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With the recent news of Facebook's parent company renaming itself to "Meta". We have seen a very bullish uptrend in the metaverse domain. Many old big companies are now entering this domain, Recently Nike announced they would be launching their own NFT sneakers!
What Is The Metaverse?
The two words that I would use to describe the metaverse is " Online Reality".We have been using digital space to post videos, games, create content etc, Now imagine our digital experience could coexist within our reality. Technically, it's a virtual shared space Created by converting the physical world (the world we live in) and the virtual world(digital world).
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Nowadays we have many applications that let you interact with humans or digital entities in a virtual world these are the metaverse applications. For Eg Pokemon Go was a game that uses Argumentative Reality. Here a user turns his camera on. The camera converts the real world into a map where now u have to use your phone to travel around the area to catch Pokemons ( Digital character's). Facebook recently add Horizontal workrooms where people can attend virtual collaborations, this is like a straight-up setup from the Ironman movie >.<
The Technology used in the metaverse is AR(Argumentative Reality, Virtual Reality, Assisted Reality and Mixed Reality. When we ask what is a cryptocurrency to a common man they say bitcoin which is only partially true, it is an application of Blockchain. The same thing applies to VR headsets they are just the application of Metaverse.
Some History on Metaverse
Metaverse was not a term coined in the 2000's it just got famous with a lot of big applications of NFT'S and other big crypto projects. It was first coined about 30 years ago in a novel. But then since then, the foundation of the technology had been set Facebook has announced their Facebook horizontal in 2019 and 2020-2021 metaverse protects gave 100 x returns, these numbers were crazy
" But do you think we missed the bus or are we still early? "
I think we are still very early in this domain as comparing the market cap of Metaverse with other industries, we see that It's only a few B$ in comparison to a trillion $ Market cap of Bitcoin alone. This is not financial advice but I believe those who invest early in this domain are going to have Insane returns in the future.
The Future Of Metaverse
We can't exactly describe how metaverse would be at 20-30 years down the line It's a very different digital spectrum. Till now virtual reality and argumentative reality were the stepping stones but crypto and Blockchain are now Turning into the leading force.
Having a combination of worlds and getting social without limitation of this physical world are important factors we should consider. Safety should also be taken into account when it comes to the virtual world. The growth of metaverse depends on us how people appreciate this new technology and support building great projects within it. There could probably be an XR commerce in the virtual universe and all this is just the tip of the iceberg to the infinite potential the metaverse has.
Hope you learnt something new in this blog, let me know your thoughts on this topic in the comments :^)
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