We humans are a part of this changing world with it’s technology . It is the virtual world that uses the internet as its network to connect world wide . It is a hypothetical iteration of the internet and 3D space where users can interact with each other and with computer-oriented objects and different tools. Metaverse is one of the new technology we are using . It includes various purposes like gaming, social networking, education, and training, etc. some examples of metaverse are Fortnite, horizon, Pokémon go, and many more.
– HISTORY OF METAVERSE :
The term metaverse is not new it has its roots from 1992 courtesy of writer Neal Stephenson. In his famous novel “snow crash” , he explains the metaverse as a virtual world. Where people interact with each other forming digital avatars.
Metaverse’s name is from his novel, which combines “meta” and “universe”. Since 1992 the evolution of the metaverse begins in many aspects of technology. Early metaverse has been introduced in video games like the second game, Fortnite GTA V, etc.
After that metaverse is pop up in movies like Ready player one. Now, the metaverse is turning into reality by some companies.
– COMPANIES THAT ARE WORKING ON METAVERSE :
1. META (Facebook metaverse company)
One of the most famous social networking site is Facebook its CEO Mark Zuckerberg announced Facebook as meta. He uses metaverse to change how users interact, work, plays and shop online. The announcement creates awareness among people for the 3D virtual world. From then many companies and individuals started to explore the metaverse.
Microsoft aims to use its HoloLens to combine AR with real-life applications. Kawasaki has now partnered with Microsoft to utilize their industrial metaverse to allow its workers to use HoloLens to help build robots and manage supply chains.
3. DECENTRALAND (Metaverse platform)
It is a metaverse platform that provides users access to create their own virtual experiences. The platform is decentralized, which means that the user data is not entertained by a third party. Users create their customized avatars, which allow them to explore things that the platform provides.
It is a very prominent company in the gaming industry widely known for its graphical processing units. However, the company has also been making big heights in the metaverse market by making a tool to facilitate 3D creations and innovations.
This metaverse company offers a wide variety of tools for developers to use to create software solutions to monetize 3D and 2D content for the metaverse. It is a preferred option for developers because it uses C# programming language which is widely known by users and is easy to use.
– WHY METAVERSE IS GETTING USED BY THE COMPANIES
McKinsey produced a report that the metaverse has the capability to generate up to $5 trillion in value by 2030 and it cannot be ignored by the big companies. Recently, Bloomberg Intelligence said that the metaverse is the next big technology arena. Which is attracting social networks, online game makers, and other technology leaders. Already an $800 billion market opportunity metaverse created.
Gamers use metaverse because they are already excited for virtual reality where they can take all sorts of virtual adventures. Metaverse provides virtual property where you own virtual property, you can open a store, online events, or even rent it out how intresting it is .
- Non-fungible token ( NFT ) :
NFT is a digital asset such as a logo, photograph, gaming asset, and token on the blockchain which is purchased by cryptocurrency. The advantage is that everyone has a unique identification code that can’t be duplicated.
Marketers want to keep millennials and Gen X up-to-date and engaged them with their products and technologies and metaverse allows them to target these audiences strategically.
– RULES OF THE METAVERSE :
1.The Metaverse is only one metaverse.
2. The metaverse is for everyone.
3. Nobody controls the metaverse.
4.The metaverse is open.
5. The metaverse is hardware-independent.
6. The metaverse is a network.
7. The metaverse is the internet.
– METAVERSE PROS AND CONS :
|Access to virtual experiences.||Higher equipment costs.|
|social connections and lifelike interactions.||additional privacy concerns and security issues.|
|Right representations of physical objects in the virtual world.||Corporate takeover.|
|New business opportunities.||Cybercrime.|
|Upgrading social media.||Addiction problems.|
|Improvements to online learning and education.||Virtual bullying.|
|Positive impacts on cryptocurrencies and NFTs.||Connection and hardware issues|
– PREDICTIONS OF METAVERSE
- How big will be the metaverse?
McKinsey and Company, a management consultancy predicted that the metaverse will generate up to $5 trillion by 2030. Equal to the size of the third-largest economy today.
2. Will there be more than one metaverse ?
The vision of the metaverse is built on a single integrated ecosystem, like the internet. In the future time, there will likely be multiple metaverses with separate economies and the ability to move assets and objects between worlds.
3. Will the New security and privacy issues will come up ?
The metaverse will offer new challenges for cybersecurity, privacy rights, anti-fraud efforts, etc. 3D capture techniques will collect an increasingly large swath of personal and biometric information that hackers could compromise.
4. Gamification will galvanize calm technologies .
Innovation in blockchain and NFTs helped to create an industry of play-to-earn(P2E) games, like gods unchained and axie infinity, in which players do a task and earn cryptocurrency.
Metaverse gamification strategies are likely to galvanize pushback. older calm technologies, like spam filters and ad blockers, that helped consumers avoid being distracted by unwanted emails and advertisements will be rebuilt for the metaverse.
5. Robotics innovations will gear up.
The metaverse is more than just for people. The metaverse will help engineers to train smart robots. metaverse environment can generate good synthetic data that are hard to find in the real world and help in testing, and optimizing autonomous systems virtually.
6. The metaverse will expand beyond the virtual showrooms.
The business side of the metaverse will use improvements in 3D modelling software and scalable multiuser environments to develop new approaches to solve problems. It will take advantage of the combination of visualization with real-time data to power customer collaboration, risk forecasting, and fraud or crime detection.
- CONCLUSION :
Metaverse is indeed the future because it is set to change the world by the way it represents the virtual world. create a new way of earning money. metaverse has the potential to be the next revolution in the virtual reality world.