Hash Notes

What is Metaverse?

The Metaverse is popular worldwide, with many definitions representing diverse opinions. To quickly define the meaning of Metaverse, we must think of a three-dimensional web powered by virtual reality (VR) and augmented reality (AR). The Metaverse is persistent, self-sustaining, infinite, interoperable, and in real-time, and these features are its key characteristics.

Persistent means it exists regardless of the user’s physical presence.

Infinite supports countless contemporary users and VR worlds.

Self-sustaining means that users can earn within the Metaverse and pay for their utility.

Interoperability helps users move their virtual items, including avatars, from one Metaverse project to another.

Real-time allows users to relish live experiences.

Use Cases:

Remote work

Remote Learning

Healthcare

Online gaming & Monetization of In Game Resources

Virtual Reality / Virtual Life / Travel / Virtual Tours

Virtual businesses / markets

Expansion of social media platforms

What are the top technologies powering the Metaverse?

blockchain, augmented reality, artificial intelligence, the Internet of Things, and 3D reconstruction

Blockchain and cryptography

Blockchain technology is crucial for the development and constant evolution of the Metaverse. With blockchain, enterprises can build decentralized and transparent solutions to provide digital proof of ownership, digital collectability, value transfer, and interoperability.

Moreover, cryptocurrencies act as a medium of exchange to support the transfer of value between users while exploring and socializing in the 3-D virtual space. For instance, gamers on popular games like Decentraland require native digital currency MANA to buy virtual land and other accessories to continue playing games.

We are most likely to see a future where people contributing to the development of the Metaverse ecosystem will receive incentives through cryptocurrencies, similar to how miners are paid for validating transactions and adding preceding blocks in the blockchain. Seeing such possibilities, we can expect breathtaking innovation related to a blockchain-based Metaverse in the future.

3-D reconstruction

3-D technology is not new, but it has become powerful over time with multiple iterations. The implication of 3-D reconstruction has increased in many industries, especially real-estate businesses.

Due to long shutdowns and social distancing practices, people missed in-person visits to the properties they wanted to buy. As a solution, real-estate agencies adopted 3-D reconstruction technology to take potential buyers on property tours without forcing them to come in person.

Much like the Metaverse, 3-D reconstruction facilitates the creation of a natural environment where the users can navigate using their avatars to check out the replica of a physical building or object. To further intensify their experience, developers combine 3-D with 4K HD technology.

Artificial intelligence

Artificial intelligence (AI) is widely applicable in our day-to-day lives: business automation, strategies and planning, facial recognition, faster computing, and much more. Likewise, AI has enabled the creation of immersive virtual spaces.

Regardless of the project (gaming, commercial, or general niche), AI is adding value to the Metaverse in many ways:

• Data processing and management have become easy and faster with AI.

• For gaming in the Metaverse, AI empowers nonplayer characters in different instances, improving their actions and interaction.

• AI technology analyzes 3-D scans and images to generate more realistic avatars that align with the real participant.

• The technology is also crucial to make the entire Metaverse process more dynamic so that the user experience is enchanting every time they enter the space.

Augmented reality (AR) and virtual reality (VR)

AR and VR are crucial to Metaverse because they give users an engaging and immersive 3-D experience. These two technologies are the entry points to a virtual world, Metaverse, or similar digital spaces. But what’s the difference between AR and VR? Let’s define them.

AR utilizes visual elements and graphical characters to morph the real world. AR-based applications allow users to view their surroundings through attractive digital visuals close to what we enjoy in games like AR Dragon and Pokemon GO. Anyone with a digital device and a smart camera can access AR applications.

VR differs much from AR, and it resembles Metaverse’s concept. It creates a complete computer-generated digital world that users can explore using VR headsets, gloves, and digital sensors.

The initial capabilities of VR and AR represent the early model of the Metaverse. These technologies are becoming more mature with time and may redefine our digital experiences in the future. AR and VR have produced much hype that has encouraged big tech giants to invest in equipment development to accommodate futuristic Metaverse projects.

Internet of Things (IoT)

IoT, as a system, bridges the gap between our physical world and the internet, enabling the sending or receiving of data through sensors. For the Metaverse, the IoT collects from the physical world and renders items into virtual space, which increases the accuracy of digital representations. IoT data feeds can determine the functioning of objects within the Metaverse based on the changing environment and other instances.

IoT technology seamlessly connects the 3-D virtual world to real-world devices and enables the recreation of real-world processes in a digitally interoperable infrastructure. To further upgrade the Metaverse ecosystem, IoT can use AI and machine learning technologies to manage the data it accumulates effectively