| May 10, 2024

Taking a look at the Metaverse – How we see it.

Trying to define the metaverse.

Picture a virtual reality where billions of people may communicate with one another, learn, shop, and live their lives comfortably on their couches in the real world.

In this universe, the computer screens we use to access the global information web have developed into doors into a tangible, three-dimensional virtual world that is larger and better (arguably) than real life. Avatars move freely between experiences, bringing our identities and money with them.

As stated by Matthew Ball, author of The Metaverse Primer, it is better to think of the Metaverse as “a quasi-successor state to the mobile internet.” This is because the Metaverse will augment and gradually change the internet rather than completely replace it. The mobile internet, which is the successor of the internet, created in the 1960s through the 1990s, is the finest comparison in this situation.

The phrase refers more to a broad change in how we engage with technology than it does to any particular technology. Virtual reality, which is distinguished by persistent virtual worlds that continue to exist even when you’re not playing and augmented reality, which combines elements of the digital and physical worlds, are two examples of the technologies that companies generally refer to when they discuss “the metaverse.”

Why you should care.

When Facebook changed its corporate identity to Meta in October 2021 and declared plans to invest at least $10 billion in the idea that year, “Metaverse” became a household term. Along with Meta, other major technology players including Google, Microsoft, Nvidia, and Qualcomm are investing billions of dollars in this technology. The metaverse economy may reach $5 trillion by 2030, according to data produced by McKinsey & Company.

Further, we should note that this technology promises to be an excellent tool for bridging distances in a way that can’t be matched by conference call applications like Zoom.

You can use hand gestures, point to anything to explain, write on paper, and even travel together. The possibilities here are huge. Surgeon’s can collaborate, directors of companies can have meetings closer than ever, and the list goes on. In the appropriate metaverse reality, these and a variety of other cooperative activities are all made simple.

How does it work?

Put simply, the metaverse is a digital environment made up of tools for decentralized finance based on blockchain technology, real-time collaboration software, and other forms of 3D technology. The success of the metaverse will depend on elements like the level of interoperability between virtual worlds, data portability, governance, and user interfaces.

The metaverse is still mostly utilized by consumers for entertainment and games; it falls far short of becoming a fully immersive virtual reality. An issue to highlight is that large rival ecosystems, such as the meta worlds for Apple and Android will dominate the metaverse and have little interoperability. Ideally, the metaverse is a dynamic, open, and interoperable environment.

Additionally, each Metaverse has its own in-game digital currency that may be used to purchase or trade digital goods. For instance, Decentraland uses MANA, and Sandbox uses SAND. The majority of Metaverse platforms let users produce, purchase, and sell digital assets. Users can use the development tools offered by each platform to build virtual environments and a lot more – In a sense, building a Virtual Economy.

How do you enter the metaverse?

A fast internet connection, a browser, or a mobile device is currently required to access many of the metaverse-like experiences provided by gaming platforms like Horizon Worlds & Decentraland.

A user doesn’t have to go out and purchase a piece of expensive high-tech equipment, a mobile device is more than fine. The only catch is that you might not get much of that meta experience as the immersive nature of the experience is lost. A phone works for getting a sneak peek, but if you want the whole experience, you should think about investing in a VR headset.

Where are we going?

It remains to be seen if VR/AR experiences and the metaverse as a whole will end up where they claim they are going. At Hyperglade, we believe that these industries and technologies will only mature with time. Just considering the fact that billions of dollars have already been pumped into these ecosystems, we are confident in this promising future. A full-blown, perfectly functioning metaverse is a long way ahead. There are countless technological hurdles that need to be overcome before we can achieve the interoperability that we are hoping for, but when it is here, we can safely say it will be revolutionary.

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