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5 Things to know about Metaverse

The term metaverse was discovered by Neal Stephensen in his science fiction novel "Snow Crash." Meta has proposed that the metaverse will eventually allow us to engage across education, social contexts and work while Microsoft looks to be focusing specifically on the realm of the virtual office for now.

It describes a virtual world where humans interact with one another through the use of digital avatars. Movies such as "The Matrix" and "Ready Player One" explore this idea. In real-life tech players believe it’s possible to not only create such immersive digital worlds but also to integrate them with our physical reality.

Many technologies will include human-computer interface devices including VR and AR headsets, multidimensional graphics and AI simulations, massive computing power and software and hardware for creating user avatars, to name just a few. Facebook envisions a scenario in which two people virtually attend the same concert despite being miles away from the venue and each other. Co-workers in different countries could collaborate as if they were in the same room.

1. You can own and sell land in the metaverse 

Various people are considering purchasing digital property as an asset that will appreciate.  Metaverse coins have amassed large growth. Finally, owning property within metaverse games could be lucrative for the potential return on investment. Popular lands on the metaverse available for sale are The Sandbox, Decentraland, and Cryptovoxels, which are all available on OpenSea. Decentraland broke yet another metaverse record after a virtual estate sold up to 2.4 million.  

2. Things in the metaverse will cost as well as generate money  

Metaverse participants are able to engage in decentralized virtual economies powered by crypto-currency (such as Sensorium Galaxy’s very own SENSO).This includes marketplaces where customer can buy or sell and exchange items such as digital assets like avatars, NFTs, virtual clothing, and event tickets.The metaverse equals big money. By some estimates, the annual revenue opportunity for virtual worlds could be worth approximate 1 trillion, across segments like advertising, digital events and e-commerce. 

3. The way we work will most likely be impacted by the metaverse  

Working online is already a reality for many of us. The metaverse would be just a continuation of that as Facebook has already released Horizon Workrooms. Other tech giants like Microsoft are following suit and only expect more companies to try and send their workers into the metaverse. In less than 10 years, VR will be used in 23 million jobs worldwide; thus, humanity’s entrance into the metaverse.   

Metaverse-style ideas might help people organize the way we work and more broadly society, in a more productive manner.  Shared standards and protocols that bring disparate virtual worlds and augmented realities into a single, open metaverse could help people work together and cut down on duplication of effort.  

4. Blockchain technology is central to the development of the metaverse 

Metaverse blockchain technology is still under development, but the concept of this digital world is well-developed. Blockchain technology is a specific type of database that stores information in connected blocks of code and data. The data in a blockchain is chronologically ordered and presently, the most common use of blockchain is ledger for digital transactions. Blockchain has proven to be a useful technology for six key metaverse areas: digital proof of ownership, digital collectibility, and transfer of value, governance, accessibility, and interoperability.  

Block-chain: It’s shared, unchangeable and facilitates the process for recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, and land) and intangible (intellectual property, copyrights, patents, branding). Virtually anything of value can be tracked and traded on a block-chain network, reducing risk and cutting costs for all involved. Blockchain technology provides a transparent and cost-effective solution, making it an ideal fit for the metaverse.  

5. The metaverse isn’t here just yet 

There are still plenty of technical hurdles to overcome, starting with the fact that the world does not have an online infrastructure that could sustain millions (even billions) of people using the metaverse at the same time. Uninterrupted and reliable internet connection is a key building block of the metaverse, because a glitchy virtual world scenario is not exactly what the metaverse is supposed to look like.   Technology like 5G and edge computing is still under development and currently unable to meet the demands of a complex infrastructure like a metaverse.