We all like to be a part of a cause much greater than ourselves. Every wave of new technology brings with it both good and bad actors. As a result, the fundamental question is whether we can use technology to make lives better. Furthermore, the ‘metaverse’ is something that has become very interesting to talk about. We realized how important our digital lives are during the pandemic. Most of our lives went online.
But, a significant chunk of our economy lies in the real world. So what is the deal with this idea of a virtual world called the metaverse? Let us try to understand.
Think of it like a new world simulated by computers and internet-connected devices. Thus, the metaverse will act as a coordination layer for humanity. As a result, it is going to be the future version of how the internet will look like. We’re merging with our computers and phones, while making sense of it with our peers. It will reshape commerce, work and life.
Why is it going to be Crazy?
There are many things that people have written and spoken about the metaverse. Some of them are critiques, while some want to focus on the physical world rather than a virtual one. It does not matter how we achieve our ultimate aims and objectives. We do or do not want the metaverse. The internet is a tool with which we can make the lives of people better. Can the metaverse surpass that?
The metaverse promises to mean many things. We explain five of the craziest things below.
You can Dive in (and out) of Immersive Worlds
Virtual reality and 3D will be a key focus for our attraction towards the metaverse. However, we need many things to come together to make this vision a reality. For instance, developments in hardware technologies. Furthermore, we can expect the costs of VR electronic devices to come down as more people buy them. They will become cheap for everyone in a few years.
Once this happens, developers and entrepreneurs will build apps and services. For example, it could be a new way to browse and buy products, like how H&M recently did with their metaverse store. Likewise, there will be many other immersive worlds we can dive into. One for shopping for a special type of coffee. Or one for your health data. The possibilities are endless.
Blockchain and cryptocurrencies enable internet only online communities to scale across the world. The future of work is about congregating in Decentralized Autonomous Organizations. Smart contracts ensure that different people can trust each other without a third-party.
For the first time in history, we are on the cusp of eclipsing the nation-state. Why is this crazy?
It’s crazy because internet native communities can be more powerful than nation-states. Internet communities can compete with nations with currencies. They can also own physical and digital assets with blockchain based smart contracts.
And the best part? We can redistribute most of the wealth to community members who put in the work. This is a much better model than the ones we have today.
The End of Data Monopolies
Everyone can own the metaverse. We can work on projects that are interesting for us and become early contributors. Networks will no longer need to compete on hoarding user data. As a result, they can create products and services that serve a purpose for community members.
Decentralized search engines will parse the earth’s electronic information. And who knows? One day, we may end the search box altogether and rely on information personalized to us. The dominant viewership based business model will end. Founders and developers will come up with new solutions to decentralize everything.
Earn By Playing
The metaverse will blur the lines between work and play.
We can find interesting projects we like and earn by contributions to the network’s growth. Everyone has a unique set of skills. The metaverse will enable anyone to learn any skill and get paid for it.
The gaming industry has taken the world by storm. It is one of the largest markets in the world. So far, gamers of any skill played out of fun and passion. With blockchain technology and crypto, we can play our favourite games well and get paid for it.
Governance is an interesting dynamic in our lives. The metaverse will have its own set of leaders, activists and politicians. Power will arise from the community in true democratic means and on merit.
True Data Ownership and Consent
You are your data. By mining information we’ve left behind on the internet, algorithms can understand who we are. The metaverse will be completely open to anyone, which also means that your data will be in your control.
The blockchain makes this possible since it is logically centralized and politically decentralized. We can decide how we want to use our data. This was never possible in Web 2.0 architecture.
The metaverse is coming whether you like it or don’t.
Tech titans are in a race to develop and/or acquire the best products and services of tomorrow, today. The world keeps going round, with each day bringing forth new announcements. Technology is always getting updated and advanced.
For many, it feels like the 1990s again. That was when the internet was becoming known.
The western world led the development of our telecommunication infrastructure and carried it forward to the internet of today. Today, the entire world is connected in real-time and building the metaverse together.
NFTically is a software-as-a-service platform that helps brands, enterprises and creators create and launch their own NFT marketplaces.
Constructing of metaverse economics is underway. Major corporations are ceasing their efforts to establish themselves in the virtual domain. New research shows that the Metaverse could add $3 trillion (€2.8 trillion) to the global GDP…
- June 11, 2022
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