What Is Metaverse In Simple Words?
Metaverse comes from the prefix “meta” which is of Greek origin and means “beyond” and “verse” which comes from the English term “universe”. In this virtual world, users can shop, work, socialize, play games, take virtual trips, and form communities, as avatars.
Expectations may be overly optimistic as they relate to the future of metaverse media, and although early adopters are already in this space, time will tell the extent of general population acceptance, engagement, and usage.
When was the term Metaverse first used?
The first mention of the term is contained in Neal Stephenson’s science fiction novel “Snow Crash” published in 1992, and refers to “that imaginary world known as the Metaverse. Hiro (a fictional hero) often spends his time there”. “There” is defined as a digital environment where users will connect to live unique immersive experiences.
Investors’ new favorite: What is Metaverse and Metaverse Coins?
It seems that Stephenson’s novel is a landmark work, which has influenced many of today’s CXOs of tech giants, as most of them base their future strategy, on where the consumer/user will “live” in this digital world, whether for professional or personal purposes.
The metaverse, therefore, is being formed, it is a new concept based on the connection and participation of the world between two parallel worlds, the physical, as we know it today, and the digital, as envisioned and influenced by large technology companies.
What technologies does Metaverse use?
The Metaverse brings together a range of next-generation technologies, from cloud computing to artificial intelligence (AI), blockchain, cryptocurrencies, the Internet of things (IoT), virtual reality (VR), augmented reality (AR), and more. (Source: https://www.verdict.co.uk/metaverse-concerns/)
To explore Metaverses you can use extended reality (XR) wearables, computers and laptops, tablets, smartphones, public blockchain, decentralized autonomous organizations DAOs, etc. The list goes on, and this is yet another reason why frequent research, exploration, and experimentation are necessary.
You need to understand what the Metaverse is, how it works, and what the industry predictions are before joining it. You don’t need to be an expert, but you should be able to explain basic concepts like augmented reality and interoperability.
Keep an eye on online discussions and breaking news, because like any other development, the Metaverse is constantly changing. Keep learning about other elements of the Web3/Metaverse, like cryptocurrency and wearables, because you’re likely to hear about them again.
Who is already involved with Metaverse?
Currently, Gen Z and Millennials are the most active participants in the Metaverse, but there are also many brands that have seen the opportunity. Have you considered, if you have a business, how it will align with the Metaverse? Multinational giants of fashion, soft drinks, football teams, and car companies have joined the Metaverse to establish their brands as trendsetters who offer their customers an exclusive experience.
Metaverse: From traditional finance to virtual finance
If you’re interested in activating your brand, partner with Metaverse platforms to determine how to bring your vision to life. You should contact a representative of the Metaverse platform of your choice and proceed from there.
What are the 5 most popular Metaverse platforms?
- Horizon World
- Roblox
- Fortnite
- Decentraland
- The Sandbox
If you want to experience the Metaverse first as an individual, you must explore the Metaverse platform of your choice. Depending on the platform, it’s simple to buy hardware or download software and create an avatar.
What equipment do you need to enter the Metaverse?
- A computer, a game console, or a smartphone, is necessary to be able to enter the platform and create your avatar.
- A digital wallet if you want to participate in events, sell, buy, and get rewards.
- A virtual reality headset, or VR Headset.
DeFi is inspired by the blockchain technology behind Bitcoin
Information about the Metaverse you didn’t know
- The metaverse was worth $47 billion in 2020. It is now expected to be worth $800 billion by 2024, due to an increase in interest during the pandemic.
- 80 million users “visit” the metaverse every day. GenZ and GenA interact 2x more in this than in analog life.
- Meta will create 10,000 jobs in the EU over the next five years.
- In April 2021, Epic Games raised $1 billion to accelerate the long-term vision of Metaverse.
- Decentraland raised $24 million ahead of its February 2020 launch.
- The global AR, VR and MR market will reach approximately $300 billion by 2024.
The Metaverse is still in its early stages and interoperability remains a significant challenge, so there is yet to be a single, universal gateway. For now, there are the above Metaverses for you to explore, and all indications are that new developments will occur.
Would you like to be part of it? You need to have some cryptocurrencies and Web3 access. It is all about a decentralized world and you may need a decentralized finance platform. Trade on Venice Swap.
