What is Metaverse? Metaverse Facebook is a next-generation blockchain ecosystem that enables the development of digital assets, digital identities, and smart contracts. It is a distributed public ledger that records transactions between parties efficiently and in a verifiable and permanent way. Metaverse was created to become the foundation for the new internet economy.
There was a hint about a project that will change how we use the internet and how Facebook and its ‘sisters’ social media like Instagram and WhatsApp will change because they will be part of this project.
Before this, there had been a lot of new ideas about how to use virtual and augmented reality in games and videos.
VR gadgets are now used to play games, watch movies, and navigate faraway places. Many people are talking about the Metaverse today because both Microsoft and Facebook are just starting to claim more space.
What Exactly Is the Metaverse?
The Metaverse is a mix of virtual reality, augmented reality, and video that lets people live in and move through a digital world. Supporters of the Metaverse think its users will be able to work, play, and stay in touch with friends through everything from concerts and conferences to virtual trips around the world.
The author Neal Stephenson is to blame for the word “Metaverse.” In 1992, Neal came up with the word “Snow Crash” in his novel about lifelike avatars meeting on 3D buildings and other virtual reality environments.
The Metaverse has been out of the idea stage for a while now. It’s been a long process for many companies to build metaverses, online virtual worlds that combine virtual and real-world technology with video, holographic avatars, and even tactile technology. As the Metaverse grows, people will live in hyper-real alternative worlds where they can work together.
The idea of a metaverse has already been used in online game universes like Minecraft, Roblox, and Fortnite. And the companies that make these games want to be a part of the Metaverse’s growth.
Big Tech Building Their Metaverses
Some big companies are now in charge of Metaverse’s development. They are shown below:
As we talked about earlier, the management of Facebook recently changed the company’s name to better show that it is now part of the Virtual Reality Ecosystem. Facebook has already made a lot of money in virtual reality, including the purchase of Oculus in 2014. In Meta, people can interact, work, play, or travel in a virtual world to use 3D avatars. They can use VR headsets and tactile technology to do this. Mark Zuckerberg has often said that the Metaverse could replace the internet as we know it. This is what he says: “The Metaverse is the next platform or medium. It’s going to be even more immersive and embodied. We call this the Metaverse.”
Microsoft is one of the most important companies in the metaverse revolution. You can already use holograms if you want to make mixed and extended reality (XR) apps with Microsoft Mesh.
Real-world, virtual reality, and augmented reality are all part of the platform you can use to play. Mixed-reality, like holograms and virtual avatars, will be added to Microsoft Teams in 2022 as well.
There are also new developments in 3D virtual connected spaces for retail and workplaces that can be explored. There is also a Hololens 2 headset for soldiers to train, practice, and fight. Microsoft and the United States Army are working on it. On top of that, the game console called Xbox Live is used by millions of people worldwide.
As the CEO of Epic Games, Tim Sweeney, has said, “It’s not a secret that Epic is investing in building the metaverse.” For example, it’s been home to concerts by Ariana Grande and Travis Scott as well as movies and music debuts. It even had an “immersive” re-imagining of Martin Luther King Jr.’s “I Have a Dream” speech from 1963, which was a big deal at the time. Photorealistic digital humans are also being made by MetaHuman Creator, which could be used in future open-world games to make your digital doppelganger look the way you want it to.
He says the Metaverse has a lot of potentials, and Apple is investing in it because of that, so Tim Cook thinks it will be a good thing.
“We’re a company that makes things that are new.” So we’re always looking into new and new technologies. When we talk about this area, I’ve talked a lot.
People also think Apple is making its own VR and AR hardware.
Cryptocurrency in the Metaverse
When you hear about the Metaverse, you may also hear about cryptocurrencies simultaneously.
There are units of virtual money called tokens in the Metaverse. They can be used to buy virtual goods or make digital transactions in the Metaverse. Other cryptocurrencies and tokens aren’t all that different from Metaverse tokens, but they’re linked to the same business. They’ve been said to be the main cryptocurrency killers. On the other hand, analysts thought that metaverse tokens would not fight against but help existing cryptocurrencies because many of the new metaverse tokens are built on top of existing blockchains like Ethereum.
There are a lot of Metaverse tokens:
- The Sandbox (SAND)
- Decentraland (MANA)
- Axie Infinity (AXS)
- Star Atlas (ATLAS)
- Enjin Coin (ENJ)
If the Metaverse doesn’t work out, that’s a whole other subject. Neal Stephenson might be able to see some of the stories he wrote come to life during his lifetime because of the progress we are witnessing in creating the Metaverse and the projects and plans still being worked on. There are so many ways to use the Metaverse. Virtual tourism, virtual workspaces, virtual libraries, virtual time travel, virtual picnics, virtual fashion and accessories, and virtual meetings at places of worship are just a few of the things you can do with virtual items. We can’t wait for these virtual reality experiences to come out soon.