Metaverse is a 3D virtual reality that allows people to communicate with one another. Recently, blockchain technology has gained massive popularity, primarily because of various applications that the technology supports. Cryptos, NFTs, and DeFi are some of the well-known examples. You can buy NFTs, but what good is it when you can’t show them to others? This question is answered by the conception of Metaverse, which is based on blockchain tech.
Earlier, we had games like Second Life, where we could create a virtual avatar of our own, interact with other people and pretty much do anything. But it was developed by a private company, and things in it were not real. But now we have something like Metaverse!
Recently we have seen news of major tech giants like Facebook changing their name itself to Meta, probably to capture the imagination of users. Active participation of such giants shows how big this thing will be. We have many questions about Metaverse. Let us have a look at a few of those.
So, what does the Metaverse mean?
The most often asked question regarding the Metaverse would undoubtedly be what it exactly is! Metaverse is not a Facebook, Microsoft, or Google product. It’s a word borrowed from the cyberpunk novel “Snow Crash,” published in 1992, which suggested a world in which people might communicate with one another using avatars. The Metaverse you’re hearing about now is comparable to the same concept in many ways.
As previously stated, The Metaverse is a 3D virtual reality that allows people to communicate with one another. The Metaverse can be a connected ecosystem of online 3D virtual environments where users can interact, create assets, play games, work together, and communicate. The NFTs we buy from, say, OpenSea, can be displayed here. Our things are unique in the Metaverse. Everything is recorded in the blockchain block and can never be changed once recorded.
What is the purpose of the Metaverse?
The second significant question that comes to mind about the Metaverse is its applications.
The prospect of exploiting the Metaverse to unlock new marketing opportunities is the first good use case of the Metaverse. In the Metaverse, people can engage and converse with each other using digital avatars. Brands could use this element to find good marketing possibilities.
The Metaverse may potentially provide new chances for virtual workspace creation. Virtual reality developers, for example, may help businesses create customized virtual workspaces that are appropriate for management and staff.
You can also think about many more interesting metaverse applications, such as virtual learning spaces and virtual tourism.
What are the characteristics of the Metaverse?
The Metaverse is a virtual world with a wide range of characteristics. Interactivity, interoperability, corporeality, and tremendous economic potential are the most important characteristics of the multiverse.
Users in the Metaverse can talk and engage with users and areas. Avatars and assets developed in the Metaverse are freely accessible and operable across various metaverse spaces.
The Metaverse’s corporeality feature means that, despite its virtual nature, the Metaverse would have parallels with the real world. The Metaverse, for example, would have limited resources.
An essential feature of the Metaverse is its economic potential, which includes the ability to create a fully-fledged economy.
What function do virtual reality and augmented reality play in the Metaverse?
Virtual reality can be experienced by anyone who can put on a headset. Anyone can use it to observe and work in the digital world. Users with complete VR headsets can enter a 360-degree virtual world where they can freely roam around. On the other hand, augmented reality is essentially a reflection of the actual world in the virtual world. AR-connected spectacles may aid in the construction of new 3D virtual environments, while VR may improve metaverse participant involvement.
Is there a metaverse?
Among the various Metaverse questions that arise in the minds of newcomers, doubts about the Metaverse’s existence are frequently mentioned. The enthralling nature of the Metaverse cannot provide sufficient proof to newcomers that it is real. The Metaverse is a real concept, even if it does not exist in reality. There was no public version of the Metaverse available today.
Nobody can say when the Metaverse will be fully operational. Some argue that the Metaverse could be a reality within the next year. On the other hand, others believe that a fully working metaverse will take another decade. Parts of the Metaverse are encoded in many technology solutions and platforms. They would, however, take some time to manifest.
How will the Metaverse appear?
Facebook forges ahead with its metaverse development; many other corporations will follow suit. As a result, different metaverse platforms dedicated to each corporation should be expected.
However, the Metaverse will take shape in the future as diverse corporations merge their virtual worlds into one. The most straightforward explanation for how the Metaverse will seem in the future is a 3D version of the internet. Consider wandering around the streets of Delhi simply by looking up “Delhi tourist attractions.” You can genuinely feel the real experience of engaging with information you want using your VR or AR glasses.
What is Facebook’s Metaverse, exactly?
Facebook’s parent business changed its name to ‘Meta,’ intending to build its Metaverse despite the negative press. Facebook’s 3D version is intended to be the next generation of mobile internet experience for users.
Many other corporations are working on developing virtual worlds with technologies like augmented reality and virtual reality. Thus the concept behind the Facebook metaverse is not new. A significant portion of the conversation surrounding the Facebook metaverse focuses on assuring additional safety features, privacy controls, and terms of service for the Metaverse.
Will Facebook control metaverse then?
Interoperability is one of Metaverse’s most important features, ensuring that no single company can dominate the Metaverse. Decentralization is present in the Metaverse’s whole economy, including both real and virtual worlds. So, a short answer is no.
A social presence, healthcare, workspaces, entertainment, consumer products, payments, and others are some of the effective options for any company in the Metaverse. The Metaverse is still not a finished product in terms of development work. We currently have several virtual worlds that are not interconnected. Facebook is one of them.
Is Microsoft Mesh a metaverse entity?
People learning about the Metaverse may come across examples like Microsoft Mesh. Microsoft’s virtual reality set astonished everyone at the most recent Ignite conference. Microsoft Mesh has been designed to work with Microsoft Teams and is powered by HoloLens2 technology. Microsoft Mesh’s debut opens up new possibilities for building an ecosystem that enables shared experiences and virtual presence from any location.
Microsoft Mesh could become the next big thing for constructing metaverse workspaces if mixed reality applications are used carefully. Microsoft Mesh’s debates regarding avatars, which could assist problem-solving and decision-making in the workplace, have also demonstrated how Microsoft Mesh can become a part of the Metaverse.
What is the Epic Games metaverse, and how does it work?
Another key aspect that has drawn everyone’s attention in Metaverse inquiries is the arrival of Sony into the Metaverse. With a $1 billion investment, Sony has entrusted Epic Games with the creation of its Metaverse. Tim Sweeney, the co-founder of Epic Games, has long dreamed of creating a metaverse. The Epic Games metaverse might become a viable sector in the growing Metaverse with such a generous funding commitment. In contrast to the idea of a monopoly-like Meta, Sweeney has planned for the Epic Games Metaverse to be a more open standard.
What are the leading companies in the Metaverse?
Apart from well-known corporations like Microsoft, Sony, and Facebook, the engagement of other companies in the Metaverse is undoubtedly a repeating question about Metaverses.
Nvidia, Niantic, Apple, and Decentraland are other corporations invested in Metaverse’s development.
Nvidia, for example, launched its Omniverse Enterprise in 2021, which allows creators to collaborate on projects such as 3D modeling, simulation, and design. Decentraland has been a vocal proponent of the Metaverse since its creation, selling virtual real estate worth more than $2 million recently. The firm behind Pokemon Go, Niantic, has also joined the metaverse-building endeavor. It has raised $300 million in funding to construct its Metaverse.
Can I create my own Metaverse?
The Metaverse must allow users to interact with it to flourish and become a common tool in people’s daily lives. Metaverses sound wonderful as a science fiction concept or in the game industry. However, to succeed as a social and economic tool, a layer of utility or incentives should exist to encourage consumers to stay engaged. Due to blockchain technology, nonfungible tokens (NFTs), extended reality (XR), artificial intelligence (AI) capabilities, and more, Web3-powered technology has a big role to play in helping push forward with the concept and idea of the Metaverse.
A Metaverse-as-a-Service (MaaS) offering will provide the most value to metaverses with specific functionalities, speak to their consumers and industry of choice, and create new virtual engagement channels. It will allow people to create their cities from start to finish and serve as the foundation for the next internet.
As we already know, instead of acquiring a lifetime or perpetual license, Software as a Service, or SaaS, is a subscription-based approach for using software platforms.
Almost everything can now be delivered as a service, giving users more flexibility and vendors a consistent source of cash. Firms could use a similar strategy to install the Metaverse, resulting in Metaverse-as-a-Service, or MaaS.
What is MaaS?
So, what exactly is MaaS? It’s a service model where marketers may make their venues into whatever they desire. A MaaS platform allows one to construct digital environments tailored to each user’s specific needs, whatever they may be. MaaS solutions will be crucial if the Metaverse becomes a viable concept.
Everyone has an opinion or idea of what the Metaverse could be or become, whether it’s a gamified universe or a Web3 gateway. Users want to be able to define the area and build it into a platform that can reflect even the most vivid of fantasies. A universe intended to engage sports fans will be drastically different from one built to connect consumers with their favorite musical or artistic artists. While Web3 serves as a connecting link across the many metaverses, the goal is to ensure that each is distinct and serves diverse goals through decentralization.
Do we have such companies offering MaaS?
There are a few companies which are offering such services.
- Propel MaaS – Propel MaaS is a blockchain solutions platform that provides ready-to-use Metaverse infrastructure tools. Propel has stated that it would offer MaaS system for smart contracts, NFT utilities, & DeFi. The company is still in the early stages, though.
- Lovelace World – In October 2021, Lovelace, an NFT platform, announced that it would launch the MaaS solution. The startup already has its cryptocurrency token, LACE, and plans to provide MaaS services to help people adopt the Metaverse.
- MetaVerseBooks – MetaVerseBooks is a MaaS company that provides tools for creating virtual reality worlds, NFTs, and dApp management.
- Touchcast – Touchcast is a Microsoft Azure Cloud-based 3D and VR event production firm. It unveiled MCity at CES 2022, where it announced its MaaS solution. Organizations can register for the a.metaverse domain, which will provide them access to a protected virtual reality arena where they can establish metaverse campuses.
Closing Remarks
The Metaverse is not and should not be about one-size-fits-all solutions. Customization will be crucial in MaaS. In an e-sports metaverse dome, team branding and gamified tokenization will be more important, whereas an entertainer would wish to establish an event venue to conduct virtual performances.
However, the biggest question about the Metaverse right now is whether it will become a reality anytime soon. The Metaverse will undoubtedly develop in the future with the help of technologies like AR and VR and the efforts of tech giants like Sony, Microsoft, Facebook, and others.
It might change the way we interact with each other. Covid Pandemic encouraged a Work from Home culture. Metaverse can take it to a whole new level. Looking at all the increased interest of major Business houses across the globe, Metaverse is certainly a realistic possibility.
