Singapore / TimesNewswire / February 3, 2023 – Metaverse is an emerging concept in the world of technology that refers to a virtual world where users can interact with each other and digital objects in a shared space. Crypto entrepreneur, Changpeng Zhao, also known as “CZ”, is considering investing in Metaverse and has once again reignited interest in this concept and the price of $HIGH skyrocketed.
The term “Metaverse” became widely known in 2021, yet many individuals were unfamiliar with it. Almost everyone wants to know what the Metaverse is. The Metaverse is a difficult notion to grasp. Metaverse is a portmanteau of meta, meaning transcendent, and verse, from the universe. The Metaverse is a collective virtual shared space that includes the collection of virtual worlds, expanding reality and the internet. It uses a variety of new generation information technologies to achieve the multidimensional and deep integration of technology, individual, organization, production, culture, social interaction, entertainment, and economy and constructs a new immersive social network form that is parallel and intermingled with human society and can be shared continuously . In Neal Stephenson’s science fiction novel Avalanche, published in 1992, the player takes on the role of a bespoke avatar, similar to the Matrix, Ready Player One’s oasis, and Free Guy’s free city.
People in the Metaverse are not bound by the rules of nature and can break free from the restrictions of time and space. People can modify their roles in the Metaverse, such as age, gender, look, and even species, with the use of a range of virtual reality gadgets, open Second Life, and achieve all kinds of things that are impossible to attain in real life. The Metaverse concept has evolved, and it is now frequently coupled with new technologies such as extended reality (XR), blockchain, cloud computing , and digital twinning . The hardware and software foundation of the Metaverse has matured with the development of 5th Generation Mobile Communication Technology (5G), virtual reality (VR), augmented reality (AR), and artificial intelligence (AI)as well as the significant improvements in computing power and graphics capability of computer chips. With a slew of major internet companies declaring their forays into the Metaverse, it is expected that the Metaverse will grow by leaps and bounds over the next decade.
What is the difference between the internet and the metaverse?
The internet is a network of billions of computers, millions of servers and other electronic devices. Once online, internet users can communicate with each other, view and interact with websites, and buy and sell goods and services.
The metaverse doesn’t compete with the internet — it builds on it. The internet is something that people “browse,” but people can “live” in the metaverse to a degree. The growth of the internet has spawned many services that are leading the way to the creation of the metaverse.
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Welcome to “Bixin Q&A”, a talk show launched by Bixin Wallet, mainly focused on the cryptocurrency market. Bixin will invite friends in the industry to express their opinions together. Some of them are senior practitioners, some are technical developers, and some are market traders. They are all active in the market and can provide the latest valuable information in the market.
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In this issue, Bixin Talk interviewed two Web3ers from the top 100 universities in the world. The first is Kelvin, an Oxford Alumni who is a founder of Web3 project. And the second is Yuki, an ICL Alumni who is a crypto researcher. They are both active members of the Bixin community.
Why is the metaverse important?
Kelvin：”Metaverse” became a household word when Facebook rebranded its corporate identity to Meta in October 2021 and announced plans to invest at least $10 billion in the concept that year. In addition to Meta, tech giants including Google, Microsoft, Nvidia and Qualcomm are also investing billions of dollars in the concept. Management consultancy McKinsey & Company has bullishly predicted that the metaverse economy could reach $5 trillion by 2030. E-commerce is expected to be the dominant engine, with gaming, entertainment, education and marketing in the metaverse also becoming important sectors.Today, companies use the term to refer to many different types of enhanced online environments. These range from online video games like Fortnite to fledgling virtual workplaces like Microsoft’s Mesh or Meta’s Horizon Workrooms to virtual dressing rooms and virtual operating rooms. Rather than a single shared virtual space, the current version of the metaverse is shaping up as a multiverse: a multitude of metaverses with limited interoperability as companies jockey for position.
Yuki: Metaverse is clear that it is one of the most highly anticipated technology evolutions of the coming decade. The combination of uncritical enthusiasm for the metaverse and deep uncertainty about how it will pan out has sparked some backlash. Industry watchers have questioned if the metaverse will ultimately be much different from the digital experiences we have today — or, if it is, whether the masses will be willing to spend hours a day in a headset navigating digital space. Other futurists, however, argue that while it is early days for the metaverse and fundamental technical barriers still exist, the metaverse will happen. And, it will arrive with a big bang.
How do NFTs fit into the metaverse?
Kelvin: Non-fungible tokens (NFTs) figure to play a big role in the usefulness and popularity of the metaverse. NFTs are a secure type of digital asset based on the same blockchain technology used by cryptocurrency. Instead of currency, an NFT can represent a piece of art, a song or digital real estate. An NFT gives the owner a kind of digital deed or proof of ownership that can be bought or sold in the metaverse.
Metaverse Group bills itself as the world’s first virtual real estate company. It acts as an agent to facilitate the purchase or rental of property or land in several metaverse virtual worlds, including Decentraland, Sandbox, Somnium and Upland. Offerings include conference and commercial spaces, art galleries, family homes and “hangout spots.”
Yuki: Established brick-and-mortar companies are also jumping in. For example, Nike acquired RTFKT, a startup that makes one-of-a-kind virtual sneakers and digital artifacts using NFTs, blockchain authentication and augmented reality. On its website, RTFKT said it was “born on the metaverse, and this has defined its feel to this day.” Prior to the acquisition, Nike filed seven trademark applications to help create and sell virtual sneakers and apparel. Nike and Roblox also partnered on “Nikeland,” a digital world where Nike fans can play games, connect and dress their avatars in virtual apparel.
“NFTs and blockchain lay the groundwork for digital ownership,” said Nick Donarski, co-founder of Ore System, an online community of gamers, content creators and game developers. “Ownership of one’s real-world identity will carry over to the metaverse, and NFTs will be this vehicle.”
How is the metaverse accessed?
Kelvin: Two technologies considered important to the development and growth of the metaverse are virtual reality and augmented reality: Virtual reality is a simulated 3D environment that enables users to interact with a virtual surrounding in a way that approximates reality as perceived through our senses. This approximation of reality is now typically accessed through a VR headset that takes over a user’s field of vision. Haptics, including gloves, vests and even full-body tracking suits, enable more lifelike interaction with the virtual environment. Augmented reality is less immersive than VR. It adds digital overlays on top of the real world via a lens of some type. Users can still interact with their real-world environment. The game Pokémon Go is an early example of AR. Google Glass and heads-up displays in car windshields are well-known consumer AR products.
Yuki:It is not yet possible to access a complete metaverse. But how we access the metaverse in the future will be a crucial influence on its development. Will it become an open access tool of opportunity or a closed access, more commercial enterprise?Currently users access the digital world via screens, whether mobile or desktop devices. A metaverse will be accessed via easily portable and immersive hardware like headsets, gloves, watches and contact lenses. These will allow users to view, hear and touch a digital landscape directly, as opposed to via a projection on a screen.This hardware will, however, also allow the metaverse more direct access to its users. It will be increasingly easy for sophisticated algorithms to collect far more complex, dynamic data on users. This would include heart rate, pupil dilation, gestures and gaze direction.
What kind of challenges are in Metaverse?
Kelvin: The current state of the Metaverse can be described as an embryonic stage. While many companies and organizations are working to develop this concept, it is still in its early days and much work remains to be done. There are many technical challenges to overcome, such as creating a seamless and responsive user experience, and ensuring that the virtual world is secure and stable.
Yuki:There are also many potential risks associated with the Metaverse. For example, there is the risk of virtual theft and fraud, as well as the risk of virtual violence and exploitation. There is also the risk of virtual addiction, as users may become so absorbed in the virtual world that they neglect their real-life responsibilities.
In conclusion, the Metaverse is an exciting and rapidly developing concept that holds great potential for the future of technology and human interaction. However, it is still in its early days and much work remains to be done to realize its full potential. The current state of the Metaverse can be described as an embryonic stage, with many technical and social challenges to overcome. Despite these challenges, the potential benefits of the Metaverse are enormous and its future is bright. If anyone has a personal opinion about sharing on cryptocurrency, feel free to contact Twitter: @Bixinwallet.
