car models and test drive them as if in the real world.

Better collaboration and co-creation

Because the metaverse promises to mimic real-world social interactions and accurately represent physical objects in three dimensions, individuals will be able to collaborate as if they were all in the same room. Using VR headsets, surgeons in Brazil successfully separated conjoined twins with real-time assistance from surgeons located in their own countries.

More effective, efficient testing and training

The metaverse will do more than support remote work and collaboration beyond geographic and physical barriers; it will enable a whole new level of testing and training with great efficiency. Teams will be able to test ideas as well as train and practice in the metaverse with computer code instead of physical resources. The surgeons who separated conjoined twins first practiced the procedure using virtual reality.

New business opportunities

The metaverse's unlimited potential reaches beyond technology companies and gaming platforms. Businesses are beginning to use metaverse-like experiences to connect, engage and interact with customers in new and different ways.

Cons

High technical requirements

A major drawback of Metaverse is the technical requirements as well as the advanced accompanying equipment.

Devices that come with Metaverse such as VR Headset, Blockchain, haptics... Along with that, to access Metaverse, users need a fast and stable internet connection.

Concerns about privacy

One of the biggest user concerns about digital technology is the security of the platform. As it requires personal information from the user. As a result, security and privacy breaches can make mistakes and cost founders their entire reputation. In addition, Metaverse is still developing, so the founders are still uncertain about the safety of these Metaverse platforms.

Bridging the gap between the real and virtual world

Although the purpose of Metaverse is to "pull" the real and virtual world together. However, it completely blurs the distinction between the virtual and real worlds. In addition, such technological advances have become an addiction. At the same time, it influences how people view their real-life relationships.

Social and cultural impact

Another drawback of this new technology is the ability to create new norms that come with it. Users worldwide are concerned about the possibility that Metaverse could destroy existing cultural values. They believe that the use of this technology can lead to the introduction of new cultural values that are different from existing ones, or even completely misleading.

How will the metaverse affect the future?

A large ecosystem will accompany potential projects in terms of both economic and social benefits. Based on the current and future applications of Metaverse, it can be seen that potential projects will include the array of

Developing entertainment applications and 3D games with high realism (immersive entertainment). Especially NFT and Blockchain-based games;
Projects related to improving and improving the quality of education and training, especially training with visual simulation.
Projects using virtual space for promoting, introducing products, and marketing applications of AI, IoT, and Big Data.

Importance of the Metaverse

The Metaverse is currently all the rage in the digital world because of its seemingly endless potential and objectives. Many investors are drawn to the Metaverse since it is at the cutting edge of technological and digital discoveries. It is an environment where the physical and digital worlds can coexist and significantly impact fundamental areas of daily life.

Metaverse is an ecosystem with lots of room for growth in the future. The Metaverse ecosystem can be divided into two main industries: the hardware industry and the content industry.

Industry hardware:

Hardware manufacturing industries such as Chips, electronic components, augmented reality devices AR-VR (Augmented Reality - Virtual Reality
Scientific disciplines to develop infrastructures such as 5G Internet system, technology to prove the authenticity of assets, NFT (Non-fungible token), Blockchain, AI, and Big Data.

Content development platforms:

An experience platform outside of the real world, enabling people to experience Metaverses such as video games and 3D entertainment applications.
Social networking platforms help increase emotions when interacting with users in 3D format.

Although currently, Metaverse has not developed as its required configuration, the things that exist today are worth billions of dollars. And that's not to mention when augmented reality products are widely available. This will be the foundation for this market to grow stronger, especially in gaming.

The current Metaverse projects are still highly dependent on the development status of the accompanying technologies. Particularly for Blockchain projects, Metaverse is known as an economy in the virtual world, where users can work, earn money and convert assets to the real world.

The potential of Metaverse is huge and its development brings many job opportunities along with other socio-economic benefits. To be ready for the era of Metaverse, it is necessary to focus on advancing the underlying technologies.

In the end, whether the world has a Metaverse or any more developed platform, the core value still lies in creative ideas, new perspectives, and feelings about people's own lives.