What you need to know about Metaverse

Share On Facebook
share on Linkedin
Print

What is Metaverse?
Metaverse is a virtually real digital environment that sort of brings the user into an interactive world of 3-D-based programs, through the use of devices such as VR goggles (virtual reality goggles), Haptic gloves, and other devices. It allows visual, audio, touch, body movement, and direction sensor while interacting with other people in a metaverse world.

©

This means that we can school, hang out with friends and family, attend meetings (better than that of Zoom and skype, but actually in a 3-Dimensional reality), one can attend conferences, can even transact business in the metaverse. And all these we can do in the comfort of our houses. Representative image of each individual of the various users of metaverse could be an avatar of themselves, which may not bear any resemblance to the real person or a facsimile which is similar in look to the user. Adventure Video games give us an idea of what a metaverse would look like. video games are made in a 3-D environment simulation which allows the player to interact with the contents, objects, and programs of the game through their electronic devices. Metaverse will take this ideas to another level as it will engage the user more than the way video games could. it will not only be used for gaming, it is hoped to be used for social media such as Facebook, WhatsApp, etc. It will also be used in the business world. The idea of metaverse will create job opportunities in the future; contributing to the economy. Metaverse will make cryptocurrency and NFTs very useful.

The History of Metaverse technology
Although the idea of virtual reality seems new, it is not a new concept. This idea can be traced back to the early 20th century. Science fiction novel writers have painted stories where through the use of goggles, people can escape into another world of virtual reality. Some of these sci-fi movies and novels would later became scientific and technological realities. Stanley G. Weinbaum published his novel titled ‘pygmalion spectacles’ in 1935. That story was about a spectacle that allows people to escape into a virtual world. Then in 1956, the first VR machine was invented. It has a vibrating chair, a pair of goggles, and an audio system. Then between 1960 to 1970, the US military developed augmented reality goggles (AR goggles) which they put on while they are in the war action. They even use VR goggles to train soldiers ahead of combat.

Metaverse digital cyber world technology, man with virtual reality VR goggle playing AR augmented reality game and entertainment, futuristic lifestyle

Then in the 1980s, the word metaverse was used for the first time in Stephenson Neal’s novel titled ‘snow crash’. In the 1990s, game production companies such as Sega made the virtual reality game arcades. Novelists, filmmakers, the internet, and the latest electronic devices contributed to the idea of the metaverse. In 2011, we saw another Sci-fi novel titled ‘ready player one. This story was later adapted into a movie by warner bros movie company. In October 2021, Mark Zuckerberg announced the change of ‘Facebook’ to ‘meta’. This he did with the intent to prepare for the next level of social media experience, the metaverse level.

Is there any difference between the internet and the Metaverse?
Metaverse will only be an offshoot of the internet. It will be founded on the internet. Though, like metaverse, the internet users can interact with each other via their devices, business transactions like banking, and other activities were aided by the internet, people hang out and even attend business meetings and conferences via the internet,
yet the metaverse is not going to be totally different from the internet, Its foundation will still be on the internet technology, but, it will take us to a whole new level of internet-surfing experience.

Two attractive young women leaning shoulder to shoulder wearing virtual reality headsets. Females with surprised faces pointing something.

How will Cryptocurrencies and NFTs come in here?
Like fiat currency is the fuel of a nation’s economy in the real world, so will cryptocurrencies be used for economic activities in the metaverse. It may not be that the cryptocurrencies will totally replace the fiat currencies in the future, but both will be used complimentarily with each other. Fiat currencies and cryptocurrencies must be easily convertible to each other. Virtual money would have its uses in the metaverse and traditional money would have its use in the real world. With the advent of the metaverse, video game playing can now become a profitable venture as cryptocurrencies could be gained. Virtual objects can be traded. Virtual money can be used to purchase digital assets or properties in the metaverse. Metaverse will be built on blockchain technology therefore the security of assets is assured. Virtual currencies can also be exchanged for traditional money to use in the real world.

In the nearest future, we will be doing many activities in the metaverse, although, we will not totally neglect the real world because some things can only be done in the real world. The metaverse tech has the potential of becoming a multi-trillion-dollar enterprise.

Teach yourself technical analysis: Technical analysis

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20220809 19:55:39