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Is Metaverse the Future?

Written by  Hannah Parker Jan 17, 2023

By inhabiting a digital avatar in the 3D world known as the Metaverse, you can engage in virtual interactions that closely match those in the real world. Here, augmented reality can be used in a more immersive way to meet people, play games, work, interact and engage in other activities. Your virtual and real lives are joined in three dimensions via the metaverse. Establishing a "real-life-like presence" in the virtual world is the aim of the metaverse.


But does the Metaverse serve a valuable purpose in society, and is it a part of the future?


Photo by Jonathan Borba on Pexels.

Gaming’s Potential to Enable the Future of Metaverse

If you've ever bought something in-game, you know that the item's value is only valid for the game you're playing. In other words, exchanging in-game objects between gaming worlds is difficult.


There are several approaches to fixing this problem. The first solution is to create a platform like Roblox that unifies the whole gaming industry. However, a simple SD hat that looks stylish in a Roblox environment won't make sense in a pixelated Minecraft one. Additionally, certain games might not support an item's features, such as a guitar-like musical instrument.


Other possibilities include manually developing different revisions of the same in-game asset for different gaming ecosystems or asking other designers to submit their 3D models of the in-game asset. These two approaches, however, will require too much time and demand the technical know-how of outside developers.


The Relationship Between NFTs and the Metaverse

In an interview with NFT experts, Bitsoft 360 they mentioned that tokens built on blockchain technology called NFTs make it easy to produce, claim ownership of, and transfer virtual goods. What is this, then? You may mint in-game items as NFTs and use them in many blockchain-based Metaverse games because NFTs are based on the blockchain. You can now buy, sell, trade, or even rent NFT-based in-game items as you see fit.


Consider purchasing some apparel for your Game A character. Thanks to NFT technology, this transaction will generate a permanent receipt that you can use to trade the identical shirt for another in Game B.


Corporate Meetings Can Be Moved to the Metaverse

Meta (formerly Facebook) is making a big bet on the Metaverse to profit from this emerging trend as early adopters. With the development of cutting-edge Oculus Quests headsets and, most recently, the testing of haptic gloves, Meta has wholly committed to embracing the Metaverse.


In the workplace, a virtual reality (VR) meeting software is being developed by Meta to integrate workplace meetings into the Metaverse. The company also mentioned experimenting with a social network called Horizons. In Meta's opinion, the best thing is that attendees can still use their physical laptops during VR meetings, bridging the gap between the virtual experience and the real world.


Another illustration of how VR might be incorporated into online meetings is VRChat. Most people use this application for online chat and hangouts.


The value of programs like Zoom, Microsoft Teams, and Google Meet in the pandemic-affected world cannot be disputed. However, there are concerns about how well these tools can facilitate meetings on your 2D desktop screen. It is like staring out a window while being cut off from your surroundings. Virtual reality and Metaverse give you the feeling that you are participating in the meeting rather than only attending it.


Microsoft joined the Metaverse movement after realising the need for a respectable presence in a virtual environment. According to Microsoft, the goal of adding 3D avatars to Teams is to create an immersive meeting environment.


With all of these developments in virtual reality, it is evident that Metaverse is how video conferences and chats will be conducted in the future.


Earning Possibilities in the Metaverse

It is still too early to declare Metaverse as nothing more than an innovative approach to immersive video conferencing or an entertaining gaming concept. More specifically, the Metaverse is a fully functional virtual environment that includes everything that occurs in the real world, such as an economy, social interactions, trade, museums, games, and more. Giving its users opportunities to earn money has always been a top priority for Roblox, the creator of the Metaverse. Consumers will soon buy virtual items (accessories, clothing, gaming skins, weapons, etc.) from a Metaverse store in the same way they buy physical goods, predicts Manuel Bronstein, the Chief Product Officer at Roblox.


Axie Infinity is a well-known illustration of a game where players can earn money while participating in the Metaverse. Players purchase, raise, and breed animals mimicking Pokemon in this blockchain-based game to sell them for bitcoins.


Such online options suggest that the Metaverse, particularly for Metaverse players and artists, is the future of generating income.


We require a combination of technologies, including VR hardware and voxel-based transitional games like Minecraft, blockchain, and NFT, to build a fully working Metaverse. Recently, VR technology has advanced significantly. The Oculus Quest headsets have made VR technology more widely available. Using blockchain and NFTs, users may track and sell digital goods in the Metaverse without risk. It cannot be disputed that the Metaverse is still evolving. To make Metaverse a reality in the upcoming decade, we are gradually assembling all the necessary elements, such as NFTs, VR headsets, haptic gloves, and blockchain.

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