Denis Jakus

making tech less cryptic

CTO x Unique People

Denis Jakus

making tech less cryptic

CTO x Unique People

CTO Note

What Metaverse Means3 min read

15 October 2023 Other
What Metaverse Means3 min read

In a rapidly changing world, the concept of the Metaverse has gripped the collective imagination. But what exactly is it, and why is it so challenging to define? Let’s unpack it!

What is the Metaverse?

The term “Metaverse” is a fusion of two words:

“Meta,” meaning above or transcending, and
“verse,” a short form of the universe.

Essentially, it’s something that transcends our universe. American writer Neal Stephenson coined the term in his 1992 novel “Snow Crash,” the Metaverse envisions a digital world where people live as avatars, akin to the world of the movie “Avatar.”

The Metaverse in a Nutshell

Only a decade or two ago we had the cyber space. But since we can interact, virtually with anyone, it converged into some Metaverse.

The idea of the Metaverse combines our physical universe with multiple virtual metaverses that exist today. The grand vision is to unite these metaverses into one interconnected universe, expanding infinitely like our real universe. Work, life, socializing, shopping – you name it – will all have a place in the Metaverse. Movies like “Ready Player One” offer a glimpse of what the future could hold.

Phases of Metaverse Creation

Some certain preconditions or phases have to evolve to establish the Metaverse, just like the Internet way back then had to go through certain phases. Each day those phases are being pushed further.

These include:

  • gaming experiences,
  • 3D technologies like VR and AR,
  • high-speed internet,
  • the Internet of Things (IoT),
  • blockchain,
  • cryptocurrencies,
  • NFTs,
  • Web 3.0, and
  • AI

We’ll dive into these technologies in separate CTO Notes since they deserve a closer look.

Metaverse: The Building Blocks

Blockchain forms the backbone of Web 3.0, cryptocurrencies, and NFTs, essential for acquiring digital products within the Metaverse. These elements are the core of the digital economy, enabling the movement of digital products across different metaverses.

With Web 3.0, you are not merely a passive user; you’re an active participant. Your data, your online identity – these belong to you. No more surrendering your digital footprint to corporations. Instead, you own, control, and even monetize your data. Web 3.0 is rooted in the principles of complete decentralization it’s built upon open-source architecture, accessible to all. Blockchain technology. With blockchain, trust, security, and transparency become integral, allowing Web 3.0 to thrive without intermediaries.

Notable Metaverses

Some of the most renowned metaverses today include:

  • UE Fortnite,
  • Roblox,
  • Sandbox, and
  • Decentraland

Real-World Examples

The Metaverse isn’t just a concept; it’s already here. Real concerts, like those by Blackpink, Marshmello, Deadmau5, Travis Scott, Ariana Grande, David Guetta, and Justin Bieber, have taken place in virtual spaces. Iconic DJs like Deadmau5 have even launched their Metaverse platforms: PixeLynx; which is all about the music metaverse ecosystem. Just recently it was bought by Animoca Brands. Fashion weeks and companies like Nike have entered the Metaverse arena by acquiring a company that created virtual sneakers, underscoring its growing influence.

Recap: Metaverse Essentials

In a nutshell, the Metaverse is a decentralized internet where you own your digital assets, represented as NFTs. Avatars are your virtual alter egos, and different metaverses are compatible and interoperable. Digital assets, powered by blockchain technology, are the lifeblood of the Metaverse. Metaverse is active even when you’re offline. It’s about mixing real and digital life, with socialization as the keystone to extending our reality.

Cheers,
Denis J.

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