What Is the Metaverse?
The metaverse is tricky to define because it's a concept that is still in the very early stages of development. Are we in the metaverse already? The short answer is yes, well, kind of ...
Definition
The metaverse is tricky to define because it's a concept that is still in the very early stages of development. Are we not in the metaverse already? We spend the majority of our time online, in meetings, at work, on social media, etc. So the short answer is yes, well, kind of. But the term now refers to an even more immersive experience that combines Augmented Reality (AR) and Virtual Reality (VR) technology allowing users to interact with all aspects of the real world in a virtual 3D format. Given that this concept has not become a complete reality, it is better explained by references to its history and existing projects that have not fully emerged into a metaverse but are on the track of creating one.
What does it look like?
Metaverse is a combination of the words Meta and Universe, first used by Neil Stevenson in his novel titled Snow crash. The word universe is included as a reference to the metaverse being a digital version of the real world. The latest and more accurate depiction of the metaverse is portrayed in the movie Ready Player One, released in 2018. Aside from being a great show for the audience, it can also serve as a foreshadow of what the metaverse could become in the future.
Metaverse + Gaming + NFTs
The most accurate experience of a metaverse is currently offered through online multiplayer games such as Minecraft, Runescape, or Fortnite. These games allow users to embody avatars, connect with other gamers, or even more recently, host real-world events within the game, like when musician Travis Scott hosted an in-game music tour within Fortnite.
Social Metaverse
The metaverse will not be limited to entertainment and gaming. The Covid-19 pandemic forced workplaces to explore alternatives for distance learning and working. A metaverse could upgrade this experience to make distance working or learning more interactive than just having zoom calls, chatting, or emailing. For example, workplaces could develop a virtual 3D outlook of the office in which people can enter and visualize the room as if they were in the actual office, with the added advantages of digital technology to add spectacle to the scenery as the people may see fit.
Centralized Vs. Decentralized Metaverse
Given the need for blockchain technology to make a metaverse a reality, there are multiple small and well-recognized projects that have started creating their own version of a metaverse; significant examples would include the Sandbox ($SAND) and Decentraland ($MANA). Of course, we cannot ignore Facebook’s move to rebrand itself into “Meta,” with Mark Zuckerberg announcing that Meta will be taking a step into creating its own metaverse. Facebook’s (now Meta) experience in creating and acquiring social media platforms gives it a good starting point for creating a fully immersive and functional metaverse. Though this raises the debate of whether people would prefer a centralized or decentralized built metaverse, a philosophical issue that can be reserved for another day.
Closing thoughts
A fully developed metaverse doesn't exist yet, and it's unclear if there will ever be a fully “developed” metaverse. We think of it more as a spectrum of complexity and immersion which have already started. Can this be as real as we have seen in Sci-Fi films? Only the future will tell, but for now, we can enjoy the semi-developed metaverse experiences as we prepare for the future.
