Metaverse: The Evolution of a Novel Technology and What It Means for the Future

 

By providing virtual reality (VR)-based wearables that transport people to an alternate virtual world from the comfort of their own homes, the Metaverse has the potential to further disrupt various industries.

If the previous century was marked by mass manufacturing and the advent of the Internet, the twenty-first century may be remembered for the creation and spread of the virtual world, or Metaverse, which promises to be more immersive, interactive, and collaborative than the Internet has yet to achieve.

Despite the grandiose expectations and promises made by many entrepreneurs dabbling in this field, it has become abundantly evident that Blockchain technology will underpin the Metaverse and help establish a sustainable environment for all of its participants.

 

While it is not unreasonable to believe that the Metaverse will have an impact on traditional vocations or activities that are fairly commonplace now, its impact on society and how humans interact with one another will be significant.

 

When the COVID-19 pandemic swept the globe, crippling economies, the Internet and the resulting Work from Home (WFH) technology aids were instrumental in keeping businesses afloat, and in some cases, rapidly expanding. Various industries, such as education, have undergone significant transformations as a result of the epidemic and are now more technology-intensive.

 

The Metaverse has the potential to change these industries even more by delivering virtual reality (VR)-based wearables that will allow consumers to experience an alternate virtual world without leaving their homes.

 

People would be able to interact with one another without having to travel large distances, breathe filthy air, or even dress up for various events.

 

Children will be able to study a variety of courses and modules at their own speed, broadening their horizons beyond what standard syllabi allow.

 

After-work activities such as watching movies or socialising with friends will be available in the virtual world without the difficulties of the physical world. In a nutshell, the Metaverse’s possibilities are limitless.

 

Together Labs has announced that its IMVU platform will make VCORE, an ERC-20 token that rewards active, worldwide players, creators, and earners across the metaverse, available to anyone outside of the United States and Canada.

 

With the debut of a new token in 2022, VCORE should provide its users with access to a new sort of economy in which any player can participate in the metaverse’s development.

 

“The goal of this initial presale was to connect with and secure interest from the top strategic crypto and metaverse buyers who are well-versed in our space — and we couldn’t be happier to have this select group as part of our project,” said John Burris, Together Labs’ Chief Strategy and Blockchain Officer. “With our initial token, VCOIN, a globally transferable fiat-backed token, and now VCORE to fuel the next generation Metaverse economy, we will have a strong one-two punch when we deploy VCORE next year.”

 

However, as with any ecosystem, the metaverse’s success will be determined by how easy it is for individuals to transact in it. This is where cryptocurrencies come into play, and they’ve already gotten the ball rolling with a number of projects that use them to support both real-world and digital transactions.

 

People will also be able to switch between the physical world and the Metaverse with remarkable ease because to the ability to easily convert fiat monies to cryptocurrencies.

 

Using crypto tokens issued by companies facilitating these virtual connections, consumers will be able to purchase digital avatars, virtual land, and even organise a party for loved ones.

 

Artists will be able to perform in the Metaverse, be paid in cryptocurrency, and then trade their winnings for tangible items.

 

The extension of the Metaverse will increase the amount of value that can be unlocked, which could lead to a rapid expansion of the global economy.

 

“Mint Gold Dust has established not only an NFT platform but a full complimentary ecosystem where an artist may mint their masterpieces that we term “Gold Dust” and Geo Drop-in AR form over the globe,” explains Kelly LeValley Hunt, CEO of Mint Gold Dust. A collector can link their wallet to their collection and geo-drop it to show it off all around the world.

We see NFTs for physical things in the Phygital Space as crucial for wearables, but a new concept is ARTourism, in which a tour guide can inform you about art, architecture, and even history using a GeoDropped NFT, so it’s no longer only about wearables. It’s about the emergence of reality and virtual reality, as well as technological advancements and education.”

 

The metaverse, according to Dominic Ryder, CEO of vEmpire, has become the natural progression for how people interact digitally, and the possibilities are endless. There are options such as the Sandbox, which is for creative minds and gamers who want to build experiences; there is also a Decentraland, which is becoming a hub for all sorts of events.

 

“Then there’s Axie Infinity and Starl, two very different businesses and platforms that are both thriving in the digital environment.” I believe the pandemic has accelerated this trend, as practically everyone who previously worked in an office has been forced to adapt to working remotely and digitally.

 

It’ll only be a matter of time before those people spend more time outside of work in the metaverse,” Ryder predicts.

 

Today, an embryonic version of the Metaverse exists, with digital goods such as Non-Fungible Tokens (NFTs) reflecting popular art and digital relics attracting investors and crypto enthusiasts alike.

 

With major players like Facebook, or Meta as it’s now known, entering this space and confidently signalling that the Metaverse is the new future, it’s only a matter of time before other entities follow suit, resulting in an exponential expansion of the Metaverse’s boundaries and unlocking vast amounts of value previously unknown to consumers and investors.

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