The prophesied future of the Internet, the better tomorrow- Metaverse saw its rise in the first part of the decade.
Table of Contents
What is Metaverse?
Metaverse is a tightly woven futuristic dream and the brainchild of Facebook’s creator Mark Zuckerberg. It is a network of 3D virtual worlds focused on social connection. Today, it seems like something straight out of a futuristic movie.
Metaverse sells the dream of cyberspace, where it creates a new virtual reality. Meaning it will exist even when you’re not playing. Technically speaking, Metaverse is an augmented reality where the digital world meets the physical world.
Last year Mark explained his multibillion-dollar ambition as a ‘maximalist version of Facebook, spanning social presence, office work, and entertainment.’
And to think about it, Facebook has been quite profitable over the past few years, making Zuckerberg one of the most influential entrepreneurs of all time. He realized that the Internet is the greatest wealth-making development in the history of capitalism. If Mark’s vision of Metaverse turns into reality, then it can surely be the next future.
According to Bloomberg Intelligence, the Metaverse is expected to be “the next big technology platform,” and is estimated to generate over $800 billion market opportunity.
Advantages of Metaverse
To simplify the Metaversal concept, it is a representation of an immersive 3D virtual world where users can interact with different spaces as their virtual counterparts. People like you and me can move around different Metaverse spaces as their digital avatars. Users can create, share and trade their assets through this digital space. And with the growing rise of NFTs trading through Metaverse seems feasible.
Zuckerberg explains that the Metaverse will serve as a huge boon to individual creators and artists; to individuals who want to work and own homes far from today’s urban centers; and to people who live in places where opportunities for education or recreation are more limited. He predicts that a completely realized Metaverse will be something akin to teleportation.
Metaverse Short comings
Everything that looks good in the paper isn’t the most plausible idea. This proves right for Metaverse as well.
As of now the videogame aspect of the Metaverse is the only venture that makes sense since most of the money is to be made by video game makers, such as Roblox. That would warrant consumers spending
a significant amount of time wearing a helmet and glued to the screen.
The other stuff accounted for by Metaverse, theoretically, includes attending concerts in a virtual world, shopping in a virtual world and interacting altogether in a virtual world. Technically, your life and your social circle would be limited to the four corners of your bedroom leaving you with a perpetual state of solidarity.
Now, that’s no fun. Is it?
The main concern lies in the fact that Metaverse comes with a lot of nuts and it’s not very convenient. Facebook, Instagram and WhatsApp thrived in the digital space because they were ‘convenient’. It takes no time to fire up a quick text message unlike calling.
And sure, Video calling did see a rise in recent times with the onset of Covid lockdown, I feel that people are fed up with this arrangement and would prefer meeting people offline now more than ever. Having to enter a VR world just to interact with friends seems tedious, doesn’t it?
All in all, the concept of Metaverse, if not useless, is far too ambitious for today’s generation.
The market turbulence
Recently Zuckerberg saw a massive crash of 26% in meta/Facebook stock. And people weren’t shocked by it. The transition from a social media app to augmented reality seemed a little jarring even for a tech giant like Meta/Facebook. The company is set to invest well over $10 billion on an ambitious project with a concept that people are apprehensive about.
And sure, Facebook’s shady past about privacy breaches and hate-mongering doesn’t help the situation a bit. The market is nervous about the unforeseen transition and it’s evident.
As predicted earlier by Astro strategist Hirav Shah, a mighty tech company, in this case, Meta/Facebook, who saw great affluence without a concrete vision, feels like a pack of cards. The ambitious dream of Mark Zuckerberg has turned into a proverbial nightmare as stock prices continue to decrease at an exponential rate.
The fate of this huge conglomerate remains a mystery- concludes business development expert Hirav Shah.
About Hirav Shah
Hirav Shah is an eminent Business Astrologer and Entrepreneur, who can help you reach new levels of success in the coming year. Shah’s unique practice mixes the fundamentals of Astrology with Business Principles, thereby introducing you to a whole new dimension of affluence.
Hirav Shah has an astounding global presence with clients based across various business sectors. He is a big believer in taking massive action, has formulated strategies and made the right strategic bets based on the certainty of outcome to help some of the world’s most renowned brands.
From business setup and expansion to crisis and exit, he can give you a strong Astro based analysis on where to apply leverage and where to cut losses.
Frequently Asked Questions
What does metaverse mean?
Metaverse is a virtual reality space where users can interact with each other in a virtual or computer generated environment. It is a more realized version of the internet that assimilates a network of 3D virtual worlds meant for social interaction.
Does the metaverse exist?
In essence metaverse exists, but not in physical form. According to Zuckerberg, metaverse serves as a computing platform to live a second life online.
The concept of metaverse isn’t alien. Infact, video games like Fortnite & Roblox have been using this technology to expand its consumer base.
What is metaverse and how does it work?
As explained in the above article metaverse is a network of 3D virtual worlds focused on social connection. It is a representation of an immersive 3D virtual world where users can interact with different spaces as their virtual counterparts.
Here users can interact with each other, create, share or trade assets and lead a virtual second life.
What is metaverse and NFT?
Metaverse is a network of 3D worlds meant for social interaction online. It uses VR (Virtual Reality) & AR (Augmented Reality) to create a digital space.
Whereas, NFTs or Non-Fungible Tokens are non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.
Both metaverse and NFT deal with digital assets and are dependent on each other. The metaverse will allow people to showcase digital forms of art and property, and NFTs will allow them to put a price on that content with proof of ownership.
What is the metaverse in crypto?
Metaverse is a digital avatar-based universe. Since metaverse’s real purpose is for social interaction, trading digital assets and replacing the physical world, the importance of virtual coins is very significant.
Cryptocurrencies are ought to be used incase of any metaversal transaction, which includes paying for NFTs, virtual real estate, avatar shoes, and more.
Is metaverse built on blockchain?
Web 3.0 is the foundation of the metaverse. It will consist of blockchain-enabled decentralized applications that support an economy of user-owned crypto assets and data.
Can I invest in the metaverse?
Yes, you can invest in the metaverse through an ETF, or exchange traded fund. ETF’s are diversified, so it can greatly reduce volatility, which moderately resolves the risk factor in these type investments.
Investors can also invest in the Roundhill Ball Metaverse ETF (META) fund directly through their brokerage account.
How does metaverse make money?
If everything goes well, metaverse plans to make money through advertising and sales of virtual goods.
