What is Metaverse and How Does it Work

In an article published several weeks ago in Modoye, veteran technology writer Eric Ravenscraft wrote, “It’s been months since Facebook announced it would rebrand as Meta and focus on the upcoming Metaverse.

Considering the likelihood that the “Metaverse” will influence our lives in many ways, some of which are currently unimaginable. I am sure that many of you are also mystified by this and other technological developments. My favorite techie, Kristi Woolsey, an associate director at BCG Platinion, recently sat down with me to discuss the topic. My favorite thing about Woolsey is that she avoids as much technical jargon as possible.

What is the Metaverse?

If you haven’t been living under a rock for the past few months, you have probably heard the term ‘Metaverse’ bandied about and used to describe the next evolution of the digital and virtual worlds. But what does it actually mean?  

Let’s start with some background information. Neal Stephenson introduced the concept of metaverse in his 1993 sci-fi novel Snow Crash. To escape a dystopian world, characters use digital avatars to explore the online world. The Metaverse concept was further explored in Ernest Cline’s 2011 book, Ready Player One. The novel was adapted into a film by Steven Spielberg in 2018. 

Real life and virtual life blur in a metaverse. VR headsets or glasses allow you to enter, live, and participate in a virtual world or space. For users to interact, social media, online gaming, and cryptocurrencies can be used. 

Metaverse and Mark

In less than 90 minutes during Facebook’s rebranding ceremony, Mark Zuckerberg and his colleagues mentioned the word “metaverse” over 80 times.The metaverse conversation is mostly driven by Meta’s rebranding.

Facebook Metaverse 

What does Facebook mean by the Metaverse? It is a virtual world that you can share and explore with others who aren’t in the same location as you. What does this mean? 

Metaverse has been called “the next chapter in the history of the internet” by Zuckerberg. You’ll be able to do pretty much anything you’ve ever dreamed of in the Metaverse – spend time with family and friends, work, learn, play, shop, and create – as well as experience completely new things that don’t fit how we think of computers today. You will be able to teleport instantly as a hologram to be at the office, at a concert with friends, or to catch up with your parents.” 

For entry into the Metaverse, what are the requirements? Wearing Virtual Reality (VR) headsets or Augmented Reality (AR) glasses would most likely be necessary. A projection system could also beam lifelike holograms into the real world. 

With your friends, you’ll feel right there together in another world when you play games together. Not just on your computer by yourself,” Zuckerberg said, “but when you’re in a metaverse meeting as well. In this way, it feels like you’re right there together, making eye contact and sharing space. It’s not just seeing faces on a screen.

A new economic framework that uses cryptocurrencies and NFTs could allow people to exchange goods and services in the Metaverse. NFTs are booming. The UK Treasury even asked the Royal Mint to create a non-fungible token to be issued in summer 2022.

What Is Metaverse Avatar?

As digital manifestations of ourselves, avatars cannot thrive physically like our bodies, so it’s best to let them live and progress in their digital realms. As avatars have humanoid characteristics, such as lower and upper torsos, moveable limbs, and a face for non-verbal cues, they can take many different shapes and forms in this space. Avatars are the only way to explore the Metaverse and move around in it.

In the Metaverse, avatars serve as entry tickets, and they can be created with a ready-made or basic process. You need a receptive tool, such as VR goggles or other receptive tools, if you want to be able to feel the body sensations required for communication in the virtual space.

Metaverse Crypto 

Using Blockchain technology, Decentraland allows its users to conduct transactions online. Digital assets, such as land, are stored on the Ethereum Blockchain as NFTs.,Users must hold their MANA tokens in Ethereum wallets. Decentraland’s currency is MANA, a token with a limited supply. The platform burns a percentage of MANA every time they make a purchase. Land ownership is tracked via Ethereum Blockchain.  

Users of the Sandbox platform can earn SAND tokens by reaching various milestones through the ‘play-to-earn’ model. The Sandbox was among the top-performing cryptocurrencies in 2021. The tokens were used in the gaming environment as well as sold to crypto exchanges for conversion into other digital or fiat currencies.  

He believes that the Metaverse will lead to widespread adoption of digital currencies, according to Haim Israel, head of thematic investments at Bank of America.

The Importance of Metaverse

Metaverses play an important role in a variety of aspects of our lives. Among them are:

An abundance of opportunities

Boosting the global economy is made possible by metaverse employment opportunities. A digital replica of the physical world allows users to perform jobs similar to those in the physical world, but in a digital form. You can become a digital house designer, a virtual real estate manager, a hardware engineer, an event coordinator, a cyber-security expert, etc. The Metaverse will also bring opportunities such as digital advertising, digital events, and e-commerce once it matures.

The networking process

Metaverses are important platforms for networking. Metaverse simplifies the interaction and sharing of ideas between humans. By linking up and sharing ideas, Metaverse allows like-minded individuals to develop and succeed together. Advanced virtual meetings, using avatars, allow you to interact with anyone you want. A virtual avatar represents you digitally, and it performs just like you would in person.

A flexible approach

Several generous features and benefits are provided by the Metaverse. There is almost no limit to what you can do in this digital world. Remote work can be promoted by companies using this technology. Workers enjoy the same engagement and admittance as their colleagues at work. The Metaverse also creates many dynamics for human activity. It is possible to travel anywhere without obtaining a plane ticket, for instance.

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