What's The Metaverse, And Why Should We Care About It?

What is the Metaverse?

In recent months you may have heard of something called metaverse. You may have read that metaverse will replace the internet. Maybe we will be living there in a few years. Google the word metaverse and you will find tons of definitions.

Wikipedia describes it as a shared virtual space, created by a combination of advanced reality and persistent virtual reality (VR), which includes the sum of all the virtual worlds, the augmented reality (AR), and the internet. 

Origin of the word “Metaverse”

Let's start by describing the origin of the word "Metaverse". The word "metaverse" is a portmanteau of prefix "meta" (which means beyond) and “verse” (meaning universe); the term is often used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces connected to the perceived virtual universe. 

SO, METAVERSE STARTED AS A SCIENCE MYTH, DIDN’T IT?

Correct, Science fiction author Neal Stephenson coined the term “Metaverse” in his 1992 cyberpunk novel Snow Crash, introducing a realistic 3D world in which people were represented as avatars, and could interact with each other.

Living in the Metaverse

Tech enthusiasts who talk about “metaverse” are usually excited about digital forums that include some of the following:

• Feature sets over older web services or real-world activities
• 3D real-time computer graphics and personalized avatars
• A variety of real-life social interactions than stereotypical games
• Support for users who create their own visuals and environment
• Links with outside economic systems so that people can benefit from virtual assets
• Designs that seem to fit perfectly with AR headsets

Metaverse is an aspirational term for a digital world of the future that is linked to our real lives and our bodies.

Why is Metaverse such a big deal?

It is only in recent years that the metaverse has gained mainstream momentum. In April 2021, Epic Games announced a staggering $ 1 billion investment to build a metaverse.

Examples of such huge investments in this field are endless and enough to say, the industry is extremely bullish on the metaverse. Technological advances over the past decade - blockchain, crypto, collaboration, and affordable VR - mean Neal Stephenson's dream of a metaverse is about to become a reality.

Let us break down and figure out why Metaverse is so important.

• It could be the next internet.
  
  
  

Alongside a 3D VR metaverse, there is another similar concept that is gaining attraction: Web 3.0. After the metaverse thunderstorm, Web 3.0 - is the new buzzword that captures the internet world. Also known as a decentralized web, Web 3.0 is the third version of the Internet, which is an improvement over the current Web 2.0.

Metaverse can be the next major online destination where users around the world gather, engage, buy, sell, play, and work. Both will be advanced technologies that will continue to grow over time. Artificial intelligence (AI) and advanced user interface (UI) will be used in these technologies. 

• Metaverse transforming the way we work, collaborate and learn
  
  
  

Already by 2020, the adoption of VR for work, collaboration, and learning/education had increased.

Companies like Wenergy Technologies offer an alternate solution to traditional training where training is transferred via Virtual Reality (VR), which is 100% secure and more effective.

As companies recalibrate around employee expectations and requirements during the new normal, VR will become a valuable resource. It will help employees to switch to hybrid work and ensure that remote employees enjoy the same level of engagement and accessibility as their office colleagues.

• There are exciting investment opportunities in the Metaverse
  
  
  

The metaverse will promote a vibrant new economy at all levels. For content creators and VR developers, it means another source of revenue. A crypto-based economy will also allow for fair content promotion and regular royalties.

You can invest in buying Metaverse properties and own NFTs. Lastly, let's not forget the potential of metaverse to create job opportunities.

Once the metaverse is executed, there will be new opportunities for advertising, digital events, e-commerce, etc. - an opportunity of $ 1 trillion as expert estimates.

• Living in a wonderland
  
  

In the metaverse, everything can be traded, this is a great opportunity for creators to come up with something unique and find a niche for themselves. You can rent your space to do events, you can create costumes that people can buy and wear around in the metaverse, you can have billboards and build games. It all depends on your imagination.

Conclusion: The future of reality

Imagine 10 years from now, you are wearing your goggles, which have the power to bring you into the immersive metaverse experience. Because of this, you can walk by a cafe, look at it and the menu pops up. 

You can imagine a future where you can go to a virtual apparel store and have a seamless experience of customizing your hat, and you could sell that hat to other people in the metaverse.

This is possible because of blockchain-based games, in which players can convert the time they spend into cryptocurrency. 

The metaverse is coming. If the last two decades have been amazing, the next twenty years will seem nothing short of a science fiction novel.

If you want to create one, let’s get in touch. What do you say?