The Metaverse is a virtual world that promises to fulfil the dreams of having a more interactive and collaborative reality that will connect multiple users from various regions, cultures and ideologies. Therefore, it is the future of the upcoming generation which is closer to real-life experiences.
What is Metaverse?
Facebook announced the introduction of Metaverse and simultaneously in October rebranded itself to ‘Meta’. In the Metaverse, you can have your character called ‘avatar’. The custom-designed avatar will represent you in a way that you want to be introduced which can provide you more confidence and can help to express yourself more deeply.
Unlike other virtual reality experiences, Meta is not limited to games but also aims to extend its productivity by providing entertainment and creating virtual workspaces and home-like experiences for all age groups.
The concepts of Virtual reality (VR) and augmented reality (AR) are closely interlinked with the metaverse. However, they are not the same. For example, in the case of VR, you can interact with the changing world around you. But in the case of AR, elements are added to your real surroundings and let you interact with them in various ways.
How is it changing our present?
In the 21st century, the use of virtual reality is not something that one is not aware of but when the COVID-19 pandemic, the economic growth of developed countries like the USA became paralyzed. This pandemic not only changed we live in our society, it also introduced the new normal of doing work with the help of various online platforms.
Like Internet, Metaverse supports the lifestyle of people from different backgrounds. The most recent example of this feature is an Indian wedding of a couple from Chennai, Tamil Nadu. The couple not only invited their family through the use of Metaverse but also gave the guests an option to give gifts in form of cryptocurrency.
I think the opportunities of Metaverse are limitless. Here is what the future of Metaverse beholds:
- Pool of Options
Like Meta company has introduced Metaverse, Nvidia has its Omniverse. It can be helpful for designers, artists, and reviewers to work together in real time across leading software applications in a shared virtual world from anywhere.
Another upcoming metaverse is a sandbox-like metaverse, known as Decentraland. It will help its users to buy plots of land, explore other plots, and interact with each other. Walmart also announced that it would step into the virtual world, providing currency and allowing customers to buy and sell NFTs.
- Burden of growing popularity
Since there are many upcoming metaverses, it might be impossible today for the servers that host them to handle such huge traffic loads but in future, we can change of handling the traffic loads or we may find some alternative to lose up the burden of growing burden.
- Monopoly is impossible
Different upcoming Metaverses will be operated from different platforms and they can never share same uses or goals which ultimately goes against the basic foundation of monopoly.
- Need time to be more consumer- friendly
People around the world are still trying to adapt to virtual reality and the augmented reality AR headsets aren’t ready for consumers and your average home devices like laptop or tablet can’t handle heavily populated, super-polished 3D worlds with ease. Therefore, the future of metaverse can be more focused on making it easy to use and understand.
- Profitable Future
According to Bloomberg estimates, the metaverse market could be worth $800 billion by 2024. However, Grayscale and JP Morgan- without any specific time period, claims to see the metaverse potential of worth $1 trillion market in future.
