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The Metaverse 2022: A Simple Overview of How It Works

Blockchain
August 1, 2022
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The buzzword “Metaverse” sounds familiar, but do you clearly understand what it is? It will surely be a leap forward in how people interact with each other.

Huge tech companies are betting on the Metaverse, just like Facebook’s group rebranding itself to the new name Meta, or Microsoft aggressively building out into the metaverse. It seems like half the world would focus on the upcoming “Metaverse”. Let’s discover the reasons why the Metaverse is being hyped up in recent years with Newwave Solutions today!

What is the Metaverse and Why Should You Care?

1. What Metaverse means?

a. Meaning of Metaverse

Imagine a virtual world in which people live, work, shop, and interact with others – all from the comfort of their couch in the physical world. This is known as the Metaverse.

It is obvious that you can do a lot of activities in the Metaverse, and companies also have many marketing and branding opportunities.

b. What is metaverse used for?

A platform for augmented reality called Metaverse enables users to build interactive experiences that combine the virtual and real worlds. Additionally, it can be considered a virtual version of the concept or idea of cyberspace.

Some of the actions you can perform in the virtual world:

  • Meet and interact with other people
  • Express yourself with your own customizable avatars
  • Work remotely
  • Shop for products
  • Attend concerts or social events 
  • Play VR (virtual reality) games 
  • Purchase real estate

2. What Elements Make Up a Metaverse?

Elements of a Metaverse
Elements of a Metaverse

The goal of the Metaverse is to create an augmented reality experience that might go beyond physical reality. The Metaverse will surely be a consistent and living experience for all users in real-time. So what are some core metaverse components that will make up the metaverse? Each of these elements will play an important role and complement each other in the Metaverse:

  • Digital Currency
  • Marketplace
  • Non-Fungible Tokens (NFTs): With a unique virtual character, a person can attend events or go shopping in the Metaverse, and these activities may not be free. Instead of using money, NFTs will be used to attribute value to digital objects and verify the owner of the objects.
  • Gaming
  • Social Events
  • Online Shopping
  • Workplace
  • Social Media
  • Digital Assets

How Can You Make Money in the Metaverse?

Large companies are betting big on the Metaverse. The Metaverse is the combination of virtual reality, augmented reality, and blockchain, but how can you make money in this 3D virtual world? Read on to learn more about some ways to make a profit:

  • Play-to-earn Games: This is how a user can receive crypto rewards.
  • Make Virtual Clothing and Accessories: Users would want to make their avatars beautiful with accessories and clothes, and you might be the one who designs and sell these items on the marketplace.
  • Open a Venue: Why not? You can sell tickets to special events with the Metaverse experience.
  • Become a landlord: Purchase a land parcel and sell it later at a higher price, it is just that simple!
  • Trade NFTs: You can totally trade your 3D NFTs to make some money.

Five Best Crucial Technologies that Power the Metaverse

Development Tools and Technologies for Metaverse
Development Tools and Technologies for Metaverse

If this technology sounds exciting to you, it may be time for you to think about the Metaverse development. Explore some emerging technologies used to power this process!

1. AR/VR Technology

AR (augmented reality) and VR (virtual reality) offer engaging and immersive experiences in the 3D world. VR is the technology to teleport users to a virtual world with some gadgets like gloves, headsets, and sensors. Meanwhile, AR would morph the real world with digital components and allow users to see their surroundings.

2. AI Technology

AI (artificial intelligence) has appeared everywhere in our lives. It has the potential to generate NPC (non-playing characters) or digital humans to populate the virtual world. Also, it can offer personalized experiences by gathering insights from previous data and iterations.

3. Blockchain Technology

Blockchain is the technology that provides a decentralized solution and supports private and secure value transfer. A Metaverse cannot function without blockchain, since it will have to face some shortcomings of centralized data storage. The blockchain-based Metaverse can provide access to any digital space without the management of a centralized institution.

4. Web3

Web3 is a technology that offers a solution to prevent data and privacy breaches and makes it possible for owners to control their own content. Metaverse is a new dimension that would employ Web3 technology advances to build the goal of building a virtual world with all the social aspects.

Read more: 5 Questions You Should Be Asking About Web3

5. Edge Computing

Edge computing would provide a better experience for users in the Metaverse since it can improve response times and save bandwidth.

What are the Development Phases for a Metaverse?

  • Analyze Your Business: Similar to the real world, there are many assets you can create in your own Metaverse. It is important for you to consider which theme or concept you want your Metaverse to have. 
  • Choose a Metaverse Platform: After deciding what to build, you should find a platform that suits your needs. There are two options, you can use a metaverse platform that has already been established in the market, such as Meta, or you can build your own Metaverse platform from scratch. It would cost more time and money for a custom Metaverse, but it will fit your needs better.
  • Build the Infrastructure: Designing a metaspace for your metaverse will not be easy. You have to design a virtual 3D space, and then build an interaction layer and an interoperability layer to allow navigation controls, communication protocols, exchanging information, etc.
  • Fill Your Metaverse with Content: The next step is to equip your Metaverse with unique and great digital assets and activities so that you can attract users.

Real-life Examples Of The Metaverse

Here are basic real-world metaverse examples of how the Metaverse works.

Facebook’s Horizon
Facebook’s VR world, Horizon World, is a digital space that lets you play, explore, and connect with other VR avatars for work, play, learning, and shopping. In addition, Horizon enables you to connect with your community without physically being in the exact location.

You can access the Metaverse on your smartphone, computer, or VR devices that offer complete metaverse immersion.

Fortnite
Fortnite proves to be one best metaverse examples. With a loyal subscriber base of over 300 million people and diligent developers, Fortnite creates its Metaverse to allow users to interact without being in the same room for economy and business.

It’s called Epic’s magnum opus for a reason. The Battle Royale games have delivered concerts, comic stories, and even live events packaged into a cinematic entertainment experiment for fans worldwide.

Second Life
In the late 2000s, Second Life reigned as one of the largest online platforms where millions of people could gather virtually, explore their community, and create digital content in exchange for in-world currency.

And despite the remnants of pixelated avatars, Second Life still has one of the biggest user bases with the longest-running metaverse experience. Developers are collaborating within the limits of VR technology, expecting it to reach not millions but billions of subscribers.

The Sandbox
The Sandbox is a metaverse example that lets users play and build virtual worlds with the option to monetize their experiences, services, and products for sale or trade.

The Sandbox allows users to own non-interchangeable in-game assets such as non-fungible tokens (NFTs) and buy and sell real estate. Sandbox is setting the groundwork for how digital currencies interact in real estate metaverse spaces.

Newwave Solutions – A Reliable Development Company

At Newwave Solutions, we provide first-class Metaverse development for different fields, such as gaming, real estate, or enterprise solutions. With our experience in software development with emerging technologies like augmented reality, virtual reality, IoT, or blockchain, we will help you build the full Metaverse. Newwave Solutions’ experts can deliver ready components like the NFT marketplace, Metaverse apps, and other digital assets.

Final Thoughts

Many conversations about the Metaverse appear around us today, and it seems like this technology is becoming more mainstream with the significant evolution of augmented and virtual reality. A lot of companies are pouring billions and billions of dollars into the Metaverse development, so now is the time for you to start tapping into the Metaverse and explore its potential.

Do not hesitate to get in touch with us, Newwave Solutions is here to help you reach new heights!

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