Elements forming the Metaverse are buzzing since 2014. First, it was blockchain, a decentralized distributed digital ledger that comprises records called blocks. Here, the uploaded data is difficult to alter without affecting connected blocks. Thus, it reduces replication and establishes a single data transfer. 6 years later, the concept of NFTs became popular. They are short for Non-Fungible-Tokens.
Summarising from the Ethereum blog,
They are tokens we can use to represent ownership of unique items. These tokens cannot be changed or duplicated. And, now, a year later, Mark Zuckerberg introduced the idea of Metaverse.
You might wonder why we started the blog from Blockchain. It is because that is how we form a meta world. Consider data as atoms and Meta as the world. You get the vibe.
Blockchain is a key element in implementing the economic system that is in Metaverse. If blockchain technology isn’t fully supported, it will be difficult for the resources and goods that are used by Meta world to recognize as valuable.
We remember the dial-up age when we used to wait for hours and minutes for a webpage to load completely. Because of networking, startups opened a door for new opportunities, and folks were excited to connect with strangers online. Plus, people expressed themselves via posts and creative graphics. It still has not filled the gap of physical experiences. Like, when overseas students contact back home, they can converse but still wish for that pat on the back from parents, which is possible with Metaverse.
Now let us understand Metaverse.
To put it in a simple word will be difficult, but let us try. It is a virtual world where you can live via your avatars and access this world with your avatars. Plus, you can do everything you do in the real world with the virtual world.
Customize yourself and interact with other avatars with the same human gestures.
As Meta CEO Mark Zuckerberg says, embodied internet- where users can experience rather than overlook.
1) Hyperrealistic experience – eye contact, facial expression
2) Project physical items – such as buildings, shops, goods
3) In-person interaction – Interact with avatars. Your friend is overseas, then no problem, as with one click, you both enter meta and chat with each other.
4) Buy, Rent, and Sale – Similar to the real world. Users can buy or rent and sell goods and property.
5) Attending concerts and exhibits – Now you can attend concerts of BTS in the front seat in this world. It is your world, so easy to get a front seat.
Are people using it?
The answer is a definite yes. Meta world is hard to own by a single person. This is the next evolution of social connection and is a world created, developed by the people, for the people.
Rachna Ranade beautifully explains this in her YouTube video.
Main snippets from the video:
1) Why do we need Metaverse?
A- When we feel our digital self is more important than our physical self, that is when metaverse is triggered.
2) Replicating facial expression:
A – Facebook is coming up with project Cambria where the ai can replicate your facial expression in real-time.
3) Replication of physical interaction
A – In metaverse, one can interact with avatars similar to the physical world, accomplished by virtual reality, augmented reality, and technology. Thus shortcomings of web2 are covered in web3.
Practical use of metaverse.
For acquisition of virtual land
For experiencing travel
1) Too early to conclude
2) Difficult to calculate the value
3) High risk, high returns
4) Risk in NFT theme: make it or break it.
5) Difficulty in accepting reality.
To know more about the metaverse, check out her video. All the topics are beautifully covered, with examples and described how the average person is a part of this world. It is a definite watch.
While meta world is a brilliant concept and its implication are tremendous. Also, this technology will be beneficial to both audiences, creators, collectors, and developers. But, let us keep in mind as a digital ledger is expensive and may have hazardous effects, we should use our world carefully also, resources in the meta world are limited. Plus, there are scanty lands to purchase. It is vital to be mentally and emotionally prepared for this technology, as the experiences are entirely in our hands. We cannot ignore the safety and privacy in the virtual world, hence crucial to work on regulations and norms of the meta world. Let us consider the avatar has the same rights as a person. Can we execute our rights based on what happens in the reel world? Let’s wait and watch.
For now, we can conclude meta is here to stay, so buckle your seat belts as there is a lot to experience.
Will meta prove to be a curse or a boon?
What do you think?
Share your thoughts in the comments section below.
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