The last few decades indeed represented the era of the internet, but the upcoming decades will be remembered for the Metaverse. It is expected that the Metaverse will play a significant role in expanding the virtual world, making it much more interactive, immersive, as well as collaborative as compared to the internet. In spite of the fact that a huge volume of many entrepreneurs and technologies are immersing in this space, blockchain technology has come out as a technological framework that will support and, at the same time, help in the creation of a sustainable ecosystem for the Metaverse.
In recent times, we have already seen an emerging version of the Metaverse existing in the form of Gaming NFT marketplaces such as Decentraland, Roblox, Sandbox, and a number of others. A number of leading gaming companies are looking forward to building their decentralized Blockchain Metaverse projects, and they are extremely confident to enter the Metaverse space, thereby indicating that the Metaverse, as well as virtual reality, in the future. More and more investments are flowing into this space which clearly signals its bright future.
Concept of the Metaverse
Metaverse is not any certain type of technology. It is a wide shift in how we interact with technology. Different technologies included in the Metaverse are a virtual reality that is categorized by stubborn virtual worlds that exist even at the time when the user is inactive and amplified reality which merges the aspects of the physical as well as the digital world. Speaking more realistically about the Metaverse, it can be termed as interoperable that allows users to take virtual items like cars, clothes, etc., from one platform to the other. Most of these platforms possess virtual identities, avatars, as well as inventories that are mostly tied to a single platform. Still, a Metaverse might permit the users to take their avatar for the purpose of creating a persona that can be taken from one platform to the other.
Understanding the Core Values Attributed by the Metaverse
- To have a better and detailed understanding of the Metaverse and the digital avatar, it is of immense importance to recognize the core value that the Metaverse will be looking to attribute.
- Metaverse will be synchronous as well as live, and in spite of the fact that the pre-determined events will be taking place quite similarly like in real life, the Metaverse will certainly be a living experience existing for everyone in real-time.
- It can be a completely functional economy where businesses, as well as individuals, can create, invest, own, sell, and be rewarded for the work that creates value recognized by others.
- The experience of the Metaverse will stretch both digital & physical worlds, private & public networks and open & closed platforms.
- The Metaverse offers unmatched interoperability of digital assets as well as the content.
- It will be populated by experiences and content by a wide array of contributors, including a mix of independent users, informally organized groups and commercially focused startups & enterprises.
What is Decentraland?
Decentraland is nothing but a 3D virtual reality world powered by the Ethereum blockchain. Metaverse Decentraland is the largest Metaverse in the world as of now. It essentially operates as a decentralized autonomous organization and is owned by its users, that is, the cryptocurrency MANA token holders, who collectively give their views on critical decisions. Each of the virtual elements in Decentraland is owned autonomously by its users that can be bought with a cryptocurrency known as MANA.
Decentraland permits its users to create virtual buildings like homes, concert halls, theme parks, art galleries, etc. and charge other players to visit them. To date, Decentraland has hosted an array of events that includes a virtual music festival with Deadmau5 and Paris Hilton. Decentraland consists of a total of 90,601 parcels of land that are spread out over several different worlds. The Metaverse has generated total funding of about 25.5 million dollars over three rounds since its launch in the year 2017.
Now, the question that arises in this regard is the way to create a Metaverse like Decentraland. Let us now dive a bit deep into the topic to understand the entire process in a bit detailed manner.
Aspects to Consider While Creating a Metaverse like Decentraland
In recent times, it is not possible to discuss the world of games without mentioning Metaverse. Its concept in games is an interconnected virtual world universe. The tech experts see the Metaverse as the next evolution of the internet and digital space. Metaverse is undoubtedly the upcoming future which is quite clear from its signs of rapid growth in the world of gaming. Now, if you wish to create a Metaverse like Decentraland, here are a few of the major aspects to consider.
The future of Virtual reality is tied to PC, console, or standalone headsets like Quest. A number of leaps in the technology of virtual reality are seen with Oculus that translates physical movements into virtual reality, thereby expanding its range beyond the headsets that are computer reliant with external tracking. The immersion of the Metaverse focuses more on mass-market devices with internal tracking.
If the Metaverse is considered to be the true successor of the internet, it is to be made sure to be created on open standards that will connect all the virtual experiences, meaning the Metaverse cannot be owned by a single entity. It is because of the fact that owning a Metaverse can be troublesome. The open standard lies at odds with the present business model of Google and Apple. They operate similar to walled gardens, where they have stern control of the billing and what is permitted to be published.
Delivery of Content and Infrastructure
The world of mobiles is quite heavily dependent on the delivery of content via Apple and Google. Users need to download an application, and then they get the option to make a payment. But the game streaming world is taking huge leaps in recent times. Tech giant Microsoft has launched Xbox cloud gaming which runs on mobile and is an indication of a step closer to the Metaverse vision of a smooth experience on mobile devices.
Larger Adoption of Social Features
In recent times, mobile games have seen a prolific rise in social features. Almost all modern mobile games are adopting co-op gameplay and guild mechanics. With the increasing adoption of social features, the Metaverse will be all set to become a reality in a much more effective manner.
A Decentralized Economy
A decentralized economy is required for a Metaverse to thrive. It is because of the fact that centralized economies like Apple and Google want to have control of the whole ecosystem as well as the payment structure. Cryptography, blockchain, and decentralized finance present a vision for different technological solutions which can play a significant role in facilitating a global and appropriately functioning economy for the Metaverse.
Standards Required for Creation of Metaverse
Today’s internet that we experience works on different standards and protocols for visual presentation, graphics, communication, data, etc. It underlies each of the forms that involve real-time communication between a browser and servers of the internet. The Metaverse will be requiring a more complex as well as a sturdy set of interoperability and live synchronous experience. It is required for a Metaverse to standardize some existing standards around a smaller set per function. Built on open standards & protocols, much of the web is closed and proprietary. Here we have listed a few of the vital key standards as well as other key components that are an integral part of the development of creating a Metaverse.
- A decentralized network of computers with high bandwidth is needed for the purpose of hosting the Metaverse. It is because of the fact that it remains beyond the control of a centralized body or any single entity. Moreover, it should be able to facilitate the transmission of decentralized data for stubborn and real-time connections.
- Interoperable as well as open standards for all media, such as images, text, audio, video, 3D items, 3D scenes, 3D applications supporting vectors, and 3D sequences, are needed.
- Smart contracts and blockchain are required for making the transactions completely secure, transparent, and permissionless.
- eXtended Reality (XR) is needed for combining real-and-virtual environments as well as human-machine interactions that are generated by computer technology with different hardware like smart glasses, VR headsets, haptic gloves, Omni treadmills, scanning sensors and industrial cameras.
- A sufficient power of computing is necessary for the purpose of supporting data processing, AI, projection, and others.
- Payment gateways are required to support exchanges of digital currency and payment across flat currencies as well as for cryptocurrencies.
- Ultimately, three-dimensional immersive simulations of the various worlds that feature real-world environments and ecosystems are necessary to build a Metaverse like Decentraland.
After reading through, it is quite clear about the required standards for the purpose of creating a Metaverse, and it is always recommended to get in touch with a professional Metaverse development company in order to obtain the best possible results.
Metaverse has gained a lot of popularity as well as attraction over the past few years. It is majorly due to connecting users from the real world to engage and interact in the virtual environment. Metaverse has already accumulated enough attraction from some of the best tech giants. In spite of the fact that the development of Metaverse is still in the budding stage, some great things are already being expected. A number of startups and enterprises have already started adapting to the Metaverse and its huge implications.
Organizations have started putting up a lot of research on consumerism that is all set to take place in the Metaverse. The Metaverse is certainly new to the world of the internet, but still, it is expected to create a huge impact on society. The new era of Metaverse of Web 3.0 is all set to open doors to innumerable opportunities along with vast creativity to open up a new platform for enterprises and startups. So, we need to wait and see what the future has in store for the Metaverse.