In the past few months, the idea of a Metaverse has become more popular, and people and businesses are paying more attention than ever to how it can be used. But not many of us would be able to understand how the metaverse works. In this article, we’ll take a closer look at the fundamental technologies that make the metaverse work and the trends that will shape it in the future.
Important Changes in the Metaverse
A tech giant like Facebook changed its domain name to Meta and has invested much money into Metaverse projects. Microsoft also said earlier this year that it plans to release its Metaverse as Mesh for Microsoft Team, letting users interact in a 3D environment using mixed reality apps.
In particular, Microsoft developed a program called HoloportationTM that lets users project themselves into the Metaverse as their most real, photo-realistic selves and interact with it as if they were in person. In the coming years, the Metaverse’s evolution is likely to continue.
Gartner predicts that by 2026, one in four people will spend at least an hour a day in the metaverse, where they can shop, study, and learn. A virtual economy will also be part of the metaverse. People will use digital tokens to buy and sell things like digital collectibles. Blockchain and AR, VR, and other technologies are important to making the Metaverse a real place.
Why it’s important to understand how Metaverse technologies work?
The immersive environment of the metaverse isn’t just for businesses that deal with customers, like E-commerce or Education. Instead, the Metaverse can help businesses in many different fields. For example, it can be used to train doctors, show off products and services, and work with coworkers who are far away.
So, it’s also helpful for brands to understand the many parts of the Metaverse, especially how it can be used in business in their field, so they’re always ready. If your business decides to pursue or enter the Metaverse, it’s important to understand how the technology works there. This is because businesses need to keep up with the latest trends in this area.
What are the main technologies that power the Metaverse?
As was said above, the technologies that power the Metaverse include virtual reality (VR), augmented reality (AR), and other hardware and technologies like Blockchain. Axie Infinity, a Metaverse project, is a good example of how cutting-edge technologies like Blockchain can be used to build a Metaverse.
Nike and Spotify recently worked with Roblox to make “Nikeland” and “Spotify Island” virtual reality games. The collaboration with Spotify comes at a time when the company is hiring web 3 developers.
As we’ve already said, Metaverse can be centralized (like Facebook’s) or decentralized with a virtual economy that uses cryptocurrency or other digital forms of payment and non-fungible tokens (NFTs) (non-fungible tokens). In this case, Blockchain technology allows Metaverse to be decentralized and work well with Web 3 (Read/Write/Own).
Blockchain technology and the Metaverse
Blockchain is also important to metaverse development because Web 3.0, the next web version, is about decentralization. So, for a decentralized web to work, even metaverse projects need to be built as decentralized platforms. Projects in the metaverse can become decentralized with the help of blockchain technology.
The Blockchain is a computer network that works together to run a distributed ledger. Since the Blockchain works without a central authority, it allows multiple parties to do business with each other and record their transactions on the Blockchain. The Blockchain is open to everyone and can’t be changed once it’s been written down.
One of its benefits is that you can’t trust the Blockchain. With Blockchain, there is no need for trust between the people taking part in the exchange since the problem of double spending is already taken care of by Blockchain. In the end, the Blockchain makes fraud or identity theft impossible.
Again, the Blockchain is a decentralized technology with multiple nodes that work independently to stay in sync. In particular, a blockchain-powered Metaverse would make it fully independent and decentralized, letting all users join, connect, and contribute.
Many new and important Metaverse projects, like the Play to Earn game, are based on Blockchain. NFTs (Non-Fungible Tokens) are an important part of these projects. NFTs provide digital proof of ownership that can’t be changed and is stored on the Blockchain.
Putting NFTs into the Metaverse could make it easier for people to trade digital goods and represent themselves with unique avatars. This would create an economy within the metaverse.
Because the Metaverse is a simulation of the real world, it lets users do things in the virtual world that are similar to what we do in the real world. These activities include meeting new people, having fun, and trading.
All of these things might need a common currency, which can be made possible with the help of crypto assets. Users of the Metaverse can pay for digital goods and services in both the real and virtual worlds with this crypto-currency.
The Metaverse is still being built, but it is always getting better. Leading technologists have predicted that in the future, many technological advances will drive the advancement of the Metaverse and help build a range of use portfolios that make it easier for the Metaverse to offer real-world services.
Also, the improvements in blockchain technologies are having a big effect on the world of digital products as we see it right now. The ever-growing metaverse will likely have big effects on our everyday lives, and blockchain technology will be a key part of making that happen.