Metaverse – How big a deal is it?

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If you were someone like me tired of dressing up every time we would get on a Zoom call. Then cheers! We have got a solution. 

How about showing up at the meeting as an all-decked-up “Avatar” while we are chilling on a bed?  

Looks like a one-stop solution! What that is? 

Metaverse – A virtual Reality. 

But, wasn’t that exhausting thing called “zoom meetings”, virtual too? 

That was a boring 2D. Metaverse is about complete immersion in the virtual world. Let us understand this buzzword. 

 

All About Metaverse 

Let me give you a few examples. 

Imagine rummaging through your kitchen shelf while cooking. And you can’t find a grocery item. Phew! You are in the middle of cooking your favorite stew and cannot go out for the purchase. But, how about bringing the nearest groceries stores inside your room through a digital space? 

Through the digital lens, you see vending machines full of groceries. You stop, pick the one you need, and Voila! It is delivered to your house.

Let us take the next example. 

A scenario all of us can relate to. It is covid and we are all locked up inside our homes. With amusement parks and shopping malls, all of them closed. we have nowhere else to go. But, how about getting into those parks through a digital avatar? You get to interact with your friends and even make new ones. You can make those avatars move, speak, and even do a handshake! 

This is the world of Metaverse! A physical virtual reality where people socialize, play, entertain, and the possibility is limitless. [1]

If we go by that, seems like PUBG was a metaverse too? 

Kind of. But, Metaverse is about complete immersion in the virtual world. Much like an amalgamation of the physical and virtual world. 

 

How is this real-world experience enabled? 

It is enabled through a cool-looking headset with those eyeglasses. Some of them also come with a motion-tracking device to capture your body movements. [2]

How does that lead to a real-world experience? 

So, when you apply those bulky glasses along with the headsets, you almost feel your presence in that digital space. Your Avatar almost imitates you in every possible way by tracking your body and hand movement. 

Sitting in your room, you can experience the serine citadel at Machu Picchu. 

Or you don’t have to dance alone when in a jovial mood. Get a room full of a crowd to accompany you through a virtual club. 

That sounds amazing! 

What all can I do in the metaverse? 

 

Metaverse and it’s different forms 

Metaverse indeed has come a long way with a strong proposition that leaves the 2D world far behind. 

A tool enabling you to create an entire world through it has a lot to offer! 

Let us discuss what all they are. 

 

Property and Land 

If Mark Zuckerberg gets to launch Metaverse as planned, the day is not far when it will become a possible replacement or at least an imitation of the physical world. Events, clubs, eateries, parks, and Metaverse will be all of that and even more. With a limitless possibility like this, it will be no surprise when people start purchasing land and property in this virtual space. 

As this digital property becomes a hot commodity, let us know the reasons why people or brands will be rushing to purchase it and get involved. 

  • A huge commercial value – With mega-events like music and shows organized in Metaverse, every corner of the virtual space will hold a huge potential of getting monetized. Therefore, buying property here would serve as a space for commercial renting, and hosting services. [3]
  • Trade at a higher price– Even when you have no plans of either renting or hosting a commercial event. You can just buy a virtual space. Keep it with yourself until the price is on a rise and you get a huge return on investment. 
  • Building entertainment spots – With more and more people coming together to engage in this virtual space, we will surely need more malls, amusement parks, and in short countless entertainment spots. So, when you buy land in the metaverse, you create your 3D building, and voila! Earn money every time someone visits them! 

Seems like a Metaverse is all about entertainment! Hmm, let’s see. 

 

Metaverse in the form of entertainment   

Metaverse and entertainment. Phew! That’s a lot to consume. Our entertainment demand is limitless but so is Metaverse! 

Recently, Ariana Grande hosted her singing event in Fortnite’s Metaverse. I know events like this get us excited. Especially for singers like Ariana whose physical concerts we can seldom attend. Ariana seemed to soar beautifully through the sky gracing audiences in millions [4]

Metaverse in form of entertainment exceeds all limitations a physical world has. From restaurants to clubs, and from parks to movies. It has them all. 

Choose an Avatar that represents you the best. Get to your favorite restaurant. Hang out with the best people. Get to make new friends without any geographic limitations. All of this through an immense immersion. 

That’s quite a complete package! 

Oh, think twice! Complete without IoT? 

 

Metaverse has IOT too! 

Here we are stunned and amazed. And experts have found an exact name for that too. They refer to the intersection between Metaverse and IOT as a digital twin

Oh, another buzzword! 

This buzzword they claim can condition the physical reality for a seamless digital reflection. [5]

Oh, the same simulation, data modeling, and integration?

Yes, that is there too! But, a lot more to explore. 

It can get as complex as capturing your body’s sensation through a laser body suit and accordingly eliciting responses in the virtual world. As close as keeping a track of your heartbeat and breathing rate. So when you get anxious, your avatar reacts accordingly by slowing down with increased susceptibility to fatigue. [6]

Oh, that’s horrifyingly exciting! 

You would already see Dungeon and Dragon Metaverse, for example, deploying those simulation-based gaming interfaces. And seems like there is no end to how big can Metaverse get. 

I mean look at “Multiverse” 

 

Multiverse – Too many Realities?

From the time, Neil Stephenson introduced the term Metaverse in his novel “Snow Crash”, we have been going La-la over this buzzword. Therefore, this excitement to explore different realities is understandable. [7]

The more excited we are to explore, the more it emphasizes on creating a seamless virtual experience. 

That is when “Multiverse” comes into play. For augmenting “different” realities. 

 

The virtual and augmented reality 

With an ever-increasing possibility to explore different realities in Metaverse, it can start looking like a bunch of ecosystems. Can get messy and often at times unsettling. 

Multiverse offers a fix to this unsettling experience. Based on a complete hypothetical theory, the multiverse represents the co-existence of all physical worlds in a reality. [8]

Put together simply, Multiverse will enable users to transition from one virtual ecosystem to the other in a seamless manner. An augmented reality where games, IoT, Digital Homes, etc. stay connected yet separated through a transitory interface.  [9]

The Metaverse Market is indeed big! 

Let us look at its on-point market fusion game. 

 

Metaverse and Market fusion

I know. Till now, a lot has been said about Metaverse. Claims have been made. Targets set. 

But, who will help us accomplish all of that? 

Purchasing land on metaverse is cool, we all want that. But, do we know how? What enables this purchase? 

We all so ardently wish to groove in our favorite music concerts. But, how do we enter? With passes of what kind. 

Yeah, we have got it all covered. Let us answer this one by one. 

 

NFT’S

Non Fungible assets. Assets that are non-interchangeable with other assets and goods. To let you have your own unique digital space, and buy assets.  [10]

And the most important. Yes, you can purchase all your passes for concerts, malls, and amusement spots in the form of NFTs itself. 

It is not limited to only buying tickets. The NFT has a huge market of Avatars and memes. Attracting a huge number of buyers, collectors, and creators. For creators, it is an endless space for creativity to finally get their stickers approved. For Buyers and collectors, it is a market full of hope – collecting and waiting for the price to go up! 

NFT combined with Metaverse is a lot more fun with exciting “Avatars” and “Non-fungible pass”. 

Let us move to next. 

 

Blockchain and Crypto

Using blockchain-run technology for enabling crypto-based monetization isn’t new. We have talked about NFTs and how it helps us with those digital tokens. Transactions have been made easier. 

But, what about privacy? 

With an ever-increasing simulation of real experience, Metaverse tools beat any other technological innovation in terms of effortlessly capturing the movement of your body to the closest. Augmented reality as they call it can also generate a lot of sensitive data. 

This undoubtedly makes users susceptible to data theft and breach. It is very important therefore to have a technology like a blockchain. To encrypt data at every stage of the processing is the need of the hour. Blockchain can very well do that by facilitating encryption at every stage of communication. [11]

Many crypto and blockchain startups have even started joining hands with Metaverse as 3rd party service providers. 

Game-based and similar startups are even coming up with their very own metaverse version. [12]

Feels like such a huge industry fusion

Now that we have covered everything, let us talk about the game changer – Speed! 

 

Metaverse and 5G – Match Made in heaven 

By now we know Metaverse is exciting. But, have you ever wondered what would it require for those digital buildings, parks, clubs, and our favorite – Avatars to look and feel seamless. 

One answer – Speed 

Internet speed would be a real booster to Metaverse’s endless propositions. 

What all does the Metaverse internet requirement entail? 

Well, Quite many. Standardized interfaces, Cloud capabilities, Easy communication access, and the list goes on. 

To cater to them all, it would require a solid Metaverse and 5G partnership. 

Current generations of WIFI will suffer from very high congestion in the Metaverse world. WI-FI7 and other service agreements have kicked in as a promise to serve better. It would be interesting to see how far they sustain this ever-evolving game. [13]

Seems like we have the plan ready! 

Why is taking so long then to bring Metaverse into the mainstream? 

 

There are challenges to be met

I know those never-ending cool offerings of Metaverse are exciting. Exciting enough to drive you impatient and restless. 

But like every other technology, metaverse too has challenges to be met and overcome. So, before we bank upon Metaverse as a source of entertainment and revolution, let us know the challenges. 

  • Simplicity – I know those XR and AR headsets are cool. But, try applying them for even 30 minutes and you would complain of motion sickness. Those heavy VRs are not designed for the human body and eyes. We need simple yet effective Metaverse tools easy on our body and eyes. [14]
  • Regulation – Reports of women getting sexually assaulted in Metaverse are alarming and need attention. [15]

With a growing VR world where user-to-user touch is felt as a disturbing physical experience, the makers need to get responsible with proper regulation. 

Getting legal regulation is difficult and can not be done in the “Network token” or “Smart Agreement” form as in the case of WEB3

Real-looking virtual worlds would need real-looking regulations in place. This explains why it will take Mark Zuckerberg a decade to fully develop Metaverse. [16]

 

Way Forward 

From the time it has been coined, Metaverse is such a buzzword. What makes almost everyone want to try their hands on Metaverse? 

It can be explained by these two possible revolutions Metaverse is sure to bring, 

First is “Affordability”. You get to have experiences ranging from travel to luxuries, to entertainment and what not. That too, without any boundary between rich and poor. 

Secondly and interestingly, sustainability. With our super stylish avatars, we wouldn’t need a lot of material clothing to present ourselves stylistically. 

Those are Mark Zuckerberg’s arguments. How could it not? He is determined after all. Changing Facebook’s name to “Meta” is a reflection of his determination. A determination to provide us with an experience of fully immersive real-looking virtual world.

How this determination unfolds, would be interesting to observe.

Maybe you will come back and laugh at this article after 10 years from now. Or maybe you are laughing now and will read this sometime again through the “Metaverse of IoT”. 
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She is a National level Debater with many accolades and as an aspiring journalist, she aims to present and document content in a well rounded and constructive manner.

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