Metaverse: The Future Is Coming

What Is the Metaverse?

Think of a computer-generated digital atmosphere where the amplified reality (AR), virtual reality (VR), and blockchain are used to generate environments for a wide range of user interactions just like the real world. These are made by the ideas taken from social networks. The NFTs or non-fungible tokens being the hottest hits in the blockchain network along with Facebook rebranding itself as META, the METAVERSE is becoming the main attention of everyone.

Although the idea seems to be the newest and very outshining, it has its very deep roots in pop culture from decades before. It was first used by Neal Stephenson in his science fiction novel “Snow Crash” in 1992. The term was referring to an all-inclusive three-dimensional virtual world, which connects with people just like the real physical world. People are comparing this concept with Ready Player One, the Matrix and the Tron etc. But we have to dig deeper to check the actual ideas behind it.

Metaverse in a Nutshell

The metaverse is basically a corresponding digital universe or world that coexists along with the physical world. There are many ideas and concepts present for metaverse and it is the point of debate whether metaverse exists today or not

Metaverse has likely the potential of boosted capabilities. The visual representation is similar to the Robo world of the matrix. It uses advanced machinery and VR gadgets to get connected to the digital world or metaverse. People can have their own avatars, just like their social networking entities, which can be used to play games, do jobs and what not. It’s basically living two lives, one physical and one virtual. Many believe that metaverse already exists between us because of our virtual lives or individualities or our social networking profiles where we share almost everything about our lives, most of us are already living in the metaverse.

The VR headsets and motion-sensitive devices are expected to be completely mimicking the real world SuperHot is a Matrix-inspired game where you control the speed of time. VR Chat is a social network that enables users to design their 3D personalities or avatars to connect with other users.

Think of a world in which you can connect to a virtual world by using a gadget i.e. using AR glasses to tell which virtual lipstick shade you want to choose for lunch. Think of playing a game on a screen that although exists on your gaming table but is present in a different virtual world. AR gadgets are motion-sensitive and have very highly sensitive sensors to blend the real and virtual world to make a wonderful hybrid of everyone’s life.

Complications with the Existing Metaverse

The questionable problem of the metaverse is that the players and users don’t own their scores and inventory. Their winnings and achievements are owned by the centralized creators of the game or the metaverse sphere. They can use these to buy what they want in the real physical world.

Metaverse meta-rooms to people i.e. siloed, not the whole metaverse, while the blockchains and oracles are believed to be interconnecting.

Developments in the metaverse are ideally expected to be getting over these disabilities. The future ideas show a complete world where people are connected to a shared by all virtual world and not only to some partial space fragmented by softwares, hardwares, borders and geography. The users can use their achievements in the physical world and no other centralized designer could take away their hard work. This is expected to be achieved by blockchain oracles.

User-Owned Metaverse individualities

Blockchain is a highly interconnected network, where everything from gaming to NFT collection to decentralized finance DeFi protocols are linked in a highly sensitive arrangement. We don’t own anything in the digital world. Look at it this way, we don’t own any music, movies, shows, books we watch and read. We don’t even own our profiles on social networks. We just get to use it for “free”. However, these are not free, they are rented to us, the users via a hidden cost, whether it be data mining or ads.

Now to overcome this disability, the cryptocurrencies and the NFTs are enabling the di user ownership via the help of blockchains. This is what people are expecting the metaverse economy to be. All blockchain projects are highly interoperable. Metaverse is giving the digital ownership of everything we have, without having any other shared owner. They are the verified owners of their unique NFTs or cryptocurrencies. They can be used to buy or sell to loan anything you want. You can play to earn games i.e. the revenue-generating games. Think of Decentraland as an example, which is a 3D virtual world where you can buy and use NFTs and cryptocurrencies.

Blockchains are thought to be a major part of the metaverse economy, however, there is also some fragmentation in the blockchain environment as well. The interconnected metaverse needs an interrelated blockchain network to communicate and connect everything.

Decentralized Oracle Networks: Major need of the Metaverse

This problem can be overcome the decentralized oracle networks such as “Chainlink”. The blockchains can be interrelated with each other via chain links to make metaverse a secure interconnected highly efficient reality. Chainlink is a structure that gives the functions of Decentralized data feeds, off-chain computation and cross-chain connectivity which are the most crucial services for the blockchain as well as metaverse interoperability.

If we want to compare the metaverse with our real physical world, the companies and centralized work environment would be cities, the countries are the blockchains and the chainlinks are the whole universe or the interconnected framework.

Future is near: The Metaverse Is Coming

The metaverse has already become so advanced from the past few years and is developing into a more advanced and seamless world. It is hypothetical to say whether metaverse would actually look like the Matrix and Ready Player One or in the way we have not imagined it yet. All in all, it is determined that the metaverse is coming and the future is near.

As Anuj Jasani says “Look at thee power of time and human intelligence, few years ago we could not live well in the natural world and now we are going to live in the virtual world very soon”