Although people are still not certain about the future of metaverse, it is undoubtedly going to take the industry by storm as more and more people are showing keen interest in the domain, says Bibin Babu
NFTs and Metaverse have recently gained traction owing to their popularity and whether we will soon enter a phase where artificial intelligence will become a reality. While we look into the broader aspects and how this paradigm shift will transform the global landscape, it's imperative to understand the essential elements and definition of a metaverse.
The term Metaverse was discovered by science fiction author Neal Stephenson in his novel, Snow Crash, in 1992. But the advent of technology has made Metaverse a reality, with leading brands jumping onto the bandwagon. However, the term gained popularity after Facebook renamed itself as Meta, which created the much-awaited hype around the world.
Metaverse can be defined as a 3D world where you can become the masters of your own life. Like the real-world, Metaverse acts as a virtual world, providing opportunities to interact, communicate, and connect with others by adding a more immersive, three-dimensional layer to the web, creating more authentic and natural experiences. The features that lay the foundation of today's Metaverse are web 2.0 and emerging web 3.0 characteristics.
Oxford dictionary defines metaverse as a virtual-reality space where users can interact with a computer-generated environment and other users. Derived from meta (meaning transcendent) and verse (from the universe), the Metaverse will allow a completely different virtual world experience. Instead of looking at the internet, one can actually become a part of it.
The next big frontier
Recent reports on the growth of Metaverse reflect that the metaverse market opportunity could be around $800 billion by 2024. The numbers themselves show the market growth and potential future in the upcoming years that will lay the foundation for a new world, building a new economy and generating endless possibilities.
What does the Future Metaverse hold for users?
As the metaverse concept incorporates Web3 technology enabled through blockchain technology (like NFTs and Cryptos), the future of Metaverse seems huge in terms of growth. Although people are still not certain about the future of the metaverse, it is undoubtedly going to take the industry by storm as more and more people are showing keen interest in the domain. Tech giant Facebook (Meta) is currently working on a concept called Electromyography (EMG) technology that allows users to interact with something in the metaverse just by thinking about it. An increased number of NFT enthusiasts are also looking to invest in virtual lands on such games and sell or rent them for a price. People with no actual interest in Metaverse, but who look at them as financially yielding, could invest in the inequities of the firms working on the concept.
The Metaverse can also contribute to the growth of the virtual economy that is not controlled or regulated by a single entity. This allows artists and creators to channelise their interests and get monetary benefits.
The ability to buy, sell and trade things in the metaverse is another crucial factor that could prove to be the most transformative part of this new era. This will lead to a situation where decentralised ledger technologies or blockchains will be the most practical, if not ultimate, solution for value exchange and for storing value. The opportunities for economic growth will be unfathomable, as this is literally creating a new world where users will interact, transact, own, exchange and share economic value.
NFTs will enable users to get ownership of their characters, in-game purchases and even register virtual lands in their names. On the other hand, Cryptocurrencies will become the legal tender in the virtual economy.
Shaping the future of Gaming
The gaming industry is also witnessing massive interest within the metaverse frontier because of an enhanced, immersive and improved gaming experience. Metaverse enables users to manipulate their virtual environment in a life-like way. There is greater participation with simple games being reintroduced by creators. This is being done through sophisticated digital avatars and holograms.
Gaming within the Metaverse is aimed at fostering and building strong connections. By using virtual and augmented reality, one feels fully immersed in the digital environment. Gamers have become active stakeholders by creating games. There are also the 'live service games' with lots of new updates and downloadable content. Evolving technology such as 5G will further provide the speed needed for this digital transformation to evolve.
Embracing the paradigm shift
With each year passing, metaverse projects are set to penetrate mass adoption as people will move from physical assets to digital ones, gaining interest from a lot of users. For the first time, metaverses can usher mass adoption for VR headsets, AR extensions and gadgets and tie them together to enhance the virtual experience. The metaverse is a chance for global audiences and firms to embrace the radical shift and explore endless growth and development opportunities. While firms are already embracing technology to extract benefits and futuristic growth, people still need to be ahead of the curve. The year 2022 is going to witness a massive revolution in the form of AR VR technologies that are spearheading market growth at exponential rates.
The Writer is Bibin Babu Co-Founder,at Colexion