The Metaverse

 

The Metaverse Hype

You must have heard that word a lot- The Metaverse, especially if you know a couple of tech bros or crypto bros. Some talk about the Metaverse being an imaginary, virtual world or universe; but what really is the Metaverse and why are crypto bros, tech bros and even Fortune 500 companies like Facebook, now Meta, so psyched about it- I mean you have to be pretty psyched about a project to have invested billions of US dollars in it.

What does it have to do with VR- Virtual Reality?

Is it a new concept or has it been with us for years and is only now undergoing a nominal change?

Let’s try to demystify the Metaverse…

What is the Metaverse

What is the Metaverse? The Metaverse really is a simulation of a virtual world that is internet based. The Metaverse presents an immersive form of reality that integrates both virtual concepts and real-life concepts- Virtual Reality(VR) and Augmented Reality(AR) respectively.

Virtual Reality vs Augmented Reality

While both concepts represent a simulation of virtual elements with enhanced 3D visuals, there is a fine distinction between VR and AR. This distinction is inherent in the form and nature of the elements that are portrayed under both concepts and also the hardware that may be used to interact with both worlds. 

Virtual Reality is more of a representation of fictional elements; elements mostly based on make-believe, usually gaming, while Augmented Reality provides a simulation of real-life based elements and finds applications in the formal sector, commerce, marketing, military and so on.

Yeah, like being able to visit a bank or go to class or attend a business meeting, from the comfort of your home and interact with others at different locations than yours, in an immersive computer simulated environment, with enhanced 3D visuals, like you were present with them would be really cool.

How is the Metaverse related to Cryptocurrencies

Let’s get right to the relationship between the Metaverse and cryptocurrencies, the connection is pretty much commerce related and the technology upon which cryptocurrencies are built- blockchain technology.

Commercial transactions in the Metaverse are expected to be facilitated through the use of cryptocurrency tokens-built on blockchain technology, as a means of exchange for goods/services provided in the Metaverse.

The Sandbox, Axie Infinity and Decentraland are noteworthy cryptocurrency based establishments that have begun building Metaverse projects.

With big tech companies going heavy into the metaverse and its seemingly growing popularity amongst tech enthusiasts, crypto enthusiasts believe an investment in tokens related to metaverse projects would yield significant returns.

Tech Giants and The Metaverse

As the excitement about the metaverse grows and its general popularity as well, it’s no news that tech companies are investing big in what could be the next big thing in tech.

 We’re making a list of a couple of tech companies with some metaverse projects in the works;

Meta (formerly Facebook): It is no mere happenstance that Facebook officially changed its name to Meta on October 28, 2021.

Definitely a move to keep Facebook, now Meta, at the center of what might be the biggest evolution in the tech industry in the coming years.

Meta has committed about 50 billion USD to the building of a metaverse, that's in addition to acquiring VR pioneer, Oculus. By investing in and acquiring both human as well as non-human assets, Meta is certainly set to deliver something big.

In the short video, we see Mark Zuckerberg giving us an insight to what his company aims to deliver in the virtual world they're creating and the possibilities it holds for the future.

Imagine putting our current social media experience in an immersive 3D simulation, that's definitely something to watch out for.

Google: Alphabet CEO, Sundar Pichai has said AR is a "major area of investment".

Although Google's first launch of Glass, a brand of smart AR glasses in 2014 may not have been successful, it appears that Google is giving this another shot with the announcement of the Google Glass Enterprise Edition 2.

Google's idea of the Metaverse seems to be centered around something called "Ambient Computing". Ambient Computing is a concept that aims to redefine the manner in which humans interact with computers.

Microsoft: Through the acquisition of video games developer Activision Blizzard, in a $70 billion deal, Microsoft has taken a giant step towards investing in the Metaverse.

Not just developing VR games alone, Microsoft is also said to be planning on adding some AR functionality to its Microsoft Teams allowing the possibility of attending business meetings in the Metaverse.

Also the tech giant has entered into a partnership with automobile company Kawasaki to develop something they call an "Industrial Metaverse".

We see that the Metaverse definitely holds a lot of promise and excitement, it'll certainly be interesting to watch as this technology unfolds and explore all its possibilities.