What is The Metaverse? Definition, Features, and Implications for the Future
The Metaverse: Exploring the Next Frontier of Digital Innovation and Virtual Experiences
By reading the article “What is The Metaverse?” published in Adaas Investment Magazine, you will get acquainted with this new generation of internet technology and its usages in general. This level of familiarity can be enough when you need educational information about this topic.
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Table of Contents
What is The Metaverse?
The definition of the Metaverse has always been different by various sources, but the common denominator of all these definitions is the next generation of the Internet, which has a new feature such as a 3D environment and the ability to create and edit new virtual worlds.
The Metaverse technology enables people to gather for business purposes such as business meetings or entertainment purposes such as concerts and art exhibitions, without physical limitations and at a low cost.
One of the biggest ideals of Metaverse technology is to build a new Internet network that is also decentralized, but due to the monopoly created in the world of technology, as expected, leading companies such as Microsoft and Meta (formerly Facebook), achieved greatness in the development of this technology.
What is the history and definition of the term Metaverse?
The term Metaverse consists of two words, Meta meaning beyond and Universe meaning world. One of the oldest sources that first mentions the name Metaverse is Snow Crash book, published in 1992 by the famous author Neal Stephenson.
In this book, the Metaverse world is a virtual world consisting of avatars that have abilities such as living in the physical world and need to use special glasses to connect to the Metaverse.
Introducing and reviewing the features of Metaverse
To understand the main differences between virtual worlds in Metaverse and the physical and real world, we need to study the three concepts of Interoperability, Presence, and Standardization. The three concepts that are introduced as the main features of Metaverse technology and help us to better understand the answer to the question, what is the Metaverse?
One of the biggest fundamental questions for Metaverse technology is the possibility of interaction and communication between Metaverse worlds. This is as important as the idea of blockchains interaction. One of the most important uses of the interoperability feature in Metaverse is the ability to value users’ digital assets. With this feature, if you own a digital car in a Metaverse world, you can use it and buy and sell it in other Metaverse worlds and platforms.
At present, people’s digital assets on second-generation Internet platforms cannot be traded or valued on other platforms. For example, the content and assets of people on the Instagram platform are not of equal value on the Tik Tok, and in the new generation of the Internet with the help of the Interoperability feature in Metaverse, this problem will be solved as much as possible.
You must have read one of the hottest news of Metaverse, which is the statement of Meta Company to develop Metaverse special gloves to create a sense of touch in virtual worlds. News in this category indicates the development of the Presence feature in Metaverse.
In the second generation of the Internet, the possibility of 2D voice and video calls is provided for users, but for the third generation of the Internet, due to the presence feature, one can expect 3D calls through screens and glasses for Metaverse. Thus, the simulation of physical activity, such as touching or feeling walking, is a feature of presence.
If you are a programmer or developer, you must be familiar with the importance of standardization features in different technologies. To develop the Interoperability feature, we need the Standardization feature so we can achieve the necessary coordination between metaverse platforms. Simply put, the Metaverse standardization feature is an operation to define the standards of programs so that by creating common features, they can be used jointly on different platforms.
Imagine, for example, that Microsoft’s tools are not usable on Meta’s platforms. This creates a lot of costs for users, which causes problems such as the polarization of users and reduced willingness to use Metaverse technology.
One of the best solutions for the standardization process in Metaverse platforms is to use powerful blockchains such as Ethereum, Polkadot, Solana, or even Cardano and Binance Smart Chain. Because it is now possible to connect blockchains with each other and this feature can be used in the process of standardization of Metaverse programs.
Introducing the leading companies in Metaverse development
Many large companies have made their activities in the Metaverse technology development industry transparent, and many large companies are reluctant to disclose their information. In Adaas Investment Magazine, we have prepared a list of the most important companies in this field based on reliable information, which are:
Probably the loudest announcement among all companies is the renaming of Facebook to Meta. The company, which owns Instagram, Facebook, WhatsApp and other companies, officially changed its name to Meta by announcing its activities in the Metaverse industry.
Meta has also been able to introduce the virtual environment called Horizon, which is available through Quest virtual reality glasses, as a successful investment position, which shows the extent of progress of this technology giant in the Metaverse industry.
Few people do not know Apple and its power and influence in various technology industries. The company owns the Apple Maps application, as well as the ARKit which is an augmented reality development kit, that demonstrates the importance of the company’s activities in Metavars technology.
The company has expanded its capabilities to build a strong infrastructure for Apple’s proprietary Metaverse by expanding its business to build processor chips and augmented reality glasses.
PayPal developer now owns the largest company in the e-commerce industry, Amazon. A start-up company that has been able to become one of the most important parts of its development in very new industries such as Metaverse.
One of the most important goals to be guessed about Amazon’s role in the Metaverse is the development of a Metaverse blockchain and platform aimed at developing e-commerce in the new generation of the Internet.
Ever since Windows was introduced by the company, the effects of the thinking of Microsoft owner Bill Gates on the historical path of technology development can be seen.
As expected from the company, it has set its goals in the development of Metaverse organizational products. The company also owns the Minecraft game, which can be described as an early version of Metaverse, and shows the company’s antiquity in the new generation of Internet technology.
5- Other companies active in Metaverse
You may be looking for big names like Google and reports on their activity in Metaverse technology. As you have read, some companies are reluctant to publish official news and reports on their activities and achievements in this technology due to their domestic policies.
Big names like Roblox, Nvidia, Walt Disney and even Snap, and many other small companies have started their activities in this industry and it is expected that in the near future, news about the progress of each of the reputable news outlets we receive.
Introduction of technologies used in Metaverse
To build Metaverse technology and the third generation of the Internet, we need to use different technologies to provide features such as 3D virtual worlds, and interactive features of avatars or users, the most important of which we have introduced to you.
One of the most important technologies in the development of Metaverse technology is artificial intelligence systems to improve the performance of programs and machines. In Metaverse, data play a major role in building and developing features. Just like the role of matter in the physical world, information and data are at the core of any entity.
Thus, there is a huge amount of data and information in Metaverse, and systems that use artificial intelligence to improve the processing of this information are also a necessary part of this technology.
For a very simple understanding of augmented reality technology, we can use home decor interior design software as an example, where besides physical elements, you can instantly add new virtual elements and see changes. Also, if you have experience playing pokemon go, you will be completely familiar with this technology.
We need Augmented Reality technology to add virtual elements alongside existing physical elements and receive video output.
In this way, the reasons for the need for augmented reality technology in the construction of Metaverse virtual worlds can be easily understood.
To make virtual worlds more real in Metaverse, we need to use this technology to place virtual elements next to real elements, and this must be done in a way that is completely believable for users and without interactive forms.
A complimentary member of augmented reality technology is Virtual Reality, which allows developers to build a virtual world with features very similar to the real world. The biggest difference between virtual reality and augmented reality is that in environments simulated by virtual reality technologies, no real elements are used, while in augmented reality, virtual elements are placed next to real elements.
To use products produced by virtual reality, users need more powerful and specialized hardware than augmented reality. For example, virtual reality headsets are one of the most important and popular tools for connecting to the Metaverse, which is developing and advancing very fast.
– Blockchain and Cryptocurrency
As you know, to build and develop virtual worlds in Metaverse, we need an infrastructure for transferring and storing information, as well as financial and economic processes.
Blockchain technology helps users and avatars in Metaverse to make financial transactions with each other without intermediaries such as banks and government financial institutions through decentralized finance innovation and cryptocurrencies.
Other applications of blockchain include NFT tokens, which allow users to store the value of their digital assets in a unique and non-counterfeit way.
The information transparency feature in Blockchain also makes it easy for users to trust platforms and other users for their activities, and thus with the help of blockchain and cryptocurrencies such as Bitcoin, the path of development of the Metaverse technology would be more smooth than without them.
What is the use of Metaverse?
Every technology and innovation needs solutions to solve problems to be accepted by the community of developers and users, and the larger this community, the faster the growth and development of that technology.
The main goal of Metaverse technology and the third generation of the Internet is to improve the quality of life through its various features and applications, and we have prepared the most important Metaverse applications for you.
– Medicine and Health
Many meta-applications are targeted at the health and medical industries. For example, doctors and patients before surgery can simulate the process in a virtual environment.
Other applications include 3D education in Metaverse for medical students, which will greatly contribute to the effectiveness of the education process.
– Commercial and Financial
A large part of the development goals of Metaverse technology is its commercial applications. In this way, industries such as buying and selling virtual and physical goods, holding business and organizational meetings, tourism and other financial business activities in the transition worlds will face efficiency improvements and the definition of new concepts.
– Education and Entertainment
The two major education and entertainment industries can also be divided into pre-epidemic and pre-existing technology. In this way, video games and 3D tutorials in the transformed worlds maximize performance and increase the interest of the audience and users.
Among these, there is no need for physical migration for students to study at prestigious universities and participation in educational environments, which is a great help for smart people but with relatively weak financial support.
Also, the 3D games recently released by the virtual reality headsets of SONY and XBOX have been very popular with users, and the game industry can be imagined more and more exciting in the Metaverse worlds.
– Other applications of Metaverse
Metaverse technology can be used in the military and defense industries to train specialists and fighters in real situations. Also for astronautics topics, simulated Metaverse worlds have a very positive effect on the performance of the organization’s training and research.
Business and monetization in Metaverse
Many new-generation Internet users are looking for business ideas to monetize the Metaverse world. Classically, there will also be job opportunities such as programming, marketing, research and development, and other high-demand jobs for metaverse platforms companies.
Here are some more creative topics to make money in Metaverse. You can also share your idea with other users in the comments section.
– Metaverse tutorials
Due to the novelty of the concept of the Metaverse, many people from professionals and programmers to ordinary users need training related to Metaverse platforms. In this way, you can use the 3D training features in Metaverse and provide platforms training tours for your audience.
– Design and Engineering
If you are a fashion designer, interior designer, architect or engineer in various industries, with the help of Metaverse worlds, you can provide a very realistic 3D simulation for your customers and use it as a trump card in your business negotiations.
– Metaverse applications
Many developers can invent a business plan that generates a decent income by implementing the right ideas for users. For example, the Ethereum blockchain transaction fee calculation tool can be implemented in the form of a 3D gas station in Metaverse.
This fuel station records some transactions in this blockchain when the cost of Ethereum fees decreases, and when the transaction fee increases, they sell those records at a cheaper price than real gas price to edit the information inside and record user transactions in the blockchain.
Introducing Metaverse projects
Currently, projects have been developed in different fields, and a single Metaverse that contains all services and interacts with all platforms has not yet been developed. In the following, we have introduced the most important Metaverse projects for you. Note that using any of these platforms requires training to avoid losing money by reducing errors.
– Horizon Workrooms
There is a lot of news about investments or ownership of new companies for Meta Company after the rebrand of this technology giant.
One of the most important news of Meta is a new product called horizon workrooms, which is a simulated 3D environment for business sessions, and the members of the session are present in the form of an avatar. To attend meetings, people need a virtual reality headset developed by the company and sold within the site.
One of the most popular virtual worlds that has witnessed the strange price growth of its native lands and token in 2021 is the Decentraland platform. Users on this platform can purchase virtual lands by connecting their software wallet, where they can implement and execute their desired structure, such as a 3D store, with the help of programming.
– The Sandbox
A platform very similar to Decentraland that has similar goals and users can buy or sell and build virtual lands. Artists like Ed Sheeran have the experience of holding virtual concerts on this platform, and these entertainments increase the popularity of The Sandbox platform among users.
– Star Atlas
If you are a fan of video games, you should be happy that a video game with an economic model of earning money from the game (Play to Earn or GameFi), which is powered by Solana Blockchain, has been introduced to the game market. The Star Atlas game has been able to attract many fans by publishing images of the game environment as well as information and documentation.
Introducing the Challenges of the Metaverse and the third generation of the Internet
Metaverse technology, like all other paradigms, has challenges, and its development creates new challenges.
– New and Emerging
Many experts believe that the most important reason for the challenges of Metaverse is the newness and emergence of this technology. Thus, features such as interaction and standardization that we mentioned earlier can be one of the most important challenges of Metaverse.
– Expensive costs
One of the most important features that all technologies need to be pervasive in society is a reasonable price for all sections of society. Given the cost of the hardware needed to connect to the virtual metaphysical worlds at the moment, this is a costly affair and requires solving this challenge to progress and increase the number of users.
– Engineering problems
Making virtual reality headsets requires very strong engineering in various fields. Many headsets made for vision are harmful in the long run or do not have enough features such as good sound quality.
– Practical application
Although in the section of Metaverse applications we have introduced to you the most important industries in which Metaverse technology can be used, for public use of this technology requires a necessary application to solve a general problem that business professionals are currently working on it.
The end words
At Adaas Capital, we hope that by reading this article you will be fully immersed in the Metaverse technology. You can help us improve by sharing this article which is published in Adaas Investment Magazine and help optimize this article by submitting your comments.
What is The Metaverse?
The common denominator of all definitions of Metaverse is the next generation of the Internet, which has a new feature such as a 3D environment and the ability to create and edit new virtual worlds.
What technologies are used in Metaverse?
– Artificial Inteligence (AI)
– Artificial Inteligence (AI)
– Augmented Reality (AR)
– Virtual Reality (VR)
– Blockchain and Cryptocurrency