METAVERSE, a game Changer?

Facebook is not even in the stories anymore, Mark has had a great epiphany about how rapidly the world is changing and what is going to happen in the near Future, or maybe that he decided to write the future himself?, I have no clue but can surely tell you about what th eold man has in mind about his new Tech. in line, called the METAVERSE.

Big brands are all rushing towards metaverse, Nike, JP Morgan, Microsoft and many more and th epathwy to Web3 and Metaverse is Pretty Unstoppable. Now the first question that arises, What is Metaverse?

“It’s a virtual environment where you can be present with people in digital spaces. You can kind of think of this as an embodied internet that you’re inside of rather than just looking at.”

Metaverse is a technology that connects you to the digital world using hardware objects.You wear the headsets and boom! You enter into the digital world.You can browse Instagram, Twitter, play games, shop, exercise and or even do online shopping!

The internet today is often the main entry point for millions of us to access information and services, communicate and socialize with each other, sell goods, and entertain ourselves.

The metaverse is predicted to replicate this value proposition — with the main difference being that distinction between being offline and online will be much harder to delineate.

This could manifest itself in several ways, but many experts believe that “extended reality” (XR) — the combination of augmented, virtual and mixed reality — will play an important role.

Central to the concept of the metaverse is the idea that virtual, 3D environments that are accessible and interactive in real time will become the transformative medium for social and business engagement.

If they are to become practical, these environments will be dependent on widespread adoption of extended reality. The metaverse is also expected to have a strong connection with the real-world economy — and eventually become an extension of it.

In other words, the metaverse must have the ability for companies and individuals to participate in economic activity in the same way they do today. Simply put, this means being able to build, trade and invest in products, goods and services.

To a certain extent, this may rely on non-fungible tokens (NFTs) as the foundation for value creation. A NFT is a claim of ownership for a unique, non-interchangeable digital asset that is stored on a blockchain.

If NFTs become a commonly adopted tool for trading such goods, they could help accelerate the use of XR ecosystems as places people go to combine elements of the digital economy with their offline lives.

In the mid-90’s, most people didn’t understand how the Internet would change their lives. As late as 1998, Nobel award winner Paul Krugman made his prediction that, by 2005, “it’ll become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

The point is that predictions are made, people expect change to happen quickly and then become disappointed when the predictions turn out to be over-hyped.

Except that the predictions are not overhyped: development and technological advance are happening in the background, and suddenly the speed and totality of the change is upon us.

Where we are with the metaverse right now certainly feels like one of those times. Everyone is talking about how it will transform human interactions, behaviour and commerce — yet when you visit a virtual world, you may well feel short-changed by what is currently on offer.

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