What is metaverse? 

The world of virtual reality is within reach of one’s hand. One of the fastest new technology inventions, Metaverse, is a virtual space which users use for interaction, businesses, and communication in an online environment. It is a merging of virtual and physical reality platforms for users to get a definite experience. It is a place where we are presented as an avatar and interact through them. It allows us to travel in a 3D digital world and encounter different facilities and locations. It consists of all the features the world has to offer, whether it’s all the buildings, homes, communication platforms, etc, it has it all, which it represents a digital world. 

History of The Metaverse 

With the prevalence of the term “Metaverse” nowadays, it may be misunderstood by many that this term is a new term that has just emerged. But actually, this word is not new at all. It is known that the metaverse is a digital environment formed by the use of several technologies such as Virtual Reality (VR), Augmented Reality (AR), cryptocurrency, and the Internet. 

The Sensorama Machine

Let’s start with the concept of VR or Virtual Reality, and Sir Charles Wheatstone proposed the concept of “binocular vision,” in which two images, one for each eye are combined to create a single 3D view in 1838. Then we got a stereoscope, a technology that uses the illusion of depth to create an image, which was developed as a result of this principle. This is the same notion that is employed in today’s virtual reality headsets. Morton Heilig created the first VR machine, the Sensorama Machine, in 1956. This machine simulated the experience of riding a motorcycle in Brooklyn by combining 3D video with audio, scents, and a vibrating chair to immerse the viewer.

The term “metaverse” was created in Neil Stevenson’s novel Snow Crash, published in 1982. The metaverse in Stevenson’s work was a virtual world where characters may go to escape a dark authoritarian reality. Since then, it has evolved from the concept of VR to both an arcade machine and an NFL game. Also, a book has been created that gives us a glimpse into the vibrant world. Which we can enter to escape reality The book was a huge hit, and director Steven Spielberg made it into a movie in 2018.

Oculus VR was purchased by Facebook for $2 billion in 2014. Facebook founder Mark Zuckerberg claimed at the time that the two companies would collaborate to expand the Oculus platform and seek partnerships to enable new games. In the same year, Sony and Samsung both introduced their own VR headsets, and Google released its first Cardboard gadget and Google Glass AR glasses. Later in 2016, People all over the world were also racing around their communities trying to catch Pokémon using the augmented reality game Pokémon GO. In 2020, Lidar (Light Detection and Ranging) was added to iPhones and iPads by Apple, allowing for enhanced depth detection for better photographs and AR, as well as paving the road for future mixed-reality headsets. And in the latest I, Facebook changed its name to Meta, emphasizing its commitment to shaping the metaverse’s future.

Forms of Metaverse 

The three most common forms of technology associated with the metaverse are XR, Blockchain, and AI.  

XR

XR is an abbreviation of Extended Reality. It’s an umbrella term that covers the combination of Virtual Reality, Augmented Reality and Mixed Reality. Devices that claim to be capable of XR can deliver experiences relating to all three. So, to better understand what XR entails, here’s a refresher on its three main components.

Virtual Reality

VR is a technology that allows you to put on a headset and enter a virtual world that you can interact with. It’s most commonly used for gaming but VR can also be used to create art, have social interactions and even be used as a fitness tool.

Augmented Reality

AR is the process of combining virtual elements with the real world. There’s a good chance that you’ve already had an AR experience using the camera on your phone. Some examples are games like Pokemon Go or Snapchat filters that place 3D objects on your head.

Mixed Reality

MR combines VR and AR to create an immersive experience where virtual objects interact with the real world. MR is still an emerging technology and usually relies on niche hardware like Microsoft’s HoloLens.

How will XR be used in the metaverse?

Technically speaking, the metaverse concept as outlined by Facebook (or Meta) is XR. Mark Zuckerberg said that the metaverse is “the future we are working towards. 

A virtual environment where you can be present with people in a digital space.” He also stated that Facebook’s metaverse will be accessible from all devices and apps, so it won’t be just a VR experience as frustratingly vague as the metaverse concept is, we know it will take elements of VR, AR and MR and combine them with traditional internet use as a platform for socializing, gaming and working. If that sounds quite a lot like XR, that’s because it is.

Blockchain  

The blockchain is a critical component of decentralization. In the metaverse, blockchain promises a way to give users more control over their online experience, taking us away from Web 2.0 and into Web 3.0, where larger organizations like Google and Amazon don’t have as much control over what we do and see online. Blockchain is already making waves in the metaverse with things like Non-Fungible Tokens as a way of investing in and supporting artists, smart contracts, and decentralized finance.  

In developing and operating the metaverse, blockchain can be applied in a variety of ways. Below are examples of how this technology is used.

Virtual currencies

Settlements are one of the most obvious uses of blockchain technology within the metaverse. The day when customers shop in virtual stores is not far off. Since consumption is increasing steadily and offline trading is increasingly giving way to online stores, we can be sure that cryptocurrency will soon find its application in a decentralized ecosystem. One of the metaverse examples of the use of virtual currencies in the metaverse is MANA which is used to buy virtual property in the game “Decentraland”. Million-dollar deals are already being closed within this metaverse — and this is just the beginning. In the future, users will be able to buy virtual analogs of everything that can be purchased in the real world. This technology will not be limited only to games: the dynamically developing niche of DeFi may well become a testing ground for virtual lending, borrowing, investing, and trading within the metaverse. Thus the scope of cryptocurrency appears theoretically unlimited.

NFTs

According to many experts, non-fungible tokens will take up a key role in the metaverse. Acting as proof of ownership of digital assets, these tokens will be involved in digital art trading, where they are already regularly used. Moreover, NFTs have an enormous potential to be integrated into any metaverse crypto projects related to the purchase of any game assets, avatars and so on. In addition, if this area continues to develop, non-fungible tokens will soon be used as proof of ownership of real estate. In a broad sense, an NFT is an access key to specific areas of the metaverse (in other words, the right to control a certain part of the virtual environment). Besides this, metaverse NFT games will eventually use tokens as a reward (instead of fungible tokens). Meanwhile, non-fungible tokens will be used to assign value to specific digital assets: this is very important, as almost any digital asset can be cloned an unlimited number of times, and only a certificate of ownership built into a digital object can confirm the right of the legal owner.

AI

Artificial intelligence applications are shaping various industries. Responsible AI in Metaverse will drive all seven technology layers of the metaverse: powering spatial computing, providing scaffolding to creators, and supplying new and sophisticated forms of storytelling. Soon specialized AI applications will become more useful and improve our economy and quality of life. On the other hand, the metaverse will use augmented reality and virtual reality (AR/VR) in combination with artificial intelligence and blockchain to create scalable and accurate virtual worlds. 

Here are some of the most important AI use cases for the metaverse.

• Holding everything together : From tech giants to fashion brands, everyone wants to use metaverse in order to boost their business. Experts can use Artificial intelligence to scan and process in real-time, the enormous amount of data produced every second by the activities of users in the company’s metaverse, and make other use cases possible. This will help in holding everything together.
• Creating virtual environments : Using computer hardware, software, and virtual reality technologies, environments can be replicated dynamically, such as VR technology with athletic training, simulation, and smartphone technology. Virtual reality can also be implemented in Industry 4.0, IoT, crypto chips, home systems, etc. AI algorithms can assist with this implementation.
• Making your own avatar : In the world of the metaverse, you meet everyone through your avatar. In those environments it will be necessary, and useful, to be present not only with one’s real name but also with an avatar that looks as much like us as possible. Artificial intelligence can help here too, with models that analyze your photos and recreate a 3D avatar in your image and likeness.
• Interacting freely : With the use of Artificial Intelligence, you will be able to interact in the metaverse freely. AI can break down natural languages such as English, transforming them into a machine-readable format.  

What Can You Do in the Metaverse? 

Cryptocurrency 

1. Metaverse Cryptocurrency 

Metaverse, the world of virtual reality, has plenty of cryptocurrencies and is much cheaper than you might think. Most of the coins result from different games that earn game levels with rewards in tokens. Players can buy these tokens or play to make them. Here cryptocurrencies are metaverse under US$ 10.

Decentraland

Current Price: US$2.41

Decentraland (MANA) is a virtual platform powered by the Ethereum blockchain that allows users to create an experience and monetize content and applications in this virtual world Users buy land that they can explore, expand, and earn later.

Ultera

Current Price: US$1.19

Ultra is the first entertainment platform serving the diverse gaming industry under one roof. Accessible through a single login: discover, buy and play games, view live streaming feed interact with your favorite influencers. Participate in contests, contests, contests, and more.

Blockstack

Current Price: US$1.3

Blockstack is an open-source blockchain network that leverages the security and capital of Bitcoin for decentralized apps and smart contracts launched in 2017, giving users complete ownership and control over their personal data.

2. The metaverse for business

Metaverse Architect

You will already have heard about “NFT” and “cryptocurrency.”They are an essential key in the metaverse and are an excellent way for users and businesses to invest in the platform.

Cryptocurrency can be described as a digital or virtual currency secured by cryptography. The most famous cryptocurrencies are Bitcoin and Ethereum. We can use crypto to purchase or participate in a metaverse.

As Metaverses is a 3D digital universe that offers users and businesses endless opportunities to migrate real-world assets and services, NFTs provide a bridge to the metaverse and facilitate identity. Communities and social experiences in the metaverse that people can invest in.

Non-fungible tokens (NFTs) have become the cornerstone of the metaverse. This term refers to non-fungible tokens. Basically, this means that NFTs are unique digital signatures that are used to document ownership of digital goods. NFTs can be art, photographs, music, or even pieces of digital real estate.

NFT is now an excellent investment like cryptocurrency. The overall value of NFT is growing exponentially. Some of them have already sold for millions of dollars. For example, the famous NFT artwork called Bored ape has many celebrities who own Bored Ape Yacht Club NFT, such as The Chainsmokers, Marshmello, Jimmy Fallon, DJ Khaled, and many more.

3. Metaverse Games

Metaverse

Some Metaverse platforms also have built-in tools. Which users can create in VR, not just a passive experience. This could be the area for Easy hanging out with friends or family for personal use or a multi-tiered gaming experience for multiple participants. There are many the game must try in Metaverse:

Sandbox

Sandbox is the Ethereum-based decentralized NFT game Metaverse that allows non-tech-savvy users to create, sell, use, and monetize their own virtual NFTs. The crypto Metaverse uses native SAND tokens to support the entire in-game economy.

Farmers World

Farmer’s World Launches in 2021

Users can purchase land to mine gold, grow crops, raise livestock, catch fish and build houses for their farm animals. Additionally, users can purchase tools in the AtomicHub marketplace.

Your virtual property and the goods that come out of the virtual property, such as milk and eggs, are NFT. The produce you harvest can be sold or traded with other players.

4.Shopping in the Metaverse

Israeli startup

Especially during the COVID-19 pandemic, Shopping is convenient because Metaverse allows users to interact with products in ways that are not possible through e-commerce or online stores. People’s avatars one without touch Customers can enter a virtual store, walk through the corridors, try products such as clothing or shoes, and pay directly in digital currency Users can purchase virtual products for their avatars or initiate purchases in the real world and have the products ship later. Some shops have opened Metaverse stores such as Nike’s Metaverse-Nike Metaverse store.

Nike has partnered with Roblox to develop a virtual world called Nikeland. Businesses recognize that entering the metaverse is a way to connect with younger customers, and they hope to turn these connections into real-life income. Nikeland is building on the Roblox platform.

5. Education in Metaverse

Thammasat Metaverse Campus

Metaverse receives educational opportunities. Because now we are in covid19 situation, we have to study through MS.TEAM, ZOOM and Google classroom. However, Metaverse can help students and teachers meet in digital space using virtual reality headset regardless of real-life location. Such a function can lead to higher education for those who are willing to seek it.

6. Metaverse in socializing

Metaverse allows you to meet new people. Easier without having to travel far or leave home. This is very useful for people who live in remote areas with limited options for social activities as well as users with physical disabilities

Is Metaverse the future of social media? 

Last October, Facebook made an announcement about rebranding itself as Meta. Clearly, Mark Zuckerberg has a vision for the metaverse due to the preparation that is going to embrace the metaverse. However, the experts still believe that the metaverse is many years far away and that is going to happen and many people are questioning about metaverse.

The metaverse shows the user an alternate world. It intends to support how people interact on the internet in any type which is a massive interconnected network of online. Technologies such as virtual reality will be important to make the metaverse to life. 

The future of the virtual world is limitless when people still have an increasingly digital life. In a few years, we might be able to see Metaverse become real. Moreover, it is possible for metaverse to have its own capital in the digital world due to many activities we can do on metaverse.