An Insight into Metaverse

Think of a place where you can do things from the comfort of your home, as people live, shop, work, and communicate with each other. This virtual world concept is known as Metaverse. The Metaverse got hype in October 2021 when Facebook altered its corporate name to Meta. This multi-millionaire company announced to spend 11 billion $ on technology for one year to bring out its vision on the map. The introduction of the Metaverse to the digital world will be an internet evolution. People will interact with each other and organize business meetings, including games via digital avatars.

The Metaverse Concept

digital avatars

The concept of the Metaverse is a little obsolete. First brought in 1992 in the novel Snow Crash. Many companies made online worlds on this concept, the most popular one, Second Life, released in 2003. Metaverse allows people to represent themselves as facsimile and interact with each other to build out the community virtually. Digital currency to buy anything in the Metaverse. In Metaverse, users can travel virtually with no goal in mind through a VR headset and Controllers.
Ernest Cline’s Ready one player was another novel that backed the idea of the Metaverse. It became a movie set in 2045 with the world getting plagued and people escaping it through a Virtual reality called Oasis.
The Metaverse is the mega-goal for many tech giants. It is the goal of Epic games, Facebook, and Microsoft, with Epic Games being the reason for facebook’s buying of Oculus VR and its newly announced Horizon virtual meeting space. To enable the Metaverse following things are needed.

Oculus VR

Networking must be excellent. Companies that offer maximum connectivity, high bandwidth, and data services to their consumers will have a better impact on the Metaverse. Companies need to provide computing power to the Metaverse. To develop digitally immersive, three-dimensional simulations, settings, and worlds where the user can create, explore, and participate in various experiences.
The Payment methods must be digital to buy and sell various things in this virtual meeting space. Availability of sale, resale, seeking protection, and financial administration to help connect user data and identity.
Platforms similar to the Metaverse are transforming into digital economies by incorporating various utility tokens and collectibles due to their open-world value. Thus, a decentralized, blockchain-based model is forming where users will interact and collaborate to build and manage the network for this Virtual meeting space.

VR headset

How will Metaverse become the next big thing?

Many think that Metaverse will serve as a bridge between the virtual and physical world via VR, AR, and other required technologies. It will be a big thing as it facilitates social interaction, and learners could easily find their way as they wouldn’t be alone in the Metaverse. In the coming 10-15 years, Metaverse will be a 20-30 trillion $ platform.
While there are numerous ways to invest in the Metaverse, NFTs are the best among others. As the Value for NFTs increases, the Metaverse economy will also increase, making it a profitable platform. Metaverse is a brand new concept in its infancy stage. So, it wouldn’t be earlier to get an insight into this virtual meeting space.

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