European Tech School’s lecturer Stefan Schmitt, from Blockdaemon, shares the latest trends of the Metaverse.
What is the Metaverse?
“In futurism and science fiction, the metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets. In colloquial use, a metaverse is a network of 3D virtual worlds focused on social connection.” – Wikipedia.
“The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually.” – Investopedia.
“The metaverse is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. You’ll be able to hang out with friends, work, play, learn, shop, create, and more.” – Meta.
“The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.” – Binance Academy.
“The metaverse enables us to embed computing into the real world and to embed the real world into computing, bringing real presence into any digital space. What’s more important is that we are able to bring our humanity with us and choose how we want to experience this world and who we want to interact with… The Metaverse is not just transforming how we see the world, it’s changing how all of us actively participate in it.” – Satya Nadella, CEO of Microsoft.
What’s the Metaverse Like Right Now?
Top Companies Building in the Metaverse
The Future: Multiple Metaverses with Interoperability
In the future, it is envisioned that there won’t be a single, centralized metaverse but multiple metaverses. There might even be a co-existence of centralized metaverses built by big corporations and fully decentralized ones that are governed by DAOs. The interoperability of metaverses is thus crucial, and brands will need to find a simple way to offer the best experience for users to switch from their metaverse to others. Meanwhile, the metaverse would be a massive economic engine. We will have an ecosystem of different platforms with interoperability that are pivoted on digital wallets and orchestrated through tokens such as digital cash like CBDCs, stablecoins, cryptocurrencies, NFTs, and others.
Limitations of the Metaverse
While the future of the metaverse seems promising, there are still a few challenges lying ahead. First, the hardware technologies are not mature enough, as VR headsets are clunky and many people experience motion sickness or physical discomfort. Second, we still need to overcome many challenges to make various metaverses interoperable. Not only the technical hurdles are insurmountable, but we can also encounter huge challenges in the legal and social aspects. Last, and most importantly, the companies will have to work hard to make the metaverse accessible, attractive, and convenient in order to reach mass adoption.