Metaverse: An Idea, A Fiction, Or Virtual Reality?
Technological advancements like Augmented Reality and Virtual Reality have given new dynamics to the world of the internet. In a world where thinking about another universe seemed quite fictional, now people actually witness unique digital experiences that depict the same. That’s how you can start exploring the term ‘Metaverse’ which was coined by a 90’s fictional story Snow Crash.
Understanding the Vague and Complex “Metaverse”
To give an accurate definition of the Metaverse, it appears quite difficult for almost everyone like Satya Nadella – Microsoft, Mark Zuckerberg – Meta, Rajat Taneja – VISA, Vittorio Cretella – P&G, Dave Williams – Merck, and many other tech giants.
Some of the industry’s best minds call it the age of gamification, collective virtual shared space, virtual universe, and AR Cloud. Whereas market-leading companies like Roblox, Epic Games, Genies, vvand Zepeto call it the Metaverse. Along with that, some have also defined it as Spatial Internet, or Spatial Web.
According to Eric Ravenscraft on Wired, “Mentally replace the phrase “the metaverse” in a sentence with “cyberspace.” Ninety percent of the time, the meaning won’t substantially change.”
Common Examples That Explain Metaverse
So it is not just something about the future of the internet but it is the future of the internet where people can experience real multiverses. To begin understanding this whole new concept, take an example of the game Fortnite.
Inside this game, every player is a human being who plays the game physically in a virtual world. From the avatars to several other in-game features, everything exists virtually and continue to exist even if the game isn’t being played.
Another idea to understand the concept of Metaverse is its interoperability which allows the user to take virtual items like avatars or cars from one platform to another. In addition to that, it also transforms into the idea of a digital economy where people can create and trade valuables with each other.
So, Metaverse is basically all about virtual experiences in the real world by infusing the digital and virtual environments together.
Is it Only About A Few New Video Games or The Industry At Large?
Today’s technological advancements attribute expansive effects and impacts to the entire industry. So, it is not at all about some of the high-end video games that are available in the market. It has numerous use cases that have industry-wide demands.
For example, one of the market-leading social networking giants ‘Meta – formerly known as Facebook’ might come up with virtual houses where people can invite their friends for social engagement and activities. On the other hand, Microsoft a huge tech giant will come up with virtual meeting rooms where organizations can train their workforce or collaborate remotely with coworkers in a more unique and immersive world.
In some cases, the pitches for Metaverse are even more exciting and futuristic. In the quest to define the future of technology, big companies are involved in intense research and study to introduce this fictional world as a reality to the real world. They are using both the primary and the secondary elements required to create the metaverse environment such as the use of holograms.
In another case, industry experts have also identified that Metaverse will allow them to host hundreds of people in a single instance of a web server or even millions of people at the same time in the near future. But before the world adopts this futuristic technology, there are some noticeable limitations like the use of AR and VR headsets.
Not only that these gadgets are expensive and bulky but also tend to leave people with issues like motion sickness or even physical pains. So, it is indeed a huge question about how people will be able to adopt this tech conveniently.
From AT&T’s demo of a voice-controlled foldable phone to the idea of playing a virtual poker game with real people being holograms, everything shows that the Metaverse has a huge potential to change the future of this world.
Defining The Present to Making Metaverse the Future
Massively Multiuser Online interactions or MMOs such as video calls, concerts, avatars, etc. as the basic versions of Metaverse. So these modern-day VR worlds have a lot to contribute to the development and advent of Metaverse as the next big reality in technology.
There are many in-game experiences where people can live, work, play, and buy items in a virtual environment. Along with that, there are some use cases where people experience real-world recreational activities through VR simulated technology. What’s more compelling is that modern-day combat pilots get themselves trained through similar immersive high-tech experiences.
These and many examples currently exist in the world and show a huge tendency for the acceptance of Metaverse as a reality by the world. Industry’s most renowned critics and tech giants are already working on resolving and refining the various limitation of time to introduce Metaverse as soon as possible.
Non-Fungible Tokens (NFTs): A Major Constituent of Metaverse
Now, this is something that reflects the huge possibility of making Metaverse a reality soon. Non-fungible tokens or NFTs serve as digital certificates that represent and secure the ownership of digital or virtual items to individuals. Along with that, NFTs also serve as digital certificates for real-world media like music or videos sold by an artist.
Ja Rule who is a renowned singer, rapper, songwriter, and actor believes that NFTs provide “a sense of proprietorship over what creators have spent time, personal sacrifices to develop.” After finding out his and many other renowned entities’ opinions, it can be easily said that there is a lot that can serve as the founding pillar of Metaverse and it already exists in today’s world.
According to many industry experts, NFTs and the metaverse will be considered together. From digital contracts and obligations to digital land or goods, the introduction of digital ownership is a largely under-recognized area of this space. There are some cases where some pieces of land-based items have witnessed skyrocketing prices, but it’s just the beginning.
Concluding Thoughts
Seeing is believing and that’s exactly what the world will be able to witness soon. From a broad perspective, it can be easily said that market-leading tech giants like Meta, Microsoft, and many others are not only interested in adopting Metaverse but they are working on unique projects that will introduce this whole new concept to the world soon.
On the other hand, already existing use cases of AR and VR in the online gaming, lifestyle, and business segments will become the founding pillars of the Metaverse. So, there is nothing that will suddenly erupt from scratch but Metaverse has entered into the realization stage.
