Metaverse is a network of three-dimensional virtual reality where people can live, work and play. It is focused on social connections, that can be facilitated using visuals and augmented reality headsets.
Origin of the word Metaverse
The word has its origin in the 1992 novel Snow Crash as a combination of two words, meta and universe.
Does Metaverse exist?
To an extent Metaverse does exist in-game and does have some early versions, however, it doesn’t exist in the newest version people are talking about.
Implementation of Metaverse
The Metaverse has been a part of our life for a very long time.
It has been used in two different ways, which are as follows:
- Video games
- Virtual reality
Use of it in video games
Online video games have been using components of Metaverse for quite some time now. The first citation of Metaverse can be traced back to 2003 in a virtual world platform called Second Life.
In second life, they have included aspects of social media into the already existing three-dimensional world where the user is shown as an avatar.
A multiplayer game called Roblox is also called Metaverse and has used this term for a significant amount of marketing.
Active Worlds, Fortnite and The Palace are a few other games which claim on developing Metaverse.
Use of it in Virtual reality
Microsoft 2017 purchased a VR company AltspaceVR and ever since used its features like avatars and virtual meetings in Microsoft teams.
In 2019, Facebook launched a virtual reality world called Facebook Horizon however, in 2021 they changed the name to Meta Platforms as Mark Zuckerberg, the chairman of Facebook declared on focusing on making Metaverse.
HTC also jumped on the hype of Metaverse and announced in 2022 that it is launching VIVERSE, a cross-platform ecosystem of the Metaverse. VIVERSE is said to allow connection between virtual worlds through not just VR but non-VR devices as well with parental control for children.
Many other companies have been working to create Metaverse via virtual worlds such as VRChat.
The technology in use for Metaverse access points are computers, smartphones, mixed reality, virtual reality, virtual world, and augmented reality.
There is a huge dependence of Metaverse development on VR technology which has limited its growth. Moreover, high cost and non-portable hardware have caused a drop in the quality of graphics and their mobility.
Currently, the Metaverse hardware is stuck at overcoming Metaverse’s limitations in VR headsets, sensors, and its prepossession with haptic tech.
Currently, we can see that Metaverse reply on proprietary technology, however, there hasn’t been any adoption of a specific technology for the implementation of the Metaverse.
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The hype behind Metaverse
You might be wondering if Metaverse is in action for a very long time, then what has caused its recent hype?
This is because of the declaration made by Facebook Chairman, Mark Zuckerberg who declared that his company would be focusing on the development of Metaverse after they renamed their virtual platform.
Not just that, Facebook has also changed its name to Meta on 28 October 2021, rebranding all the other applications owned by it as well. This was done as a part of a strategic plan to promote and focus on the next big project of Facebook called Metaverse.
According to him, Meta plans on putting all its time and efforts for the next 10 years at max to create a virtual world that includes touch, sound, and fragrance.
He believes that the future is in the Metaverse. That with time we will leave our reality behind and move to a world where we are in control of our lives.
These claims and rebranding of such a huge brand have caused the recent hype of Metaverse amongst people.
Is it good for humanity?
Although Metaverse plans on breaking the social and geographical barriers of humans, providing them with an escape from reality, it does have a few negative points as well.
Creating a virtual world with everything we have will drive people, especially kids away from real interactions which build the core foundation of human development.
This may also lead to a loss of interest in many important things like playing outdoors, school, studies, making real friends and family bonding.
Moreover, the protection of privacy is a major concern. Even after so many rules and regulations, there have been so many cybercrimes due to the advancement of technology. How does Metaverse plan to protect the privacy of its users?
Is Metaverse worth investing in?
Metaverse is a growing technology with a current value of around 50 billion dollars. It is predicted that if it market stays the same in the next few years it reach even 800 billion dollars.
Metaverse stocks are away if you wish to invest in the Metaverse. Even though its economy is growing rapidly, please note that it is just like any other investment and should be done carefully.
There are a lot of Metaverse projects on blockchain that are doing really well, namely SANDBOX, DECENTRALAND etc. These projects have given a very good return till date.
Is Metaverse the future?
Many people are voting for the Metaverse to fail, as according to them it is just an extended version of a video game which is being promoted by rich and powerful people.
However, I believe that it is going to be the next big thing. Metaverse is a huge intervention in the field of technology that is not expected to go down anytime soon.
It is here to change the way people look at technology and social interaction.
As more and more people are moving towards transitioning to the online world, the more are the chances of Metaverse to succeed and become the major player in all the fields.
So yes! The Metaverse is the future. Just like we cannot imagine our lives without the internet, the same way people won’t be able to remember what it was like before Metaverse in a few years.
Q1. Is Metaverse free?
Metaverse is a broad concept. I think the decentralized Metaverse are free to be used. However, the buildings, land and items inside Metaverse comes with a price.
Q2. Who owns Metaverse?
No person or company owns Metaverse. Metaverse is an idea, or a niche.
Q3. Is Metaverse the future?
There is no one answer to this question, some might say no and while others say yes. It is all about your perspective on it.
Q4. Is Metaverse built on blockchain?
Yes, building Metaverse will not be possible without blockchain.
Q5. Who owns Meta?
Meta formerly known as Facebook is owned by Mark Zuckerberg.