The word "metaverse" gained popularity after Facebook's parent corporation changed its moniker to meta.
So, what is metaverse? Is it a brand, an institution, or something else in its entirety? In essence, metaverse is a digital ecosystem based on various forms of 3D technology, real-time collaboration software, and decentralized financial tools powered by blockchain. It is a 3D variant of the internet that is interactive, open, and interoperable.
The term metaverse originated from a science fiction novel ‘Snow Crash’ in 1992 which depicts a dystopian future world where rich people escape into an alternative 3D connected reality. Since then, the idea of the "metaverse" has advanced significantly due to the funds invested in it by several significant companies in order to create a productive ecosystem.
Companies like Microsoft, Meta, Epic Games among others are all involved in this space. Meta is betting its future with an investment of about 10 billion US dollars, primarily focusing on its development. The present iteration of the metaverse is taking the form of a multiverse rather than a single common virtual space: a number of metaverses with limited interoperability as businesses compete for place.
What prospects does the metaverse have that would entice so many major corporations to invest? The truth is such that it may possibly turn into an alternate reality. Beyond gaming, the metaverse may lead to new developments in healthcare, education, trade, and other spheres of society. With the use of 3D and augmentation technologies employed in the metaverse, one may virtually join with friends and family in place of 2D texting, conversing, and accessing information through a gadget like a mobile phone or personal computer.
Companies may arrange meetings and different activities with only a few hand gestures. Similar to this, those who work in whatever job that requires them to become accustomed to handling equipment can do so by acquiring hands-on experience. You can visualize the technology being developed roughly like what is depicted and portrayed in the film "Ready Player One."
Even if such technology offers a broad range of possible uses and benefits, it also comes with a number of drawbacks and challenges. Maybe not everyone can use such technology because a VR headset is required to navigate the metaverse. Concerns about the misuse and applicability of current privacy legislation are also present. It must gather invasive and substantial amounts of data in order for it to function correctly, and problems with data ownership and rights may arise.
In a nutshell, the metaverse may blossom into the technology that we have imagined from science fiction literature and movies. Although its present course of development is unclear, it might be the internet's evolution or successor.
