metaverse: How the metaverse future may look like in 2030

Synopsis

For technophiles, the metaverse represents a nirvana: a place to immerse yourself in any digital world, and participate in any physical reality, at any time – and also to be able to see and feel anything, even if you are thousands of miles away from that real place.

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The internet has evolved over the years, and the outcome of this evolution is metaverse. We exist in a time where a significant change in the history of humanity is going on, and our real lives are bound to spill over to the metaverse.

It is a virtual reality/augmented reality universe that helps you build social connections virtually. The term metaverse was coined by Neal Stephenson in a science fiction novel ‘Snow Crash’ in 1992, in which he envisioned lifelike avatars who met in realistic 3D buildings and other virtual reality environments, but this virtual world got recognition when Facebook, now known as Meta, adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.

What is Metaverse?
The term metaverse does not denote or refer to any specific type of technology, but rather a broad shift in how we interact and communicate using technology in this fast-growing world. And it’s entirely possible that metaverse itself will eventually become just as antiquated, even as the specific technology it once described becomes commonplace.
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Broadly speaking, the technologies that comprise the metaverse can include virtual reality (VR) – characterized by persistent virtual worlds that continue to exist even when you’re not playing – as well as augmented reality (AR) which combines features of the digital and physical worlds. However, it doesn’t require that those spaces be exclusively accessed via VR or AR.

In simple words, a metaverse is a network of 3D virtual worlds focused on social connection and it can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from digital media, to create spaces for rich user interaction mimicking the real world.

Metaverse in the today’s times
For technophiles, the metaverse represents a nirvana: a place to immerse yourself in any digital world, and participate in any physical reality, at any time – and also to be able to see and feel anything, even if you are thousands of miles away from that real place.

The digital economy is also growing in Metaverse. Now an individual can create, buy, and sell goods. And, in the more idealistic visions of the metaverse, it’s interoperable, allowing you to take virtual items like clothes from one platform to another. In the physical world, you can buy a shirt from the mall and then wear it to a movie theatre. Metaverse might allow you to create a persona that you can take everywhere as easily as you can copy your profile picture from one digital space to another.

Meanwhile, when the COVID pandemic raged across the world and grounded economies, it was the internet and the resulting Work from Home (WFH) technology aids that helped companies stay afloat, and arguably, even expand rapidly. Various sectors including education have radically changed post-pandemic and have become more technology-intensive.

In short, the metaverse will potentially alter many sectors further by introducing virtual reality (VR) based wearables. These wearables will introduce the users to an alternate virtual world from the confines of their homes. People will be able to interact without the need to undergo long commutes, breathe in polluted air or even dress up for different occasions. Children will be able to study various subjects and modules at their own pace and expand their horizons beyond what is currently possible with the traditional curriculum.

Post-work routines like watching movies or social interactions with friends will have their alternatives in the virtual world without the hassles involved in the real world. In simple words, the possibilities with the metaverse are endless.

Metaverse and the future of work
As the metaverse concept is starting to incorporate Web3 technology enabled through blockchain technology, the future metaverse would be something very similar to our real world in many aspects and even replace some real-world activities.

Already some metaverse non-fungible token (NFT) vendors have enabled their NFTs to be usable in some metaverse games such as clothing and footwear and more are planning to venture into the domain.

An increasing number of NFT enthusiasts are also sensing opportunities to invest in virtual lands on such games and sell or rent them for a price. The future metaverse can also be a huge contributing factor to the growth of the virtual economy, which depends on video games and virtual worlds where disruptions are almost nil.

As such, both users and creators gain a lot and this can even increase if non-fungible tokens (NFTs) are incorporated into in-game assets so that decentralization of the virtual economy becomes a reality.

Today, we have already a nascent version of the metaverse existing with digital goods like NFTs representing popular art and digital memorabilia already being lapped up by investors and crypto fans alike.

With major players like Meta entering this space and confidently signaling it could be the new future, it is only a matter of time before we see other entities following suit. It could lead to an exponential expansion of the boundaries of the metaverse and unlock vast volumes of value hitherto unknown to consumers and investors alike.

The future of metaverse also spans on an idea of running openly, almost without any interruption from a single community or company, as the participation of creators will be from across the world as more brands are looking to open their outlets on the broader metaverse just like on the internet of the current times.

(Hitesh Malviya is founder of IBCDAO, an investment DAO. Views are his own)
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Bought onCurrent Value Buy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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Updated: 04/29/2022 — 06:00