The way we interact with technology and each other has evolved and advanced rapidly in recent years, with the metaverse being the most innovative proposal yet, where we can see the boundaries between the physical and the digital becoming increasingly blurred.
In this article, we explore the concept of the metaverse, the technologies that make it possible, the influence of large corporations, the potential of Play-to-Earn (P2E) games in a decentralized metaverse, and the concept of the multiverse.
What is the metaverse?
The metaverse refers to a persistent, online, shared virtual universe that combines elements of virtual reality (VR), augmented reality (AR), and the Internet as we know it.
To get a better idea, we should imagine an immersive digital space where users can interact with each other and with three-dimensional environments in real time. This space is not limited by physical constraints and allows for fully immersive experiences that go beyond what current reality can offer.
Meta, one of the tech companies most interested in this area, describes it this way:
“The ‘metaverse’ is a set of virtual spaces where you can create and explore with other people who are not in the same physical space as you.”
Thus, the metaverse seeks to be an alternative reality where we can perform everyday activities without leaving home, navigating this space through avatars in an environment where physical and virtual reality converge.
On the other hand, it is worth noting that the popularity of the metaverse has been increased in part by the COVID-19 pandemic, which has accelerated the adoption of digital technologies and highlighted the need for more immersive virtual interactions.
Beginnings of the metaverse
Although the term has become popular today, the concept is not new; it first appeared in the 1992 novel “Snow Crash” by Neal Stephenson, which describes a three-dimensional virtual space for work and leisure.
As we will see below, the metaverse is not only a virtual world similar to video games, but can be used for communication, entertainment, and even work. In addition, value transactions are a fundamental part, allowing the buying and selling of digital assets such as virtual real estate and NFTs.
Underlying technologies
To understand the metaverse, it is important to understand the underlying technologies that make it possible:
Virtual Reality (VR) and Augmented Reality (AR)
VR and AR are the backbone of the metaverse. While VR enables total immersion in a virtual environment through devices such as glasses and sensors that capture the user’s physical movements and replicate them on the avatar, AR overlays digital elements on top of the physical world, enabling hybrid interactions.
Artificial Intelligence (AI)
Artificial Intelligence (AI) is the driving force behind the player experience and plays an important role in the development and operation of the metaverse. It enables the creation of intelligent non-playable characters (NPCs) and advanced interaction systems to create more immersive and engaging experiences, as well as personalizing the user experience by adapting the environment and interactions based on individual preferences and behaviors.
Distributed Ledger Technology (DLT)
DLT provides a secure foundation for transactions and digital assets in the metaverse, while cryptocurrencies facilitate economies within these virtual worlds.
Internet of Things (IoT)
IoT enables the integration of physical devices with the metaverse, creating a more connected and seamless experience.
Network infrastructure and cloud computing
High-speed networks and cloud services are essential to handle the massive amounts of data and processing required for the metaverse.
Applications and uses
Applications and uses can be very diverse, and by understanding the potential of this virtual environment, we can foresee a significant change in the way we interact in areas such as work or entertainment.
The following are some of the major applications of this technology:
Entertainment and gaming
The video game industry has been an early adopter of metaverse technologies. Today, there are online games that already offer virtual experiences where players can socialize, compete and create content.
Education
The metaverse has the potential to revolutionize education, by providing immersive and collaborative learning environments. Students can explore historical reconstructions, conduct scientific experiments in virtual laboratories and attend classes from anywhere in the world.
Work and collaboration
Virtual offices and collaborative spaces in the metaverse can transform remote work. Platforms such as Microsoft Mesh are developing solutions that enable teams to work together in a shared virtual environment, improving communication and productivity.
Commerce and economics
The metaverse is creating new economic opportunities through the sale of digital goods, from avatar clothing to virtual real estate. Brands are exploring the creation of virtual stores and immersive marketing experiences.
Health and wellness
The metaverse offers opportunities such as remote therapy, virtual medical consultations, and rehabilitation or training programs that use virtual reality to help patients improve or regain mobility and function.
Technical challenges; barriers to an immersive metaverse
There are significant technical challenges to creating a truly immersive metaverse at scale, including latency, scalability, and interoperability.
When we talk about latency, we refer to the time it takes for a signal to travel from a device to a server and vice versa, which can affect the fluidity and responsiveness of experiences in the metaverse.
In terms of scalability, we refer to the ability of a system to handle a large number of simultaneous users without compromising performance.
Finally, interoperability refers to the ability of different metaverses to communicate and interact with each other, allowing users and digital assets to move seamlessly between them.
Researchers and developers around the world are actively working to address these challenges, and it is expected that in the next few years, new devices will be introduced to connect us to this new virtual reality.
The main goal is for these devices to become more complete and affordable in the future to enable mass adoption, but until that happens, large scale interactions will likely not be allowed, in addition to being economically inaccessible to much of the population.
The role of large corporations
Large technology corporations such as Meta (formerly Facebook), Nvidia, Siemens, Samsung, Sony, Microsoft and Google are at the forefront of metaverse development. These companies have the financial, technological, and human resources to build massive platforms that attract millions of users.
However, the centralization inherent in these companies raises concerns about privacy, data control, and monetization of the user experience. In a corporate metaverse, the user often becomes the product, as their data and activities are used to generate revenue through advertising and other means.
Benefits
- Abundant resources: Investment in advanced technology and high-quality content, including devices such as VR glasses and haptic suits.
- Service integration: Connectivity to other digital services already in use
- Accessibility: Existing infrastructure to facilitate mass access to the metaverse.
Disadvantages
- Centralization: Few entities control the metaverse, potentially creating monopolies.
- Privacy: User data can be exploited for commercial purposes.
- Lack of autonomy: Users have little influence on metaverse policy.
The promise of the decentralized metaverse with Web3 technology
As this exciting concept evolves, it is critical to establish governance and ownership models that are decentralized, democratic, and transparent. This will help ensure that the metaverse is not controlled by a small number of entities or individuals, and that all users have a voice in its development and future.
Web3 technology, which includes blockchain and other distributed ledger technologies (DLTs), offers a promising alternative for building a decentralized metaverse.
In a Web3 environment, ownership and control are distributed among users rather than centralized in a single entity. This is achieved through the use of tokens and smart contracts that enable community governance and shared ownership of digital assets.
Advantages
- User control: Users have full control over their data and digital assets, reducing dependence on intermediaries.
- Democratic governance: Decisions about the development and management of the metaverse can be made collectively by the community, promoting a more equitable and transparent approach.
- Decentralized economy: The metaverse economy is based on cryptocurrencies and tokens, allowing secure and transparent transactions without the need for traditional financial intermediaries.
Play-to-Earn (P2E) games and the future
Play-to-Earn (P2E) games are emerging as a disruptive force in the metaverse economy. These games allow players to earn cryptocurrency and other digital assets that have real-world value. By combining gameplay with the digital economy, P2E games create new opportunities for revenue generation and wealth creation in the metaverse.
Read more about the P2E concept here.
Multiverse and metaverse: Interconnecting realities
The concept of the multiverse refers to the existence of multiple interconnected metaverses, each with its own characteristics and rules. Instead of a single dominant metaverse, the multiverse allows for the coexistence of different virtual worlds, offering users a greater variety of experiences and opportunities.
Challenges of the multiverse
- Interoperability: The ability to seamlessly and securely move assets and data between different metaverses is a major technical challenge.
- Standards and protocols: The creation of open standards and common protocols is essential to facilitate interoperability and collaboration across metaverses.
- Security and privacy: Ensuring the security and privacy of users in a multiverse environment is critical to gaining their trust and encouraging mass adoption.
Multiverse opportunities
- Diversity of experiences: Users can explore and participate in a variety of metaverses, each with its own communities, economies, and cultures.
- Innovation and creativity: The existence of multiple metaverses fosters competition and innovation, driving the development of new technologies and experiences.
- Collaboration and connectivity: The multiverse enables collaboration and connectivity between different communities and platforms, creating a richer and more dynamic digital ecosystem.
Conclusion
The metaverse represents a new era of digital reality where the possibilities are virtually limitless. From entertainment and education to work and commerce, it has the potential to transform every aspect of our lives.
The concept of the multiverse adds an additional dimension to the metaverse vision by promoting diversity and interconnectivity between different virtual worlds. By enabling the coexistence and collaboration of multiple metaverses, it fosters a more dynamic and adaptive digital ecosystem. This pluralistic approach not only expands opportunities for users, but also drives innovation and creativity by challenging traditional barriers and promoting a freer exchange of ideas and resources.
Moreover, while there is no single metaverse in this context, corporations are likely to offer the most advanced experiences. However, we hope that there will be enough diversity in the market to allow each user to choose the platform that best suits their interests and needs, thus promoting a more inclusive and diverse digital ecosystem.
Finally, it should be noted that in the next few years we will see the introduction of new devices that will try to connect us to this new virtual reality. The idea is that in the future they will be very complete and affordable, but until then they may not allow for great interactions and will be quite expensive.
Resources:
[1] Xataka – Metaverso
[2] Meta – Building the metaverse responsibly
[3] Gartner metaverse report
[4] Wikipedia – Multiverse
Want to learn more about decentralization? Don’t miss these resources!
- GameFi and P2E: A revolution in the gaming industry
- Exploring the world of Decentralized Finance (DeFi)
At Block&Capital, we strive to create an environment where growth and success are accessible to all. If you’re ready to take your career to the next level, we encourage you to join us.
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