Understanding the Metaverse
Metaverse, a virtual world created by combining various technologies including virtual real estate and augmented reality (AR), is one of the hottest buzzwords of 2022. Metaverse amalgamation of virtual and physical worlds like Meteor enters our lives and to stay competitive, brands need to understand and embrace this new world as our way of life is poised to undergo a monumental paradigm shift. Metauniverse aims to redefine what it means to spend time online and expand our capabilities beyond what is possible in the physical world. One of the most unique aspects of the metauniverse is that it is constantly evolving, growing, and finding its own place. People today understand the Metaverse as “a collective virtual shared space created by the convergence of virtual augmented reality and physically permanent virtual space, including the sum of all virtual worlds, augmented reality, and the internet”. Blurring the boundaries between physical and digital, this “augmented reality” spreads around the world, creating excitement, cocktails of conversation, and many unanswered questions. Businesses expect the Metaverse to be a place where people meet, work, play, buy real estate, and shop. This convergence of the physical and digital worlds would not be possible without rapid advances in 3D, augmented reality (AR) and virtual reality (VR). Like other forms of online interaction, the Metaverse is essentially a place where people can meet and where digital assets—properties, malls, offices, products, and avatars—can be created, bought, and sold. For some, the metauniverse is another source of income. The creator economy is evolving, and this new model of play-to-win, create-to-win, and learn-to-win makes fun activities work. Creators and artists copy digital assets such as photos, videos, music and art into non-fungible tokens (NFT). NFT authenticates individuals to digital assets, which means you cannot copy the deed of ownership. This move creates a shortage and creates a desire for digital goods that we have never seen before. The future of the metauniverse will be interesting to develop. We have more questions than answers about what will happen in the end, but we can be sure that the first vision of the metauniverse won’t be the last.