What is the Metaverse? A Simple Explanation for Those Who Don't Get It.

What is the Metaverse? A Simple Explanation for Those Who Don't Get It.

Metaverse is a hot cake these days. By now I know you have heard of Big tech CEOs such as Mark Zuckerberg and Satya Nadella(CEO of Microsoft) talk about it. Did you know that metaverse is the reason FACEBOOK was rebranded to META .Stay with us and learn all about the metaverse.

So, what exactly is the metaverse?

The metaverse is a digital world that combines social media, online gaming, augmented reality, virtual reality, and cryptocurrencies. It lets people interact with each other in a virtual way.

Henrique Centieiro explains it easily as - A social construction that leverages the Web 3.0, blockchain, and computer interfaces where individuals build customs, habits, and values, that allow them to spend time and socialize in the virtual world using their digital identities, avatars. It co-exists with the real world.

The metaverse today is similar to how the internet was in the 90s, and currently, it functions more like a social construct. With help of Web 3.0 and blockchain technology, Metaverse may evolve enabling individuals to have ownership over their digital identity and metaverse belongings. The metaverse will serve as a platform for socializing, gaming, and conducting work meetings, all while utilizing your unique digital identity. It coexists alongside the real world and can be seen as an advancement of the internet.

In the present, you don't truly own anything on the internet. The only thing you can possess is a DNS domain. For instance, when you upload a video on YouTube, a photo on Instagram, or a social media post, you don't own that content. The companies that own those platforms have control over that content and can remove it whenever they please.

However, in the metaverse with Web 3.0, blockchain, and NFTs, you can own your content. You have the ability to purchase someone else's content and truly own it without a centralized party controlling it. While most of the internet still operates on a two-dimensional interface, it's astonishing to think that nowadays, you can have a device in your pocket that provides access to limitless information, music, videos, and news from all around the world.

The metaverse represents the next generation of the internet, where you can have ownership of your identity and digital assets. It's like a three-dimensional internet.

Until now, when you go online shopping, for example, it’s like looking at a magazine. You look at the products you click, you select a product, select the quantity and the size, and you have a basket.

Now imagine that in the Metaverse, you have a shopping mall like a real shopping mall where you can walk around, go inside the shop and get the product out of the shelf and put it in your basket.

This is possible in the Metaverse!

Who owns the metaverse?

The metaverse operates without being controlled by a single company and relies on a virtual digital currency and a system facilitated by non-fungible tokens.

Currently, the metaverse represents an open virtual environment that is digitally enhanced, where users can engage in work, play, and social activities through personalized avatars. It can be likened to a video game, but instead of completing quests, users live their virtual lives in a manner similar to their online experiences, albeit in an increasingly immersive manner.

Similar to how we refer to the Internet, it is convenient to think of the metaverse as a virtual space or universe. It functions as a platform that welcomes users, akin to social media platforms in Web 2.0, where they can create online profiles and interact with others. However, in the metaverse, these interactions occur within immersive 3D environments. It's essential to understand that the term "metaverse" specifically refers to the virtual open space itself. Furthermore, multiple metaverses will be available for users to engage with.

Industries currently benefiting from the metaverse

Gaming

Video games like Fortnite and Minecraft give us a glimpse of the metaverse, where people can explore virtual worlds, interact with others, and buy things using in-game currency. In the metaverse, people will actually own their purchases as special digital items called NFTs, which they can use in other metaverses. However, there's still confusion about using NFTs across different metaverses, especially with 3D objects, due to differences in development and legal ownership complexities.

Retail and fashion

VR and AR technologies are revolutionizing online shopping, allowing users to virtually try on items and browse catalogs. In the metaverse, the retail and fashion industry can take this to the next level, offering immersive experiences where users can explore virtual shopping malls and clothing stores from home. Metaverse Fashion Week in Decentraland showcased collections from top brands like Tommy Hilfiger and Dolce & Gabbana, with fashion items available for purchase as NFT assets that could be redeemed for physical products.

Fashion Week in Decentraland. Source: NFT Plazas

Education

Education is being transformed by immersive technologies like VR, AR, HMDs, IoT, AI, spacial technologies, and 5G, enabling interactive learning experiences without infrastructure limitations. In the metaverse, learners globally can access educational content, overcoming geographical and socio-economic barriers. VR is revolutionizing the teaching of hard skills and job simulations, while also imparting soft skills like leadership and resilience in remote learning. Universities are leveraging VR to provide remote access to higher education through virtual campuses, exemplified by the University of South Korea's virtual student entrance ceremony in Minecraft's Education Edition, facilitating teacher-student interaction within the game.

What does the future of Metaverse hold?

The future of the metaverse holds exciting possibilities, as highlighted by Brian Trunzo, Metaverse Lead at Polygon Studios. He predicts that anything that can be transformed into an NFT will become one. Retailers will embrace this trend, creating catalogs of NFTs exclusively for the metaverse. This opens up new avenues for branding and marketing, where pervasive NFTs will be targeted towards metaverse users.

Furthermore, the metaverse is set to reshape the financial landscape. Decentralized user-generated financial ecosystems are expected to emerge, transforming the way finance operates in both virtual and physical realms. The integration of AR/VR technologies will enable innovative opportunities for converting virtual assets into physical finances, revolutionizing the financial landscape within and beyond the metaverse.

The future of the metaverse is deeply intertwined with the future of our society. Businesses and brands will undoubtedly seek to leverage the metaverse's potential to make an impact in both the physical and digital worlds. As the technologies driving the metaverse continue to advance, we can expect ongoing evolution and a fulfillment of the metaverse's promises.

Is the Metaverse safe ?

Fictional stories like Ready Player One and Snow Crash depict grim worlds because they raise important questions about the safety and responsibility of the metaverse. Recently, there have been reports of sexual harassment and assault in the metaverse, highlighting the need to create a secure environment. Experts warn that the metaverse could collect personal information and become a tool for surveillance. It is crucial to address legal issues and ensure user safety within the metaverse. Developing these technologies responsibly requires careful thought and consideration of the legal and ethical aspects, as trust in technology plays a vital role.

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