What is the metaverse

What is the Metaverse?

Those who make use of the internet must have come across the buzzword Metaverse lately and how it could possibly be changing the face of the internet. Big companies such as Facebook and Nike have also jumped on the metaverse trend, with companies like Facebook changing their parent company name to Meta to accommodate its goal of going into virtual reality. 

What Is Metaverse And Its Relationship With 3D Virtual Reality? 

The metaverse in simple terms is a virtual world that is used by real people and are represented by digital avatars. To understand the concept of Metaverse more, it is a 3D virtual world that is powered by virtual reality (VR) and augmented reality (AR). The major characteristics of the Metaverse are that it is interoperable, real-time, and self-sustaining. 

Since the inception of Covid-19 restrictions, a lot of things have changed from the ways they used to be, there is a hike in remote working, remote meetups and other personal events preferably online. 

What Makes Up The Metaverse?

Many technologies are integrated into the concept of the metaverse and these include:

  • 3D Technology:

The Metaverse makes use of 3D and 4K HD technology to create a virtual world where people can interact with each other using unique digital avatars. 

  • Blockchain and cryptography

Because of its qualities of interoperability, value transfer, collectability, decentralization, digital ownership, and transparency, blockchain is part of the metaverse for the development and constant evolution of the concept. 

  • Internet Of Things (IoT)

In the metaverse, the internet of things is needed to bridge the gap between the physical world and 3D virtual reality. The internet of things makes it possible for the representations on the metaverse to be accurate to the ones that are found in the physical world. 

  • Artificial Intelligence

Artificial intelligence helps to improve the level of engagement and interaction in the metaverse. It helps to increase the effectiveness of data management on the platform. 

  • Virtual Reality (VR) And Augmented Reality (AR)

Virtual and augmented reality help to give metaverse users an improved experience of the physical world in the virtual world. It helps to recreate the elements and graphical representations of the physical world.

The internet has been slowly going towards virtual reality, but the biggest trend of the metaverse happened when Facebook declared its goal to change the parent company's name to Meta to accommodate its goal of creating a Metaverse platform. 

Ever since then, a lot of money has been pumped into the project by Meta with a $10 billion budgeted for the project in 2021.

Companies like Nike, Apple and Microsoft have gotten involved in developing a 3D virtual world. Microsoft is trying to create a collaborative working environment for businesses and this project is known as Microsoft Mesh and acquired Activision Blizzard in the process. Nike on the other hand also acquired RTFKT Studios, a digital studio that produces shoe wearables for the metaverse.

Uses Of Metaverse In Everyday Living 

Metaverse is an innovative technology that is very helpful in many ways to the average human being. The metaverse is helping to change communication between human beings in a way that hasn't been used before. Here is a full explanation of the use cases of the metaverse for the average human. 

  1. The 3D Virtual Reality Platform Can Be Used To Network:

One of the important applications of the metaverse is how it can be used to interact and network with other persons. This type of socialising does not end at chatting with each other like social media, it goes far to integrating NFT purchase and gaming as part of the interaction between individuals using unique digital avatars. 

  1. Metaverse Is Used To Get NFTs:

So many gaming platforms have integrated Metaverse into their gameplay and sometimes winners are now rewarded with non-fungible tokens (NFTs) as prizes. 3D virtual gaming platforms such as The Sandbox and Axle Infinity allow their users to create, breed and sell their avatars in return for NFTs or other forms of cryptocurrencies. 

  1. Virtual Tourism:

Metaverse now makes it possible for individuals to explore locations such as hotels and resorts that they want to visit and check out what they have suits them or their tastes without having to visit there physically. You can pay to have a visual tour of the Egyptian pyramids, Great Walls of China for example and cheap. This saves you the worry of visa approvals as well as transport and feeding cost for real-time visitation. This is another great answer to the "what are the uses of metaverse" questions that are asked by people most times. 

  1. Metaverse And Remote Working:

One of the challenges of remote work among individuals is effective communication among coworkers. Metaverse makes it possible for you to read the body language of your colleagues while working with them and also it helps to track time for effective time management. 

Uses Of Metaverse For Business Owners 

The question of "what are the uses of metaverse" among business owners are answered with the following use cases that are presented below:

  • New Opportunities In Marketing

Metaverse users have increased considerably and since gaming platforms are at the forefront of the metaverse communities, businesses can now make use of metaverse for marketing campaigns. An instance is the case of Roblox placing ads for Warnermedia and Paramount Pictures on their platforms. 

  • Real-Time Communications With Customers

With the use of virtual reality (VR) and augmented reality (AR), the metaverse will completely change the face of communication between businesses and their clients. Businesses will now be able to communicate and will now be able to interact with their clients in real-time using digital avatars. 

  • Virtual Office

Businesses can now make use of metaverse to create a virtual working environment for their employees. Several companies are already integrating this into their working system such as Virtuworx which makes use of VR and digital avatars to create a virtual working space and keep up with workers.

Conclusion

Disclaimer: This article is meant to provide general guidance and understanding of cryptocurrency and the Blockchain network. It’s not an exhaustive list and should not be taken as financial advice. Yellow Card Academy is not responsible for your investment decisions.