What is the Metaverse?
Before Mark Zuckerberg of Facebook made the groundbreaking announcement that it was rebranding to focus on the metaverse, no one in the tech world had given much thought to the technology. The meta as an exciting concept was quickly fading into oblivion.
The truth is, the metaverse as a “refreshing” tech is nothing new and has been around since the 1980s. Several attempts to extract its true value proposition have led to numerous disappointments.
Many well-oiled ambitious projects were halted halfway as developers threw in the towel, concluding their creations as unfeasible until Meta happened. Meta (Facebook) is sinking billions of dollars in research related to the meta, hiring 10k experts in Europe alone to realize their grand objective.
This begs the question, what exactly is the Metaverse?
The metaverse is a graphically rich digital space that proponents are confident will shape the future of communication. The technology can incorporate NFTs and digital currencies. Learn more here: Click To Tweet
The meta is a graphically rich digital space. As an “extension” of the real world, people can theoretically work, interact, and socialize in the metaverse. This means that activities in the physical world, such as purchasing physical land, can also be transformed into unique experiences in the metaverse.
However, the real difference between the current digital space as video games and the meta is the concept of “presence”. Proponents maintain that his differentiating element will be a game-changer, allowing users “plugged” to the metaverse to breathe and live in a parallel and exciting world where they stand to receive rewards. Already, studies suggest that by 2026, a significant portion of the world population would be spending at least one hour in the metaverse, engaged in activities like education, shopping, and much more.
A big part of the metaverse is the possible integration of NFTs and digital currencies. Notice that different companies are working on their meta. However, not all of them will incorporate exciting blockchain-based technologies. Nonetheless, those who do will empower participants, allowing them to own NFT items or collect valuable and liquid digital currencies as they enrich their ecosystems.
The metaverse is the future. If you want to learn more about this exciting technology, tune in to our podcast.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.