It is a set of shared online worlds wherein physical, augmented, and digital facts converge. It can be just a technology for some people or a vision of future society for others. At present more and more recognizable brands and businesses begin to incorporate it in to their long-term plans. For instance, a very reputable brand like Facebook has completely rebranded itself with the name Meta for their long-term plans. The metaverse is constantly evolving and becoming bigger and better everyday.
It is turning into the subsequent era of the net you’re the usage of today. You may be reading this on an app or some website it is the 2-D experience whereas the metaverse is becoming a more immersive 3-D experience.
The metaverse is not under anybody’s central control which is a key point with respect to its growth however it is supported with different blockchains. This key point has helped it grow so much in so little time because anyone can contribute to make it better. As we have moved from Web1.0 to Web 2.0 and now we are making a move toward the next generation Web3.0. The Metaverse is a subset of the Web 3.0.
The fundamental value proposition of Web 3.0 is an open and decentralized internet powered with the aid of using blockchains. The Metaverse includes virtual worlds, NFT’s (Non-fungible tokens), cryptocurrencies, trading of virtual assets, virtual games,etc.
In the virtual worlds (e.g.- Decentraland, HyperVerse) where you can buy and sell pieces of virtual land. Many huge stars have even held concerts, shows, etc. in the virtual world. You can create your own character in the Metaverse. You can play many virtual games in the Metaverse and can also earn crypto from them. You can even put up your NFT’s in a virtual art gallery where other buyers can buy it from you.
In Decentraland virtual plots have been sold up to 1 Million Dollars in its own cryptocurrency Mana. The Metaverse have so many untapped regions for growth. A similar game like Sandbox has its own cryptocurrency SAND which you can play and earn it.
In the coming future Augmented Reality would be combined with the metaverse to make it even more realistic. There are many online stores in the Metaverse where you can buy things and with the assistance of Augmented Reality you could see the way it appears on you or in your home.
The idea of making an alternative, digital universe in not new. It has always been present in games and different websites. The boost in cryptocurrencies and development in blockchain technology has enabled the growth of Metaverse.
Even MicrosoY has developed a long-term plan. They have started by acquiring big game studios. Apps like MicrosoYTeams have plans to go in virtual reality classrooms, meeting rooms, etc.
The Metaverse in the future will be a big part of our lives. We are just scratching the surface of the possibilities that could be possible with Web3.0 and Metaverse. It could possibly be the next biggest thing in the world.
Krishna Singhal
Ist Year (B.Tech-CSE)
School of Engineering and Technology
Sushant University
