An article to understand why the Metaverse is the future

I’m sure any of us will know the key word “Metaverse.” At this time last year (2021), the Metaverse has become a new megatrend in cryptocurrencies after NFT, GameFi, etc.

After Mark Zuckerberg announced Facebook’s transition from a “social media company” to a “Metaverse company” and officially renamed Facebook Meta, the Metaverse became increasingly popular — and for people who haven’t touched cryptocurrencies as well.

An article to understand why the Metaverse is the future

1. What is the Metaverse?

1.1. Definitions

The Metaverse is a virtual world that combines various technical elements such as virtual reality (VR), augmented reality (AR), and video. Here we can “live” in the digital world and feel the most authentic experience.

If this “abstract” term still seems incomprehensible, it might be much better to combine the story and scenes told in the movie “Ready Player One.”

1.2. Origin of the Metaverse

The term Metaverseology was born in Neil Stephenson’s 1992 science fiction novel Avalanche, which depicts a scene in which human residents meet in realistic 3D buildings and other virtual reality environments and can communicate with each other through cyberpunk space.

The definition of “Metaverse” has a long history, and in fact the term “Metaverse” consists of two other words (Metaverse and Verse):

  • Meta: Represents transcendence
  • Verse: Represents the universe

Taken together, it is the concept of “beyond the universe”.

2. Characteristics of the Metaverse

1) Sustainability: Maintain and continuously improve the ability to produce.

2) Immersion: The realism of the Metaverse.

3) Openness: The Metaverse allows us to connect or disconnect at any time. At the same time, it is an open space where creativity becomes infinite.

4) Economic system: An economic system parallel to reality, we can easily transfer assets between the real world and the Metaverse, and accumulate and acquire more property.

In fact, the Metaverse was created based on multiple technologies, and blockchain seems to be one of the key technologies in the world.

3. Different levels of the Metaverse

An article to understand why the Metaverse is the future

The 4 basic layers, including the Metaverse, are:

Layer 1 – the basic layer – the Internet: The Internet that supports Metaverse connectivity.

Layer 2 – Infrastructure Layer: Supports hardware components to create a realistic user experience. Other technologies that make up this level are the Internet of Things, big data, artificial intelligence, and blockchain for creating shared ecosystems.

Layer 3 – Content Layer: Includes applications and platforms designed to create a more natural experience for one or more Metaverse projects to help users immerse themselves in one or more worlds.

Layer 4 – True Metaverse: When Layers 1, 2, and 3 develop and create a parallel virtual space, the true Metaverse is formed.

We can realize that each layer is constantly updated as it develops. For example:

The Internet – Layer 1 is developing well. We are still developing and releasing new Internet technologies that will be faster and more convenient (now 5G technology, 6G, 7G or other in the future).

Infrastructure – Tier 2 has also grown up in the hardware industry.

Content – Level 3, we can see it in the form of various games. This layer is still in the development stage, waiting for a breakthrough.

4. The Metaverse presented through the game

There are some familiar games that follow the concept of Metaverse, such as:

GTA V (Grand Theft Auto, a world-famous crime-themed game developed by Rockstar Games): Of course, I love this game very much. In multiplayer, we can interact with other people, and as in the real world, there is a lot of activity happening around us in the game. I think we’ve all experienced the original or mod version of the game with our buddies in our free time.

Minecraft (Minecraft is a 3D first-person sandbox game): This is an open-world game in which we can create tons of tools to develop and explore the world in our own way and interact with others through related features and game modes.

Roblox (the world’s largest multiplayer online creative game): With this game we can write games and play games created by other users. The game also supports VR and cloud data.

In the cryptocurrency market, there are some Metaverseic games such as Decentraland, The Sandbox… In these games, we can create our own worlds, use our NFTs to acquire property, and also buy/sell them through the marketplace.

The Metaverse is being developed and applied. However, it will take a long time before the true Metaverse described in the movie “Ready Player One” is realized. There are currently some limitations:

1) Due to the limitations of AR technology (augmented reality), we are unable to build an authentic experience.

2) The interaction rate between non-blockchain games is very low, and we cannot exchange assets and physical objects between different games.

3) Human creativity is still limited.

5. Big coffee enters the Metaverse

The Metaverse has received a great deal of attention from large organizations that have the resources to bring this vision to life.

The first name, which I mentioned at the beginning, is Mark Zuckerberg, the founder and CEO of Facebook.

“Well, I’m excited about helping people transmit and experience a stronger sense of presence — with the people they care about, with the people they work with, or where they want to go.

The reality is that with the mobile internet, we already have something that can be accessed 24 hours a day. I don’t know how you are, but there have been many early mornings when I picked up my phone from my bedside even before I put on my glasses, just to make sure there were no text messages I received in the middle of the night and any information that needed to be processed immediately after waking up. So I think it’s a more natural engagement. – Source: Theverge

After that, Facebook renamed their company Meta to show their contributions to the field. Mark says:

“Today, we are seen as a social media company, but in our DNA we are a company that builds technology to connect people to people, and the Metaverse is the next frontier, just like the social networks we were founded in.” – Source: CNBC

In addition, big tech companies such as Google, Microsoft, and Samsung are also creating a future of “experience reality.”

To mention here, Tim Sweeny (designer of the famous Unreal Engine, Unreal is a 3D engine that is very popular in the gaming world) mentions that the Metaverse doesn’t exist in a single world like Ready Player One, it will exist in many applications and interact with different worlds.

6. Blockchain is the key to a true Metaverse

An article to understand why the Metaverse is the future

Metaverse market map (Credit: Jon Radoff)

With this photo by Jon Radoff, we can intuitively understand the Metaverse industry and the involvement of technology companies in areas such as hardware, software, blockchain or games…

As I mentioned, the interaction rate between non-blockchain games is low. For example, we can’t convert some props in Fortnite to equivalent items in Minecraft.

Moreover, the assets we own don’t actually belong to us, so personalization and ownership issues are not taken seriously. If we delete the game, it means that we will lose everything. Sometimes items we have also disappeared from our accounts if we violate the law or the company’s policies.

However, these problems can be solved with the help of blockchain technology:

1) Scalability: i.e. the blockchain can scale to accommodate more users, typical examples of which are three heterogeneous blockchain networks, Avalanche, Polkadot, and Cosmos.

2) Interoperability: that is, assets on different blockchains can be transferred through cross-chain technology. But it hasn’t quite established yet, which has led to a number of hacking attacks recently.

3) Ownership: NFTs prove this – irreplaceable unique tokens.

4) Security: Blockchain technology will provide high security that will protect us from hackers as well as avoid vulnerabilities.

With the development of DeFi, cryptocurrencies have contributed to the economy. DeFi (Decentralized Finance) will play an integral role in making all economic activities easy to carry out:

1) If we want to buy/sell any asset on the Metaverse, we can use decentralized exchanges (DEXs) or markets to work in a decentralized way.

2) If we want to transfer assets between blockchains, we can use a cross-chain bridge.

3) If we want to borrow some money to grow our business in the Metaverse, we can use a lending protocol.

Therefore, blockchain technology is well suited for the development of the Metaverse, a parallel virtual world that allows for unlimited scalability and creativity while affirming personalization and ownership.

7. The Metaverse remains a futuristic concept

Although information technology has been evolving, the Metaverse is still a futuristic concept that has yet to explode.

Because VR devices like the core of the Metaverse are still limited and expensive, and do not have widespread support. Therefore, the improvement and development of related technologies and hardware equipment is very important.

But in summary, the Metaverse will be a promising industry in the future. With the addition of big tech companies, a virtual parallel world will no longer be just imagination.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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