Ever since Facebook rebranded itself to Meta in October 2021, the concept of Metaverse has become the talk of the town around the world. Facebook is not the only player that has entered the Metaverse realm. A growing number of influential organizations, including Microsoft, Walmart, and Nike, have started exploring the Metaverse technology as well.
Metaverse has swiftly transformed from an abstract concept to a resounding buzzword, leaving many intrigued minds eager to learn more about the world of Data and AI. As it stands, the global value of the Metaverse is estimated to increase to an impressive figure of $1.5 trillion by the year 2030. This blog explains what is the Metaverse and how does it work, and how Web 3.0 technologies align with the Metaverse platform.
What is Metaverse?
The Metaverse refers to a combination of shared virtual space, merging augmented reality (AR), virtual reality (VR), and the digital realm with the physical world. It’s a concept where people interact, socialize, work, play, and conduct various activities within immersive and interconnected digital environments.
In the Metaverse, individuals can navigate digital landscapes, often using avatars or digital representations of themselves. These spaces can encompass various experiences, including gaming, social interactions, education, commerce, art, entertainment, and more.
Metaverse goes beyond isolated virtual experiences and aims to create a seamless blend of digital and physical existence. To understand how does the Metaverse works, it’s important to know about its five key elements.
5 pillars of a true Metaverse
The concept of a true Metaverse is still evolving, and different experts and organizations have slightly varying interpretations about it. Therefore, it’s challenging to establish a universal definition on how does the Metaverse work. However, some common pillars that are often considered fundamental to a true Metaverse include:
- Experience: The Metaverse offers immersive and interactive 3D environments, providing a sense of presence and engagement beyond traditional screens.
- Ownership: Users can own and trade digital assets, properties, and items within the Metaverse, blurring the lines between virtual and real-world value.
- Distributed network: Metaverse is based on distributed networks. Different virtual spaces within the Metaverse are interconnected, allowing users to move seamlessly from one environment to another, often without the need for a complete shift in technology or context.
- Shared identity: Users can establish a consistent digital identity that spans various virtual worlds, platforms, and experiences, creating a connection between the real and virtual world.
- Open governance and decentralization: Open governance is a fundamental pillar of the Metaverse. Unlike centralized platforms, the Metaverse operates on a distributed network where decisions and control are shared among participants. This democratic approach ensures that the metaverse’s development is driven by a collective effort rather than a single entity.
