When Metaverset becomes more than a buzzword

The following is a guest post by Tri Pham, co-founder of KardiaChain and founder of Whydah.

Over the years, the development of the Internet has spawned many technologies, and the most recent and notable is Metaverse.

First introduced in author Neal Stephenson’s science fiction novel “Snow Crash” from 1992, it has become widely used today.

In late 2021, when Facebook announced its rebranding to Meta, it sparked a heated debate about what it stands for, if it’s already here, and most importantly, who it will belong to.

In addition to Facebook, major technology companies including Apple, Google, Microsoft, Niantic, Epic, Nvidia, Roblox and Valve are developing the technology that will shape the future of the meta-verse – virtual reality (VR), augmented reality (AR) and brain-computer interfaces (BCI) . On top of that, projects like Open Meta DAO encourage collaboration to create Open Metaverse. NFTs, cryptocurrencies and blockchain should be an integral part of it.

Metaverset is a huge opportunity for individuals and companies because it offers a new way to interact with customers.

Metaverse digital cyberworld technology, man with VR virtual reality glasses playing AR augmented reality games and entertainment, futuristic lifestyle

Augmented reality technologies

But what is the meta-verse? Metaverse is a virtual world where users can seamlessly connect, interact and transfer themselves and their products, services and goods across multiple digital sites. According to some, the meta-verse is when our digital lives (online identities, experiences, relationships and assets) become more meaningfully integrated with our physical lives.

As we have seen, augmented reality technologies such as augmented reality and virtual reality are rapidly evolving towards widespread use. VR and AR headsets are expected to surpass global game console deliveries in the coming years. The Metas Oculus app recently launched the App Store over the last holiday, and it is estimated to have sold 7 million headsets by 2021. This broad consumer adoption of these technologies will lead entry points to the metaverse. .

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Auditing firm PwC estimates that virtual reality and augmented reality will improve the global economy by $ 1.5 trillion by 2030, up from $ 46.5 billion in 2019.

These technologies allow us to overlay digital information into the real world, such as directions, menus, and even social media notifications. In the future, these technologies will provide an even richer experience, for example: joining the meta-verse with an avatar similar to you.

This will usually be the game that acts as the initial gateway to the meta verse. Virtual reality and augmented reality have already begun to change the way we interact with the meta-verse, and it will quickly shift to other forms of gaming and then to other digital experiences.

Blockchain and crypto

Everything is digitizing fast, from money, fashion, art, real estate and experiences, especially after the coronavirus pandemic has kept people at home. Metaverse technologies are currently used for collaborative purposes and to train workers in technical skills.

Even governments are building their own metaverse, with Seoul becoming the first major city to go full meta with its plans to create a “fully realized virtual ecosystem for all areas of city government, such as economics, culture, tourism, education and civilian education”. services. ”

The goal of the meta-verse is to give people a virtual reality that transcends physical reality. Here, the impracticality and immutability of blockchain are essential factors for virtual reality technology to be widely adopted.

Blockchain is already playing a crucial role in the development of a digital economy. It enables cryptographically secure and protected transactions and fast verification of information.

Blockchain technology and crypto further contribute to the uniqueness of collectibles, digital proof of ownership in the metaverse, interoperability across different spaces, and users controlling rules for engagement with the metaverse through management.

As cryptocurrencies and NFTs become mainstream, the metaverse presents a huge opportunity for the industry, which has quickly embraced the virtual world with enthusiasm.

Overcome challenges

While Metaverse is a great tool for online gaming, virtual tours and telecommuting, it also presents challenges. In addition to figuring out how to engage the five senses, there are also real-world challenges to bullying. Moreover, spending countless hours in virtual reality leaves users disoriented, and of course, there is also the risk of physical hazards.

The effort required to make this massive, interconnected network of virtual spaces a reality can also be significant. The price of reliable VR hardware is still high, and many people still do not have access to high-speed broadband connections either.

Although people are optimistic about the rapid development, there is still a lot to do at the technical level, which means that promising applications may not be just around the corner. We could see remarkable results by the end of this decade, but further progress may not happen until many decades.

Metaverse is mostly a buzzword at the moment, while some elements can already be seen in the NFT market, video games and VR chats. However, it is in its infancy and can develop in different ways, depending on research, innovation, investment and policies. Research reports estimate that it is expected to become a $ 700 billion market this decade alone.

Metaverset represents new job opportunities as everyone from large companies and start-ups try to get a part of this new virtual world. It continues to evolve with companies working on realistic avatars and immersive virtual reality experiences. Blockchain can provide the necessary features including ownership, interoperability, decentralization and security.

Over the next two decades, I expect many people to engage in the meta-verse every day. I believe the best metaverse is one where everything is connected and integrated with online and offline experiences.

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