The term “metaverse” is a combination of the words “meta,” which means “beyond,” and “verse,” taken from ‘universe’ which refers to all of space, time, and their contents, including planets, stars, galaxies, and all other forms of matter and energy.
According to Facebook, the metaverse is a collection of virtual environments where you can create and explore with people who aren’t in the same physical space as you.
Consider: what if you could play tennis with your family or friends in France at the famous tennis court Stade Roland Garros, which is located in Roland Garros Stadium while sitting at your home in Ethiopia? How cool is it to be able to collaborate instantly with colleagues who are thousands of miles away as if you were physically present? Yes, you are capable of executing them! And because of the virtual space created in a metaverse, all of these scenarios are right at your fingertips. Using your digital avatar, you can interact with people in the digital space. Furthermore, this virtual universe can be accessed via devices such as smartphones or computers. However, to get the complete immersion experience — specific hardware devices like virtual reality headsets, augmented reality glasses, gaming consoles, etc are recommended.
In simple terms, the metaverse is a shared, virtual and immersive futuristic environment that people have access to via the internet.
Building Blocks of the Metaverse
To understand metaverse at its core, we must first examine the rudimentary foundations that form the essence of the metaverse. These are:
- Blockchain Technology and Cryptocurrencies
- Web 3.0
- Extended Realities [AR, VR, Mixed Reality]
Applications of the Metaverse
With a basic understanding of what the metaverse is and why it is suddenly gaining popularity, you must be eager to discover its applications. Because metaverse is a new technology, many people wonder, “what is the advantage of metaverse?” How will you take advantage of the metaverse? How will digital reality assist with real-world tasks? Everything has gone digital, from payments to identity verification, if you look around you. As a result, a digital reality like the metaverse has the potential to transform how people and businesses perceive and use technology. Here are some examples of potential use cases for the metaverse.
- Unlocking Marketing Prospects
- Virtual Tourism
- Web Real-time Communication
- Virtual Office
- Virtual Learning Spaces