Metaverse
Basic Information
The metaverse is a virtual reality of interconnected 3D worlds where you can meet, work, shop and play. The metaverse breaks down the boundary between real and virtual life, combining virtual, augmented and physical reality into a graphical world that you will be able to participate in and customize.
The metaverse and cryptocurrencies seem to be concepts that go hand in hand, the latter acting as the virtual money that can be spent in the former. It all fits together, pushing the new Web 3.0 further forward.
The metaverse is currently focusing on the use of virtual and augmented reality, avatars and digital ownership, which are already common in the gaming world. In a way, the metaverse is a hybrid of the Internet and online gaming.
What does the metaverse offer
With the metaverse, we can engage in a variety of real-world activities as well as virtual gaming. Games are supported by a virtual economy with real-world foundations, giving you new ways to shape your future through virtual assets like virtual land, NFTs and cryptocurrencies.
The most notable advantage of the metaverse is the fact that it completely breaks down boundaries. Once you are in the virtual world, your physical location no longer matters and you are no longer connected to it. The metaverse will represent a "safe haven" for many people; everyone can customize their avatar’s appearance, which will make people feel more comfortable. In addition, finding and meeting people and new friends with similar interests will also be easier.
Much of the metaverse currently revolves around gaming, but it has so much more to offer in terms of artificial intelligence, versatility and utility. Users will be able to directly interact with their favorite celebrities or politicians, attend virtual concerts or festivals, and have everything at their fingertips.
One of the main drawbacks of the metaverse, and a concern that is shared by many people, is the possibility of addiction and loss of the concept of time while engaged in a virtual reality environment. People who have been in the metaverse for too long can lose their attachment to reality and, in extreme cases, may not leave it at all, except to eat and sleep. We are already experiencing something similar with the use of mobile phones. The average American spends about 4 hours a day and the average Brazilian up to 5 hours a day using a mobile device.
This could get even worse with the mass adoption of the metaverse, causing potential health problems.
PROs
- New world
- Better participation in education
- Comfort and convenience
CONs
- Addiction
- Hardware intensity
- Reducing the difference between the real and virtual worlds
You can check out the metaverse on several existing protocols:
- Decentraland: this is one of the most popular 3D virtual world platforms within the metaverse
- The Sandbox: Minecraft running on the blockchain
- Star Atlas: a space strategy game that is still in development (as of October 2022)
Analyst opinion
The metaverse as it is today, is still in its infancy. Some aspects are already operational and showing us its future potential. The real test will come when the hardware requirements, which are now enormously expensive for an average user, are resolved. The metaverse will certainly have an interesting future, but nothing should be overplayed. Just as mobile phones or conventional computers are addictive, the metaverse will be easy to use, but much harder to break away from.
Analyst
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