The New Wave of Web 3.0 Metaverse Innovations
In the past few months, the big tech industry has been very active about the opportunities presented through the concept of metaverse. Mark Zukerburg has been discussing for hours about changing the way he positions Facebook to create a fully environment that is immersive, in which commerce, social interaction and the internet meet. He has described his idea to be “an embodied internet that you’re inside of rather than just looking at.”
Facebook isn’t the only company trying to take advantage of the opportunity in the approaching metaverse explosion. Microsoft Chief Executive Officer Satya Nadella talked about the concept of an “enterprise metaverse” during last week’s earnings conference call.
It’s not only Facebook or Microsoft who are sceptical of the potential of the metaverse. Every Silicon Valley investment firm, its founder and tech influencer has been talking about the metaverse in recent times. This is logical since there’s a growing sense that this could be the next frontier for growth in digital. It’s also an area free of centralization or existing audience ownership.
Mark Cuban recently recognized the significance of blockchain technology for the development of the metaverse. He has launched the first NFT business, Lazy.com, a digital art gallery that aims to show NFTs like traditional art galleries with the help by Polygon Studios, a new NFT-based gaming hub and metaverse hub that was designed to support the web 3.0 games. It is supported with a 100 million investment fund to speed up the mainstream acceptance of metaverse projects.
“Metaverse,” as it is also known “metaverse” was coined by the writer of science fiction Neal Stephenson in his book Snow Crash. Stephenson described a highly-rated virtual world that is experienced in the first person by people equipped with technology for augmented reality. This concept was taken an additional step by the novel The Ready Player One by Ernest Cline. Cline described the concept as a fully realized digital reality that goes above the analog one that we reside in.
While this futuristic idea may sound far-fetched however the reality that is starting to emerge is equally exciting. The metaverse is being hailed as the next evolution of the web, the metaverse is between the internet as well as augmented reality, and the blockchain. In the past you could only access the web when you connect to it using an app or browser. The metaverse, thanks to its wide variety of connectivity options technology, devices and gadgets allows us to access the internet through a vast range of devices — from ordinary screens and cell phone to smartphones that support virtual reality (virtual real-time) as well as AR (augmented reality). The metaverse will let us play games and trade, shop and chat, or even go to concerts. It’s all happening in a virtual space.
This fusion of the offline and digital worlds that’s the most exciting. Closed loops, sandboxes and the ownership of audience members that are the norm in the present of the art are going to be shattered by this type of experience. Imagine meeting friends, invest, hold an event for clients, enjoy an upcoming film or master something new — all from one location. This is the future that’s on the road with the metaverse and is an incredible opportunity for the new and established technology players.
There are a few innovative new players entering the market each day. (Think Blockcities or Decentraland.) Certain are related to gaming while others bring offline communities online for a wider public — creating innovative ways to shop or meet new people. Other are changing the method we make investments in the future. What connects them all is they’re turning old-fashioned thinking upside down and creating completely innovative models that keep the future in the back of their minds.
Covid-19 brought about a lot of changes for our society. One of the most significant changes was the need to make social interactions as well as the work environment and just about all other things online. This new trend that allows users to connect the way they prefer and where they prefer and whenever they want is going to continue.
The pandemic has shown the world how easy it is to work remotely. A variety of industries have expanded their capacity to work from home in the kinds of jobs for which it makes sense. And then there are those who are vulnerable due to different reasons and are unable to integrate in the same speed as other. They also will appreciate the benefits of having more efficient systems for working off-site.
“When you combine these needs with the growing possibilities afforded by the metaverse, it’s clear to see this stands to be huge in the coming years,” Explains Shrey Singh, the head of the NFT and gaming technology for Polygon. “Web 3.0 provides even more capabilities and interoperability than the services currently available, meaning the possibilities of remote work and teleconferencing, telemedicine remote socializing, and much more will be greatly improved in the. It is feasible for the future that the virtual world will be an integral part of every day life over the next decade as well as beyond.”
This metaverse has been developed around activities that you’ll be able to have fun with your friends as well as colleagues and a plethora of entrepreneurs are taking advantage of opportunities to put their businesses prominently in the new digital world. As we’ve witnessed, Facebook is already preparing to move into this metaverse, integrating their myriad services into virtual communities which allow users to communicate with each other, shop, and even play. Each of them is monetized by the commercial products they offer.
Changing the Verse
The rate of change in the metaverse is growing faster every day and is likely to become a larger part of our lives in the next couple of years.