MetaVerse - A Brief Guide

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April 26, 2022 3 min read

MetaVerse - A Brief Guide

The term “metaverse” is everywhere. I am positive that by now you would have come across the word Metaverse. If the textbook definitions and explanatory videos have left you confused about what Metaverse really is, this article is for you.

What is ‘Metaverse’ ?

Imagine explaining how “video calls” works to your grandparents. It would sound like an abstract concept to them because they grew up in a world where none of the modern ways of communication existed.

Metaverse is a virtual world with an enhanced experience of human interactions

Metaverse is not a new technology in itself, rather it is a new concept; a virtual world where people will be able to interact with each other through digital technology. Virtual reality will play an important role in turning the metaverse into reality but the distinctive feature is going to be the presence of a virtual world that will continue to exist even when you are not playing or logged out. The aim is to create a world similar to the one in the movie “Free Guy”. This world will be combining aspects of both the digital and physical world i.e., it will not be exclusively accessible via VR or AR but through PCs, phones and gaming consoles as well.

One of the distinctive features of Metaverse is that the virtual world continues to exist and operate without the user being active or logged in on the network

Is “the metaverse” merely a new & open-world kind of video game?

Well technically, no. Even if a player spends a lot of time doing all the activities described above, it still doesn’t encompass the entire scope of the metaverse. It aspires to be a lot more than that.

Just like Facebook, Google, Microsoft and various other companies build parts of the internet, the Fortnite creator Epic Games is currently trying to build parts of the metaverse. Tech giants like Microsoft, Meta, Nvidia, Unity are all working on building the infrastructure that might eventually become metaverse.

For decades, technologists have dreamed of an era where our virtual lives play as important a role as our physical reality. In theory, we would spend lots of time interacting with our friends and colleagues in the virtual space. As a result, we would spend money there, too, on outfits and objects for our digital avatars. Thus it translates to a completely digital economy, where users can create, buy, and sell goods. H&M and Nike already have their stores setup in metaverses, where you would be able to browse through clothes or shoes for your virtual avatar to wear.

The virtual world will closely resemble real world activities such interacting with friends, shopping, purchasing property and so on, making it an integral part of an individual’s everyday experience

Thus, you would pay online through cryptocurrencies i.e “digital money” to buy “digital clothes” for your “digital self”. Sounds unlikely right? Well, yes. Let that settle in.

One Metaverse or Many Metaverses?

Various companies are currently trying to tackle several aspects of interactions among people. Microsoft for example is currently developing a more immersive way to conduct meetings in the virtual world. Meta on the other hand is trying to develop a space where people can meet and socialize.

Game makers including Epic Games and Roblox have hosted concerts inside of their games already, while Unity is investing in opportunities to bring live sports content and tools into its 3D development kit.

Thus, there is still no concrete answer for this. Ideally, there ought to be only one metaverse but it is likely that various smaller platforms might exist during the early stages. Mark Zuckerberg did emphasize on the importance of interoperability, so eventually there might exist some standard version of a metaverse. He also said “I DON’T THINK THAT THIS IS PRIMARILY ABOUT BEING ENGAGED WITH THE INTERNET MORE. I THINK IT’S ABOUT BEING ENGAGED MORE NATURALLY .”

Business in Metaverse

The total Metaverse market size may reach 2.7 times that of just gaming software, services and advertising revenue. Revenue from live entertainment businesses that can become part of the Metaverse concept — films, live music and sports — may exceed $200 billion in 2024 because all these events will eventually become available to an exponentially larger audience. For example, a Taylor Swift concert which earlier was only accessible to people in select cities will now be open to people all around the world.

According to Bloomberg, the Metaverse market may reach $783.3 billion in 2024 vs. $478.7 billion in 2020 representing a compound annual growth rate of 13.1%.

Although not of utmost importance, cryptocurrencies could be a great fit for the metaverse. They allow for creating a digital economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. Further, blockchain technology can provide a transparent and reliable governance system for the Metaverse.

On the Future of Metaverse

In my opinion, it is too early for us to be able to get an authentic metaverse feel just yet. Even though parts of it are accessible now and coming together, it is a far-fetched futuristic vision. In conclusion, it seems to be a maximalist version of what the internet could be.

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