5 ways Metaverse technology will change our world

It is funny how we pick up on things so quickly, rather easily. Be it Artificial Intelligence or Machine Learning or NFTs or cryptocurrency or AR/VR, we humans have accepted these latest technologies with open arms the moment they came into our lives. Now, take, for instance, the metaverse, the internet is abuzz with this word. Talking about the net, incidentally, the metaverse is like stepping inside the internet. Believe it or not, within a matter of a few months, $10 billion has been invested in metaverse technology by Meta. And by 2024, the metaverse’s market will reach around $800 billion. Here is our take on the future of Metaverse. So, as we step into the metaverse, which translates to beyond the universe, let’s find five ways in which this concept will transform our world in the near future.

5 ways metaverse will change the future

1. The immersive life

The technologies used to build the metaverse will provide an immersive experience that is unheard of. Although in its nascent stages, the metaverse, is an ambitious project that will provide the users with an up-close and personal learning experience of anything present under the sun. For instance, sitting in the comfort of your home, you will be able to watch and feel a football match taking place in Madrid’s stadium, as though you are physically present there. In one of the biggest updates pertaining to this field, Disney patents the metaverse technology for its theme park. This will track the visitors while projecting personalized 3D images for them. “Our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse,” said Bob Chapek, CEO Walt Disney. This brings the company a step closer to creating its virtual world simulator for the theme park. Living an immersive life will be a way of living in the future, and the metaverse opens up these doors for us.

2. Virtual Concerts and exhibitions

The art and culture sector is revamping itself, and how! Meeting people virtually, when you are physically at your home and for that matter anywhere on earth, is no longer a dream of the distant future. This change has already begun. Concerts held on metaverse are making artists a millionaire. When the Fortnite concert began, it instantly become a hit. Dressed the way they want, fans from any part of the world, were able to attend the concert virtually. One of their earliest concerts was attended by 11 million people. Soon, artists like Travis Scott, Marshmello, Ariana Grande, Justin Beiber, and others, set foot in this virtual world. A few months back Travis Scott, an American rapper, performed his first concert via metaverse. Fans who attended the immersive concert raved about the experience tagging it ‘surreal and spectacular’. And like in the actual gig, fans here can buy merchandise and live the life that they dream of.

Urban Break 2021, Asia’s largest urban art fair, which took place in August 2021 at COEX, revolutionized the cultural experience of the people. They used ‘ifland’ SK Telecom’s metaverse portal to exhibit artists’ work. Art and culture all across the world are getting their due credit as people are showing interest in understanding it. With COVID shutting a lot of doors for travellers, art and exhibition enthusiasts, technology like the metaverse will come in handy for people like them to continue their passion and bridge the gap.

3. The virtual yet real estate

In all fairness buying property in the metaverse is just like buying houses in the real world. Just that in the metaverse, the real world exists in 3D. Properties in the verse are going on sale and selling just like hotcakes. In the metaverse, although the risks are high, the rewards are even higher. Just last year, real estate sales in the metaverse reached $500 million, and studies suggest this number will double this year. On the same lines, taking real estate to the next level is Metaverse Property, a leading virtual real estate company offering exposure to this burgeoning industry via the Metaverses. Their mission is to build better places to call home begins with doing what’s right. 

Creating a jaw-dropping concept in this arena is Republic Realm, a leader in metaverse and NFT innovation and investment. Recently they paid almost $4.3 million to purchase a mammoth land on Sandbox, the largest real estate platform. Thinking beyond imagination, Republic Realm is creating a luxury, master-planned real estate development in the Sandbox named Fantasy Island. Reports suggest that 90 per cent of the land is already sold. Real estate in the metaverse is one of the segments whose outreach grow beyond boundaries. Investing in this concept is surely futuristic. Buying land in the metaverse is legit like securing your future. But the golden rule is to research thoroughly before spending the money.

Investors are paying million to own a virtual land in the metaverse

4. Dating on the flipside

Online dating has always been a huge concern for many. They do want to meet a nice partner but look at the amount of work that goes behind just one date. Not to mention, the seeping tension about the genuineness of the person who you are about to meet. Technology creates magic, and magic is what you need when you are dating someone. The lockdown and outbreak of COVID made the dating scene quite tacky and at times, scary as well. Several dating apps, put their best foot forward to end this problem. Tinder, an online dating app, has been in this business for a long time. Taking a cue from the buzz around metaverse, Renate Nyborg, CEO Tinder, at the recent conference announced that they are “exploring how to blur the boundaries between offline and online worlds”. 

Bumble is also setting foot into the race of integrating the metaverse, Web 3.0, and online dating. This move will create new engagement, participation, and creator models. On November 10, 2021, during Bumble’s third-quarter earnings call, Tariq Shaukat, President Bumble, said, “On the metaverse piece, we’re really taking a Web 3 lens on this, in particular, meaning we are – I’m sure somebody will build a more virtual experience and we will happily engage and be there when they do that with avatars, etc. But what we think is really interesting in the near term is the application of blockchain and crypto in general to the experience that our communities have. Fundamentally, we are not just an ecosystem, but we are a community of people.” Dating in the metaverse will not make meeting people ‘more real’, but it will give them a chance to be themselves.  

Online Dating apps like Match, Tinder, Bumble, and others are working on making ‘swipe right’ a dream come true in the metaverse

5. The games that we play

Be it Minesweeper, Mario, Roadrash, Unreal, The Lord of the Rings Online, or any other online game; the gaming segment has always made sure to capture the mind and soul of the audience. And the inception of the metaverse has given the gaming industry a look that was never imagined. In the metaverse, gaming will almost be social, as though you are playing it in the real life. Secondly, the experience is flexible and more immersive, as the gamers can transform the game as per the convenience. Another thing is, play-to-earn will gain a lot more momentum. The assets won by players can be sold off for cryptos. Here Virtual Reality (VR) will play a great role. It is said that 59 per cent of the industry believe that VR will dominate the gaming segment.  

Eyeing the boom in the metaverse, Spire Animation Studios raised $20 million in the funding round. Epic Games pitched in this round to collaborate and build a metaverse experience. “Meta-distribution, where audiences engage with stories before, during and after film release, has disruptive potential,” said Spire CEO and co-founder PJ Gunsagar. “Audiences will live and interact authentically and persistently with characters and worlds without having to wait years after a movie’s release. Story-living through VR, AR and metaverse experiences is the future.” 

Final Thoughts

The kind of traction this technology is getting is simply stunning, and why not? It is here to potentially create a whole new world in our already existing universe. The metaverse is giving the segments like gaming, dating, fashion, real estate, art, and others, an opportunity to grow beyond boundaries. The science fiction movies that we saw is about the come true, thanks to the metaverse, a realm that creates the future while we are in the present. Barely a toddler, this concept is here to create waves and stay for years to come. Let us know in the comments section, how according to you will metaverse will change your world?

What is metaverse, and where are we headed ?

We humans are social animals, we mean, most of us are. And we do yearn for social connections. In literal terms, it means a feeling that we belong and are connected to a group, where a lot of emotions are involved. With technology, all this has been possible, giving us a chance to explore the unheard of. Now, as technology progresses, the phenomenon of social connection will have a new face. Rather it already has. Welcome to Metaverse – the next evolution of social connection. 

Wouldn’t it be just awesome to sit in the comfort of your home and meet up for coffee with your friend who lives on a different continent, walk through quaint lanes of Oslo – while you are working in say Delhi, or just get over your frustration by killing a monster? Well, to do all of this at one time is quite difficult in the real world. But this is what Mark Zuckerberg promises in the metaverse. In this article, we will have a look at the origin of the metaverse, what it means, how does this world functions, the tech support it requires, and much more!

Metaverse - The future of technology

Meta – what? The origin of the metaverse

“Today, I think we look at the internet. But I think in the future you are going to be in the experience” – Mark Zuckerberg

Technologies like Augmented Reality (AR), Virtual Reality (VR), and others, are helping us be a part of the virtual world experience. But the metaverse is a completely different ball game. So, in essence, the metaverse is an amalgamation of the words ‘meta’ and ‘universe’. Meta, which means beyond, give a whole meaning to the metaverse, that is beyond imagination. In totality, the metaverse is a network of 3D virtual worlds whose focus is on social connection.  
Some might say that the word metaverse only recently existed. But the reality is, it was devised by Neal Stephenson in his 1992 novel Snow Crash. This science-fiction novel is roughly about Hiro, touted as the protagonist, who sells pizza for the mafia, and in his spare time, this nerd loves to sword-fight in the metaverse, something known as the parallel universe. Post that, there are a few other movies and novels that spoke about this technology, but what gave it a moment was the Connect 2021 conference, where Mark dropped the news of the ambitious metaverse project. The metaverse, in short, will give us the power to express ourselves better, explore further social connections, and experience the world with a lot more originality. 

Giving us a clear idea of what metaverse brings to the table, Mark in a founder’s letter said, “In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop and create completely new experiences that don’t really fit how we think about computers or phones today. We made a film that explores how you might use the metaverse one day.” He further added, “The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this.”

Metaverse: Powered by different applications and technologies

The metaverse development is a bold project which will take some time and a lot of innovative technologies. Known for creating an artificial yet real environment, metaverse uses a combination of technologies like AR, VR, IoT, blockchain, AI, cryptocurrencies, 3D reconstruction, and others. For instance, the application of IoT will make the metaverse smarter. IoT will provide valuable data from the real world, which in the process increases the accuracy of the metaverse. With the use of these technologies, the Meta team is working on displays, audio, mixed reality, eye tracking, haptics, hand tracking, input, sensors, graphics, computer vision, perceptual science, and others.
Metaverse - The future

1. AR and VR

Metaverse is known as the future of AR and VR. And what these technologies will do is provide a gateway to enter the magical yet real world of the metaverse, also known as the embodied internet. What AR will do is provide you with an enhanced and virtual version of the real world. This is achieved through the use of visual elements, sound, and other sensory stimuli delivered through technology. While VR lets you deep-dive into the 3D virtual environment by using 3D computer modelling, each technology has a great role to play. 

Touted as ‘Project Cambria’ by Meta, it is said this venture will surely push the boundaries of the existing technologies. Project Cambria is a high end virtual and augmented reality headset. Meta informed that this will power the avatar to make natural eye contact and reflect your facial emotions in real-time. This device will be realized in the running year, and it comes with better face tracking, color-pass through mixed reality, and a great lens.

2. 3D Reconstruction

This technology is a process through which the true essence and appearance of real objects can be extracted. 3D reconstruction gained weight especially during the pandemic and in the real estate segment, as people refrained from visiting the properties in person. The global 3D reconstruction was valued at $816.6 million in 2020. And studies suggest that is bound to touch a value of $1292.22 million by 2026. The metaverse intends to create a virtual yet real world. The 3D reconstruction technology will act as a catalyst in doing so! 

3. Artificial Intelligence (AI)

The application of AI in today’s world is commendable. Come metaverse, and AI will again show its worth. This technology helps in understanding human capabilities – reasoning, communication, planning, understanding, and perception. Combine this with Machine Learning (ML), and it will leverage it to revamp the concept of learning from previous iterations taking a lot of scenarios into consideration. AI will make metaverse more inclusive, it will help make the avatars more life-like; pair it with 3D reconstruction, and it gives us a better picture of our environment. 

In short, with metaverse, AI can act as an agent that augments our experience, helps in better communication and allows the system to be empathetic, whilst providing a better user experience. For instance, Observe.AI is the world’s first Intelligent Workforce Platform that revolutionizes contact centres by using AI to optimize the customer experience, boost agent performance, and surface insights in seconds that lead to a better customer experience. This experience will give metaverse users a rich experience and a sense of living in the real world even while they stay in the comfort of their homes. 

4. Blockchain and Cryptocurrency

Blockchain provides decentralized and transparent solutions for any transactions that will take place in the metaverse. While cryptocurrency will allow the users to buy, purchase, or sell, their work in the virtual world. The key advantages of incorporating these technologies with metaverse will offer transparency, proof of ownership, adequate governance, interoperability, and will safeguard the trust of the users. Studies suggest that cryptocurrency has all the abilities to become the official currency of the metaverse. App-Scoop embraces this growing blockchain trend by developing new digital products that will transform the future generation. 

Where are we headed?

Let’s face it – metaverse will surely be our present and our future too. As we head into our future, social connections will still be on the priority list. These social connections although virtual will surely be immersive. That’s where we are headed – a world beyond imagination.  And the opportunities metaverse will create will certainly revolutionize the world. App-Scoop’s motto is to stay abreast with the latest technologies and provide a seamless world to our customers. To understand this world better, do tag along with us, this journey will surely be amazing. https://www.app-scoop.com/contact-us.html

Top NFT Trends to watch out for in 2022

The idea of Non-Fungible Tokens (NFTs) did raise some eyebrows, but the kind of show it has put up in the year 2021, or before is quite commendable. Let’s talk stats, the NFT trading volume added to almost $11 billion in Q3, per week NFT sales touch millions, OpenSea’s trade is surmounted over 800 per cent, the most expensive NFT was sold for $532 million; these numbers are just the tip of the iceberg, there is a lot that NFT has to offer this year as well. As we usher into 2022, we will surely see NFT growing beyond imagination. As it does, we find the trends that will get leverage in 2022 and beyond.

1. The confluence of metaverse and NFTs

“We believe the metaverse will be the successor to the mobile internet. We’ll be able to feel present – like we’re right there with people no matter how far apart we actually are,” said Mark Zuckerberg when he unveiled metaverse. So, when it comes to metaverse – privacy, legitimacy, and safety, could be the biggest concern, as it allows everyone to exist in the digital world.

Metaverse gives us a chance to connect with people. Using AR, blockchain, and VR, a digital and simulated environment is created giving all a rich experience of the virtual yet real world. Such experience can benefit all to purchase or sell digital assets, art, etc., and safeguard it for lifelong. And when it comes to giving value to digital assets, NFTs can play a big role. There is a hush-hush, that NFTs could probably become the official currency of metaverse. And why not? NFTs provide proof of ownership, tokenizing collectables, security, copyright, and other perks which everyone is looking for.

There are rumours that in 2022, retail giants Walmart has plans to drop their cryptocurrency and NFTs on metaverse. “Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” said a Walmart official. The year 2022 comes with golden opportunities, and this is where the creators should encash on cryptos, NFTs, blockchain, and the metaverse.

2. Ethereum 2.0 might go green

Since the time of its inception, Ethereum has faced the wrath of environmentalists for a creating huge carbon footprint. The kind of energy it consumes for a single transaction is uncanny. As per Statista, it consumes 238.22 kWh of energy per transaction. Moreover, Ethereum’s one transaction has a carbon footprint equivalent to 140,893 Visa credit transactions. That’s seriously harming the environment.

‘Ethereum needs to be greener,’ Ethereum’s website reads loud and clear. It is trying to become greener via staking which is for the Ethereum ecosystem. On those lines, they are taking big steps to cut down the harm they are causing the environment. This shift will happen in phases. The first step is to replace the current Proof of Work model with the Proof of Stake mechanism, termed Ethereum 2.0. This ambitious pilot hopes to make Ethereum 2.0 more scalable, more secure, and more sustainable. “Although staking will be introduced by the Beacon Chain, the Ethereum we use today will run in parallel for some time, before it ‘merges’ with the Eth2 upgrades,” stated their website.

The Beacon Chain, which lays the groundwork for future upgrades, brings staking to Ethereum, and in no time will coordinate with the new system, is up and running. The next phase is termed as ‘the merge’ where Mainnet Ethereum will unite with Beacon Chain’s proof-of-stake system, marking the end of the proof-of-work approach. This is estimated to happen sometime in 2022, and reports claim that this upgrade promises to cut down the network’s energy consumption by almost 99 per cent. The last phase will happen in 2023, and the phase is known as Shard Chains. This will improve Ethereum’s scalability and capacity. This will also keep the hardware requirements low. All said and done, only 2022 will tell us if Ethereum 2.0 will go green or not!

3. Non Fungible Fundraising

 The concept of NFT, its artists, buyers, sellers, and others are not just working for applause, they sure are working for a cause as well. Last month, embroidery artists – Katerina Marchenko, Aline Brant and Ninni Luhtasaari showcased the softer side of the NFT industry. They will soon be auctioning their NFT art piece for a social cause. The proceeds from the auction will be handed over to a charity organization Hope for the Future (HFTF). While applauding the work of the artists, and talking highly of NFTs, Andera Staundenherz, founder of HFTF said, “It’s incredible that these renowned embroidery artists, at different sides of the world, can now support our charity’s work via Orica. We see ourselves as an anchor of hope for the survivors of human trafficking. These NFTs are giving us the hope that we could fund five days a week of training in 2022. Our current budget only stretches to four.” 

Not just that, there are big names involved in this who are sharing the auctioned money as charity. Last year, Beeple, a digital artist donated $6 million to the Open Earth Foundation, by auctioning one of the arts called ‘Ocean Front’. Around August 2021, Ellen DeGeneres, an American comedian, television host, actress, writer, and producer, raised $33,495 only to donate the proceedings to a food-relief organization World Central Kitchen. There is countless amount of money that NFT has to offer. This kind of money will change the lives of the ones who are in need. Sure, this concept is only at an early stage. But the year 2022 will surely come in as a ray of new hope for many.

4. Let the games begin!

 “Give it 10 years and you won’t find a single game not being built on the blockchain,” states Kieran Warwick Co-founder, Illuvium, in a survey conducted by the Blockchain Game Alliance (BGA) 2021. NFT Gaming sure is a rage these days. With that said, Axie Infinity, Gods Unchained, The Sandbox, Sorare, etc., do these names ring any bells? Well, these NFT games were the highest-grossing games in the year 2021. Just to assert the stats, Axie Infinity became the first game to cross $1 billion in NFT sales, and currently, it grosses over $4 billion. These play-and-earn mobile games were able to keep millions of gamers on their toes. Seeing this trend, this segment of NFT attracted several investors last year. Around December 2021, as per a report published by BGA, the NFT gaming segment generated $2.32Bn in the third quarter.

Although it might seem that NFT gaming is at an early stage, it has managed to attract several investors, who are ready to put in billions more in this vertical. The year 2022, will provide a stage for several other NFT games that will give the gamers a sense of freedom and a chance to explore other grounds of this vertical. In-game items, cryptocurrency tokens, and a few other aspects are here to be explored. And not to forget, metaverse and NFT go hand in hand. In 2022, game developers should incorporate metaverse and parallelly add in NFT as tokens. Studies suggest tokenization will take NFT gaming to a different level. And just so you know, the play-to-earn games will certainly rock your world in 2022.

Image Credit: Florian Olivo/Unsplash

5. Personifying Music

This digital platform has revisualized the way the music industry functions. Tokenizing this art has provided a sigh of relief for musicians and further proves that this platform is authentic. Although NFTs are yet to seep into the music industry completely, several musicians have earned millions just by putting their work on this platform. Talking highly of this platform, Linkin Park’s Mike Shinoda recently tweeted, “Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), I would never get even close to $10k, after fees by DSPs, label, marketing, etc.” He raised about $11,000 for his first NFT. In December 2021, Shinoda instantly sold off 5,000 NFT of his Ziggurats musical collection, further giving us hope that 2022 will be nothing but melodic, courtesy of NFTs. In 2022, this space will give musicians a better chance to build a community with their fans or listeners, it will give them more power to create music that is unheard of, and could make crypto adoption easy. Platforms like The Catalog, Stationhead, AirNFTs, and others will co-exist where creating, selling, and listening to music will be smoother than jazz.

What 2022 beholds for NFT?

The rise and rise of NFTs have proved its worth time and again. NFTs with utility, music, art, real estate, official contracts, collectables, etc., is proof of legitimacy. When the problem of security and faith is solved, any concept will have a bright future. That means the concept of NFT is here to stay for eternity. The year 2022, will see the new face of NFTs. With Ethereum planning to go green, play-and-earn concept gaining traction, NFTs for good showcasing its softer side, exploring the new world of meta, giving a new dimension to fashion and music; NFTs are here to welcome 2022 with open arms. To know more about NFTs and how they can help your organization, kindly contact: https://www.app-scoop.com/contact-us.html