Blockchain platforms have been considered a significant force capable of transforming the global economy. Blockchain is needed for a fully functional virtual reality technology. The increased rate of investments and interest in digital technology show possibilities of a breakthrough in seemingly impossible technologies like the blockchain Metaverse.
For the layman, the term Metaverse brings digital platforms like virtual reality, the internet, or augmented reality to mind. The answer to ‘what is Metaverse’ can be said to be a combination of all three. But what is Metaverse, according to blockchain experts?
The term ‘Metaverse” was first mentioned in 1992 by Neal Stephenson in his fiction novel ‘Snow Crash’. The Metaverse can be described as a synchronous and continuous depiction of real life in a virtual space which is persistent, single or shared, with a fully functioning economy.
Metaverse in blockchain manifests the living experiences, daily activities, and commercial transactions of the physical world in the virtual space. Technologies that function as portals to this virtual world are already in existence, such as augmented reality headsets and virtual reality glasses.
More About Metaverse In Blockchain
The general public’s interest in Metaverse was sparked during the Covid-19 epidemic when people had to engage in most social and professional activities online. During this period, the Metaverse established lifelike connections and businesses in the virtual space.
However, the current existence of the Metaverse still needs to be expanded to traces of its fundamental concept used in virtual gaming platforms such as Roblox and Fortnite. Many futurists and blockchain specialists visualise the Metaverse as the next level of the internet, one of which is Mark Zuckerberg.
The CEO of Facebook has publicly stated his intention to construct a Metaverse version of the social media company. In light of this vision, Facebook has rebranded its corporate name to Meta, leading to a surge of interest in the Metaverse. Other companies like Microsoft, Google, Nvidia, Epic Games and others are investing huge sums of money into Metaverse.
Although comparable to virtual games, the Metaverse differs due to the absence of avatars, objectives, targets and systems that exist in games. Blockchain technology sets the Metaverse apart from the internet. This technology is mainly responsible for the Metaverse’s secure, decentralised, and interoperable properties.
Blockchain also trades digital goods and virtual assets as NFTs in the Metaverse. Digital platforms like Sandbox and Decentraland use similar blockchain technology— SAND and MANA— to trade virtual assets.
The Future of the Metaverse
Science fiction novels and movies have shown similar concepts to the Metaverse, as in the case of “The Oasis” in the 2018 movie “Ready Player One”. In recent times, the Metaverse has evolved just an existence in science fiction as more people and corporations are growing increasingly aware of it dyes to the rapid digitalisation of our world today.
However, there are still a lot of unknowns and uncertainties when assessing the future of the Metaverse and the possibility of a virtual space that mirrors reality still seems years away. In a 2022 survey, 624 experts in the technology industry expressed their opinions on their expectations for the Metaverse by 2040. The reports showed that 54% said that they expect that the Metaverse will be a well-refined, fully immersive, and adequately functioning aspect of daily life for about half a billion people globally, while the other 46% thought otherwise.