According to Research, the Metaverse Market size was valued at USD 27.21 Billion in 2020. It is projected to reach USD 824.53 Billion by 2030 they consider it a great long-term investment opportunity. But, What is the Metaverse? A metaverse is a virtual reality world that exists on the internet. Metaverse is not a new term actually it’s been around for a few decades but recently it’s really picked up a lot of attraction and investment especially because of Mark Zuckerberg. They even changed the name of his company Facebook to Meta. The term was first coined by Neal Stephenson in his 1992 science fiction novel Snow Crash. Since the publication of Snow Crash, the term metaverse has been used by a number of companies and individuals to describe various virtual reality projects and products.
What is the Metaverse?
Metaverse is a decentralized platform that enables users to create, share, and monetize virtual worlds. Metaverse is based on blockchain technology. It allows users to trade virtual assets, create smart contracts, and join forces to create a global marketplace. It is a shared, online space where people can interact with each other and with computer-generated characters and objects.
The metaverse is also home to artificial intelligence entities known as avatars. Metaverse is used to describe a vision of the future in which the internet and virtual reality merge to create a single, integrated space.
There are a number of different projects and products that are often described as metaverses. Some of the most well-known examples include Second Life, Habbo Hotel, and Active Worlds.
Web 3.0
Web 3.0 is the next version of the internet. There are more versions of the internet web 1.0 that looked like just a page with a bunch of text and some hyperlinks to more pages with more text. There is no interaction no user-generated content pretty much nothing but the text on a screen.
Web 2.0 is what we currently have now it’s largely community-based most of it is user-generated content highly interactive and we can do a bunch of stuff on it. One thing we can buy and own on the web 2.0 internet is a single thing it’s a domain name just like we own alux.com nobody in the world can make another website with the same domain name.
Web 3.0 is its own part of the internet everything that we make buy or sell on the internet is yours and we have the full rights this happens because of blockchain. Ownership can be tracked in the blockchain it cannot be copied.
Metaverse characteristics
A metaverse could have one or more of the following characteristics
- Virtual reality
- VR(Virtual reality) with the help of a VR headset that offers highly immersive experiences meeting with colleagues in a virtual office building or hyperrealistic gaming sessions.
- Augmented reality
- AR(Augmented reality) in the Metaverse enhances shopping by making it easy to try on new clothing in a dressing room without having to physically change clothes or allowing you to decorate your home on the go.
- NFT
- NFT(Non-fungible token) in the Metaverse easy to verify true ownership of digital assets via nonfungible tokens.
- Cryptocurrencies
- Cryptocurrencies in the Metaverse use for trading, selling, and buying virtual goods, valuable items, prime real estate, apartment buildings, luxury cars, or designer clothes.
- Blockchain
- Blockchain technology in the Metaverse is used as the underlying database for recording all transactions and ownership data.
- Smart contracts
- Implementation of smart contracts that help automate certain processes within a metaverse.
- Interoperable
- Interoperable with other metaverses allowing worlds to connect with one another to create a larger interconnected space.
- Connectivity
- Connectivity with systems outside of a metaverse, such as payment systems or social media platforms.
- Decentralized
- Decentralized without a governing entity making a metaverse function entirely on its own by its own users. Democratic voting power is enforced by making use of a decentralized, autonomous organization structure.
- Avatar
- 3D avatars allow participants to choose however they want to be presented in the virtual world.
Conclusion
Metaverse is the future we can profit from new opportunities but we need to understand how they’re created and how they work. If we have no idea how this new thing works and we quickly dismiss it as a dystopian nightmare. We will be left behind when reality both natural and virtual hits. Metaverse is in the early days people are just starting to get educated in this space there’s a lot of room for growth.
Now we can buy digital land in video games it’s the first step in owning parts of video games imagine being a digital real estate investor in the next 10 years. Nike just patented digital goods and they’ll sell virtual air jordans at some point in the future imagine being a digital reseller. So having said all that what do you think about Metaverse? Let me know in the comment below.
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