Metaverse Technology: A New Iteration of Internet

The sudden hype of the Metaverse reflects on our desire to live a separate life on the internet, where we can go about our daily lives and routines in the way we want without judgment, while also showcasing other network users our NFT collections, our property, our clothes, avatars, and many other collectibles.

The Metaverse is a virtual world, which, if existing on a decentralized network like Decentraland, will always exist and is not dependent on the health of a company, as Epic Games could one day go bankrupt. All the progress and achievements on games like Fortnite disappear. We’re starting to see celebrities like Ariana Grande and Travis Scott do virtual concerts within Metaverse worlds, where only ticket holders will have exclusive access to the event. This is just the start of the real world integrating itself with the Metaverse.

Does the Metaverse Already Exist?

Anything that you can imagine can immerse itself into the Metaverse, and the more the recent hype grows, the more network effects take over and lead to a mass influx of users. The sudden hype of the Metaverse reflects on our desire to live a separate life on the internet, where we can go about our daily lives and routines in the way we want without judgment, while also showcasing other network users our NFT collections, our property, our clothes, avatars, and many other collectibles.

The Metaverse is a virtual world, which, if existing on a decentralized network like Decentraland, will always exist and is not dependent on the health of a company, as Epic Games could one day go bankrupt. All the progress and achievements on games like Fortnite disappear.

We’re starting to see celebrities like Ariana Grande and Travis Scott do virtual concerts within Metaverse worlds, where only ticket holders will have exclusive access to the event. This is just the start of the real world integrating itself with the Metaverse. Anything that you can imagine can immerse itself into the Metaverse, and the more the recent hype grows, the more network effects take over and lead to a mass influx of users.

How does blockchain affect Metaverse?

The Metaverse already exists, though it is not even close to full development. This is a flexible world where development is never complete, similar to how Earth is always evolving. Decentraland is a great example of a decentralized metaverse, where there is a limited amount of land for users to buy using the MANA token. Upon purchasing land, users can develop the land as anything they want. They can build a shopping plaza, a home, a monument, or even leave it undeveloped as a pure investment on property in Decentraland. Blockchain allows the Metaverse to be fully decentralized and allows for frictionless economic activity within the world.

ETH is the native currency to most Metaverses and NFTs. As a decentralized currency, it allows users to maintain trust in peer-to-peer transactions over the internet that never would have been possible before blockchain technology. Entire economies can be supported within metaverses because of this trust. Shopping within Metaverses will allow users to meet up with friends, and walk into malls and plazas and see levitating clothes that they can purchase from the store for their avatar. This is a massive opportunity for existing luxury clothing items like Gucci, Louis Vuitton, Prada, and more. If they can successfully create digital clothing for avatars, their businesses will flourish.

If these clothes are minted as NFTs and sneak royalties into each sale, they will create generational wealth for many people as designers now have equitable access to their work and profit off each sale. This idea of a metaverse is totally foreign to some. Still, it is inevitable in the minds of the world’s smartest, as we’ve seen people like Anthony Pompliano, Mark Cuban, and Gary Vaynerchuk advocate for the growing industry and even mint their own NFTs.

As web 3 grows alongside existing and future metaverses, users will pour into this brave new world, and some metaverses may even have GDPs equivalent to entire countries. As you can see, the sky’s the limit here, and exponential growth is on the horizon. Technology has a history of replacing itself, and it will not stop this trend anytime soon. Generally, technologies are developed, and mass adoption and network effects lag by a few years, so we are certainly entering a new phase in Metaverse adoption soon.

Users will maintain anonymity if they wish, so that automatically reduces intrusive third-party eyes. As well, search history in metaverses will likely be stored on distributed ledger technology such as Filecoin, meaning no government entity can order a service provider to hand over search history information. It allows people to live an entire second life in complete anonymity and express themselves in whatever ways they want. The generations growing up with phones in their faces at age five will certainly understand the value of the Metaverse, so expect mass adoption soon, and do not be late to the party, it is not a party you want to miss!