The metaverse, where to start? It has been suggested that transcending the present technology requires a basic understanding of blockchain technology and the entire dynamics of how things function in the ecosystem, which would involve the financial economy, the educational system, medical systems, and government.
What is the metaverse?
The metaverse is a virtual universe that extends the dimensions of the physical world. As such, the metaverse is a virtual extension of the traditional or physical world in which we live, where we are often in physical contact with one another.
The basic intention is to replicate what people already do in their daily lives. Like socializing, shopping, or attending events. It reproduces the real world in a virtual environment, where people can interact with spaces, objects, and other people in a multi-dimensional manner.
In addition to offering a large-scale industrial workspace, the metaverse could also be used by manufacturing companies to make digital duplicates of their equipment and accessories, and groceries stores to simulate their shops in order to test them in the metaverse before implementing them in the real world. The design can then be corrected or improved before construction begins, saving time and resources.
The metaverse will not be a single platform but will be composed of multiple, interconnected sites. You can move from one to another freely, keeping the same avatars and digital objects across platforms, similar to how users navigate between websites on the Internet today.
There is no justification for living in a metaverse if it is not economically viable such that it can support the activities and financial ambitions of its users. Therefore, creating value that can be easily monetized is an essential part of any virtual world. Remember, all types of activities can take place inside the metaverse and users need an incentive strong enough to want to enter and stay in it. Competition, scarcity, supply, and demand, are the real-world economics that speaks to any of us.
This has been made feasible by the power of blockchain technology and cryptocurrencies. Blockchain-based currencies allow all assets inside the metaverse to be easily and securely created, exchanged, shared, and tracked, potentially allowing items to be seamlessly moved by its users across worlds or meta destinations.
The benefits of adopting the metaverse
Metaverse is still relatively new to the overall global view, and people still hold a high level of skepticism toward it. However, a lot has changed since major software corporations started investing in projects related to the metaverse. A typical example is Facebook’s journey into the metaverse which began in 2014 when it bought the virtual reality company Oculus.
Since then, it has been launching different initiatives related to the creation of a virtual world filled with activities. Examples of the products include Horizon Workrooms (workrooms that allow you to attend meetings through virtual reality) and Horizon Worlds (an online video game in which users can create avatars and interact with objects using virtual reality glasses).
Some of the benefits of adopting the metaverse include but are not limited to the following:
- Digitized work spaces: With a great part of the world population moving to remote work during the COVID-19 pandemic, working online is already a reality for many of people and deploying a blockchain technology for such work space would eventually create a work related environment which can transform how we work in the future.
- Creating new streams of income: The creation of metaverse is practically a massive economy where incentivising of users can create a new stream of income for the users and creators alike. Especially all those who are gamers, they can earn a living by engaging in play to earn games within the metaverse.
The Klever team is working in a systematic way to create more possibilities for all our esteemed users and prospective followers as we dive into the creative world of the metaverse with projects that would marvel the world coming from our labs in no distant future. We are indeed proud to say that the future is Klever.