The speed with which technology is progressing can be gauged from the metaverse. A step ahead of Artificial intelligence & Machine learning, it is such a virtual world in which we will get a different type of experience. Where we will be able to do almost all the activities but it will be in a virtual world. Those whom we will feel and be happy seeing but will not be available in reality.
Keeping in mind the changing technology, recently Facebook has changed its name to meta. If you’ve been hearing about the Metaverse often in 2021, there’s one person behind it that is deeply contributed, novelist Neil Stephenson. Neil Stephenson used this word in his 1992 novel first and said that in the future humans will be able to talk in the form of an ‘Avatar’.
In other words, a graphical representation of humans with whom we can interact. According to the current situation in 2021, this word is the most trending word of this year. It is no longer just a word but it has a lot of opportunity and potential.
The following are 10 main things about the Metaverse:
- The metaverse does not have a specific meaning but is created by adding two words. In which the word ‘meta’ is derived from the Greek language which means ‘beyond’. The second word is derived from the word universe. So simply one can take it to mean ‘beyond the universe’.
- According to LynKey founder Dinis Garda, the metaverse is a digital world within which users can live and interact with other users. Some of the elements included in the metaverse include Augmented Reality, Virtual Reality, Blockchain Technology, and Game Theory.
- You must be aware of Blockchain technology which is used for undisputed ownership of assets. In the metaverse, this is seen as a major enabler in terms of transactions. In the metaverse, users will be able to buy and sell their assets and it will also be possible to buy and sell many other types of weapons. This technology will be used for whatever transaction will be done for this.
- We all agree with this that nothing online is safe. In this digital world, as the users increase, so will the data also increase. According to some experienced consultants and experts, as the data increases in it, its security risk will also increase more. But blockchain technology is considered because of its security, so it may be that due to this, this digital space must be of some help.
- Metaverse is also promoting virtual real estate with it. For example, a metaverse named ‘Decentraland’ built on the Ethereum blockchain allows users to buy virtual blocks of land. Several other platforms such as Axi Infinity and Sandbox also allow users to buy virtual assets in cryptocurrency.
- Day by day the metaverse is becoming a lucrative industry in itself. According to a report, when it comes to fully working conditions, it can have more than $1 trillion in annual revenue.
- According to the report, Facebook is showing a lot of interest in Metaverse. It has changed its name by rebranding. It has also reportedly been revealed that Facebook is going to invest 10 million dollars in this. Overall, shortly, we will quickly see that this type of technology is increasing in a big way.
- Providing the Metaverse with immersive virtual experiences similar to the real world can be of great benefit to the gaming industry as well. Along with this, the gaming industry will also grow itself rapidly and work to provide better quality. Here it will help us a lot to make gaming more transparent and also create a very good ecosystem in the gaming sector.
- The Metaverse will soon become a major contributor to the world economy. According to PwC, by 2030, the value of this ecosystem will exceed 1 point 3 trillion dollars. Due to this, industries like Education, Health, and Edtech will have a huge impact.
- It is going to have a very deep impact in the field of acting as well. Many celebrities have already started using it. They are making their ‘avatars’ and selling them by printing them on clothes. This is a good opportunity for the artists through which they can reach their fans and create a new business.
As Metaverse continues to grow rapidly, its usefulness will increase. It is going to bring some changes that we cannot even imagine. After its implementation, the way of working in almost all sectors will change and new business opportunities will also arise. Now it has to be seen how the world will change after this implementation.