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The Metaverse: 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. The Metaverse Concept

The metaverse is anticipated to be the next evolution of the Internet. Not only does it affect online communities, it also affects other aspects of life like gaming platforms, digital identity, etc. To put it simply, the Metaverse is a shared virtual space focused on social connection.

Are you wondering what activities you can do in the metaverse? Let’s take a look at 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

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

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 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 design 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.

Top Development Tools and Technologies for Metaverse

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

If the Metaverse sounds exciting to you, it may be the 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 a 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 make it able for owners to control their own content. Metaverse is a new dimension that would employ Web3 technology advances to achieve 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 now 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.

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 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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