When the Metaverse becomes more than a buzzword

Below is a guest post from Tri Pham, co-founder of KardiaChain and founder of Whydah.

Over the years, the development of the Internet has led to the emergence of many technologies, the latest and most popular of which is the Metaverse.

It was first introduced in author Neil Stephenson’s 1992 science fiction novel Snow Crash, and is in common use today.

In late 2021, when Facebook announced its rebranding to Meta, it sparked a heated debate about what, if ever, it represented, and more importantly, who it would belong to.

In addition to Facebook, major tech companies including Apple, Google, Microsoft, Niantic, Epic, Nvidia, Roblox and Valve are developing the technology that will shape the future of the metaverse – virtual reality (VR), augmented reality (AR), and brain-computer interfaces (BCI). ). Furthermore, projects such as the Open Meta DAO encourage a collaborative effort to create the Open Metaverse. NFTs, cryptocurrencies, and blockchain should be an integral part of it.

The metaverse is a great opportunity for individuals and businesses because it offers a new way to interact with customers.

Extended Reality Technologies

But what is metaverse? Metaverse is a virtual world where users can connect, interact and seamlessly transport themselves, their products, services and goods across multiple digital sites. According to some, the metaverse is when our digital lives (identities, experiences, relationships, and assets online) become more meaningfully integrated with our physical lives.

As we have seen, extended reality technologies such as augmented reality and virtual reality are rapidly progressing towards their widespread adoption. VR and AR headsets are expected to outpace global shipments of game consoles in the coming years. The Meta Oculus recently led the App Store over the past holiday, and is estimated to have sold 7 million headsets in 2021. Wide consumer adoption of these technologies will drive entry points into the metaverse.

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Accounting firm PwC estimates that virtual and augmented reality will improve the global economy by $1.5 trillion by 2030, compared to $46.5 billion in 2019.

These technologies allow us to overlay digital information in the real world, such as trends, menus, and even social media notifications. In the future, these technologies will provide a richer experience, for example: joining the metaverse with an avatar that looks like you.

Usually this is the game that acts as the initial gateway to the metaverse. Virtual reality and augmented reality are already starting to change the way we interact with the metaverse, which will quickly shift to other forms of gaming, and then to different digital experiences.

Blockchain and Cryptocurrency

Everything is quickly digitizing, from money, fashion, art, real estate and experiences, especially after the coronavirus pandemic has kept people at home. Currently, Metaverse technologies are used for collaboration purposes and to train workers in technical skills.

Even governments are building their own metaverse, with Seoul becoming the first major city to fully advance its plans to create a “fully realized virtual ecosystem for all areas of city government, such as economy, culture, tourism, education and civic education.” providing service.”

The goal of the metaverse is to provide people with a virtual reality beyond physical reality. Here, the impracticality and immutability of the blockchain are the primary factors for the widespread adoption of virtual reality technology.

Blockchain is already playing an important role in the development of the digital economy. It enables secure and protected transactions with encryption and rapid confirmation of information.

Blockchain technology and cryptocurrencies also contribute to the uniqueness of holdings, digital proof of ownership in the metaverse, compatibility across different spaces, and users controlling the rules of engagement with the metaverse through governance.

With the proliferation of cryptocurrencies and NFTs, the metaverse presents a huge opportunity for an industry that has rapidly embraced the virtual world with enthusiasm.

overcome challenges

While Metaverse is a great tool for online gaming, virtual tours, and remote work, it also presents challenges. In addition to knowing how to engage the five senses, you also face real-world challenges in terms of bullying. Moreover, spending countless hours in virtual reality leaves users confused, and of course the risks of physical hazards are also present.

The effort required to make this huge and interconnected network of virtual spaces could also be a reality. The price of reliable virtual reality devices is still high, and many people are still not able to access high-speed broadband connections either.

Although people are optimistic about the rapid development, there is still a lot to do on a technical level, which means that promising applications may not be around the corner. We can see remarkable achievements by the end of this decade, but further progress may not happen for many decades.

Metaverse is mostly a buzzword at the moment, while some items can already be seen in the NFT market, video games, and virtual reality chats. However, it is in its infancy and can develop in various ways, which depend on research, innovation, investments and policies. Research reports estimate that it is expected to become a $700 billion market in this decade alone.

The metaverse represents new business opportunities as everyone from large corporations and startups try to get a part of this emerging virtual world. It continues to evolve with companies working on photorealistic avatars and immersive virtual reality experiences. Blockchain can provide the required features including ownership, interoperability, decentralization and security.

Over the next two decades, I expect a lot of people will interact with the metaverse every day. I think the best metaverse is to have everything connected and integrated with both online and offline experiences.

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