What is Metaverse?
The metaverse is an integrated network of the virtual worlds. It is any place in the digital world where a person can participate in any physical reality at any time and also see and feel things even if they are miles away from the original place. The metaverse world is entered by wearing a virtual reality headset. The users can navigate using voice commands, eye movements or feedback controllers. The atmosphere created is of a person being physically present when he is not.
A lot of advanced technology we admire today was nothing but fiction a few years ago. For example, in his book Snow Crash, Neal Stephenson coined the term metaverse in 1992, describing it as a parallel interactive world where humans interact with each other in avatar form. Three decades later, it has come true with Microsoft collaborating using mesh and Facebook changing the name of its parent company to meta.
Metaverse comprises several components such as virtual worlds, digital currency, and virtual reality gear. It is a concept of virtual collaboration where people can share three-dimensional avatars, where they can talk, teach, learn, and transact using blockchain tokens.
What is NFT?
Virtual reality platforms have existed for a long time. However, the actual game changer was when people began minting real money. In a virtual world, assets and currency are powered by blockchain technology. Assets are represented by NFTs, which are a non- interchangeable unit of data stored on a blockchain.
It is a unique digital token that represents a digital asset. Once NFT has been encoded using blockchain technology, nobody can alter its ownership data. Owners can provide their authenticity through blockchain verification. Further, NFTs can be moved across different ecosystems due to the open nature of blockchain standards. What is fascinating is you can trade NFTs outside the world you bought them.
What is Crypto- Currency?
In the virtual world, the currency is traded through crypto-currencies. They are interchangeable, identical to each other, and traded, hence an ideal medium of commercial transaction. Every virtual world can have its own cryptocurrency, which can be converted into other cryptocurrencies or even real-world money based on prevailing conversion rates.
Opportunities for one and all
There are various opportunities in the metaverse for people from multiple fields; if there is an evolution of another universe, there is demand for more goods and services, creating more jobs.
Chipmakers: Huge amounts of data and heavy processing will result in demand for semiconductors. In the same way, the heavy use of ultrasonic and infrared sensors and motion sensing in VR headsets creates a need for micro-electro-mechanical systems. (MEMS).
Developers: A couple of months back, Mark Zuckerberg said Meta would create 10,000 jobs in Europe over 5 years to create a metaverse. Developers can use the Software Development Kits to build various technologically advanced applications for the metaverse.
Creators: Creators of anything can sell their goods in the virtual world and make real money. E.g. Beeple, a digital artist who could not sell a single print over$10 sold an NFT for nearly $70 million.
Metaverse and its future are tied to two basic needs of humans to create and connect. First, development is being done continuously and is predicted to reach all sectors soon, including E-Commerce, sales, marketing etc. The E-Commerce experience is far more alluring than any other thing on the internet, where people in the 3D world can buy, sell and create their own things.