Metaverse: Understanding the Emerging Virtual World
Do you still screech to understand the Second Life Online known as Metaverse?
This publication addresses that and goes a step further to explicate Metaverse examples such as
Facebook’s Metaverse, and other Metaverse components including games, NFTs and multiverse.
So, read on for your new discoveries.
Meaning of Metaverse
In simple terms, Metaverse is a virtual environment where people work, play games, and engage in other social activities just as you would have it in the real world.
It’s a virtually enhanced physical reality that uses virtual reality (VR), Augmented reality (AR), and internet technologies.
In other words, Metaverse is a combination of virtual reality, augmented reality, decentralized games, NFTs, Cryptocurrencies (DeFi and web wallets) social media and much more.
Now, I see you’re gapping already, thinking what the heck is virtual reality and augmented reality? Just read on, everything will become clear to you.
We spend loads of time these days before screens to engage in social activities.
People no longer live for days without their televisions to watch that fascinating movies.
Also people can’t do without using their smartphones to catch breaking news, take pictures, chat with friends and do whole lots more.
This is where virtual reality (VR) and augmented reality (AR) come in. They’re two technologies that are rapidly changing the way we use these screens, thereby creating exciting interactive experiences.
Virtual Reality uses headset to teleport you into a computer-generated world that isn’t real at all.
It helps you navigate this fictional world so much that you can engage in social activities such as attending party with your friends in the Metaverse. Enough said about VR.
On the flipside, augmented reality (AR) wouldn’t transport you into any computer-generated world or Metaverse.
It rather helps you to get digital pictures of real world and lays them before you. AR allows you to explore the real world around you with digital images layered on top of it.
This is exactly what your typical smartphone camera does when you take pictures of your environment or fascinating objects to have a better view.
These two technologies, VR and AR, have become indispensable components of the Metaverse.
One important thing you need to note about Metaverse is that it isn’t a whole planet on its own as you may have imagined.
This whole second life online of a thing will come in different forms and experiences.
This brings us to taking a glimpse on its examples.
Facebook’s Metaverse is a tightly interwoven set of digital spaces (including Instagram, WhatsApp, and Facebook) that allows users to escape into a virtual world to explore.
Mark Zuckerberg’s Metaverse when it is fully developed, will take you on an immersive journey that will tremendously change how you socialize, work, shop, play, and interact with the world around you.
In this virtual family kingdom, avatars will be the representations of your human self.
Your friends will have their avatars also in the Metaverse which yours and others will relate with.
This Web3.0 experience is however at the developmental stage.
Similar to Facebook, Disney has also perch its nest into the Web 3 evolution by rolling out Disney Metaverse.
Disney is an entertainment conglomerate expanding all over the world through technological innovations.
Its CEO, Bob Chapek confirmed in last December of their plans for Disney Metaverse.
This has taken a great lift as Disney has already started integrating the physical, digital, and virtual spaces to aid its users to explore all Disney products.
Other brands also blazing the trail in the virtual family kingdom are Hyundai’s Roblox Metaverse, Gucci Garden, Balenciaga, among others.
Components of Metaverse
Just as our real world has different components that makes life enjoyable and interesting, metaverse also has these components in its world.
Some of these notable components are cryptocurrency, games, and NFTs.
Cryptocurrency is a digital money that is protected by cryptography making it almost impossible to counterfeit or double-spend it.
Cryptocurrencies which you can refer to as the money used in virtual family kingdoms are distributed across network of computers on the blockchain.
These distributions make cryptocurrencies decentralized thereby making it nearly impossible for government or any organization to manipulate.
This is the most reason cryptocurrencies are cheaper and faster means of financial transactions.
Cryptocurrency is an integral part of the second life online, Metaverse.
This is simply because it serves as the digital money used for all transactions in the metaverse.
And it is this that informed some financial experts prediction that cryptocurrency will disrupt the present centralized banking system to emerge the legal tender of the future.
Games are also Important aspect of the metaverse.
Digital games are arguably the most socializing part of the new world.
This is because it enables friends have a swell time to interact and have fun in the fictional world.
Not only that, these digital games also have monetary values where gamers play to earn coins that can be converted to fiats and used in the real world.
Examples of these digital games are Axie Infinity, Decentraland, Alien Worlds, Sandbox, e.t.c.
NFTs stand for non-fungible tokens. A non-fungible token is a non-interchangeable data that is stored on the blockchain.
This non-duplicated data can be in the form of digital ledger which can be sold or traded.
I like you to note that every NFT on the blockchain represents physical objects like arts, cards, photographs, and even music in the real world.
NFTs as a component of the metaverse have taken over the arts and entertainment industries.
Artists now make frantic efforts to tokenize their art creations and collections for greater monetary rewards. All thanks to Web3.0.0 revolution.
In simple words, multiverse is a set of different virtual spaces or worlds, where you can switch from one space to another to carry out some functions or activities.
Multiverse could be better said to be the interconnection of different ‘metaverses’ earlier discussed, to enable interoperability.
This then means that in the long run, a user can switch from Facebook’s metaverse to Disney’s or Roblox to explore and interact.
With these technological innovations, the world may shrink further to become a smaller village.
Technological innovations are taking place pretty faster than most people imagine.
Just like in a glimpse, the world is transiting from web2 to Web3 where Metaverse and its components has taken the centre stage.
The future world will be an intriguing one where virtual experiences are merged with real world experiences.
A world where users have ownership of their digital creations, assets and experiences.
A world where shared virtual environment allows users to work, watch movies, play games to earn, visit libraries and other services.
These and many more constitute the Second Life Online called Metaverse.