The coronavirus pandemic has sparked huge interest in shared virtual environments or Meta-verse.
What is the Meta-verse ?
It is a term coined in science fiction, combination of “meta” meaning beyond and “universe”.
It refers to shared virtual lands, buildings, avatars and even names can be bought and sold often using cryptocurrency. In these environments, people can wander around with friends, visit buildings, buy goods and services and attend events. The term covers a wide range of virtual realities, from workplace tools to games and community platforms.
Many of the new platforms are powered by blockchain technology using cryptocurrency and non fungible tokens, allowing a new kind of decentralized digital asset to be built, owned and monetized.
Blockchain
A blockchain is a database that is shared across a network of computers. Once the record has been created and added to the chain, it is very difficult to change. To ensure that all the copies of the database are same, the network makes constant checks.
Blockchains has been used to monitor constant cyber currencies like bitcoin, but many other possible uses are emerging.
Types Of Platforms
The meta-verse can be broadly broken down into two different types of platforms.
The first revolves around building a blockchain based meta-verse using cryptocurrencies and NFTs. Platforms like Decentraland and The Sandbox allow people to build there virtual parcels of land and build there own environments.
The second group uses the meta-verse to refer to virtual worlds more generally, where people can meet up for business and creation.
Roblox, Fortnite and Minecraft, gaming platforms where users can compete and collaborate at the same time, fall in this category.
Future Of Metaverse
It is unclear as in to what extent, a true meta-verse, which fully replicates real life is possible or how long it would take to develop.
Many platforms are still developing AR and VR technologies to deliver a $1.5 trillion boost to the global economy by 2030.
Big Tech firms are jumping into this space with Facebook Inc, Alphabet Inc owned Google and Microsoft Corp investing in cloud computing and VR companies in anticipation of its growth.
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