What is the Metaverse?


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Metaverse is a famous word that has been used by CEOs like Satya Nadella and Mark Zuckerberg right after the rebranding of Facebook as Meta on October 28, 2021. Talking about the metaverse is like talking about the internet in the  1970 s. It is the building block of a new form of communication. Cyberspace and metaverse can be interchanged in 90% of the cases without any change in the meaning conveyed. Is a concept that includes a 3D universe that compiles multiple different virtual spaces. It allows users to socialize, work, meet, and game together in 3D spaces. It is not yet fully existing but some platforms have metaverse-like elements available. Developers have seen a revolution in gaming events by hosting them on virtual economies.

The interdependence between the physical, the virtual and the financial world is increasing by the day. Our entire lives are documented on our phones which is again a virtual world. NFTs, cryptocurrency and blockchain, games, and crypto payments are also slowly becoming a part of it. Examples of metaverse include Second Life, Axie Infinity, and Decentraland.

Various aspects and how they fit into the Metaverse

  1. Cryptocurrency– In the metaverse, crypto can offer digital proof of ownership, governance, accessibility, and transfer of value. It helps in the connection of multiple projects through interoperability. Crypto wallets are also the easiest to form as they do not require any personal details. A Digital wallet with private keys is instant proof of ownership of activity on the blockchain. It is one of the most secure and robust methods for establishing a digital identity through proof of ownership.
  1. Video gaming emphasizes 3D virtual reality, video games are the closest sample available in the market. The gaming industry offers features and services that crossover into several aspects. Many video game platforms even host virtual events like concerts and meetups and they are used for activities of social networking in cyberspace.
  1. The thing worse is the matter was a job. Since the onset of the pandemic, more and more people have shifted to working from home. Many have already started working in the Metaverse where they can enter the 3D office, interact with their colleagues through avatars that have been allotted to them. Metaverse has also generated jobs that will directly provide income and some already exist. It proves that people are ready to spend time and create a life in the virtual space for the want of earning money. Many games like God Unchained don’t require users to be signed up on the blockchain. It’s the principle behind the idea which is to be a part of the Metaverse in a way to earn money that is entirely in an online world.

When it comes to concluding statements on the matter, it is to be noted that Facebook has been one of the biggest social media presences in the world for a long time now. They have explicitly conveyed the idea of improving the work-from-home situations and financial opportunities for people in developing countries. Microsoft, Apple, and Google are also reported to have shown interest in the metaverse and its development. Digital creators have been on the rise through NFT creation and sales in marketplaces. The future looks bright and is heavily dependent on the working principles of the metaverse

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