Metaverse is defined as a virtual-reality space in which, within a computer-generated environment, the users can interact with the other users. Initially, In the science fiction novel Snow Crash written by Neal Stephenson, released in the year 1992, the term “Metaverse” was used as an amalgam of the words “Meta” and “Universe”.
A metaverse is a 3D virtual reality simulation world created and maintained by the users. This virtual world is alike the physical world which could be explored and interacted. It is focussed on social connection and actually is a hypothetical iteration of the internet as a universal and immersive virtual world.
With Metaverse, the users can experience the feeling of seeing the real world. For this, A VR headset is needed to augment the real-world things virtually. However, Metaverse’s virtual world is not real but it is close to reality.
Key Characteristics of Metaverse
Persistent nature – It means, regardless of the physically present user, the metaverse exists. Because of this reason digitally connecting to anyone across the world, irrespective of the location, is possible.
Infinite – Metaverse helps to connect infinite number of users to the virtual reality world.
Self-sustaining – The Metaverse can also help the users to earn money within it and simultaneously users can pay for their utility as well.
Interoperable – Metaverse’s interoperable nature helps the users to move their virtual items from one Metaverse project to another.
Existence in real-time – This helps users to experience the live scenarios.
Benefits of Metaverse
Advantageous in Healthcare
Because of geographical limitations, healthcare professionals have faced a lot of challenges to visit their patients and sometimes they were not able to save lives because of this restriction. This challenge could be overcome with the help of Metaverse as the virtual world of Metaverse can help doctors interact with their patients as well as knowing better about their health condition.
Making remote work simpler
Metaverse is a great medium to address and resolve the existing challenges of remote work. Metaverse can enable the managers to meet their employees (their virtual avatars), have an interaction with them, read their body language in a virtual environment.
Metaverse can help people to visit places virtually where they can’t go physically. An advanced virtual world is being developed using the combined power of the Metaverse, AR, and VR.
There are different opportunities possible with Metaverse, one such scope is for developers to use the ecosystem to build their business-specific projects and the other is for opportunists who want to generate income. Metaverse can help to fulfil the demands of both groups.
Making Gaming experience more realistic
To support the play-to-earn gaming experience, most of the Metaverse games are decentralized with an integrated economic model. These games allow their users to sell, buy, and trade in-game assets in the form of NFTs.
Top current projects of Metaverse
Enjin – Multipurpose Metaverse
Enjin is a project powered by Ethereum blockchain and it supports to create the marketplaces on its horizon. Different companies can create their own decentralized NFT marketplaces, integrate them and trade them to earn real value profits, based on their industrial requirements.
Decentraland – Gaming Metaverse
Decentraland Metaverse project is a decentralized project based on Gaming and it is designed to make a way to have the realistic and immersive virtual world for global users to create, explore, and trade NFTs. Decentraland creates the possibilities for the users to host live events, play games, buy land inside the world and do more such fun activities, just like the real world.
Upland – Real estate Metaverse
Upland project is designed to support selling, buying and virtual trading of properties mapped to real-world addresses and is a blockchain-powered gaming project. Upland is a very unique project as it not only bridges the gap between the real and virtual world but also help people to benefit from the utility of both the worlds.
The future of Metaverse
As today’s world is advancing more into technology and people are becoming more aware of the digital world, Metaverse has the potential to create a meaningful impact on several industries and business sectors.
As said by the fund manager BlackRock, there are three primary reasons for the thought of mass adoption of metaverse to become a reality. First one which could make it possible is having the new technology powered computers and next-generation hardware. The second reason is that Pandemic somehow forced everyone for better to be comfortable with the digital world. During Covid times, people preferred to work remotely, shop and socialise from their homes using digital networks.
The third reason is the growing interest of people globally for cryptocurrencies which could allow transactions to take place seamlessly and globally in the metaverse.
Future challenges with Metaverse
Although, Metaverse is the biggest innovation in the virtual reality world, it still is in its earlier stages of progression and like any other new technology, it also has certain limitations which need to be considered.
One such challenge is to identify the people in the Metaverse. Its easy to identify someone in the real world, but in Metaverse, a person could be verified through an avatar’s voice, facial expressions, and features. This becomes challenging sometimes and this loophole could be used by the scammers or bots who might try to damage someone’s reputation by pretending to be an avatar so they could achieve their objective.
Another major challenge is privacy concerns. As Metaverse depends on the VR and AR devices which are equipped with camera capabilities and unique identifiers, it might expose the personal data of the users and might hamper the privacy of the user.
However big the challenges might be, with knowledge and an expert professional team, a powerful yet personalized virtual world could be designed mitigating these hurdles.