The term “Metaverse” consists of the prefix “meta” (meaning “beyond”) and the root “verse” (inflection of “universe”).
Metaverse is used to describe the concept of a future version of the Internet, consisting of connections in a permanent, shared, three-dimensional virtual space composition in the universe.
Neil Stevenson famously coined the term “metaverse” in his 1992 novel Avalanche. He referred to a 3D virtual world of human avatars. This virtual world is a virtual reality world where users can interact, play and experience things as they would with real-world users.
Key characteristics of Metaverse
- The simulated digital environment uses augmented reality (AR), virtual reality (VR), blockchain, social media concepts to create user interaction that mimics the real world.
- A large-scale and interoperable network of 3D virtual worlds, rendered in real-time
- Though virtual, but its a physically permanent virtual space with virtual avatars. All interactions are digitally social interactions.
- An unlimited number of users can simultaneously and continuously experience data continuity such as personal presence and personality.
- Users live in and travel through this virtual world where, Digital and physical lives are closer together in wealth, communication, productivity, shopping, and entertainment.
- Users work, play, and keep in touch with friends from concerts and conferences to traveling through the virtual world.
- Example: User enters a huge virtual mall, has access to as many people as the virtual space, user can hold, buy a unique digital item, and then sell the same digital thing in a few weeks later.
Currently available Metaverses
Companies such as Roblox, Nvidia, and Microsoft have also created virtual worlds with virtual or augmented reality technologies. For some, entering this virtual world involves trying on augmented reality clothing while shopping. In contrast, for others, it means interacting and collaborating in a meeting using avatars and moving seamlessly between the real and more real worlds.
Many people claim that Metaverse already exists in the digital worlds of Minecraft and Fortnite, which allow players to come together in a 2D environment. Sweeney described the Fortnite user experience as a metaverse because it is a virtual 3D space that mixes game and non-game elements.
How do Metaverse works?
The Metaverse aim is to change the way people interact with each other online, interacting in a way that was previously thought only possible in science fiction.
Technologies such as VR, computer modeling of a 3D image or environment, and augmented reality superimposes a computer image. This image is a user’s vision of the natural world that plays an essential role in bringing the Metaverse to life.
Here are some practical examples of how Metaverse will function :
- Mark Zuckerberg described this virtual world where consumers would have many shopping opportunities like buying everything from new clothes for avatars to navigating stores.
- Games in Metaverse allow millions of players to interact with each other in the same virtual world.
- There are built-in virtual worlds where people can meet for business or pleasure. Even apps like Microsoft Teams or Zoom can be called a form of the term “Metaverse” as a group of people gather and interact in a virtual world.
- Blockchain also allows the creation of cryptocurrencies, which Metaverse platforms and real estate agencies can also use for virtual purchases. People can use the technology to create their own NFT digital assets and sell them on virtual marketplaces.
- Every Metaverse platform is expected to have its cryptocurrency or token that users can buy and use online.
In what technologists like the founder of Facebook call the Metaverse, virtual reality serves as a computing platform for a second life online. Despite the Metaverse’s theoretical promise of a borderless and unrestricted new universe. This virtual world is evolving, and many virtual developers have been busy creating a blockchain-based digital real estate. Digital speculators have been happy with it.