How would you react if I say that an individual bought a virtual yacht and I
quote “ a physically non-existent” yacht for $6,50,000 in an NFT deal.
Well, that happened. We are experiencing the emergence of virtual real estate with celebrities like Snoop Dogg buying virtual property off of major metaverse brands like Sandbox.
That brings us the question, what is metaverse?
The blooming of “metaverse” as a term can be traced back to a science fiction novel “Snow Crash” authored by Neal Stephenson in the 20th century. He coined the term “metaverse” to describe virtual reality or an augmented universe where people could interact. This term has gained a lot of attention as Mark Zuckerberg, the CEO of Facebook has launched Meta; the platform where one could virtually interact, work or play in the virtual world. Metaverse is nothing but augmented reality. It is the combination of digital technology with the physical world to create a virtual reality. Simply put, Metaverse is a network of virtual worlds.
The prominent domains of metaverse in the 21st century are gaming and communication. While it is not unreasonable to expect the metaverse to have an influence on long – established vocations or professions that are fairly ordinary now, its influence on civilization or how individuals engage with one another may be substantial. It claims to become highly engaging, dynamic, and communal.
For a techy, or for those who are obsessed with the virtual world, metaverse resembles a completely different augmented universe that corresponds with anyphysical reality. So, how do people access this metaverse? Or How does Metaverse run? The 21st century has seen the upturn of cryptocurrency. So, there exists a kind of digital economy in Metaverse; where an individual can create, own, buy or sell digital assets. One such well known platform for creating and selling digital assets is Sandbox.
In simple terms, the metaverse functions like the physical universe but virtually. If
you go to a store and buy a bike, you can travel and take it wherever you go. Similarly, metaverse allows you to create a character, buy digital assets like a bike and traverse with the asset through multiple digital spheres. The advancement of metaverse can inherently extend to every sector by introducing virtual reality into the world. People can try, design and buy clothes using virtual reality. Businesses can totally use virtual reality for displaying
product designs and may probably lead to the manufacturing and delivery of the
product upon customer orders.
In addition to the ecommerce industry, metaverse can potentially elongate into the
educational and other industries. The Internet is the modern space for learning.
Metaverse is going to take learning to the next level by inducing virtual reality into
classrooms. Further, metaverse can be used by individuals for attending meetings or events,
catching up with friends, or even living a virtually simulated life. In the end, the
scope of usage of metaverse is limitless.
Metaverse in Future
While the metaverse’s vast and rapidly rising significance cannot be emphasised,
accessibility stays as a working progress for the time being. It is challenging to
create interactive virtual content. Whereas the advent of simulated systems and innovations accelerates, the rapid surge of Non-Fungible Tokens (NFTs) and block chain technology channels like Decentraland,
The SandBox, Crypto Voxels, are functioning as biggest determinants of advancement and enabling individuals to explore the metaverse.The advancement of metaverse with NFTs will lead to the progress of a virtual economy and prevalence of cryptocurrency. Metaverse is going to generate new opportunities for businesses and individuals. With universal access to the metaverse, the physical world will become metaverse-inclusive and vice-versa with brand new economic regulations. The combination of AI, VR, AR, and blockchain technologies in place, the world will see a new virtual ecosystem