What is the Metaverse? – Metaverse Definition and Working
Have you been keeping up with the latest technological developments? If you have been, you would remember that Facebook was rebranded as Meta to move closer to its vision of building a virtual world mimicking our real world.
To understand what is Metaverse, you must imagine a virtual world where people lead lives, going to work, shopping, learning, and interacting. All this is done from the comfort of their homes in the real physical world using gaming computers or consoles. The computers people use to connect to the internet become portals to a 3D virtual world like the real physical world, but only bigger and better.
You can create digital avatars and make them look like you. These avatars move around in the digital world, experiencing and interacting with different items, just as you do in real life. You create your identity in this virtual world and spend money as you do in reality.
Even though the Metaverse is in the development stages, several companies and businesses have started building their presence on this platform. According to MarketWatch, the market size of Metaverse is forecasted to grow by a CAGR of 46.25%.
In this blog, we provide an understanding of what is Metaverse and how it functions.
Table of Contents
1) Metaverse Introduction
2) Is the Metaverse new?
3) Accessing the Metaverse
4) How does the Metaverse function?
5) Features of the Metaverse
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The Metaverse is a shared, online 3D world where the users can interact with one another and with computer-generated items and avatars. It is based on Blockchain technology and relies on the internet to connect people with their digital avatars performing various activities in this virtual world. The Metaverse is used for several purposes, like education and training, social networking, online gaming, and many more. The Metaverse is used to create virtual worlds that mirror the real world. It can be used to create completely new and imaginary worlds.
It has emerged as a technology aiming to change how people interact on social media platforms and lead their lives in the digital realm. It is also known as the replica of the real world because it is primarily based on real-world concepts, like currency, economy, trade, and property ownership. It is best explained as combining the virtual and mixed reality worlds accessed by a browser and a headset. It allows people to interact with each other and different objects in real time through the internet.
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Is the Metaverse new?
Did you know that the term Metaverse is not new? Neal Stephenson first used it in his book the 90s during the early boom of virtual reality. Sainsbury, the UK-based grocery chain, became the first to create a VR shopping demo to attract customers and increase its sales.
Virtual worlds or virtual reality have existed in various forms for a very long time. Video games are the most popular form of this technology. Second Life, launched in 2003, is one of the best examples of virtual reality. The game presents Metaverse in the form that it is known today. Players can perform various activities within the game, create their avatars and interact with each other in a virtual space.
Accessing the Metaverse
The full potential of the Metaverse has yet to be identified and understood, but plenty of platforms and systems can be used to access the virtual world. One platform is Decentraland, which numerous people use to access the Metaverse. A user needs a computer, a gaming console, and Virtual Reality (VR) or Augmented Reality (AR) glasses.
Following are the steps used to access the Decentraland and enter virtual reality.
a) Create an Avatar: After opening the Decentraland, the user creates their avatar and makes it look however they want to. This develops their digital identity in the Metaverse. Platforms such as the Decentraland provide users with a panel that they can use to create and customise their avatars. It allows users to alter their avatar, like hair colour, eye colour, clothes, and even accessories.
b) Explore the virtual world: Once the avatar is created, the user can go to different locations within the Metaverse. They can teleport to other places in this digital universe. This is when the users enter the Metaverse and can interact with various elements or objects within this world.
c) Perform activities: The next step of accessing the Metaverse is to perform different actions. After the user reaches the location they like, they can carry out the activities available there. This is the way they interact with the Metaverse.
d) Make friends: The last step of accessing the Metaverse is to make friends in the virtual world. The users can make new friends and talk about anything. They can also perform different activities, just like they do in multiplayer games.
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How does the Metaverse function?
The key to the functioning of Metaverse is that it allows an uncountable number of people to connect at once. This means many people relate to this digital universe in real-time and continuously in a virtual environment. This universe is immersive, 3D, and seamlessly links to the real world. The Metaverse allows people to enter a simulated reality, perform different activities and actions and interact with the things in the 3D universe. The users need AR or VR headsets to handle and use this enormous technological power. Specialised equipment, like a gaming computer or console, is required to take the load put on by the extensive computing power.
Features of the Metaverse
The Metaverse has become one of the leading technological developments in recent years. It allows people to interact with one another and elements of this digital universe while sitting in their homes.
a) Decentralisation: One of the most prominent features of the Metaverse is that it enables decentralisation. Since it is based on Blockchain technology, the virtual world operates without any central authority. Through this feature, the users can fully control and own their assets and experiences of the digital world.
b) Hardware: Highly specialised and dedicated hardware is required to access the Metaverse. Another feature of Metaverse is security.
c) Security: As the Blockchain powers this universe, all transactions, actions, and activities are secured.
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After reading this blog, we hope you understand what is the Metaverse and how it works. It is a futuristic technology that enables people to interact online. The users need specialised hardware to handle the extreme computing power and to provide an immersive experience to the users.