What is a metaverse:
Metaverse is a virtual-reality space in which users can interact with a computer-generated environment or with each other, exploring the depths of a fictional world. Currently, content in these worlds revolves around topics such as gaming, social interaction, or online shopping.
Its current state:
The metaverse is in its fairly early phases of development, but it’s not a new concept. Today, virtual worlds do not just cover games, (such as Fortnite, Minecraft, Second Life, Roblox, etc), but also modern tech and mobile internet, and marketing and finance are not new concepts.
As metaverse-based concepts grow and evolve, we can expect a rise in virtual possessions, like digital houses or digital clothing. The ideas here are not just conceptual ones, for example :
Liminal spaces, which combine both virtual and physical experiences, are making waves in sectors such as culture and art.
Virtual land or properties are being sold in Cryptocurrencies, and NFTs are used to trade digital assets in platforms such as Sandbox, Decentraland, and Somnium Space
metaverse use cases and benefits:
Metaverse is regarded as the next generation of social media and the internet. It offers various business opportunities for worldwide companies
. It creates opportunities for the users to interact with the virtual world via VR, which opens up exciting brand engagement opportunities for companies like real estate and e-commerce.
Metaverse has the potential to address all the existing challenges of remote work.
It provides managers with a virtual environment where they can meet employees (their avatars), communicate with them, read their body language, and retain in-person interaction.
The metaverse can serve as a bridge for healthcare professionals and medical staff who were previously unable to visit patients due to geographical limitations.
Gamers have always wanted to play good VR/AR metaverse games which might be possible in the future with the evolution of meta technology.
With NFT services, users have complete control over their digital assets in the Metaverse. Blockchain technology provides confirmation of ownership that underpins these virtual worlds
Its issues:
The concept of metaverses sounds promising in the future but there are some issues and skepticism that must be addressed first.
In a virtual world, it is not clear how private information will be protected.
A user’s privacy is at risk because AR(Augmented Reality) technology can be used to track the user’s activities. [AR captures a lot of information on who the user is and what they are doing — to a far larger level than traditional technologies].
Realistically we can only use the current VR headsets comfortably for a few hours at max right now. The internet, AR, and VR technologies are not as developed as they need to be before we see the metaverses we dream of.
Potential Future of the Metaverse:
The metaverse concept is beginning to incorporate Web3 technology enabled by blockchain technology (like NFTs and Cryptocurrencies) and has started to gain the interest of developers and investors alike.
There are not many use cases for Metaverse that would appeal to the average person at the moment.
Still, some people believe we might be experiencing the seeing biggest tech revolution since The internet while Others think of it as just another overhyped trend that will soon die.
The metaverse is the future of technology, It might not be exactly like what we imagined it to be like, we might not call it ‘the metaverse’ but it is for sure “Information Superhighway” of our generation.
Author – Shourya Upadhayay
