The Evolution of the Internet: What is the Metaverse?
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Introduction
What we’ve been noticing
Recently, the term Metaverse has been gaining a lot of popularity. Although it’s not a new concept, interest in it soared when Facebook entered the market and rebranded themselves to Meta, creating hype in the crypto space. This hype has led the price of meta-related cryptocurrencies to soar and increased interest in metaverse platforms. Predictions about the metaverse are that it will radically transform the way we live in the world around us. But what does this term Metaverse really mean, and why is a corporate powerhouse like Meta betting on it. In this article, you’ll learn the answers to both of these questions as we introduce you to the next phase in digital innovation.
Key Topics this Article will Cover:
The evolution of the internet: What is the metaverse?
How does the metaverse work?
How will the metaverse impact our daily lives?
Conclusion: What’s next for the metaverse?
The evolution of the internet: What is the metaverse?
The metaverse is a newly imagined technology that uses augmented and virtual reality (AR and VR) to place users in a digital world. It's a concept where virtual worlds and reality merge into one giant world with limitless possibilities. It is the next generation version of the internet built around immersive experiences in virtual environments. We will be able to communicate with others and have an entirely immersive experience in the metaverse. While gaming platforms dominate today's metaverse (e.g., Fortnite and Roblox), many in the industry see the opportunity for the metaverse to redefine how and where people connect to each other. The pandemic has shown the vital importance of finding ways for people to meet and engage with others via social platforms such as Zoom, Google meets, and the likes. In the future, the metaverse may provide channels for people to meet, talk, and enjoy activities and events together, even if they are far apart in the real world.
The easiest way to perceive it is as the next wave of the internet.
The first wave of the internet laid the foundations, linking various websites and providing search functionality. The second wave made it possible for third-party apps, like Facebook, to function on these foundations. The third wave will enable wide-spread, 3D, immersive online experiences. The Metaverse is a decentralised space that blurs the lines between reality and the digital world.
Examples of metaverse projects
To better understand the meaning of the metaverse, you can check out these leading blockchain-based metaverse projects that are bringing this vision to life:
How does the metaverse work?
The Metaverse uses virtual and augmented reality to give its users incredible immersive experiences. Gaming, virtual events, social interactions, and many more broad features of virtual experiences are all covered under the metaverse. People can enter a virtual world with 360-degree vision through VR, where they can view stunning landscapes, explore vast new places, attend social events such as virtual concerts, and much more. Users can also design their own avatars, or virtual versions of themselves, and explore the metaverse by using VR. On top of that, users can produce and distribute digital content, including animations and 3D models.
Each Metaverse also has its in-game digital currency, which can be used to buy or sell digital products. For example, the Sandbox has $SAND, Decentraland has $MANA, etc. Users can exchange these digital currencies for fiat currency at cryptocurrency exchanges like Binance, Coinbase, etc. Users only need to connect their digital wallets to these platforms to start making transactions.
How will the metaverse impact our daily lives?
The Metaverse is not only an emerging new technology that’s part of today’s hype cycle. It builds on years of research on artificial intelligence and immersive interactivity, and it has the potential to significantly alter both commercial and social interactions. Parts of the metaverse have already begun to emerge and provide people with new ways of interacting. The metaverse may eventually change how people live their lives and engage with one another. Given the lockdowns and restrictions brought on by the pandemic, it becomes increasingly important to leverage technology to ensure that people can connect with others, with friends and family, with companies and service providers, in a human way, even if they cannot meet in the physical world. It is vital for all potential stakeholders to work together to create a metaverse that is open to all, that brings people together, and that provides people with new opportunities to work, play, and experience things which may not be accessible to them in the real world.
Conclusion: What’s next for the metaverse?
In a world that's becoming increasingly digital, virtual and immersive with every passing day, the metaverse is fast becoming our reality. Although, the ecosystem is still in its infancy. Once it has reached its full potential, it will alter the way we live, work, and play. Think of it this way, the metaverse today is similar to how the internet was in the 1990s when only a few people could see its bright future. This serves as another reminder of how closely tied our lives would be with the metaverse as technology evolves. We're all part of the Metaverse now. Let's make it work for everyone.
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Lisa JY Tan | Founder and Managing Director
E: Lisa.T@EconomicsDesign.com | W: EconomicsDesign.com