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What is Metaverse? The Next Big Thing in Internet Technology

Published Wed, Oct 20 2021 08:11 am
by Angitha Menon





What is Metaverse, the Next Big Thing in Internet Technology?

What is Metaverse?

The term metaverse describes the concept of 3D virtual space within the digital environment. Some people use this term to outline the gaming world, while some define it as the future of the internet, where they can leverage blockchain tech to buy virtual land and other digital assets using cryptos. Unlike virtual reality tech, this term could be used for several practices such as cinema trips, work, games, concerts, meetings, and more.  So, instead of actually being on a laptop or computer, you could use a headset to enter the virtual world.


Why is it the New Buzzword?

People see the Metaverse as the new buzzword in internet tech. Amid pandemics, people interact with one another through the digital platform. The idea of this whole-new tech is to develop a new-flanged online space for users to communicate more multi-dimensionally and immerse themselves in the e-content.


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Metaverse Developmental Plan by Facebook

The US multinational tech company - Facebook makes the metaverse developmental the top priority and plans to hire 10K people in the European Union. Moreover, Facebook said that Metaverse's potential will help unveil social, creative, and economic opportunities, and Europeans will be molding it right from the beginning. 

The existing metaverse idea to come to reality will take another 10 to 15 years, and recently $50M has been funded by the firm to assist in developing the internet tech. Some analysts say the company's investment in Oculus headsets makes it cheaper than the competitors or perhaps at a loss. Currently, the firm is developing VR apps for work and for people to virtually enjoy hangouts.

Investment in the EU offers many benefits such as a vast consumer market, best talent, and top-notch universities. In addition, a company won't create Metaverse overnight, but it is possible by collaboration despite buying up competitors. 


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Who Else Comes up With Metaverse Interest?

A long time ago, the head of US video game and software developer, Epic Games - Tim Sweeney, showed a lot of interest in Metaverse. Online multiplayer games also had similar ideas as that of Metaverse, but not Metaverse precisely. In recent years, Mr. Sweeney's aim of bringing Metaverse into the spotlight was appreciated by several people when Fortnite expanded its hosting concert, exclusive events, product, and more inside its own e-world. A 3D development platform - Unity is funding digital twins, and NVIDIA is developing its omniverse.


Just About Games, is it?

There are several assumptions about the end result of the Metaverse, and one thing most of them agree on is the result of having human social interaction as the core. So, for example, the Workplace and Horizons, VR products of Facebook, leverages virtual avatar systems.

To hang out online and chat with people with no goal other than meeting new people and exploring the environment, then VRChat is entirely focused on it.


Metaverse Existence

In recent years, virtual reality has massively evolved and become more mainstream with the Oculus Quest 2 VR gaming headset. Another digital area that recently got popular is the NFTs, which offer a way to track good digital ownership. In addition, several other digital methods are becoming more consistent and better. Although at present, Metaverse is at the early stage, once it sets its foot in the world, it will be fought among tech giants for an extended period.



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