What is this "METAVERSE"? How the Metaverse is created? When we can get Metaverse?

Table of content:-

1. The Metaverse: 5 Reasons It Will Be Worth Trillions

2. How Facebook Will Control Your Life Using Metaverse ? 

3.  How the Metaverse is created? 

4.  When we can get Metaverse?

5.   Is Metaverse useless?

The Metaverse: 5 Reasons It Will Be Worth Trillions

The Metaverse is the convergence of physical, augmented, and virtual reality in a shared online space. And it could become integrated with our everyday lives in approximately 10 to 15 years once technologies like virtual reality and augmented reality mature and become commonly used by the mainstream public. The Metaverse will end up being a multi-trillion dollar industry that impacts every part of the global economy. Here are 5 reasons why: 

1.More Transactions Will Take Place In The Metaverse Than In The Real World That’s partly because creators will make more items in the Metaverse than they do in the real world. Those items will include digital houses, clothing, furniture, cars, and so on. Those items could be used for a variety of purposes such as simulating real environments for business purposes, creating animated films, and designing worlds for educational purposes. Over time, these virtual items and the virtual worlds they’re in will look increasingly more realistic. Marketplaces within the Metaverse could transact hundreds of billions of dollars per year once the Metaverse becomes mainstream and is fully integrated with our everyday lives. NFTs will also play a major part in the overall Metaverse economy. In a decentralized Metaverse, users can claim ownership over their digital assets.

In this scenario, each person would have the option to own an asset such as an NFT and earn up to 80% of the revenues when that asset is resold throughout a blockchain. For example, clothing designers can create clothing with materials that can’t exist in the real world and sell them as NFTs using crypto currencies. These same clothing items could be reused in CGI films, video games, and other forms of entertainment. Dolce and Gabbana and other clothing brands are already selling fashion NFTs. Adidas formed a partnership with The Sandbox, a crypto-based game, to start selling digital clothing items. Adidas also formed a partnership with Coinbase, a platform for buying and selling cryptocurrencies. And Nike recently launched Nikeland on the Roblox platform so that gamers can style their avatars with Nike gear. 

Once the Metaverse matures, those digital assets could be accessible across multiple devices such as virtual reality headsets, augmented reality glasses, smartphones, smartwatches, and so on; and those assets could be accessible in multiple apps that were typically considered unrelated to each other in earlier decades. When it comes to virtual worlds, there could be as many as thousands or millions of virtual worlds in the Metaverse. And their total square miles could surpass the size of planet Earth within the next couple of decades. According to Ark Invest, the revenue from virtual worlds could approach $400 Billion by 2025. And as virtual asset building tools become easier to use for the average person, that number could multiply ten-fold over the coming decades. The Metaverse is going to be an entire industry that will not be controlled by one company. Nevertheless, Mark Zuckerberg’s Meta could potentially comprise a huge number of the transactions in the overall Metaverse industry. However, there are a large number of people who want nothing to do with Meta’s metaverse because of Facebook’s past controversies concerning privacy. There’s also a high likelihood that Meta will want a cut of every transaction made on its platform, which could potentially make it unattractive for many audiences. 

2. The Metaverse Will Accelerate The Use Of Nfts And Digital Currencies In Video Games Gaming is the most well-developed part of the pre-metaverse. According to Statista, 3.2 billion people played video games in 2021. Gaming also is the most lucrative entertainment industry by far. It makes more than triple the revenues of box office movies and 7 times more revenues than music. And according to Grand View Research, the video game market will grow from $168 billion in 2021 to $291 billion in 2027. Games like Fortnite, Roblox, and Minecraft are already considered pre-metaverses because gamers can use the same avatar and digital assets in a wide range of experiences. Even Grand Theft Auto Online could be considered a pre-metavers.

Games like this will likely take advantage of virtual reality technology more and more as VR adoption rates rise. According to ARK Invest, VR headsets could reach smartphone adoption rates by as early as 2030. The adoption of NFTs and cryptocurrencies for large game franchises is a strong possibility as well. NFT sales hit $10 billion in the third quarter of 2021. This number is expected to grow exponentially over the next couple of years. Axie Infinity is a platform that allows users to build a collection of digital assets and use them across an expanding universe of games. It has its own Ethereum-linked sidechain called Ronin, its own crypto wallet, and its own marketplace for buying and selling Axie characters as NFTs. We may see large, mainstream game studios adopting a similar business model. In the future, we may also begin seeing the ability to use digital assets, avatars, and even the real faces of players in multiple video games, regardless of the video game publisher. This development would further increase the numbers of transactions in Metaverse marketplaces. 

3. The Metaverse Will Save Companies And Individuals Billions Of Dollars A Year. The Metaverse will help companies and individuals get more done in less time in a variety of ways. This could lead to economic benefits totaling billions of dollars or even hundreds of billions of dollars per year. A high number of virtual worlds will be made by companies to simulate physical processes from the real world. This is an effective way to anticipate the feasibility of a project before any physical work occurs. Nvidia offers a digital twins feature under its omni verse offering to address this use case. Erikson, a telecommunications company, is using Nvidia’s omniverse to build a digital twin of an entire city to continuously optimize the performance of their fleet of 5G antennas and radios. More specifically, they’re determining how to place and configure each of their transmission sites for the best coverage and network performance. BMW is building a factory in a digital environment to simulate real-life production scenarios. This will ultimately speed output, increase agility, and optimize efficiency.

 BMW is also using Nvidia’s omniverse to teach its robots new skills. Siemens Energy is using Nvidia’s omniverse to build a digital twin of one its steam generator facilities to predict corrosion and ultimately reduce downtime. This approach alone could save 1.7 billion dollars a year in the energy industry. And many car manufacturers like Tesla, train the AI for self-driving vehicles in virtual environments so that the AI can handle a high range of unusual situations in the real world. Overtime, these virtual environments will become increasingly more complex and include a wide range of driving and pedestrian scenarios. Virtual offices is another approach that could save white-collar workers countless hours per year and enhance their output. In the real world, we can only have anywhere from 1 to 4 computer monitors in front of us at a time. We can have multiple windows open in each of those monitors and multiple tabs open in each internet browser. However, we can only view a small number of those screens at a time. 

In a virtual 3d office, we could have 30 or more screens visible in front of us at a time. In one giant view, we could see information such as news articles, open documents, stock prices, company analytics, social network posts, and so on. And in a virtual office, we could perform certain work activities in ways that wasn’t possible before. For example. If we need to analyze data, we could view that data as 3-dimensional structures instead of just charts and tables on a 2d screen. The Metaverse could allow software from various companies to connect with other in ways that wasn’t possible before. For example, Nvidia’s Omniverse will allow design products made using Adobe software to connect to Autodesk software in one collaborative environment. Existing tools used for productivity will likely be tailored to the Metaverse as well. Microsoft is already adapting Microsoft Teams to the Metaverse. In the near future, Microsoft could also adapt offerings like Microsoft Office, PowerPoint, Windows, and LinkedIn to the Metaverse. As a result, Microsoft could gain a dominant position when it comes to workplace and productivity use cases in the Metaverse. And when neural interfaces in the form of headbands and wristbands become usable, they would greatly streamline important activities in the Metaverse as well. 

4. Social Media Networks Could Evolve Into Separate Metaverses The next step of evolution for social media networks is likely Metaverse environments that require virtual reality headsets. There could be thousands or perhaps millions of worlds that connect people based on shared interests and goals. VRChat is an example of an existing platform for virtual communities that requires virtual reality headsets. It currently has over 25,000 community-created worlds. We may see existing social networks like Twitter and LinkedIn gradually offer their own versions of Metaverse communities. Even YouTube could begin implementing Metaverse-like features in the coming years to avoid being disrupted by competitors. Like with all traditional social media networks, ad revenues will become a main source of income for Metaverse worlds intended for socialization. According to Statista, social media ad revenues are projected to total $51 billion in 2021. And those numbers are growing rapidly year after year. There’s a strong possibility that Meta could become a dominant force in this area. Although, Facebook is the most criticized social media network right now, Facebook, Instagram, and WhatsApp have the most active users by far out of all traditional social media platforms. Facebook alone had 2.9 billion active users in October 2021. And according to Search Engine Journal, 1.8 billion people use Facebook groups every month. Meta also has hardware dominance in the virtual reality space because of their VR devices. 

And Meta may prove to be a strong competitor in the augmented reality and wrist-based neural interface space as well. 5. The Metaverse Will Disrupt The Global Education System The Metaverse could allow students to teleport to a wide-variety of 3d representations of historical events and places. It can also allow students to experience closeup processes in biology, cosmology, and other fields. These kinds of interactive features would allow teachers for all topics to show perspectives of their subject matter in ways that were unthinkable in past decades and centuries. Even educational YouTube channels could take advantage of this amazing technology. And there could be no limit to the number of students that each teacher could have using the Metaverse and other related technologies such as Web 3.0 and blockchain. 

How Facebook Will Control Your Life Using Metaverse ? 

Facebook is one of the biggest companies in the world. But on "28 October 2021", Mark Zuckerberg announced that Now Facebook won't be called Facebook anymore It will now be known as "META". Now, what is this "META"? And what is Facebook going to do? By which he will control your life & everyone's life. We all know social media applications like Facebook, Instagram, Snapchat. Are very much addictive. But before becoming their addict, If we knew about their business strategy, So there were chances That we never become addicted to them. Similarly, Which are business strategies? That will be used by Facebook, To make you an addict of Meta verse also. And till the end of the article, you will know How you can save yourself from these addictions? "Meta means beyond". And "Verse means Universe". That means "Beyond universe". Meta verse is a virtual platform, by sitting at your own house, You can experience things virtually. So Mark Zuckerberg says that, Facebook from a social media company Is transitioning itself To a "Meta verse" company . 

In simple words The things we use in a physical world Picking up all those things Facebook is taking them to a "Digital World". So Meta verse will a digital world Where through your avatars, You can interact with your friends. You can travel to different places. And you can also buy things. Simply By excluding eating, going to the washroom & Sleep You can do everything in Meta Verse. Like in today's time If you want to attend any music concert, First, you will get ready, After that, you will reach that location. And then you will enjoy the music concert. But through Meta verse You can do all things just by sitting on your sofa. In Meta verse just by sitting at your house Through a virtual identity, In a virtual space, You can experience your music concert live. But as much as this all things sounds exciting, It is 10 times more dangerous than that. But why? If you want to understand this then, You have to understand these 3 things carefully. 

1. What Facebook is doing? What are they doing exactly?  

2.  How Facebook is doing this? How will Facebook do all these things? And Number 3 How will this change our social behavior? All these things that are happening, What change will it bring to our social behavior? So the first thing What exactly is Facebook doing? So until now, Facebook was a social media company. With mainly three products Facebook, Instagram & WhatsApp And company's philosophy was Buy, Copy or Destroy. Instagram & WhatsApp Were a big threat to the company. So they bought them. They couldn't buy Snapchat or TikTok. So their features, Were copied as stories & reels. There was a company named "Vines". To finish them, They due linked their API . 

So whichever companies are a threat to Facebook Either Facebook buys them Or just by copying their features Brings them to their platform. And if both of these things are not possible, Then they destroy them. But Mark Zuckerberg knew it from the start That social media has its own restrictions. So the biggest limitation of social media is that "You can only monetize on attention." You can only earn people's attention. In simple words, Facebook & Instagram Both of these applications, Can only earn through Business Ads. The biggest threat for Facebook can be "Consumer Awareness" So see As consumer awareness keeps on increasing Consumer behavior changes. And this change happens in the "Ripple Effect."  So see First I used to read books After that, I shifted towards audiobooks. So this change in my consumer behavior, This full change I transferred to my circle. And when this change transfers to my circle Then the people in my circle Will transfer this change in their circle. And this creates a "Ripple effect". When there is any change in a consumer behavior Then that change is spread by the "Ripple effect". Similarly, To ignore Instagram & Facebook Ads Is becoming a consumer behavior. And before Facebook loses its superpower, They are not making a product But are making an "Ecosystem". And this ecosystem, Will create multiple streams of income for Facebook. How? 

This brings us to the second thing. How Facebook will be doing all this? So Facebook is creating a fully virtual world. Where you can experience everything virtually. To make you experience that Facebook will develop VR devices. On 28 October, When Facebook announced Meta verse At that time they told that, Until next year they will launch a device Named "Cambria". It will be "such a powerful device" That when you take virtual meetings Through your avatars, Your avatars The same facial expressions that you are making Will mimic them. This means if you are smiling, Then your avatars will also smile. With this your virtual reality experience Will be enhanced more. Because suppose you are sitting in a virtual meeting, And you are smiling over there And your avatars are also smiling. Then other people can see by your avatars That you are actually happy after listening to them. Because of this experience is more enhanced. Not only this The avatars that they have designed, Are so personalized So they know that in this world People are of different skin tones. Everyone's facial expressions are different. Everyone's facial characteristics are very different. And keeping that in mind By creating extreme personalization, They have designed all these things. And through such things Facebook will fulfill its motive . 

What is that? So see, Facebook's first aim will be Make more & more people part of Meta verse. Why? So see In today's date rarely there is any business, Who doesn't do marketing on social media. This is because Everyone's attention is over there. So 3 important elements of Meta verse will be Number 1 People What is the use is people are not there? Number 2 Businesses All businesses will come on Meta verse And number 3 Creators Creators who will make digital object. Who will make digital services. All those people. As more & more people become part of Meta verse Businesses & creators will be helpless And will have to come on Meta verse To sell products & services. Now see how this thing will help Facebook To create multiple streams of income. First Facebook will take advertising fee from Businesses. Because it has people's attention control. Second Platform fee. All the creators & businesses, Who will be part of Meta verse, All those will need to pay platform fee. Because platform is also of facebook only.

3. Commisions on sales. All the businesses. All the creators When they sell their products & services, Then Facebook may charge a little commision. And 4th and very powerful, As Facebook will have control of such big ecosystem, Then Facebook may launch its own product. With which Facebook will a lot of profit. Now all this things are next level. Meta verse will make our life 70% easy. But if so Then ,why is Meta verse a dangerous thing? And this brings us to the third thing. That is very necessary to understand. That is How will this change our social behavior? The reason behind it is "Progressive overload". Our body is designed in such a way, As we increase the load on it, The capacity of taking the load increases. For an example, If you drink one cup of coffee & go to the office So that you don't feel sleepy. 

Then after 2/3 weeks from now, Nothing will happen with one cup of coffee. You drink one cup coffee & go to office. You will sill feel sleepy. This happens because, Our body from that load of one cup of coffee Recovers early or makes progress. Now for the same thing, It will need more. Similarly it happens with alcohol. Ask a regular alcohol consumer, They will tell you that nothing happens in 4-5 pegs. This is because His body is set on 4-5 pegs. Now if you talk to someone Who hardly cosumes alcohol, He will get high in 1-2 pegs. This is because his body is not progressed this load. In this way our body functions. Now, how does this work in social media? So understand this thing very carefully. As you start spending more time on Meta verse Your digital life It's value in your life Will increase more than your actual physical life. At earlier times Our attention span on our surrounding was 99%. 

This means we gave 99% attention on our surroundings. After that TV came and it reduced to 85%. After that computers came and it reduced to 70% And after mobile phones came This attention span is now just 50%. Our body works on "Attention energy flow". In simple words, Where we give attention there we waste our energy. And companies like Facebook, Works on "Attention to money" flow principle. In simple words, The place where you give more attention , At that place Facebook will earn a lot of money. 

So let's understand this thing in depth. In today's date if you want to enter digital world, Firstly You need to remove your phone from the pocket. And after that you will enter Digital world. Which means Some amount of resistance still exists. But when smart glasses will come, Then this resistance will be reduced a lot. And in today's date our 50 % screen attention Will increase to 90% and more than that. And it's biggest disadvantage is We will loose all control on our life. Because your 90% attention & time Is on virtual world. Then you will hardly have any control on your life. So what is the solution of all these things? Only two words "Rational thinking" Now this thing looks very fancy But seems tough to implement. Well I will tell you a simple way to apply this, You don't have to anything. Just ask these two questions to yourself. "Utility or Pleasure" Whichever thing In whatever thing You are giving you 20% day time This means whatever you are doing In which you are spending 20% of your time, In that thing just ask yourself this two questions. Does this thing have more utility ? 

Or Does this thing give me pleasure? If you are getting more pleasure in it, So you don't have to do anything Just the amount of time you use in that thing Start reducing it slowly. And automatically You will have control over your life. By doing this thing Your life will have 3 major advantages Which many people of your circle may not have.  

1.  You will have more time. 

 2. Less influence You will get ,less influenced by many things. And Number 3 Inform decisions Whatever decision you take it will be inform. And from these social media companies If you want to be more smart then them. Then I will recommend you a book named as "Digital minimalism" by Cal Newport Believe me this book will change your life. 

How the Metaverse is created? 

let's see how the Metaverse is created. Various technologies are used here, to actually create the Metaverse. The first is Virtual Reality. This technology already exists today. But to use this, you have to wear these heavy headsets. And if you have them on for more than half an hour, they start causing headaches, and motion sickness. As claimed by many users. On top of it, the things that you can see in virtual reality now, the level of technology that we have today, is quite poor. The quality of animation that you see in the virtual reality games, the videos that you can see on there, Although it is something that would definitely improve with time. It is also being hoped that these heavy headsets with the new technologies, they would keep getting smaller and slimmer, and eventually, they'd be the size of normal glasses. Where it wearing it and taking it off would be as easy as wearing and taking off a pair of glasses. 

Whether this would be actually possible, time will tell. The second technology is AR. Augmented Reality. It would mean that some artificial elements mixed with our real world. It wouldn't be a complete Virtual Reality. An excellent example of it is the Pokémon Go smartphone game. On it, you can use the smartphone to look at the real world around you, but when you look at it through the smartphone, you can see the artificial Pokémons in there. It seems like they are mixed in the real world around you. Another good example of it is, the Google Glass that was released once upon a time. Remember? A product that was released and taken back without people finding out about it. But Google Glass had a huge hype around 2013-14, glasses with which you could add virtual elements in the real world. When you look at the road in front of you, you can have a map at the corner of the glasses, You could take to someone through the camera, while looking in front of you, even while walking, this feature was heavily criticised. In fact, this was mocked so much that eventually, the Google Glass was a huge flop. Apart from this, having 5G technology in the Metaverse is also talked about. If we're to create a huge virtual world, we'd need to constantly upload and download a huge amount of data, for this, we'd need extremely high internet speeds, we'd need 5G. Additionally, Blockchains and cryptocurrencies are also mentioned, when talking about the Metaverse. When money would be spent to buy anything in the Metaverse, they can't be real money, of course, because everything is digital, so there would be a need for digital currency. 

This is where Cryptocurrencies come into play. And because there's a large number of transactions constantly, they'd need to be kept secure. There would be a threat of hackers, or the threat of data breaches too, To keep these secure, Blockchains might be used. The exact manner in which Blockchains keep the data secure. Apart from it, if you want to buy land in the Metaverse, or some other property, or any asset in the Metaverse, how should that be accomplished? It is said that it'll be accomplished through NFTs. Non Fungible Tokens. You can think of NFTs as tokens, that exists on the blockchain, and can prove the ownership of any digital asset. How would you prove that you own a particular digital land in the Metaverse? An NFT will prove it. Nowadays, it is being used to buy or sell the ownership of memes. NFTs can be used to verify the tickets to a concert also. If someone holds a virtual concert in the Metaverse. It is something that some singers have already done it. Virtual reality concerts. In it, they get up on a digital stage and perform, and you see them as animated figures and see them perform. It can be used there as well. Last year in September, singer Arianna did this by virtually performing in Fortnite. 

When we can get Metaverse?

Although all these technologies exist individually on a basic level, but by combining them, and creating a true Metaverse will take a lot of time. Mark Zuckerberg estimates that it would take about 5 to 10 years, for the key features of Metaverse to become a part of the mainstream. Several experts believe that it would actually take decades, before something akin to the Metaverse could become so popular, that majority of people would be using it. Many people believe that Metaverse is inevitable. It is bound to happen someday. The next thing after the internet would be the Metaverse. But a critical question arises here. Will this Metaverse be successful?  

Is there a demand for it? Does anyone want it? And it is a very interesting question. Because if you look at the technologies like Google Glass, there were a lot of efforts put into making it popular around 2014, Many celebrities went around wearing it, it was handed out to influencers, people made tech reviews of it, showing how cool they were. But eventually, the Google Glass was a flop. There are many reasons for the lack of response. One of the reasons was that they had a battery life of 3 hours only. They looked weird. There was the issue of privacy because they had a camera. Many places had already banned them because with people wearing them, no one knew who was being recorded when. Many countries went about banning them. People couldn't wear them to certain restaurants and bars. But in my opinion, there was an even more important reason behind the failure of Google Glass. They didn't have any feature that the people truly needed. It did look very cool, a futuristic piece of technology. And the people who owned one of these, they could show-off the features of the Glass, but actual, real-life use was next to none. Anything you could do on Google Glass, you could already do it on your smartphone. And you could do it better on the smartphone. 

Whether it is looking at maps or talking on video calls, You could do it on the Glass at the corner of the lens, but why wouldn't you just take your phone out of your pocket and use it? There was basically no use case for the Google Glass. Something similar can be said about the Metaverse too. It is very cool to try it for the first time, seeing how you can sit in a 3D virtual environment and communicate with others, having 3D meetings, but realistically, why would you go through so much trouble? Everyone needs to put on the glasses, and call everyone else on the 3D setup, it's easier to simply take out the phone and get on a normal video call. It is much easier to do so. Who would go through with preparing for all of it? Same thing for meeting up with friends, You can meet them actually in real life, but even if you want to meet virtually, have a video call with them. Or talk to them via messaging.

Is Metaverse useless?

Is there something extra this special 3D world offer? The technology that is the most popular among people, Is the easiest to use. And provides a clear benefit to the user. If that's not the case, then it would be very difficult for a technology to become mainstream. Another example of it was the 3D glasses. There was a time when 3D became the latest trend. Every other film that was released was in 3D, there are many 3D pictures released now as well, but I'm talking about the time when 3D TVs were very popular too. People wanted to have a 3D TV in their homes. 

It sounds very cool. To have a 3D TV! But realistically, it was bothersome to put on glasses for watching TV. No one wants to put in so much effort. Things should be kept simple. Only the things that are simple would be successful. If you have the simple option of simply turning on the TV to watch it, you wouldn't care about 3D. And the additional eye strain and headache while wearing the 3D glasses is unacceptable for many people. This is the reason why the popularity of 3D cinema is sinking. People have started preferring watching 2D movies again. Because there aren't many additional benefits of watching 3D movies. And the feeling of being stuck with the glasses, and the strain on the eyes isn't worth it for the additional advantage of watching the movie in 3D. The second point of criticism is perhaps more significant. Do we really want to distance ourselves from the real-life so much that we forget how to live real lives? That we spend all our lives in this fake artificial world. If this virtual world becomes so addictive and immersive, somewhere or the other, people will stop worrying about the real world. It is truly dystopian. It will be very depressing. And the book that I talked about, Snow Crash, is actually a Dystopian Novel, it wasn't something to draw inspiration from. To create something of that sort. It tried to show the Metaverse in a negative light. The third problem is specific to Facebook and Mark Zuckerberg. 

The threat to privacy and data theft, I hope you found this article to be informative. Let's meet in the next article. Thank you very much.

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Thanks for reading: What is this "METAVERSE"? How the Metaverse is created? When we can get Metaverse?, Sorry, my English is bad:)