Web 3.0 Metaverse Innovations: A New Wave
The metaverse is poised to transform how we interact with the digital world.
Big tech has been quite loud about the potential afforded by the metaverse in recent months. Mark Zuckerberg has spoken extensively about repositioning Facebook to create an immersive universe that combines social interaction, business, and the internet. “An embodied internet that you’re inside of rather than just looking at,” he characterized his concept.
Facebook isn’t the only company attempting to gain control of the metaverse’s impending eruption. Last week, CEO Satya Nadella mentioned an “enterprise metaverse during Microsoft’s earnings call.”
Facebook and Microsoft aren’t the only ones aware of the metaverse’s potential. Almost every Silicon Valley venture capital company, startup entrepreneur, and IT influencer has recently promoted the metaverse. And it’s easy to see why: there’s a growing sense that this is the next great frontier for digital development. And, most importantly, an area devoid of centralized control or prior audience ownership.
Mark Cuban recently acknowledged the significance of blockchain in developing the metaverse. With the help of Polygon Studios, a new NFT-centric gaming and metaverse center built to allow web 3.0 gaming, he launched his NFT company, Lazy.com, a digital art gallery aimed to display NFTs in the same way that traditional art galleries do. A $100 million fund funds the latter to help mainstream metaverse initiatives gain traction.
Neal Stephenson created the word “metaverse” in his novel Snow Crash, a science fiction writer. He proposed a popular virtual environment that people with augmented reality technology might experience firsthand. Ernest Cline’s novel Ready Player One takes this concept a step further. He characterized it as a wholly formed digital universe outside of the analog world we live in.
With the Metaverse, the future is bright for creators.@AuroraFS_Labs The blockchain basis of the Metaverse will allow content creators to diversify their source of income through cryptocurrencies.#Metaverse #Web3 pic.twitter.com/SNphxAxnK1— Joshua Thomas (@darkjoshii) April 19, 2022
Metaverse: The true link between online life and offline physical worlds?
A fascinating aspect is the merging of the offline and digital worlds. The present status quo of closed-loop systems, sandboxes, and audience ownership will be challenged by this new sort of experience. Imagine seeing friends, investing, hosting a client meeting, watching a movie, or learning a new skill all in one spot. The metaverse will provide this, and it’s a great opportunity for both new and established tech players.
Every day, some fresh and inventive players enter the ecosystem. (Think Decentraland or Blockcities.) Some are gaming-related, while others bring the physical world online to a worldwide audience, allowing consumers to purchase or meet new people in new ways. Others are changing the way we put money into our future. They have in common that they are all flipping traditional thinking on its head and creating entirely new models with the end in mind.
As a society, we were obliged to make many adjustments due to Covid-19. One of the most significant shifts was the push to bring social activities, jobs, and practically everything else online. This trend of allowing people to interact in the ways they want, when they want, isn’t going away anytime soon.
“When you combine these demands with the metaverse’s expanding capabilities, it’s evident that this is going to be significant in the future years,” says the author “Shrey Singh, Polygon’s head of gaming and NFT ecosystem, adds. “Web 3.0 provides considerably more capability and interoperability than any previous service, significantly expanding the potential for small business, teleconferencing, telemedicine, remote socializing, and much more. In the following decade and beyond, I believe the metaverse will become a substantial part of the everyday lives of ordinary people.”
The metaverse is being developed around activities that you can do with your friends and coworkers. Many entrepreneurs are leveraging this new digital environment to put their businesses front and center. As we’ve seen, Facebook is already preparing a metaverse pivot by merging its many products into virtual communities where users can connect, work, buy, and play all in one place. Their commercial products monetized them all.
The metaverse’s rate of development is quickening with each passing week, and it’s just going to become more of a part of our lives in the coming years.