Metaverse – How it is going to affect our lives in next 10 years

Metaverse - How it is going to affect our lives in next 10 years

Although you might have heard a lot of technical jargon when talking about the metaverse, such concepts have been around for a long time through various games. If you are a long-time gamer, the chances are that you might have already experienced some of it before.

Shortly speaking, the metaverse is an online world that works round the clock, just like the real world. More than being a virtual world, it has its own economies fuelled by creators and infrastructure providers.

Even before blockchain-enabled games like Decentraland and Sandbox existed, games like Minecraft and Roblox provided metaverse-like experiences.
Second Life, an online game based on living in a virtual world, was launched in 2003, and the game provided an insight of how metaverses can work even before blockchain technology came into existence.

Both Sandbox and Decentraland incorporate NFT assets into their environment in addition to the game’s own fungible currency.For example, virtual lands bought on Decentraland and decorations for your virtual avatar on Sandbox are assets that utilize non-fungible tokens and players can trade them in or out of the game as there is an intentional scarcity for such virtual assets.

As the metaverse concept is starting to incorporate Web3 technology enabled through blockchain technology (like NFTs and Cryptos), the future metaverse would be something very similar to our real world in many aspects and even replace some real-world activities like working or hanging out will create an immersive and virtual experience of people working together in the virtual world guided by AI.
The future metaverse can also be a huge contributing factor for the growth of the virtual economy, which depends on video games and virtual worlds where disruptions are almost nil.

A metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets. Whether in virtual reality (VR), augmented reality (AR) or simply on a screen, the promise of the metaverse is to allow a greater overlap of our digital and physical lives in wealth, socialization, productivity, shopping and entertainment.

The main connection between the metaverse and NFTs is related to digital assets and how they are given value. The metaverse will allow people to showcase digital forms of art and property, and NFTs will allow them to put a price on that content with proof of ownership, Each NFT is attached to a specific item.

Hate it or love it, we are now living in a world where people are moving away from physical contact with others. Through the internet and smart devices, humans are now able to accomplish almost everything at home that they previously had to go outside for. Almost everything in the world is done over the internet now; society would most likely completely collapse if the internet suddenly vanished one day.

The Metaverse Is Immersive: Rather than watching a video, you’ll be in the video.

The Metaverse Has “Physical” Locations:Traditionally, when you “go” somewhere on the internet, you are greeted with a 2D website or an app’s interface.

You Exist as an Avatar in the Metaverse:Inside the metaverse, you are represented by an avatar, slightly similar to the avatars that Facebook started incorporating in 2020.

You Can Own Unique Possessions in the Metaverse:People often spend real money on unique pieces of clothing and items to outfit and accessorize their avatars with.

The Metaverse Will Incorporate Augmented Reality: In later stages, the metaverse is anticipated to eventually utilize augmented reality (AR). This is where, through AR glasses, you’ll be able to see “holograms” of the metaverse against the backdrop of the real world. Pokemon Go was one of the earliest rudimentary examples of AR technology in action.

There Are Multiple Metaverses Now, but They Will Eventually Be Linked:As of now, there are multiple different metaverses created by different companies. In the future, the goal is to link the different metaverses together so as to be able to seamlessly carry your avatar and digital assets over from one metaverse to another.

In next few years industries like financial services, automotive and manufacturing, real estate, fashion, education, and retail are going to change dramatically.

Here are 12 ways that the metaverse will change the world in the near future:

1) The Rise of Digital “Real Estate”

Since 1985, companies and individuals have been purchasing web domains. People then build their 2D websites at the domains that they purchased. So how will the metaverse change this concept?

In the near future, companies will be (and are already) purchasing real estate in the metaverse; some real estate in the metaverse is actually being sold for millions of dollars right now. Many people buy “real estate” in the metaverse as an investment to sit on.

2) E-Commerce Will Merge with Brick-And-Mortar: The traditional form of shopping has always been to just walk through the door of a brick-and-mortar store and buy what you need from a physical location in the real world.

3) Cryptocurrency Will Rule the Metaverse: The easiest, most convenient and cheapest way to go on an international metaverse shopping spree will be to use cryptocurrency. You can spend your crypto at whichever store you go to, regardless of which country that company is based in. With cryptocurrency, you won’t lose anything to international conversation fees or transaction fees, and most stores in the metaverse will accept all major cryptocurrencies.

4) Advertising Will MoveAggressively into the Metaverse: In the metaverse, expect to see a world overrun by advertising, just like the internet is today. Advertisements will be seen on buildings, streets and billboards, as well as at popular events such as premieres or concerts.

5) Concerts & Events with Unlimited Capacity and Unreal Special Effects:

6) Turning Video Calls into Reality: In 2021, when people want to spend time with family or friends who are far away, they generally do so via video call. Video calls have been a vital way for families and friends to stay connected even when they can’t physically be together; COVID-19 lockdowns have especially demonstrated the importance of video calls.

7) “Going Out” and “Dining Out” without Leaving Your Home:

8) Most Business Meetings Will Occur in the Metaverse:

9) Education Will Take Place in Classrooms inside the Metaverse:

10) Up-Close, Immersive Learning like Never Before Seen: In the metaverse, to learn about something, you’ll actually be able to get up close and personal to what you want to learn about, like in a living museum.

11) Instantly Travel the World inside the Metaverse: When I typed “travel to the pyramids” into Google just now, this was the first website on the list.

12) On-The-Job Training inside the Metaverse: For decades, pilots and astronauts have been training using virtual simulators, as simulators are obviously much cheaper and safer than training through real situations.