“Metaverse” is an internet slang that is making the buzz in the industry of Internet, Finance, and business. You must have heard the word “Meta” rebranded name Facebook that replicates the uses of Metaverse or we can say new slang of metaverse. The first time this term is used in the novel “snow crash” by Neal Stephenson. The novel described the ‘future of VR in the 21st century.

Metaverse is making a place in the minds of people, same as the Internet made the buzz in the 70s and 80s era. Everyone in some manner is talking about it but very few people actually know details about it. Although the market cap of metaverse will touch 900 billion dollars value in 2024.

One question is still in many people’s minds ” what actually metaverse is and why industries are going crazy over this tech? Is this virtual universe or world with no limitation or just an attractive way of presenting the extended reality. Let’s understand that.

Metaverse is a connection of a 3d virtual universe that creates a virtual environment parallel to the real world. In simple words, Metaverse replicates the real world into the virtual world. It is a digital infrastructure or environment built using the concept of Blockchain, Artificial Reality, Virtual Reality, Social media, and decentralized databases.

Metaverse is a place where users can spend their digital life. Users will interact with each other using their avatar and each user will have a distinct avatar. Users will have their digital space based on blockchain technology. It is a hyper-realistic, interactive and immersive virtual space that is similar to the real world.

Some people confused the metaverse with the video game but that is not the case. Metaverse has its scope beyond video games. Like Fortnite where all the users have their avatar and win digital currency. But Metaverse is going to be used at a business level for marketing and new experiences.

According to the tech freaks metaverse will take the user experience of VR to a new level. A digital world where users can buy and sell things and host seminars, concerts, and parties.

Also Read : PGDM VS MBA

Many people don’t know how they can access and experience the universe of the metaverse. Well, there is no standard or a particular way of accessing the metaverse. One can live the experience of metaverses by acquiring a combination of hardware and software. At the most, basic level users can play the hyper-realistic video game to witness the functionality of the meta-universe.

Users can use google cardboard or Value Index VR based on their financial status to enter in the meta world. Right now there is no specific single point where metaverse is truly available. Many apps are available over the internet and in app stores, providing the rich experience of VR, XR, and AR. The possibility of Meta company offering the universe of meta to the users as a new social media model is quite high. A digital world where people meet each other with their avatar, share emotions, do business, functions, and other real-world activities.

Also according to tech giants, it is not necessary to have costly equipment like VR for meta world access. Users can use their smartphone for the same but it will not give the same experience as VR. But it is a great way to test the capabilities of the metaverse and understand the worth of hype of this technology.

Till now in this article, we have understood the metaverse is the digital life of the users where they perform the real life task digitally. But when users interact and do business through an artificial world there must be some financial tools to satisfy the monetary terms. Since all the things in the meta world are digital, the currency or any financial tool also needs to be digital. And in the digital currency universe what is better than crypto for the contract or documents, there is no substitute for a smart contract.

Crypto in recent years gained an immense amount of growth and popularity. And crypto will be the best option for financial transactions in the artificial universe of meta because of following reasons:

• Decentralized system
• Duplication is not possible
• Document of Proof
• Fast and reliable
• Secure

Also Read:  Top 10 B schools of India 

Here are some negative of the metaverse

• Identity Hacking: From the information available till now it is clear that users will use their digital avatar as their identity but what if someone steals the user avatar or claims it before the real user. In that case, they can use their avatar to commit the crime in the Meta universes. Similar to what we face with various social media fake accounts right now. But metaverse takes it one step closer to reality so a lot of work is required to protect the identity of real users.
• Desentization: One of the major concerns with the metaverse is that it will create a great impact on the mind of the user. Suppose of a situation when you are playing a violent game in VR and the immersive feel of the game will hack your mind and the possibility of replicating that behavior in real-world is quite high. Now the risk is real because the chances of them becoming violent is high.
• Laws in Metaverse Universe: So all of us are going to live our digital life in the meta-universe but what if someone committed a crime in that universe. And who decided the criteria of virtual crime? Who is the regulating body in meta universes and how is justice going to be served? However, Metaverses is all set to enter the real world but still, it has to counter the regulating problems.
• Lower Ease of Access: Experiencing the universes of the metaverse is not for everyone because it requires quite expensive equipment to feel the real immersive experience of meta. And many people are still fighting to earn the wages for their food so Metaverse will remain out of their reach for a long time or forever.
• Health concern: Attention span time is one aspect that is impacted by VR, XR, and AR badly. Users who are more into these things become sad and lose their calm when they do not receive something interesting or exciting. Earlier people used to watch the whole movie without any problem but now we feel bored of 5 minutes and start using our phone if we did not find something interesting. That is because of social media and Metaverse is going to take it one step ahead.
• Living in a Fake and materialistic world: Meta will create a replica of our real world and people will start living with fake things. And they start to find their happiness in a world that is not in existence, living in that world for a long period of time can be dangerous.
• Privacy concern: So here we go again as the new tech raises insecurities and concerns about privacy also rise. Because in the past we have witnessed many breaches in user data privacy security. Right now Meta company is working on the advancement of meta universes and we all know in the past Facebook faced serious allegations about selling the users’ data. So metaverse can be a new way to exploit the personal life of the user and enter into users life at deep level.

Although it is not possible to predict how big the meta-universe can become in upcoming years. But the way social media took over the world when people did not have ease of access to technology gives some hints about the future of the meta-universe. The future of the metaverse is going to be something very near to real-world activities and in some areas, it may replace the normal world activity.

As of now some metaverse NFTs sellers are providing their NFTs like clothes and merchandise in the metaverse-based games. Many live music concerts are already lined up for organizing in the meta-universe.

Below are the 5 industries that will be changed by Metaverse in Future

• Gaming
• Media and Entertainment
• Retail and Ecommerce
• Real estate and architecture
• Engineering and Manufacturing

In 2030 more than 70 percent of the population will be using it in some manner. However, the people and tech giants have an obsession with this technology but it requires a lot of effort and works to make it accessible to all.

Equipment that brings the true hyper-realistic immersive experience is quite costly and far from the access of normal users. But we don’t know what the future brings for users specifically in the tech world. As for now, Metaverse is not necessary for the people, right now it is a matter of interest some tech freaks feel that it will change the world forever. On the other hand, some think it is just a fancy name for an animated world and soon will disappear. But one needs to experience the universe of meta once in life.

Read Also :

• Top 50 Business Schools in India
• New Education Policy of India
• Top MBA Colleges in Jaipur
• Best Placement MBA Colleges in India