The Rise of METAVERSE
As Facebook announced its mega rebranding plan with a new company name “Meta”, everyone was FOMOing about why on earth Metaverse was that important for Facebook and how our lives may be affected by the sci-fi glossaries such as Metaverse, NFT, GameFi, AR, VR.
Metaverse is not a new word for sure. A compound word formed by the prefix meta, meaning beyond and universe, Metaverse depicts a universe where reality intertwines with virtuality with the help of blockchain-based technology. It combines social media, gaming, augmented reality and virtual reality technologies to create a virtual environment that people can access via the internet.
Sounds too jargon-layden? Read up this article, through which we are trying to decode Metaverse. Before that, let’s start from the very beginning-Snow Crash.
Debut of Metaverse
Published in 1992, Neal Stephenson’s dystopian novel, Snow Crash was widely known to first use the term “Metaverse”. As described in the story, human avatars and software agents inhabit a 3D virtual world. Ernest Cline’s novel and later adapted to movie, Ready Player One is yet another popular reference of the concept of Metaverse.
Everyone knows now that Metaverse is never a new “gimmick” but the question is what makes the 29-year-old book suddenly become the definition of our possible future?
As the world witnessed the pandemic with no end in sight, work-from-home or digital nomading has undoubtedly become a new norm both for work or pleasure. Covid accidentally pushes the virtual communities and technology giants to the realm of Metaverse. Virtual offices are just the beginning of the boom. Metaverse in fact covers different aspects of life, from workplace tools to gaming and social networking platforms.
What can we imagine the world of Metaverse...for now
Anyone who read or watched the blockbuster Ready Player One knows that the simulated world aka the Oasis is accessed through VR devices. Also, gaming platforms and 3D VR offer the most straightforward development on the path to Metaverse.
User generated gaming platform Roblox was born in 2006, on which players create their own games and play it with others but it goes beyond that.
On Roblox, meetups, concerts or other social interactions can be held as well which means users are not only just creating and playing games, but living in the “world” they created. Also, prominent rapper Travis Scott’s “virtual” concert on Epic Games’ Fortnite was watched by 12.3 million people. Scott’s avatar traveled from cities to outer space. All the limitations in the real world were rooted out in the virtual version.
How does crypto come into play?
As virtual worlds are built, the needs for “digital assets” are inevitable. Non-fungible Token and cryptocurrency are therefore linked to Metaverse.
NFTs, normally limited in supply, can be applied in house-building, furnishing, shopping and any activities you can do in the real world. When it comes to purchasing or acquiring the rare NFTs, cryptocurrencies will always be there to serve.