Why is Everyone Talking About the Metaverse?

2/5/2022

Metaverse can be defined as a collection of shared online worlds involving the convergence of physical, augmented, and virtual reality.

In this model, people can hang out with friends, work, visit places, buy goods and services, and attend events.

The concept of metaverse was originally popularized by Snow Crash, a 1992 sci-fi novel by Neal Stephenson. Although the world is awash with numerous virtual worlds, they all operate separately, which means users cannot move between them while retaining their identities and assets.

The proposed metaverse is expected to solve this problem- moving disparate online worlds into a single, seamless entity where users can interact with everything ‘under one roof.’

An open economy powered by blockchain technology

One of the most significant features of the metaverse is it being an open economy that is not controlled by any one entity.

This will be a departure from the current setup where many companies create products and services that are not compatible with any of their competitor’s products. This is done on purpose so as to lock in the customers from complementing their products with competitors’.

For example, today there is no DC character in a Marvel movie, Apple store and Google Play are incompatible, you cannot play a Nintendo game on an Xbox or Playstation, and many more.

With the metaverse, all these will be merged to allow users to access and use these products concurrently.

Metaverse, under blockchain technology, is poised to take over the virtual world that is also powered by the same technology. Blockchain is also the technology behind cryptocurrencies and NFTs (non-fungible tokens), hence will allow users to trade these virtual currencies.

NFTs, as we are all aware, can represent an intangible digital item such as an image, video, or in-game token.

What Makes Metaverse a Popular Idea?

The idea of creating an alternative, the digital universe has always existed in games and on websites.

However, it’s the digital asset craze fuelled by NFTs that is boosting the digital goods economy and platforms that offer augmented and virtual reality.

In the context of Metaverse, NFTs will be used as tickets for virtual events.

Looking into the increased interest in the metaverse, we can only note that two factors are behind the current increase in interest around the metaverse: the pandemic-inspired virtualization of life and advancements in the technology that enables these platforms.

Some observers also believe that metaverse has attracted massive attention in recent months because of the NFT boom and a recent endorsement from the charismatic Facebook CEO Mark Zuckerberg.

As the world shifts online, people are moving to platforms that can allow them to create and display unique digital identities and experiences. One such platform is ForkChain - a platform that enables users to create their own NFTs and create a dedicated store to allow other NFT holders to acquire goods.

The platform also allows users to join its community to market their rare digital assets. You also get the chance to monetize your NFT assets, give them value based on their scarcity, and trade them in multiple blockchain marketplaces in exchange for crypto or fiat.

Final Thoughts

The reality is that there are unending and unrealized use cases to monetize and live in the virtual worlds.

As it stands, it seems the world is headed toward a singular metaverse- an interconnected web of all the virtual worlds where a person’s identity can move between worlds seamlessly.