What is Metaverse?

17 May 2022

It's been nearly a few months, and all of our attention suddenly captured on a single term 'Metaverse' .It's difficult to define the term metaverse, how it works, and which sectors will benefit the most from the metaverse. The whole world of the internet suddenly focused on searching the word 'metaverse' when Facebook suddenly announced that it is rebranding to meta, and they claimed it is the future of the internet.

The metaverse is expected to be virtually interactive and dynamic cyberspace where you can have a virtual life with or without revealing your identity. You will be able to sell, buy and use things just like you do in the real-world. You can play games, and you have all the fun, serious transactions and trading as well. There are many tech giants like Meta, Nvidia, Unity, and Microsoft are working on creating compelling tech that can interact with the virtual world.

The ‘Reality’ of ‘Metaverse’

The idea of the metaverse is nothing new, and the term has been around for 30 years. The term was introduced by Neal Stephonson in 1992 through his novel Snow Crash. The writer has portrayed a virtual world where the metaverse is a virtual reality world, a future marketplace where real estate can be bought and sold. The core three elements of the virtual world are a Virtual reality interface, a digital ownership feature, and the ability to choose or create avatars. All of those features prominently exist in the current idea of metaverse as well. In other words, the metaverse can be considered as an interactive virtual space where people can play, shop, and socialize.

Possibilities of Metaverse

The 3D aspects of the metaverse do not cover everything that is required in a virtual world. The transaction world requires something like cryptocurrency to attain digital proof of ownership, transfer of value, and accessibility. This would be another version of the internet where AR and VR plays a major role in creating an immersive virtual environment. The potential synergy between the metaverse and the cryptocurrency will be the next generation virtually interactive immersive world where people can live and do whatever they like. There are a lot of possibilities for many industries to create and expand, even for startups. The current investments in tech like AR/VR/Crypto are going to pay back in the nearest future with an amazing profit.

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