Getting well-versed with the Metaverse

Wouldn’t it be great if you could have dinner sitting next to a friend who lives miles away from you? And that too, in the streets of Paris – from the comfort of your home? Sounds kind of impossible, right? Well, this might not be the case anymore.

Welcome to the Metaverse! A virtual world with endless possibilities. A 3D world of the internet that is available to you constantly. As someone who belongs to Generation Z, I have had access to the internet from a young age. And the metaverse is something that I could see my generation readily adopting. In fact, there are already such virtual platforms in place, and they have captured quite a number of users.

But what is not clear is what all does the metaverse actually encompass? If I ask 10 people, “What is the metaverse?”, they would give me 10 different definitions. So, what exactly is the metaverse? Is it just a temporary buzz or is it here to stay? Let’s find out.

What does metaverse actually mean?

The metaverse is a three-dimensional virtual internet simulation. It will allow users to behave and carry out all functions that they do in reality. Users will be able to do so along with millions of other users, within the virtual world. The metaverse is an extension of the present-day internet, and that too, a revolutionary extension. It will inherently change the way we look at all aspects of life, literally and otherwise.

The word metaverse was first coined by Neal Stephenson in his 1992 sci-fi novel Snow Crash. In the book, people use digital avatars of themselves to eat, work, play in the virtual world. They do so as a means to escape their dystopian reality. And now, Facebook, or shall we say, “Meta”, is building on this very idea, minus the dystopia, of course.

The metaverse is going to drastically change the way we interact with technology in our day-to-day lives. It will be characterized by virtual worlds, combined with the features of the physical world. These virtual worlds will go on to exist, even when you are not “playing” or interacting with them.

Alternatively, it could also translate into a digital economy. That is, it will be a virtual space that allows users to create, buy and sell products and/or services. It would allow users to buy cars, clothes, accessories, and move them from one platform to another.

“Doesn’t this kind of technology already exist?”

The above description of metaverse might prompt you to think so. We already have virtual worlds in place. One example is the game – World of Warcraft, wherein players can buy and sell goods. A similar experience is rendered by Fortnite. In the game, you can attend live concerts and exhibits, and be in your own personal virtual home. You just need to strap on a VR/AR headset and you are good to go.

However, the metaverse is not just limited to this.

Metaverse will be based upon Web 3.0. It is the newest internet iteration with advanced, data-driven, and open websites. Its aim will be to create a level of transparency. This will happen because individual data will not be controlled by centralized organizations, rather it will be powered and stored on blockchains.

Meta CEO, Mark Zuckerberg, is betting big on the idea of the metaverse. As per his vision, the metaverse will bring enormous opportunity to individual creators and artists; to individuals who want to work and own homes far from today’s urban centers; and to people who live in places where opportunities for education or recreation are more limited. A realized metaverse could be the next best thing to a working teleportation device, he says.

And not just Meta, other tech companies are also moving fast in this space. Both Microsoft and Google are not far behind in this race to crack the metaverse technology. In fact, consumer brands like Walmart, Nike, Ralph Lauren, and Gap have also expressed interest in the metaverse. They have already started working on virtual landscapes.

The metaverse will be a blockchain world, built on the Web 3.0 network, cryptocurrencies, and NFTs. NFTs are unique units of data stored on the blockchain. They track a specific digital asset’s ownership and transfers.

Challenges ahead

The metaverse seems pretty awesome. And it has gained quite the hype amongst the newer generations. However, there are still some challenges to combat and confusions to clear.

No one is really sure what are the possibilities of Metaverse. And that is my major concern here. Meta wants to use the metaverse to make virtual houses, where people can invite their friends to hang out. 

On the other hand, Microsoft wants to use the metaverse to create immersive virtual meeting rooms. These rooms will allow “people in different physical locations to join collaborative and shared holographic experiences, with the productivity tools of Microsoft Teams, where people can join virtual meetings, send chats, collaborate on shared documents and more.

Another important thing is who will control what the metaverse looks like? Who will control the type of content it hosts? Because surely, an open web network is bound to attract scammers and frauds. And if this metaverse is used by the younger generation as well, we can’t very well control who they interact with, or the type of content they consume.

On the face of it, virtual worlds promise liberation and escape from the real world and feel like a digital utopia. The inhibitions, hierarchies, and limitations of the real world do not restrict these virtual worlds. Users can project whatever they want to do onto their digital avatars. 

But this does not necessarily mean that the virtual world is better than the real world. Existing gaming platforms with metaversal characteristics have problems like worker exploitations, gender biases, and homophobia. Unless companies make conscious efforts to take care of these prejudices and biases, how can we say that the virtual world is better than the one we live in?

Metaverse and Capitalism

The next question that comes to my mind is, “Is the metaverse just another capitalism stint?” The metaverse appears to be capitalism at its height. It’s just a few tech giants controlling this space and creating a virtual world. That too, in the face of the actual world facing a scarcity of resources. 

Quite simply, the metaverse is just another place to spend money. Its aim is to sell you items that you absolutely do not need. In reality, these items wouldn’t even physically exist.

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