If you have heard the Metaverse term and are wondering what exactly is it, here is your answer. In this guide, we are going to discuss what is Metaverse and how does it work. In short- Metaverse can be considered as a parallel virtual universe on the Internet!
What is Metaverse and how does it work?
Metaverse is a term that is formed by combining the two different words including Meta and Universe. It is basically a digital space in which digital objects and things represent the digital people. It is hypothesized concept to combine aspects of several technologies including social media, augmented reality (AR), virtual reality (VR), online gaming, and cryptocurrencies. And, enable people to interact with each other virtually. In layman’s terms, it is a virtual world in which users can socialize, shop, perform different activities, and learn new things.
The term “Metaverse” is credited to Author Neal Stephenson. He was the one who visualized people as avatars meeting in different virtual reality environments (e.g., realistic 3D buildings) in his 1992 science fiction novel “Snow Crash.”
In a way, Metaverse already exists in several online gaming platforms including Minecraft, Fortnite, and Roblox. Even apps like Microsoft Teams or Zoom can be called a form of Metaverse since a group of people come together and interact in a virtual world. However, Metaverse is a wider concept of digital space representation in order to bring people together from virtual trips to concerts and conferences.
It is being a hot topic currently as Facebook and Microsoft are rebranding the term and concept. These two most popular organizations are focusing on utilizing the concept of Metaverse to the fullest.
Is Metaverse a new concept?
No, not really. It is not really a new phenomenon, especially for gamers. People who know about Fortnite and Ready Player One can understand and comprehend the concept and its functioning easily. However, the term has just recently got the buzz since Facebook took over it and rebranded itself as “Meta.”
What is Metaverse used for?
As we already described above that metaverse is used for creating a virtual world to bring people together. Instead of viewing the content, the users will actually be into this virtual world.
Future meetings could move to the metaverse
Bill Gates has said that most virtual meetings will likely move to the metaverse in 3 years, and workers will interact using VR headsets and avatars.
Barbados to establish the world’s first Metaverse embassy
This tiny country in the Caribbean called Barbados is all set to become the first sovereign country in building an embassy in the metaverse. It has signed an agreement on November 14 with Decentraland to establish its metaverse embassy.
Gucci to Announce Its New “Metaverse Design” Category
Roblox to come up with a new category called “Metaverse Design” in association with Gucci. The gamers can buy exclusive outfits on Roblox. Recently, a digital Gucci bag sold for US$4,000 on gaming platform Roblox indicating that virtual fashion could well become a million-dollar industry!
Games move to the Metaverse
A metaverse game is one that allows millions of players to interact with one another within a single virtual world. Roblox, Fortnite, Acknoledger, Crucible Network, Ex-Populous, Netvrk, Meta Spatial, Sandbox, etc are some of the metaverse games that are currently available.
What are the current implementations of Metaverse?
The current implementations of Metaverse largely include internet video games like Roblox, Active Worlds, Decentraland, and Fortnite. It even focuses on enhancing Virtual reality technology and Facebook has recently launched Facebook Horizon which is basically a VR world. In addition to that, several organizations are focussing on making use of metaverse in enhancing work productivity.
What does Zuckerberg mean by metaverse?
Mark Zuckerberg has already announced his plans of establishing the “Metaverse.” This is what he had to say about Metaverse:
I believe the metaverse is the next chapter for the internet.
An embodied internet, where instead of just viewing content — you are in it.
What I think is most interesting is how these themes will come together into a bigger idea. Our overarching goal across all of these initiatives is to help bring the metaverse to life.
All these quotes of Facebook CEO clearly give an idea of how Metaverse is going to be the prime focus for Facebook in the future.
Is Microsoft working on Metaverse?
Microsoft has its own plan of branding the Metaverse. It has planned to roll out Mesh for Microsoft Teams which is somewhat like a Metaverse. Several new features like Together Mode are aiming to make virtual spaces with better collaboration.
However, it doesn’t build a unified and universal space and is more like a gateway to the metaverse. We will keep you posted as there will be updates on how exactly Microsoft is working on Metaverse. Although, it is quite clear that Microsoft has a more realistic approach towards the concept of this virtual world.
What will I be able to do in Metaverse?
Metaverse is touted to be a game-changer in creating a virtual world that brings people across the globe together. It can be used for things like virtual concerts, virtual trips, shopping, leisure activities, and much more. The scope of Metaverse is not limited to a specific action. It is more relevant in today’s world which is affected by coronavirus pandemic and having people go through Work from Home (WFH) shifts. In such cases, employees can join in a virtual office rather than seeing individual workers on a video call grid.
As Mark Zuckerberg says:
A lot of the metaverse experience is going to be around being able to teleport from one experience to another.
The users will be able to flit between distinct virtual worlds generated by different organizations. However, big tech brands and organizations are still working on how separate virtual worlds will connect with one another. They have to agree on the same set of standards to connect different virtual worlds.
What is Metaverse Cryptocurrency?
Each metaverse platform is expected to have its own cryptocurrency or tokens that users can buy and use online on their platform. Currently, Decentraland (CRYPTO:MANA) and The Sandbox (CRYPTO:SAND) are two of the popular metaverse cryptocurrencies that can be used in their respective metaverse games