Metaverse
The narrative, plot twist and future
The term metaverse has been getting a lot of attention lately, largely due to Facebook’s rebrand to Meta and the close associations between metaverse and web 3.
Some see the future within the metaverse as a real-life episode of Black Mirror or a sci-fi movie. Others see it as a promising future. One with better opportunities and decentralisation, where the power is held within the people as opposed to large tech corporations.
Metaverse is defined as a virtual reality space where users can interact with other users and computer-generated environments.
Plot twist: Metaverses already exists. What does not currently exist is the option to move from one metaverse to the next seamlessly.
The metaverse has been around for years. Popular metaverses include Minecraft, Roblox and Fortnite. So, is the attention surrounding the metaverse scene all hype? Partly.
Aside from Facebook’s rebrand to Meta, the metaverse is gaining all this attention partly due to the pandemic acting as a catalyst for enhanced digital human experiences. The use of social media soared. Business meetings and workflows suddenly became remote and online meeting spaces became the new meeting rooms. The advancements within blockchain technology and talent moving towards this space are also attributions towards the spotlight on metaverse.
The potential of how our everyday lives will blend with the metaverse is already gaining attention from investors, tech talent and corporations.
If the advancements in the metaverse space are aligned with the potential, we are on the cusp of a new digital economy. One where existing blockchain technologies and NFTs can be leveraged to create new opportunities and human experiences in a digital realm.
Some examples of these experiences can be trying on a particular item like shoes or makeup using augmented reality to determine whether or not you’d like to make a purchase. Another example can be hosting your birthday party or attending an event like a concert with all of your friends, in the comfort of your own home.
Those experiences already exist but they have still not received mass adoption and need more advancements to achieve hyperrealism.
The future of metaverse largely depends on how technology advances in the space. Where the metaverse can truly be revolutionised lies in its unity or interoperability. The ability to seamlessly move from one metaverse to the next will determine if and when the metaverse will be adopted en masse.
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