What is the Metaverse?

We’ve come to live in a whole new world thanks to the internet. But when we talk about the metaverse, we’re talking about the vision of how the next generation of the internet will operate. A metaverse will be an improved digital environment in which you will be able to seamlessly move through work, play, shopping, socializing and creativity in one digital landscape. The form this landscape will take is still up for debate. A few decades ago, playing live dealer games seemed far-fetched but now we have incredible technology such as virtual reality to make gaming so much more exciting. 

Understanding the metaverse

So, what is the metaverse? Simply put, the metaverse is a space in which humans will participate in a shared virtual universe. In the metaverse, you get to blur the lines between real and virtual life. The term comes from the novel ‘Snow Crash’ by Neal Stephenson. In this novel, humans interact with each other as avatars in a 3D space. As we know it, virtual worlds afford us the chance to engage with other communities. But in the metaverse, there will be one virtual reality with all kinds of worlds in it. In this shared space, people will be able to talk to each other, play games, play online slots, watch movies and browse the web. 

How to access the metaverse

Currently, there is no single way to access the metaverse. For instance, the internet can be accessed through a browser. However, each metaverse must be accessed separately through virtual reality and/or augmented reality. You can purchase these virtual reality devices for a metaverse experience. In addition to them, every time you see someone make a TikTok dance, play online casino games or text with their phones, that is the metaverse.

Who owns the metaverse?

To answer it simply, no one and at the same time, everyone. The tool builders, software developers, world builders, artists, 3D modelers, game developers, users and investors are seen as the proverbial owners of the metaverse. From a business perspective, it can be said that companies that own the tools that allow the metaverse to exist and function hold some claim over the future of the metaverse.

The metaworlds

Minecraft, Fortnite and Roblox have long been spaces where people, especially gamers, have engaged with fellow players and friends. Gaming is among the largest sectors in the metaverse, along with social interaction, e-commerce and simulations.

Attributes of the metaverse

The following are key attributes of the metaverse.

• Multi-user: A shared virtual space that allows interaction between multiple players and remote users.
• Ownership: The ability to buy, earn and trade digital assets or a currency.
• Avatar: The digital representation of a player. 
• Multiplatform: Accessible through various platforms and devices.
• Decentralized: No single entity can claim ownership over the metaverse.

Regulations of the metaverse

Seeing how it could change the world, the metaverse would require some regulation. Like in the real world, the metaverse will need laws and regulations to protect users from abuse, fraud and loss. Of course, regulations take time to be formulated and implemented. What’s more, they’re always difficult to apply globally. As the metaverse expands, we could expect to see more regulatory attention devoted to the metaverse. Consultations, proposals and sandbox experimentation on regulating the metaverse are needed to address the evolving digital environment.

Benefits of the metaverse

Yes – a fully realized metaverse may only be a decade or more away. However, several positives can already be seen.

Greater chances of equal access to virtual experiences

The metaverse could be an equalizer that gives people access to existing experiences that were once closed off to them for reasons related to cost, disabilities and distance. 

Increased social connections and lifelike interactions

Along with new experiences in the metaverse, users will be able to share those experiences in real time with friends and family or whomever they want.

Accessing improbable and impossible experiences

Not everyone has the opportunity to venture into outer space or climb Mount Everest. However, with its lifelike simulation, the metaverse will make these epic experiences possible. Simply put on a VR headset and access any adventure of your choosing.

Greater business opportunities

There are many opportunities beyond technological innovations and gaming platforms. In fact, many businesses are beginning to use metaverse-like experiences to engage and connect with customers in new ways.

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