Metaverse is a concept. Myth? Or Fact?
What is this next big thing, yet without any particular definition?
Many of us were stuck in online meetings in the past 2 years due to the pandemic, many people were also enjoying this whole new experience.
Technology has always helped us stay connected to everyone around us in many ways, evolving gradually from letters to SMS to video calls to what next?
This change is where the Buzz word — Metaverse comes into the picture which has been over everyone’s mind at least once.
What is Metaverse?
Metaverse is a “shared, computer-generated world in which people socialize, work, and play” [1] — and, yes, learn.
The Metaverse is virtual reality. It’s a place where you can be anybody you want, do anything and be with anyone. Think of it as an online game where you are given the freedom to create your own identity and interact with other people around you.
Why is it going to be crazy?
Although nothing beats being together in person, when that’s not possible, the metaverse will get us pretty close, because interactions in the metaverse will feel more like those we have in our daily lives. From music concerts that would make you feel a step closer to your favorite star, gaming that will make you feel the depths of the game by replicating your movement in the game, traveling that would give you the sensation of a place not just by breeze but even by aroma, and even the billion-dollar estate market that would make you choose your next home in a different country, the metaverse will become a major source for almost everything.
What you think about the Metaverse might be wrong
This is hard to define as there are many possible ways to think about the Metaverse, which itself is changing and evolving every day. This isn’t something that can be easily narrowed down to one point, and maybe if we try putting it into words, we’d end up with many such terms that won’t quite make sense altogether.
But since this has created a large number of buzzwords around the world, many people don’t understand it well enough. That said there are plenty of myths as well as facts about the Metaverse, and here are a few of them to help you understand ‘The Metaverse’ a little better.
Myth — Metaverse is Web 3.0 for some people, and vice versa for others!
Metaverse and Web 3.0 are precisely how people think about computer science and computer applications, while they both have some overlapping parts yet are different in many ways.
The metaverse is actually an internet experience, whereas Web 3.0 is an internet ideology for the current WWW (World Wide Web). Web 3.0 is more like the next phase of the internet which is developed in Blockchain, focusing more on software-to-software interactions rather than just people with websites. On the other side, the metaverse is all about a 3D world where you can interact with 3D friends, objects, and places.
Myth — Metaverse will be used for everything
Metaverse, however good an experience it would be able to provide for some specific application, it will exist alongside the internet. Just like how sometimes you prefer watching the news on the television and sometimes reading them over the internet. It would be upon people how they perceive it and which type of experience they would like to dive into. Think of it as an additive to the real world, an expensive virtual world where you can work, create, explore, socialize, travel, and even more.
Myth — Metaverse will be in a single, global space
Fact — Metaverse will be in many places, not just one, and will be an integrated experience of other platforms and realities
The very first thought that comes to our mind when we think about “Metaverse” is hanging out with friends/colleagues, and building fancy homes but what it has to offer is much more.
In reality, there are many individual platforms where you can create your verse however you want it. It will be a huge collection of many such platforms with many such verses which people would create, where “Metaverse” would act as a medium for seamless digital experience between everything.
Fact — The Metaverse in 2022 is what the Internet was in the ’90s
Remember how back in the 90s, the Internet (World Wide Web) was picking its name and how everyone was skeptical about it impacting the world?
Yet here we are 3 decades later, on the other side with almost everything connected to the internet with some applications that created wonders, some failed and some still in the game.
Metaverse is the same, in its very early stages building its way which probably after a decade would be a hotspot for every new application and maybe a new world of endless possibilities.
Fact — NFTs (Non-fungible token) are important for the development of Metaverse
The Metaverse is going to be completely digital, and hence people are going to buy, use and even share some of the digital assets or even experiences, NFTs are a primary key for seeing this into reality.
As creators can already express their creativity, build a community, and even make money. The company recently announced its first NFT offering — digital collectibles on Instagram and taking important steps to encourage openness and enable connections via blockchain and other wallets.
Fact — Metaverse may be virtual, but the opportunities it will unlock are real
When was the last time you went to the bank to transfer money to your friend? Possibly never as it’s just one click away from your smartphone or laptop, given that it’s connected to the internet.
Metaverse is going to be a virtual space. Still, maybe in the next decade, it is going to drive digital commerce in many ways, perhaps even change the way we work, and open up millions of opportunities not just for developers and creators, but in every field, especially for societal benefits.
For example
Healthcare — Helping medical students to learn or create new surgical techniques without the need for an actual human sample.
Education — Students will be more active, immersed learners rather than passive consumers of information. A recent study showed that students learning in VR are more engaged rather than when they watched a traditional 2D video.
Training — Metaverse will be able to deliver next-level engagement to train their new/existing employees.
Metaverse is evolving, and people are learning and developing new things over it daily, but to get started with something it’s always better to be clear about it. The following are some of the myths revealed by this study. We hope that by doing so, individuals would be able to overcome their skepticism.
Myth — Metaverse is Web 3.0 for some people, and vice versa for others!
Metaverse is the experience of the internet and Web 3.0 is an ideology on which the WWW is built upon.
Myth — Metaverse will be used for everything
Metaverse will co-exist along with the Internet making it more flexible for people to choose from.
Myth — Metaverse will be in a single, global space
Metaverse will be in many places, not just one, and will be an integrated experience of other platforms and realities
Fact — The Metaverse in 2022 is what the Internet was in the ’90s
Metaverse is in its initial stages, and the opportunities it is going to unlock are beyond our imagination.
Fact — NFTs are important for the development of Metaverse
As Metaverse will include ownership of assets, NFTs are an essential requirement for digital authenticity.
Fact — Metaverse may be virtual, but the opportunities it will unlock are real
Metaverse is actually going to help people connect in a seamless experience which will increase a large number of opportunities.
What is the future of Metaverse?
The Metaverse “is bringing together people, processes, data, and things (real and virtual) to make networked connections more relevant and valuable than ever before-turning information into actions that create new capabilities, richer experiences, and unprecedented economic opportunity for businesses, individuals, and countries”.[2]
Metaverse is an experience for which we do not have a single definition or name yet, but we know what it’ll be. (i.e. Different places linked together by participants and content creators).
Metaverse is going to gather real-time data from various objects and sensors, adding more value to the products and any services you can think of, which will eventually lead to a new word called MaaS (Metaverse as a Service).
References
- David J. Chalmers, Reality +: Virtual Worlds and the Problems of Philosophy (New York: W. W. Norton & Company, 2022).
- The Metaverse — Myths and Facts: https://www.bbvaopenmind.com/en/technology/digital-world/metaverse-myths-and-facts/
If you loved reading this article, get ready to explore more such interesting insights into new realities from the forward-thinkers, innovators and emerging leaders.
Join DesignNXT powered by Design Studio — Globant India and discover the new horizon of new realities. https://more.globant.com/designnxt-2022
Nov 25, 2021, 5:00 PM | Nov 26, 2021, 10:00 AM | Live Event
