September 28, 2021

What is the Metaverse?

 Aside from non-fungible tokens (NFT), the metaverse is also to some extent receiving attention as it is very closely related to the crypto industry in addition to being synonymous with sci-fi.

A brief overview of the "metaverse":

Inspired by Neal Stephenson through the 1993 science fiction novel Snow Crash.

The combination of ‘meta’ meaning ‘behind’, ‘far’, ‘forward’, and ‘verse’ is taken from ‘universe’.

Supported by several subsets namely: virtual reality (virtual reality), augmented reality (mediated reality), and the internet.

Built using blockchains and decentralized applications (Dapps).

Includes virtual and physical worlds where users can explore various places on an ongoing basis.

Closest examples can be found in the game: Roblox, Fortnite, Animal Crossing, Decentraland, and The Sandbox.

Metaverse has been seriously accepted by the human community since the outbreak of the COVID-19 pandemic as an alternative to entertainment and business due to limited mobility for the rest of the world.

Arguably the metaverse will be ‘the next big thing’ in the future. So, it is not surprising if the dumping of firms has already started investing into the development of this sector.

Metaverse & crypto

The Metaverse will be a choice of place or space for humans to entertain, conduct business activities and work, combine real estate, buildings, and avatars bought and sold, using cryptocurrencies.

Like Decentraland and The Sandbox, users can integrate virtual worlds with cryptocurrencies at the same time. That way, players can build theme parks, purchase virtual reality or land necessities, and generate profits in sales activities.

Metaverse & Facebook

In June, Facebook CEO Mark Zuckerberg revealed the guarantee of the future of the sector as the evolution of the internet that can generate profits of up to twelve figures even though today it seems absurd. In fact, this figure plans to want to make Facebook a metaverse firm.

This means, Zuckerberg wants to create a virtual workspace called "infinity offices".

There, all Facebook employees can multitask and communicate with each other through virtual encounters without any status differences and distance issues.

In addition to Facebook, other companies such as Google, Microsoft, Samsung, and Sony also joined the XR Association in an effort to shape experiential reality or experience reality.

The XR Association represents the XR industry ecosystem, referring to extended reality, a term that refers to virtual reality and intermediate reality.

Through the participation of the world’s giant firms, accompanied by the advancement of blockchain technology and the cryptocurrency sector, these three factors will shape the future of the metaverse, thus making human life closer to the metaverse than it is today.