“The hype around the Metaverse is so huge that it is overshadowing every technology around the world. All the major companies in the world are racing to get a piece of Metaverse’s visionary concept. But the question arises whether it will ever shape the way it is intended to be or is it another bubble that’s going to burst. To understand, we must analyse its history, current status and its future potential.”
The Metaverse History
The Metaverse is made up of ‘Meta’ which means ‘After’ and ‘Verse’ which means Universe. The Metaverse is not a new concept and was first introduced in the year 1992 by an American Novelist Neil Stephenson in his famous novel “The Snow Wreck”, in which humans talk and communicate with each other in a three-dimensional virtual environment. Since then, the metaverse has been visualized in many movies such as The Matrix in the 1990s and Ready Player One very recently. Though, the boost to its hype came after Facebook’s move to rebrand it as ‘Meta’. Since then it is a rat race that every major company wants to invest in and ultimately win.
Metaverse: The Present
At present the Metaverse as a concept is in its infancy and with more and more institutional investors joining the race, the development is being achieved at a staggering rate. The hype and competition to create a metaverse is so intense that Billions of dollars are being poured into the molds that will shape the future of Metaverse.
One of the major supports that this concept has got is from the rapid development and adoption of the blockchain technology and the minting of the NFTs that can provide the real world feel to the digital world of Metaverse. As the NFT technology is advancing at a great pace it will help in creating a Metaverse which will be a refined digitalization of the real world.
Also, the current technological advancements in the field of Virtual Reality (VR) and Augmented Reality (AR) are being processed at priority as these two emerging technologies will become the base of the development of Metaverse.
Metaverse: The Future, The Inevitable
The rapid adoption of the concept of Metaverse and an intense competition by the major corporations around the world is shaping a bright future for the concept of Metaverse and its actual implementation. At present the technologies are developing and are at a very early stage, thus predicting when this concept would actually be realized is impossible. But one thing is for sure that with the advancement in the VR and AR technologies, advancement in the blockchain technology and the introduction of the 5G network, the Metaverse is Inevitable and in the coming years it will be a reality and everyone will become a part of it as everyone has become a part of the internet and the social media.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
Photo by NASA on unsplash