Why is Metaverse the next big thing
The multiverse is defined as, "A series of virtual environments where one can develop and interact with individuals who do not share the same physical space as you,” according to Facebook. Multiverse technology is yet to be acknowledged fully and this might take a few more years. It is intended to one day be a virtual space where working, playing, learning, creating, shopping, and interacting with people will become a norm.
What is the Metaverse, exactly?
The Metaverse is a virtual reality network that mixes components of social networking, online gaming, virtual reality, augmented reality, cryptocurrencies and blockchain to allow people to communicate digitally.
The Metaverse can be thought of as the digital counterpart of this world. Human profiles are represented as avatars, it is said to replicate the real world. In the Metaverse there will be real estate, offices and concerts as well.
Metaverse is a virtual public network that may be accessed via the internet. It creates a “digital world” by simulating gestures and expressions of humans.
It doesn’t come as a surprise that Facebook has been infusing Metaverse for quite some time now. Mark Zuckerberg (CEO, Facebook) has stated that the company will be transitioning into a metaverse leaving its identity as a social media platform.
History of Metaverse
Neal Stephenson, a science fiction writer, created the word “Metaverse” in 1992 in his novel “Snow Crash”. The novel depicted humans in the form of Avatars and different softwares which interact with each other in a 3D virtual world, which was used as a metaphor for this world.
After this, the founders of Silicon Valley developed an interest regarding this concept of a virtual universe fused with a real universe. In an essay, “The Theatre of Cruelty” authored by Antonin Artuad in 1932, the word “virtual reality” was first used.
From 1992 through 2004, companies such as Blaxxun Interactive, There Inc, and Linden Labs, created several three dimensional virtual worlds, apps, games and social media that allowed users to interact with avatars and purchase products using cryptocurrency and prizes.
Over time, Metaverse has progressed beyond simply a game-related experience. Games developed in Unreal Engine, games such as Fortnite have demonstrated how beneficial metaverse can be. This is the main reason why Facebook is investing significant resources in Metaverse, and $325 million has been collected by the Great Galaxy and people are willing to invest in this technology more and more.
Metaverse and Facebook
Facebook is proposing a name change, according to a story published on The Verge on October 19th, 2021. And as of yesterday 28th October, 2021 “META”is the new name for Facebook. This shift will evolve the image of the brand from a platform for social media to a metaverse platform.
The CEO of Facebook, Mark Zuckerberg, has stated that the company will transform from a social media platform to a metaverse corporation in just a number of years. To develop the Metaverse, the business plans to hire 10,000 people throughout Europe.
Facebook has also put a lot of money into VR and AR, building devices like VR Oculus headsets, AR-glasses, and wrist-bands. It is also willing to spend 50 million Dollars to form partnerships with organisations that will assist properly to develop Metaverse.
Facebook has been heavily criticised for having a negative effect on teenagers, and some opponents claim that the transformation is only a diversion from the company’s ethical attacks. Facebook, on the other hand, is not paying heed and is adamant on expanding its reach: the Metaverse could be the next big bang.
Metaverse and Gaming
The gaming business has transitioned away from a structure in which producers make up a substantial portion of the income: games through which people earn have resulted in profit, and Metaverse technology has taken this profit to a whole new level.
Blockchain technology powers a huge number of existing metaverses today. The use of cryptocurrencies and NFT is evident for transactions on such networks. In such games blockchain is integrated and the player is rewarded through coins or those coins can also be used for in app purchases.
It is therefore not surprising that the gaming platform, The Sandbox has shifted from its original traditional gaming to crypto gaming. The Sandbox Game Maker console allows users to create games from scratch, enjoy other games and buy digital property, thanks to the Metaverse.
Last year’s lockdown was accompanied by a great deal of boredom, but people were also enlightened by the potential of the gaming industry. Alien Wood and Axie are games through which you can earn crypto coins, these reported high number of downloads during the lockdown .The marketplace of Axie counted 250,000 active players and 90,000 ETH transactions on a daily basis. As a result, it’s not surprising that The Sandbox, a gaming platform, has transitioned from regular gaming to crypto gaming.
Future of Metaverse
There might be an environment in the near future where people can virtually go to offices, universities, have meetings, shop and have a whole package of entertainment, just like this physical world.
Meetings, entertainment, raining, and even study will most likely be given online in Metaverse. This is the reason why businesses are putting a lot of their money in Metaverse. The network’s potential to alter the world is undeniable.
People are concerned about the security regarding Metaverse, these include breaches in data, malware exposure, and fraud. This is the sole reason why everyone is not investing in it yet. But considering this Metaverse as the next big thing, there is no doubt that it would take the tech world by storm.
