The Metaverse is a concept invented by Neal Stephenson in 1992 in a science fiction book. It is a mix of two words : meta, which means beyond, and stem, which means universe. The word refers to a virtual world in which users may purchase land and structures, create their own avatars, and construct their own virtual environment. Individuals may wander the metaverse, spend time with friends, explore virtual buildings, attend events, and even purchase products and services using bitcoin. Individuals inside the metaverse will be always linked, regardless of physical boundaries or borders.
The notion gained traction during the Covid-19 outbreak, when lockdowns forced an increasing number of individuals to share internet communities for extended periods of time. The metaverse’s effective development is projected to be fueled by augmented reality and virtual reality (AR/VR) devices that operate at the experience layer.
At this point, we’d want to revisit the notion of non-fungible tokens, or NFTs, which we discussed in one of our earlier articles: NFTs are digital currency or assets that are stored on a blockchain network and act as a decentralised ledger of ownership. While anybody may examine the item, just the purchaser of an NFT is considered its “formal” owner. A quick fun fact: few months ago a digital art was sold as NFT for whooping $69 million.
A study indicates that perhaps the metaverse is most effectively experienced when commerce is a key value. There are methods to enhance the use of NFTs by including capabilities that enable them to be used in a range of applications across several metaverses simultaneously (how great is that!). For example, a previously owned NFT may be converted into an asset for inclusion in a game or utilised to obtain access to new NFTs and events, therefore increasing the NFT’s utility and value.
Mark Zuckerberg, Facebook’s chief executive, also used the new phrase on his company’s most recent earnings call. Zuckerberg dubbed it the “next great thing” and said that it will see Facebook move from a social media business to a “metaverse corporation.” “The metaverse is, in many respects, the pinnacle of social technology,” he told investors and shareholders.
Meta Platforms has been relaunched as the firm. While Zuckerberg has just lately begun using the word publicly, his firm has been investing in virtual and augmented reality for years, according to a Bloomberg storey.
A precursor to the metaverse was recently shown when Facebook released a beta version of their new virtual reality remote work programme, Horizon Workrooms. The tool, which is currently in development, enables users to conduct meetings as digital avatars of themselves.
Additionally, the social media behemoth said that it will recruit 10,000 people in the Euro Zone over next 5 years to assist in the metaverse’s development. Additionally, Facebook just renamed as Meta. “We will successfully move from being seen as a social media business to being perceived as a metaverse company,” Mark Zuckerberg stated at the firm’s Connect 2021 event.
Apart from Facebook, numerous other technology titans, like Microsoft, NVIDIA, and Epic Games, have stated their intentions to explore the metaverse. VISA joined the metaverse when it paid $150,000 for its first NFT – a digital artwork. Popular companies such as Gucci of Italy have also entered the metaverse. In June, the consumer brand partnered with Roblox, an internet multiplayer game platform and game production system, to offer an exclusive assortment of digital-only items in the form called NFTs. Coca-Cola and Clinique both have marketed digital tokens as a gateway to the metaverse.
According to experts, the metaverse is a massive economic engine that has the ability to fundamentally alter how we live, work, and trade in the next years – with NFTs serving as a main value driver.
Additionally, cryptocurrency tokens like SAND,ALGO and few others which are based on metaverse have been on constant rise since the adoption of Metaverse by Facebook(now Meta) and has increased their market cap by almost 260% within a month.