Metaverse is the network that brings people together to live in 3D Virtual Reality space. The word ‘Metaverse’ is made up of two words ‘Meta+Verse’ in which the word ‘META’ is derived from a Greek word which is a prefix that means ‘Beyond’, and the word ‘VERSE’ comes from ‘Universe’. The word claims to live in the artificial world which is based on highly advanced technology that brings people together in a 3D Virtual Reality space. In addition to real life, people can meet with their friends, attend concerts, play games and witness many regular daily life activities in the 3D virtual reality world. There is a scientific concept behind this technology that claims to have multiple universes in this world. What is the theory and the purpose of this technology in the world of the internet is still an open question.
Metaverse is a network of three-dimensional 3D virtual environments focusing on social interaction. In science fiction and fantasy, the word is frequently used to represent a possible version of the Internet as a single, worldwide virtual environment made possible by the usage of virtual and augmented reality headsets. Metaverse would be a world where you can be completely live in 3D dimensions. For Example: When you watch a cricket match on the television in 2D dimension but technically, if we use virtual reality, then you would get a 360-degree experience of watching a cricket match around you. It will try to create an experience that would make you feel as if you are actually at the match
The word "Metaverse" originated as a combination of "meta" and "universe" in the 1992 Sci-Fi novel Snow Crash. This novel describes a dystopian world, a world where real life has been destroyed, the outdoors was not livable to humans anymore. Due to this everyone is confined to their builds and rooms and spends their life in the virtual reality world. That virtual reality, the artificial world, was referred to as Metaverse by Neal Stephenson. For public usage, other Metaverses have been established, such as virtual world frameworks like Second Life. Some Metaverse versions incorporate the merger of virtual and physical locations as well as virtual economies, with a strong emphasis on the advancement of virtual reality technology.
The first question arises that how the Metaverse is created. Various technologies are used here that create the Metaverse. The first technology is Virtual Reality. This technology is currently available, but you must wear hefty headsets to utilize it. The quality of animation that you see in virtual reality games would improve with time. It is also being hoped that these heavy headsets would keep getting smaller and slimmer with the new technology.
The second technology is Augmented Reality (AR). It would imply that some manmade components have intermixed with our natural environment. It would not be a complete virtual reality. There is a good example of it which is Google glasses that was released once upon a time. A product that was issued and then recalled without anybody knowing. But Google Glass had a huge hype around 2013-14 that claims to add virtual elements in the real world.
Facebook Horizon, a social VR realm, was introduced in 2019 by the social network corporation Facebook. Facebook was rebranded "Meta Platforms" in 2021, and its chairman, Mark Zuckerberg, stated the company's intention to build a Metaverse. Several of the virtual reality technologies promoted by Meta Platforms are still in the works.
Frances Haugen, a Facebook whistleblower, slammed the decision, saying Meta Platforms' continuous concentration on development projects is mostly done at the expense of guaranteeing security on their platforms. Due to the incidence of sexual harassment on the network, Meta Platforms has also experienced user safety complaints about Horizon Worlds.
Blockchains and Cryptocurrencies are also mentioned in the Metaverse. When money would be spent to buy anything in the Metaverse that can not be real money of course. Because everything is digital then there would be a need for a digital currency that helps in trade. This is where Cryptocurrency comes into play. Because there is a large number of transactions constantly, it would need to be kept secure. Due to this reason, Blockchain might be used.
Apart from that, if you want to buy any property in the Metaverse then how should that be accomplished? It is said that it would be accomplished through NFTs. You can think of NFTs as tokens, that exist on a Blockchain and can prove the ownership of any digital asset. It is now used to buy and trade the copyright of memes. NFTs can also be used to validate concert tickets if a virtual concert is held in the Metaverse. It is something that some singers have already done as a virtual reality concert.
All these technologies exist on a basic level, but combining them and creating a Metaverse will take a lot of time. Facebook founder Mark Zuckerberg estimates that it would take about 5 to 10 years for the key features of Metaverse to become part of the mainstream. Several experts believe that it would take decades, to become popular. Many people believe that Metaverse is inevitable as it is bound to happen someday claiming that the next thing after the internet would be the Metaverse. But a critical question arises here, will this Metaverse be successful? Is there a demand for it? Does anyone want it? To answer this question we have to wait and speculate the technology closely until there will be an actual need for this.