Understanding Metaverse – The Next Big Thing

December 8, 2021

metaverse

Metaverse, the term is becoming the major point of concern and discussion in the technical sphere owing to its extended utilities. Industrial giants like Facebook and Microsoft are aiming to stake their claims in the Metaverse. But what exactly is Metaverse and why is it making the loudest buzz in recent times?

Understanding Metaverse

The emergence of the term “Metaverse” dates back to the year 1992 when Neal Stephenson used it in his novel named “Snow Crash”. There the term envisioned lifelike avatars meeting the realistic 3D buildings and other such virtual environments. Since then several metaverse milestones have been created by developers across the world to incorporate augmented reality, 3D holographic avatars, etc. The expansion of the metaverse is expected to offer a hyper-real alternative world in which humans co-exist.

Thus, Metaverse is regarded as the combination of multiple technological elements (virtual reality and videos) where users live within the digital space. The metaverse users are envisioned strengthening work, play, and networking space from concerts to conferences to making virtual trips.  So far, the inklings of the Metaverse concept already exist in online games, and the masterminds behind the same aim to evolve it to the greatest possible extent.

Potential Use Cases of Metaverse

This ambitious concept is seen as a digital representation of real-world aspects focusing majorly on the economy and environment. Though there are many branches to the current metaverse scenario yet the most subtle and sorted one is the cryptocurrency and NFTs trading.  Being described as the next phase in evolution Metaverse is an advanced way to connect with virtual space. It facilitates interaction in a shared virtual environment with the help of the internet and other Virtual Reality (VR) and Augmented Reality (AR) headsets.

Alongside, its implications are the best way to define the gaming world in a shared atmosphere, where users can experience moving and interacting characters. Also, the exchange of goods through the specific metaverse type based on blockchain technology facilitates buying digital assets with cryptocurrencies. The profound technological usage in Metaverse offers high-quality social experiences in the 3D environment with which its benefits can be ripped in the education, real estate, and hospitality sector too.

Is Metaverse possible?

With a lot happening in the Metaverse sphere it is sure to set the bar for tomorrow. The industrial giants across the world have shown a green flag to the virtual potential of Metaverse in their own distinct way.

The tech giant Meta, formerly known as Facebook has already made remarkable investments in virtual reality. Through its recent alterations, Meta is designed as a space where digital avatars connect through travel, work, and entertainment with VR headsets. Microsoft, the software giant makes use of holograms to develop mixed and extended reality (XR) applications in combination with its Mesh platform.

The further expansion of the plan is expected to be in the role by 2022. Guess what, at present US Army is working with Microsoft to create an augmented reality Hololens 2 headset for its soldiers. Epic Games, the company that developed Fortnite is already investing in building the metaverse

On the other hand, Roblox the platform founded in the year 2004 after its IPO in March confirmed its intentions of getting closer to the Metaverse vision. The company is also known for opening a limited Gucci Garden where one can try, and buy clothes, and accessories for own virtual existence. Minecraft is another virtual universe loved by kids and is essentially a digital equivalent of Legos.

Here, the players can create their own digital characters and everything else they desire. Some other known and lesser-known names companies have also launched or plan to launch their own online world. Thus, Metaverse is certainly a possible approach.

Metaverse cons to combat

Considered a technological breakthrough Metaverse concept carries some inherent issues which might weaken its potential. Therefore, it becomes essential to address these issues and allow virtual space to be the best-needed experience. For the true metaverse to work decentralized servers are required, they cannot run on the central servers.

As running on central servers indicate the moderate approach which certainly no user would want while they aim to create their own virtual world with strong privacy.  On the other hand, metaverse economies that for now depend on cryptocurrency or sandbox environments could inflate the demand for cryptocurrency and result in overdriving of virtual assets. Thus, to sustain these heavy network loads a subtle and balancing solution is required.

Metaverse – A way ahead

According to Mark Zuckerberg, the CEO of Meta, it is estimated that at least a decade or half would be required before the world can potentially use all the key features of Metaverse. Being fed by an extended ocean of utility Metaverse is certainly the next big thing world is going to witness extensively in the days to come.

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