Metaverse has become the talk of the town, and everyone has different words for it. Tech giants are introducing it through different definitions, although all accept it as the new revolution of the upcoming era.
According to Gartner, a research consulting firm, 25% of people will spend at least one hour a day in the Metaverse for daily routine (work, shopping, education, social media and entertainment) by 2026.
So, before taking your extra minute, let's know "What is Metaverse?"
What is the Metaverse?
The Metaverse can be understood as a concept that connects users in all aspects of their lives using an online, 3D visual space. Likewise, the internet contains different websites that are accessible through a single browser.
This concept was developed and designed in the Sci-Fi novel Snow Crash by Neal Stephenson. Yes, the idea of the Metaverse in his book was just fiction then; now, which is looking like a revolutionary technology of the upcoming era.
What do tech-giants and researchers think about the "Metaverse"?
Meta's CEO Mark Zuckerberg made the statement at the time of rebranding Facebook with Meta, "The next platform and medium will be even more immersive and embodied internet where you're in the experience, not just looking at it, and we call this the metaverse."
"Metaverse will allow people to replicate or enhance their physical activities. This could happen by transporting or extending physical activities to a virtual world or by transforming the physical one," says Marty Resnick, VP Analyst at Gartner.
So, here we have outlined what is required to make you aware of the Metaverse and how tech-giant companies are introducing it. Now, we are going to explain the technologies that are backing the Metaverse.
5 technologies empowering the Metaverse
In this section, we’ll learn the crucial technologies that contributed to Metaverse’s meteoric growth in popularity. So, let’s start and know the main elements and their advantages for the metaverse.
Blockchain technology provides decentralization and transparency that is mandatory to run the metaverse applications and is one of the prime technologies that can also be understood as the foundation of the metaverse. It enables developers to integrate several functionalities in the metaverse, like digital ownership verification, value transfer, governance, digital collectability, accessibility and interoperability.
All the features mentioned above are being provided with the help of blockchain, and it's not a new thing. Such advantages as a virtual ledger and decentralized database help developers to create a fully functional metaverse world.
Advantages of blockchain technology for the metaverse:-
- It works like a virtual ledger which helps to create a record of each transaction made on the server with the advanced storage option, a decentralized database, which helps reduce the chances of malfunction/hacking or data breach.
- Blockchain technology works with a system where data is collected and stored in groups called blocks. All blocks have limited storage capacity and are closed once filled and linked to previously filled blocks and formulate a chain of data known as the blockchain.
- One more benefit to using blockchain technology for data storage is that the data blocks are strung together, inevitably arranging the data chronologically. So, once a timestamp is set to a block, the data will be in irreversible form, which plays a major role in creating the entire process free from manipulations and offers transparency to the metaverse platform.
Cryptocurrency is another primary technology used to develop the metaverse, as the metaverse platform only accepts crypto-currencies. If the user wants to buy somewhat on the metaverse platform, they will have to exchange their real currencies for crypto to make a purchase.
Cryptocurrency will be used to purchase the platform's resources, like NFT and digital real estate assets, and to do more things, such as game purchases.
Furthermore the metaverse, cryptocurrencies have massive value. For example:- many games require converting real money into their in-game currency to purchase and do more things; Decentral land has MANA as its game currency.
Advantages of Cryptocurrency for the metaverse:-
- Crypto transaction is a way faster than other transaction processes.
- Crypto provides complete anonymity for the user, keeping users’ security intact.
- Crypto technology gives digital proof of authenticity and ownership to the buyer.
- Crypto-currencies like Polkadot and Avalanche can create interactive blockchains, allowing different metaverse ecosystems to communicate with each other in the future.
Augmented & Virtual Reality
Augmented reality and virtual reality have been used for many years in the gaming industry to offer immersive gaming experiences. So, these are necessary resources that enable the metaverse platform, as the platform ensures an immersive and sensual experience for its users. With advanced wearable technology, users can augment AR and VR tech with full-body sensors to offer a fully immersive experience.
However, Virtual Reality and the metaverse might seem like the same thing in some sense, but they are pretty different in reality.
- VR technology is just a part of the metaverse, while the metaverse is created with several other technologies like blockchain, crypto, AI and more.
- VR enables users to enjoy 3D simulations, however, fails to offer physical simulation, which is a significant aspect of the metaverse.
Advantages of AR & VR for the metaverse:-
- Augmented Reality technology will be helpful in adding immersive elements to objects in the metaverse, like having different clothes on your avatar.
- VR technology will be used in the metaverse platform to offer sensory experiences like being able to touch a specific object or roaming around the VR world.
AI, also known as Artificial intelligence, has become a crucial part of our day-to-day lives. It is being used from our phone to our car's air conditioner; all require AI to work perfectly. So, it is not a matter to say that the metaverse would go a long way without AI.
Yes, AI will play a major role in creating every process that will happen in the metaverse. Likewise, stored historical data can be used by ArtifivcaiI Intelligence algorithms to create unique outputs and insights to offer immersive experiences for its users.
Advantages of AI for the metaverse:-
- Artificial Intelligence will help the system to create metaverse avatars.
- Artificial Intelligence engines can use any sort of image to create more realistic and actual avatars.
- It will also help in adding more transitions by generating different facial expressions, hairstyles and more.
IoT (Internet of Things)
Internet of Things, basically known as IoT, was first introduced in 1999. IoT connects our physical world elements to the internet using sensors and devices.
IoT devices have the potential to send or receive information automatically, like voice-activated speakers, thermostats and medical devices, which have their own ability to process the received information and carry out given actions.
Advantages of AI for the metaverse:-
- With IoT applications, the metaverse will adjust the environment more precisely to real-world conditions as it will be able to send and receive data using IoT, as IoT can contribute weather or temperature data.
- IoT can seamlessly connect the 3D world to many devices from the real world, enabling real-time stimulation in the metaverse.
We hope you have learned the secret logs of the metaverse and got an idea of the metaverse. Moreover, we have outlined the statement of a tech giant company and also shared word of a tech researcher's firm about the metaverse.
Gamix Labs is a full-stack game development company with five years of development experience in the gaming industry. We have expanded our development expertise by developing different types of games for diverse industries, including marketing, education and casino.
What is the Metaverse?
Is Virtual reality and the Metaverse similar?
Does the Metaverse work with real-world currency?
What are the popular metaverse games? ?
How can I create a Metaverse game?
However, if you have an idea and want to launch your game, you can hire an outsourcing company. Gamix Labs is one of the reliable game development services companies, helping different companies in making popular titles and most played games.