Metaverse:- A Dystopian World
Next Wave of Technological Advancement
Hey people, so I am back with another blog. This one is something that I have been thinking about for a very long time.
This type of technology is something that is not new though, it is booming now and some big players are venturing into this space.
Yes, you guessed it right, as the topic suggests, it is the metaverse. A technology that is paving the way and driving humans into a virtual world.
So, what is it and how important it is for the future generation? Sit back and relax as we’ll be discussing this technology in detail this might ignite a spark and resonate some thoughts.
Without any further adieu, let’s dive deep into the topic.
What is Metaverse?
To put it in simple words, a Metaverse is a dystopian future. It’s about connecting something from the real world to the virtual world.
Even simpler, it’s how we interact with both worlds and how we can make it possible.
Didn’t enjoy it, let’s break it down into simple terms and layers so that ignites a spark of curiosity.
Saying Metaverse now is like saying what’s the internet in the 90s. A metaverse comes somewhere between Web 3.0, Virtual/Augmented Reality, and Blockchain.
A combination of these 3 elements gives Metaverse. To understand Web 3.0 let’s go back to the 90s when the internet was just a baby and the term Web 1.0 was coined.
Web 1.0 is the basic internet that we have seen, simply a page with texts only. No images and videos. Just black and white.
Web 2.0 is currently what we are witnessing. A high user interface, stunning visuals, graphics, and most important highly interactive.
It’s mostly community-based and can do a bunch of stuff. And most important it is user-generated.
But there’s one thing that you can buy and own on the internet that is the domain name. And something like www.domainname.com.
Now, the web will get elevated to the next level and it will be termed Web 3.0.
Web 3.0 is a futuristic piece of the internet that will pave a wave for the internet. It will make you own the internet. Parts of the internet. Yes, you can do this. How? Well, all thanks to this one piece of technology called the Blockchain.
And using NFTs specifically cause that’s the foundation block for Web 3.0.
NFTs are some pixels that appear on the screens for which some idiots and crazy enthusiasts pay millions of dollars. But the question that pops up is,
How’s that valued?
Before we dive deeper into the NFTs so that we can connect with the Metaverse, let’s understand and get explored the story of money.
A $100. Do you think this piece of paper is worth $100?
Who told you that?
Well, it is because over the years we have agreed that a dollar is a dollar and we all have agreed to it. And we believed in it. It’s a social contract. It makes it easy for exchanging stuff.
Similarly, the value of an NFT is how much those who embrace it decide that it’s worth it and provides ownership and most important it can be tracked and not copied.
But we are failing to see the other side, the future of it. The same way websites transformed over time right from the simple text(Web 1.0) to Google Maps(Web 2.0).
Similar to a tweet like this,
So, you have this way or a medium of owning something and using it as a context of Web 3.0. This tweet from Jack Dorsey was sold as an NFT for around $2.9 million.
Also Read:- Jack Dorsey’s first tweet sold as an NFT for an oddly specific $2,915,835.47
Virtual Reality:-
It’s a part of the metaverse.
It’s a national technological progression.
So, we can’t say that Facebook owns the Metaverse. It just owns a part of it.
But on the other side, we think about the blockchain becoming mainstream then things will shape up and will become a gravy or ice on top of the cake cause that will make the internet a huge place and will be owned by every individual.
Let’s understand it in a form of a story.
Say for example you are an artist who makes songs and you sold it for $1 as an NFT.
Now here’s the fun if you made a pact in your smart contract that every time your song gets sold you made 80% and 20% goes to the seller.
Let’s say I am the one who bought your song for $1 and I sell it for $1 to someone else.
Now that’s the magic, you as an artist made $1 in the initial sale and 80 cents in the second sale. While I made 20 cents, you see not only do I make a profit but it was passed upon you too. This is a loop and it goes on and on.
No Spotify or Apple Music is required. And this allows you to break through and your community. This is how the whole thing works. Rise of individual ownership.
Also Read:- Meta’s social VR platform Horizon hits 300,000 users
How will you profit from it?
Well, it is all about educating yourself as there are huge opportunities that will pave the way in the future.
And this is just the beginning.
Not just that there are tons of things that you can do in this space right from owning bricks to digital real estate.
Most important it starts by adopting the technology, experimenting with and who knows it can turn out to be a marvel.
To understand this better let’s dive deep and understand the term,
The Metaverse Economy:-
Let’s simplify it better. A Metaverse is a three-way marriage of
Virtual Reality
|
Augmented Reality
|
Physical Reality
It is a perfect blend of your experience online with the one in real life.
As you are on earth, it extracts your reflection into the Virtual world or Metaverse in general.
And putting these things together we term this phenomenon as The Metaverse Economy.
It is a term coined by author Neil Stephenson in his 1992 sci-fi novel Snowcrash and the term originates from the word Metaphors.
Metaverse Economy-> Metaphors->Forms of representation that stand for something else.
By using these terminologies we can say that a metaverse is an alternate reality that’s being created by linking virtual reality and a group of computer technologies.
This world operates as an economy with its form of currency or banking system.
You see it is a part of the blockchain technology that comprises Cryptocurrencies and NFTs. A clear picture.
The world of the Metaverse Economy is also known as Cyberspace or Cyberland.
And this is the world that is heavily being implied and is giving a ray of potential opportunities and the world can have the power over our lives as our physical world does it’s been suggested the vast majority of people will spend a large amount of time in the Metaverse as compared to living in reality or the physical world.
One such example is that of a Virtual Reality Headset that has been on the market and has been commercially available for the past five years.
These are the type of devices that have paved the way for technological possibilities and have been a pioneer for both consumers and creators.
VR is the base for the Metaverse as without VR it won’t exist.
VR has revolutionized various industries and businesses such as gaming, entertainment, and healthcare.
Industries or businesses that require visual representations could benefit from virtual reality technology.
There are various VR headsets available in the market such as Oculus Rift, Sony Playstation VR, Samsung Gear VR, Google Cardboard, and other similar devices.
With that being said, Virtual Reality is set to soon become one of the most powerful technologies that will drive the global economy.
Again a question that pops up is,
Does Everyone Need To Know About The Metaverse Economy?
Simple answer, yes.
Yes, everyone needs to know about the Metaverse Economy. And why not?
Since the VR headset acts as a technological pioneer and is shaping up the way we visualize the world and of course, acts as a base for the Metaverse.
These pioneers allow us to visualize a virtual world that is accessible from the comfort of our home or office chair there are endless opportunities to make more money in a virtual economy.
So whether you are a gamer or an artist or an entrepreneur who wants to make it big in the latest form of Cyberspace Entrepreneurship the Metaverse is the perfect medium to explore more and get enticed.
There are various benefits of getting into the Metaverse Economy such as:-
Profits from that could be worth millions.
Be part of the next level of commerce.
Create immersive virtual environments by building your own space.
Sell products to an international audience.
Gain access to a new audience.
Not everyone will end up with a huge chunk of investment in it but people must get informed about it. So, let’s get informed ourselves more about it.
How money can be made in the Metaverse Economy?
Well making money in the Metaverse Economy is pretty intriguing and challenging.
But the best part about it is that it’s an open market and anyone can enter the market without any restrictions.
The internet’s 3D space is huge and it’s growing tremendously all thanks to 3D printing technology and blockchain.
When the Metaverse gets added into it, becomes even better.
As I discussed before NFTs(Non-fungible Tokens) acts as a base for the Metaverse.
NFTs are like digital certificates of authority that act as digital assets and this will play a key role in the foundation of the physical world getting mixed up with the Metaverse.
NFTs will give a unique identity to the avatars and digital items like shirts, shoes, artwork is already about half a million has been spent on NFTs with a further $40 million monthly that is spiking the growth of the digital markets exponentially.
Business Opportunities in the Metaverse Economy:-
Some various industries and businesses are adopting this technology right from the gaming industry to the entertainment industry to even healthcare.
They have already dabbled upon the opportunity.
Developers and creators are inculcating immersive virtual reality technology into their games and that is leading to more game purchases, downloads, and game engagement.
There are endless opportunities for your business to explore in this new space right from designing games that can be played using VR Headsets to even providing services for gamers there are various ways you can dabble upon success in this new form of economy.
One of my favorite examples in this space is that of Ikea.
It is one of the early adopters of the AR app technology, it simply allows you to virtually put their furniture in your house to see how it would look simply by using your phone and AR.
This is an astonishing piece of technology as it prevents the hassle of going to the physical store and the worst still is not finding what fits.
The incorporation of AR into their business has been successful and has caused other furniture companies to follow in their footsteps.
Another example is from the real estate industry as it is catching momentum.
Matterport, a real-estate firm allows real-estate agents to have a 3D capture of their properties which gives potential buyers a unique way of viewing properties.
Just imagine having a 3D tour of hundreds of properties in a day right from the comfort of your home. It gives a competitive advantage to real estate agents.
On the other hand, hobbyists who love to enjoy crafting and coming up with new ideas will be able to process them by using 3D printers to bring their creations to life.
Also Read:- Why Investors Are Paying Real Money For Virtual Land
Conclusion:-
Wrapping this up, the Metaverse Economy is an open, global, and free digital market.
It allows anyone in the world to participate and is global in the sense no one is barred to enter into the space and is easy to enter.
What are your views on the Metaverse?
Let me know in the comments below.