Humanity is gradually moving to the digital era, and thanks to the pandemic, humans have progressed to virtual space. Metaverse is the future, and you shouldn’t ignore it.
Neal Stephenson used the term metaverse for the first time in his novel “Snow Crash” in 1992. He referred to it as a global virtual reality system, and since then, interconnected and immersive virtual worlds have become an integral part of science fiction.
The idea of a metaverse gained mainstream momentum recently, with big names like Facebook and Microsoft announcing their ventures into this new age of the internet. In April 2021, Epic Games announced a whopping $1 billion investment in the metaverse. Niantic, developers of Pokemon Go, announced that they are investing $300 million to develop metaverse-like experiences.
With so many examples, we can conveniently say that the world is very bullish on the metaverse. Thanks to the advancements in technologies like crypto, blockchain, and Virtual Reality, a decentralized metaverse is finally possible. In this article, we will tell why you definitely do not want to miss out on the metaverse.
1. Metaverse is The Next Internet
Apart from metaverse, another concept that is gaining traction is Web 3.0. The core of Web 3 is decentralization, and it enhances the internet with a few added characteristics. The Web 3 applications are run on the blockchain or on decentralized networks having peer-to-peer nodes (servers).
Web 3 focuses on who controls the internet, but the metaverse is about how users will experience the internet of the future. After starting as an alternative to social media, metaverse will eventually become the next worldwide web.
2. Personal and Professional Collaborations Will Move into The Metaverse
Since 2020, VR applications for work and collaboration have become a thing. Facebook came out with its own VR offering called Oculus for Business, while Spatial provided a VR alternative for Zoom and saw a hike in its usage.
Virtual Reality enables employees to transition smoothly to a hybrid work environment and enjoy the same level of engagement. Metaverse will facilitate collaborations without compromising the experience of the participants.
3. It Will Bring Exciting Investment Opportunities
Metaverse will become another source of monetization especially for content creators and game developers. Once the metaverse becomes a reality, earning opportunities through digital art, GameFi, e-commerce, and digital music/esports events will be taken to the next paradigm.
XANA metaverse provides plenty of opportunities to content creators, fashion designers, educators, NFT artists, and even established companies to earn in the metaverse. XANA aspires to give rise to a new digital economy on the metaverse powered by cryptocurrencies.
4. Metaverse Will Facilitate Interoperability in Virtual Environments
It will not be an exaggeration to call interoperability the driving force of the metaverse. In the real world, an individual and their belongings remain mostly unchanged as they travel between places. Therefore, the metaverse, which is a digital representation of the world, should be able to maintain this continuity.
The XANA metaverse for example will be integrating numerous decentralized applications (DApps) like: decentralized exchanges (DEXes), NFT marketplaces, decentralized games, and much more into its virtual world. Users of the XANA metaverse will be able to utilize any of the DApps integrated on XANA using their metaverse Avatars/characters (3D humanoid models). In XANA Any digital assets, tokens and NFTs you store on your metaverse Avatar can be easily utilized on any of the DApps on the XANA metaverse for trade, auctions, loans, and more.
Experts are of the view that there won’t be one dominant metaverse. Instead, users will be allowed to migrate between different metaverses keeping their avatars and possessions intact. Such amalgamation will make all virtual worlds part of a larger entity.
5. It Will be Persistent
The virtual world will always be there for you! It will exist and allow you to enter it at any time, just like you can check your social media as per your need. You can make changes by purchasing assets in the form of NFTs but all the changes will remain in place next time you visit.
You will have a life in the virtual world and create content the same way you do for social media. In some versions of the metaverse, the virtual assets in the virtual world will actually represent physical assets in the real world.
The Bottom Line
The metaverse has become a big deal because, and it is knocking on the world’s doors. Contrary to the notion that the metaverse is still decades away, it is far closer to the realm of possibility than most people believe it to be.
There’s still a lot of speculation around the concept, and many companies are experimenting. But, there is no denying that with all the efforts being made in this arena, the metaverse will be the next chapter in mankind’s history, and will revolutionize our social and professional interactions.