Understand the Metaverse
The metaverse is just beginning to build up but what is it really and why do we need it?
What is the Metaverse? Web 3.0 ?
Let’s dive into the previous two decades first so as to answer this. Internet in the 90's was the concept that changed things : a standard protocol ( IP) that everyone built on- we built websites, e-commerce platforms, social media platforms, informative resources and so on. This internet provided for one and all- small businesses created stores, students studied, lovers dated, governments governed. We grew all this and more on the Internet.
So, Facebook today is not the Internet; it’s a social media platform on the internet. Amazon today is not the Internet; it’s a huge e-commerce platform offering services on the internet. My Medium profile is not the Internet; it’s a profile available on the internet. Similarly Google is not the internet, it’s a search engine browser on the internet.
So throughout the late 90s and the first decade plus of this century, we created a huge world on our computers and mobiles which was enabled and supported by massive technologies and that is Web 1.0 and Web 2.0 for us.
Now speed up to today- the Metaverse similarly is the concept — where everyone will build a variety of things- gaming platforms, cities, clubs, shops etc in a virtual space. Some of these maybe small, some maybe giant- time will tell. We as individuals will build our digital avatars which will perform all the activities in this virtual world — shop, date, play and much more. So it will be a parallel virtual world similar to our existing life but much more experiential and imagination has no bounds … so leave a lot to imagination here. These will be enabled by technologies like blockchain, AR/VR, AI, 5G, Crypto, NFTs and much more. This is the Metaverse or Web 3.0
So now understand that Fortnite is not the metaverse, it is a game on the metaverse. Meta is not the metaverse, it is a social media platform available on the metaverse. Similarly neither are Robolox or Nikeland or Tinderverse. One can be creative on what they want to build here as it is in inception and there is a scope of opportunities.
# Take 1: Now this is the most simplified version of the Metaverse. So while it is too early to say how the Metaverse will develop but it is safe to say that it is the Metaverse and not Metaverses ( as is being seen with various companies calling themselves metaverse)…that would be as wrong as me calling my e-commerce website as the Internet.
# Take 2: We are yet to witness this concept and for a full transformation to this vision of the Metaverse. Tech experts predict that many changes unfolding each day and major development in blockchain and AI, AR/VR will herald this new era in the next 5–10 years.
#Take 3: For the Metaverse to turn into reality a standard protocol on blockchain will be needed ( similar to the Internet Protocol for Internet). Many companies are working to bring in newer defining and cutting edge technologies that will together soon lead to emergence of the Standard Operating Protocol. From there on the journey will be more streamlined.
Why do we need the Metaverse?
A number of reasons why we need the metaverse or what it is solving for us. I will divide these into two heads for better understanding:
- How it is solving existing problem of today’s internet?
- Data Storage and data privacy issue: The Internet space had become dominated by tech giants or ( FAANG) companies who provide a multitude of services and hold massive stores of our data. So if I delete my Facebook/Twitter account, I lose all my data- all the lovely posts that I have written, all the beautiful reactions that I received, comments and compliments and my life diary of the last decade gets deleted. There is no interoperability- data cannot be transported if I wish to even though it is my own data. The metaverse promises interoperability because it will be built on-chain ( some form of blockchain) and in blockchain ownership resides with the holder. So you will hold your data with you. How? This is yet under development and technological changes in storage will develop this concept.
- IP Infringement : It will also solves the issue of copyright or ownership determination. Since origin of the data can be placed in ledger based on-chain technologies, it becomes clear to determine who is the actual creator of the blog, art, meme or just about anything. And any replication or theft can be avoided. So, the metaverse is being built with the hope of bringing in more transparency in the digital world.
2. How it adds something new ?
Modern day businesses work on data and we have always heard data is the new oil. Data forecasting and AI have been common place knowledge in the tech world in the last decade. The experiential economy is based on these data sets.
About three years back, data started revealing a picture where tech engineers started forecasting the advent of a virtual world and a new phase in experiences starts from there. This would require a merging of physical and virtual world at one point in time. So while today the Metaverse is being viewed by most as a gamer’s world with their snazzy game gear and headsets, in the world of tomorrow this will be everyone’s world with endless possibilities that time will tell.
