The term “metaverse” can mean different things
to different people. However, the common ingredients remain the same. They
include blockchains, cryptocurrencies, Non-Fungible Token Development Services (NFTs), and the
three realities:
- Augmented Reality (AR)
AR takes a real-world environment and overlays virtual objects into it.
- Mixed Reality (MR)
MR goes further than AR and anchors virtual objects to real-world environments.
- Virtual Reality (VR)
VR allows users to immerse themselves in an entirely artificial digital environment.
While we’re at it, we should also mention
Extended Reality (XR), an umbrella term covering all three of the above
alternate realities.
Essential Components of the Metaverse
Now that you’re familiar with the typical
ingredients, you can picture the metaverse as a collective of interconnected
virtual environments. And for those of us in crypto, the most exciting
developments are the new blockchain-based worlds on Ethereum.
However, the metaverse needs multiple parts
working in collusion to prosper.
- The Internet
- A global computer network.
- Media Standards
Standards are needed to ensure compatibility across platforms for audio, video, images, text, 3D scenes, vectors, etc.
- Programming Language Standards
Such language standards could include HTML, JavaScript, WebAssembly, Shader Language, and others.
- XR
The team at Qualcomm (along with others) envision a future where items like the smartphone, AR glasses, and mobile VR headsets will converge into a single XR wearable. Some think XR could even replace all other screens, including the TV, one day.
- Blockchains
There’s nothing like blockchains for getting permissionless, transparent, and censorship-resistant transactions.
All in all, the above components will be
necessary to nurture a growing metaverse.
The Metaverse and NFTs
Contrast the traditional world of gatekeepers to
that of Non-Fungible Tokens (NFTs). An NFT is a new type of digital asset
whereby the blockchain validates ownership and authenticity. Individual users
can mint, sell, and purchase NFTs on the open market. That means that the user
owns and controls the NFT.
So, the difference between traditional in-game
assets on gaming platforms like Fortnite and NFTs, is that NFTs allow actual
ownership.
Why the Metaverse Needs Decentralization
A decentralized economy is the best way to
ensure an efficient, fair, and sustainable metaverse.
Decentralization is critical because if a single
entity grabs the lion’s share of control over the metaverse, they’re likely to
become another Apple and exact a hefty fee from any transactions. Such a
situation could put a stranglehold on efficiency and stifle innovation.
Why the Metaverse Needs Interoperability
At present, the metaverse is not interoperable.
Instead, we have multiple platforms that compete for users. This situation is
similar to how the internet operates. There are lots of different sites and
apps, but they share little between them. The same is true with game engines.
You can’t take the Unreal Engine and open a game made in Unity.
The Metaverse and Shareable Data
It would be great if all those creating
metaverse projects would work towards sharable technologies and assets. Data
needs to be open and accessible. Sharing information is only part of the story,
however. Shared bandwidth and computation need to be added to the mix as well.
Taking the best aspects of Omniverse and decentralizing it would be an
excellent start.
The Ethereum Blockchain Metaverse
The difference between blockchain projects and
non-blockchain ones is the blockchain offers an infrastructure that’s
interconnected and immutable with shared economic standards. All thanks to
Ethereum and NFT Marketplace Development. This kind of infrastructure is unprecedented in the history
of the metaverse.
NFT Speculators
Most people may never use virtual worlds, but
bullish speculators believe these kinds of platforms will be the next big thing
and that NFT real estate will climb in value into millions of dollars.
Nevertheless, NFTs are an extremely volatile
asset class. Also, since NFTs could be in a bubble, it’s likely to experience a
version of the crypto winter before lurching forward.
Artificial Intelligence (AI) and the Metaverse
AI could also play a massive role in the
metaverse with its many use-cases. It could conceivably create and audit smart
contracts. One day, AI could take inputs like graphic renderings and create
fully immersive virtual worlds. It certainly can improve the processes
developers use to build out the metaverse.
Exploring the Metaverse – Conclusion
With VR on the rise, we are sure to see the
metaverse continue to evolve and mature.
Metaverse sales amounted to approximately $20
million in 2020. Sales in the first quarter of 2021 quickly eclipsed last
year’s total already at around $30 million. Some even predict the metaverse
will be its own economy one day, and a huge one at that. The rosiest
predictions have it surpassing the present-day global economy by 10x.
In the future metaverse, our five senses could
blend with the digital world, and we’ll be able to immerse ourselves in 3D
environments whenever we choose. If those kinds of worlds are to be where we’ll
be spending a lot of time, hopefully, they won’t be controlled by centralized
organizations or individuals.
For the metaverse to succeed, crypto and
decentralization need to rise to the occasion and break down existing silos and
central control.
We’ve talked a lot about various aspects of the
metaverse. But when it comes to the foundational aspects of it, the Ethereum
blockchain is paramount. If you want to become an expert in Ethereum, you’ll
need the world-class blockchain education that Ivan on Tech Academy offers. Get
started today!
To
know more, contact us at: https://www.codezeros.com/
Comments
Post a Comment