Why is the metaverse important?
The metaverse will be one of the fundamental technologies that will transform the digital age in the coming years. It will be a space that will be utilised for social interaction, business opportunities, advertising, and incorporate e-wallets and cryptocurrency. That is why it is critical for businesses to prepare for this technology by enhancing blockchain capabilities, mitigating Metaverse and blockchain security threats, and welcoming a new age of the internet.
This is a part of Web 3.0, the next step in the progression of the internet, a decentralised space with a heavy emphasis on user privacy.
Metaverse key concepts
There are a lot of different facets to the metaverse that are, or will be at some point in the future, important to understand. There are, however, a few core aspects of the metaverse that it would be beneficial to understand now. For example, how to enter the metaverse, metaverse spaces, and commerce to name a few.
Entering the metaverse
Using a headset that either merges the physical and virtual worlds or completely immerses you in a digital one will allow you to access “the metaverse.” Using your phone’s camera, screen, or AR glasses, augmented reality (AR) displays digital items on top of what you can see in the physical world. Wearing glasses or headgear that entirely obscure the outside world and immerses your vision and hearing in a digital realm is known as virtual reality (VR). AR and VR are both included in mixed reality (MR), and MR headsets incorporate both augmented and virtual reality elements.
Using the internet today mostly entails looking at a screen. The metaverse, on the other hand, will immerse you in a 3D environment and give you the impression that you are actually there. As you move your head and gaze down at your hands, the VR headset screens that are directly in front of your eyes make everything appear close-up and real. The metaverse will feel different in VR than it would if you were viewing the same objects in 2D.
Avatars
Many people will already be familiar with the idea of an ‘avatar’. They are especially prevalent in games or online profiles where you can create and customise a character to represent you. In the metaverse, you become this ‘avatar’, or a 3D version known as a ‘digital twin’. This metaverse version of you doesn’t have to accurately represent the real life you as you can alter the appearance to fit your preferences.
This of course will bring into question how online anonymity will be handled, especially considering the goal of Web 3.0 is to have a larger focus on user privacy. It will be interesting to see how this will be safeguarded.
Metaverse Spaces
Many people assume that every game and virtual experience is connected in the metaverse, and that the metaverse itself will be one continuous space. However, some metaverse creators are attempting to start off by lowering the bar. There won’t be a single metaverse, according to Meta, but rather distinct “metaverse spaces” that might or might not interact with each other. New metaverse proposals from Sony divide “social” and “live network” spaces. If confirmed, the metaverse could very well resemble the fragmented internet of today, perhaps even with ‘exclusives’ linked to individual metaverse spaces that are not transferable.
Interoperability
Uncertainty around asset sharing amongst the metaverse is one of the main reasons why there may be a break away from ‘the metaverse’ to various ‘metaverse spaces’. No one is certain whether your avatar, outfit, and money from Sony’s metaverse will function in Meta’s for example. The answer is interoperability, but to achieve it, developers must adhere to existing standards rather than creating new ones.
Commerce
People will be able to make transactions both inside and outside of the metaverse with digital and conventional currencies. These purchases may be:
- For services or items within the metaverse, purchased in the metaverse
- For services or items in the real world, purchased in the metaverse
- For services or items in the metaverse, purchased in the real world
Clearly, we’re some way from investing our life savings into metaverse-based assets, but with things like Web 3.0 and metaverse spaces predicted to soon be the new normal, it is a good idea to be one step ahead.
Preparing for the future
The internet is rapidly evolving and it can be easy to feel overwhelmed. Maximist specialises in preparing companies and individuals to make the shift to Web 3.0. If you would like to learn more about what Web 3.0 is and how to get involved, contact Maximist on 0800 059 0116 or by using our contact form.
