5 Things You Need To Know About The Metaverse

If you are a regular Internet user, then you have most likely heard about the term “Metaverse” especially from the recent Facebook rebranding to Meta. You might have heard about it from Fortnite creator Epic Games about their $1 billion funding to focus on their “long-term vision for the Metaverse”.

What is The Metaverse exactly?

The Metaverse is an immersive digital reality that allows users to participate in social activities from the comfort of their own homes.  The basic concept of the Metaverse is quite optimistic that is by working to replicate the real-world environment and enable interactive activities by combining augmented and virtual reality.

It garnered interest since its inception especially after the world pandemic due to COVID-19 as many people participated in a variety of virtual events whilst staying at home.

Its unique feature of it is that it focuses on the concept of presence to make all users feel like they are having a face-to-face interaction with this new iteration of the Internet. The concept may seem all daunting but here are 5 things about the Metaverse that will help you to understand it better:

1- Is The Metaverse a completely New Technology?

Just imagine that you could fully experience and participate in any sort of concert, business event or gaming by simply wearing a headset. You’ll feel like you’re physically present there just because of the 3D features the Metaverse has.

The question remains “Is Metaverse a completely new technology or not?”. Realistically, it is just a combination of two previous technologies: Augmented Reality (AR) and Virtual Reality (VR). Both these technologies are combined to create an exciting 3D environment that can be simulated through glasses, headsets or watches. Not only these but it can also be accessed through other existing technologies like computers, gaming consoles or even cell phones.

2- What type of Businesses will be in The Metaverse?

Several business opportunities are available in the Metaverse. Some of the possibilities are endless and will involve multiple industries like:

– Virtual Concerts, Events and Meetings

– Shopping Experiences

– Virtual Augmented workspaces to offer a more collaborative connection between employees

– Better learning experience through Virtual Institutions

– Social Media Platforms that will allow users to interact using their 3D avatars

3- Blockchain Technology in The Metaverse

Everyone is quite familiar with Blockchain nowadays and its effect today in the modern world of digital transactions. It is a system for recording all trackable assets and financial transactions within any business network. Any sort of valuable asset whether it is tangible or intangible can be traced in Blockchain Technology to minimize the risks of any third-party involvement. Incorporating Blockchain Technology into the Metaverse is still an ongoing process. Two of the most well-known cryptocurrency platforms, Bitcoin and Ethereum are working and helping to establish Blockchain technology in the Metaverse which provides digital transactions in that virtual reality.

4- No Ownership of The Metaverse

The idea of the Metaverse is entirely a shared concept even though Facebook changed its name to Meta. Facebook couldn’t be considered to take complete credit for developing this new technology. A lot of companies are exploring new features to enhance their own pockets with this technology. Big Tech companies like Microsoft, Roblox, Unity, Nvidia and others are all building their ideas of a better virtual world to develop new digital experiences.

5- Is The Metaverse Safe?

Many users have already sparked conversations about safety concerns and analyzed if it could be a responsible & secure immersive environment. Qualified experts on digital privacy have explained the activities in the Metaverse will be monitored and under surveillance to ensure user safety & privacy. It will also have a legal framework of guidelines that will help focus on prevention and implement consequences of the action in case of any sort of virtual harassment is to occur. The Metaverse will take all precautionary measures and help users to trust the technology. By the end of 2024, there will be 1.7 billion AR mobile users worldwide. Accessibility, cost and safety are the top three factors cited by Extended Reality (XR), industry experts as driving the AR market past the VR market.

The Conclusion?

The Metaverse is a catalyst of the future that will add to the next generation of the Internet. If you look back historically at the existing major tech trends, no one had envisioned it as it is today. While everyone knows it’s a game changer in the future, no one is exactly sure where it will end up. We would all have to wait and see what exactly the Metaverse holds for everyone in the future. Most likely, Metaverse is the future and will revolutionize the way we see the world right now.