“Metaverse” is making headlines around the globe. Once the CEO of Facebook, Mark Zuckerberg rebranded the company to ‘Meta’, aiming to reinforce the term “Metaverse” as the future of the internet. Though some have praised the rebranding’s boldness, others have cast doubt on its potential to thrive in light of Facebook’s ongoing PR crisis.
This article will take a trip through the metaverse, from its earliest origins to its most promising prospects for the future. Not to be missed for blockchain, cryptocurrency, and NFTs enthusiasts: this is a must-read. Metaverse can be a new potential to make you earn more!
What is the Metaverse?
Example of Facebook Metaverse from Mark Zuckerberg’s Virtual event showing futuristic lifestyle using Facebook Metaverse.
Example of Facebook Metaverse from Mark Zuckerberg’s Virtual event
The metaverse is a hybrid reality that unifies the physical world and virtual world together.
According to Mark Zuckerburg’s Meta announcement, the metaverse is built as a shared virtual platform that enables users to interact regardless of place and time, for instance, through virtual meetings, online concerts, and virtual traveling.
While classic rich web applications are still there, the metaverse has grown into a platform where people may create their own virtual selves to interact with one another in a way that mimics the actual world. In fact, Metaverse’s cyberspaces will stay on the network long after the events are over.
Elements of the Metaverse
The metaverse is increasingly complex by its diverse elements, e.g. servers, digital currency, marketplace, digital assets, social media, language processing, and others.
The Elements of the metaverse.
For this reason, it is essential to get a solid grasp of the following concepts before going on to more advanced metaverse developments.
Virtual Reality (VR) & Augmented Reality (AR) are essential in building a Metaverse. Indeed, VR allows users to immerse themselves in cinematic scenery, while AR improves digital content to seem more realistic.
Artificial Intelligence (AI), an innovation to mimic human intelligence, has been brought to the metaverse to build a smarter immersive world. It enhances avatar creation to be more realistic. Moreover, it builds digital humans as NPCs (non-playing characters) and provides security and multi-lingual services for individuals.
Blockchain supports the metaverse to achieve a decentralized, integrated, and secured economy. By securely storing and transferring data and digital assets on the blockchain, users will be incentivized to trade and commerce using digital currencies.
Internet of Everything (IoE) plays an integral role in the metaverse in terms of network connection. It facilitates the linking of data, people, devices, and processes over public networks.
3D innovation enhances users’ experiences with visualization. With this innovation, the metaverse games can construct more realistic interfaces that give players a feeling of presence, rather than merely playing for pleasure.
How is Cryptocurrency used in the Metaverse?
Metaverse’s economy relies heavily on blockchain technology for tokenomics, decentralized transactions, and the creation of NFTs and Dapps.
By adopting cryptocurrency, many brands have built in-house marketplaces and NFTs to incentivize their users, for example, Axie Infinity. NFTs in the metaverse come in a wide variety of sorts, including trading cards, in-game collectibles, and even virtual lands.
Nowadays, there are also several metaverse projects that employ blockchain technologies such as Crypto Mining, Decentraland, The Sandbox, etc.
The Sandbox project is a great illustration of how cryptocurrency is used in the metaverse.
“The Sandbox” has stated its vision of constructing the metaverse to combine the virtual world with the world of gaming without central governance.
This gaming project will enable players to use its “SAND” coin which is specifically issued for the “The Sandbox” ecosystem with its utility in the purchase of in-game real estate and other digital assets on its virtual game platform.
Apart from that, those in-game real estate and digital assets are also built on blockchains, which makes them secure. Additionally, they come in the form of Non-fungible Tokens (NFTs) which can be traded through “The Sandbox’s” marketplace or traded through other NFT Marketplaces.
As illustrated, it’s undeniable that The Sandbox is one of the most intriguing games of the time, with the use of the metaverse to improve realism while using cryptocurrency to incentivize players.
Metaverse Use Cases
When it comes to everyday life and business advancement, the Metaverse provides new avenues to explore. Examples of Metaverse’s applications in many industries are provided below.
Remote Work: A result of the long pandemic has been an upsurge in the use of WFH (work from home) policies. However, working online still lacks realistic interaction which makes on-site working irreplaceable. Metaverses are expected to increase social connectivity, mobility, and cooperation, which will all lead to greater productivity.
Education: Also, students are greatly affected by the pandemic, with unequal learning opportunities and low productivity. Rather than spending all day staring at the screen, the metaverse can provide virtual learning. Students may utilize avatars to immerse themselves in virtual school without feeling spatially confined.
Health & Medicines: Telemedicine has become a global interest in the healthcare industry and among the general public. When the number of patients is restricted due to pandemic policy, the metaverse can assist in the development of telemedicine for improved long-term care and patient convenience.
Tourism: The metaverse has the potential to whet the virtual traveler’s appetite. By combining VR and AR, it is viable to virtually take visitors from their homes to join the fun on the road. Despite being not widely adopted, we still can find 360-degree video footage that brings us to locations on several social media contents.
Gaming: For game producers, the rise of gaming as a social lifeline has posed a new challenge. To build a game with a digitally-decentralized economy, the Play-to-Earn concept is very suitable. In addition, the NFTs and role-playing avatars could greatly incentivize people to mingle and barter, resulting in the game’s economic growth.
Metaverse in Business World
If the metaverse is succeed, the promising digital economy will become fruition. Many industries now embrace Metaverse in the light of boosting their business value. Cryptocurrency, NFTs, and MaaS are innovative ways to foster firms to expand a more immersive and realistic metaverse for their customers, enhancing their overall satisfaction.
Metaverse and Investment Opportunities
Metaverse projects, as previously said, are essential to the success of the digital economy, and investment is a cornerstone. Play-to-earn games and virtual lands are now popular ways to invest in metaverse projects. However, before diving into the Metaverse market, don’t forget to learn about some Metaverse coins to see which ones would be a great fit for your investment plan.
Source : ZIPMEX