THE FUTURE OF THE METAVERSE, WEB 3.0, AND NFTs

This article is written in layman’s language with the simplest words to make it understood by all who come across it.

The Metaverse, web 3.0, and NFTs are concepts that have become very familiar in recent times; the possibilities it brings forward are really exciting. Imagine creating digital proof-of-ownership on your real estate assets, avatars peculiar to your personalities, or being able to make secure transactions or transfers using blockchain technology. It will also reduce thefts, unnecessary taxes, and illegal duplication of documents due to its decentralized, secure, and proof-of-ownership protocols

The Metaverse can be illustrated as a virtual world that people can access via VR headsets, and I believe there will be an upgrade of such headsets in the future that will make access to the metaverse more exciting. You can carry out real-life activities like shopping from a store in the virtual world, and the items will be physically delivered to your doorstep. The use cases for the Metaverse will be felt across different industries in the future, such as the creative (arts), commerce, healthcare, music, and fashion industries. Users would be able to access the virtual world via headphones and gaming consoles, mobile phones, personal computers, and other digital devices.

METAVERSE, WEB 3.0 AND NFTs?

The Metaverse is an exponentially growing simulated environment that combines technologies like augmented reality, virtual reality, and mixed reality to create spaces for rich social interactions among its users while also mimicking the real world. Hence, it is a combination of the real world and virtual worlds. In the Metaverse, people will be able to create their worlds how they deem fit based on their experiences and knowledge.

NFTs are simply non-fungible tokens, meaning they are not interchangeable and are stored on a blockchain. NFTs convert digital artworks and other collectibles into uniquely verifiable assets that are easy to trade on the blockchain. They are also used to identify or represent ownership of unique items such as artworks or even collectibles. The creator of an NFT can decide how many copies of it will exist and can also create shares or fractionalized NFTs from the main NFT. Likewise, NFTs can be an avenue for purchasing and renting arts and royalties.

Web 3.0 is like the base or the foundation for both the Metaverse and NFTs and efficient running of the Metaverse. Web 3.0 is a tool used to control how we manage data and exchange money; it is an evolution of the approaches users can manage their digital assets. 3.0 users can create their choice's content with the web and monetize the generated assets. The use cases for web 3.0 include immersive social networks, decentralized finance, private messaging, decentralized storage, secured financial transactions, and safe and secure browsers.

THE FUTURE OF THE METAVERSE AND WEB 3.0

Although popular, the Metaverse and web 3.0 are yet to be fully explored. There are still limitations and advancements to be made in order to ensure that users get the full experience while using them. The definition of what counts as money in the Metaverse may be different from what we know as money in the real world. The existence of interoperability will offer users the ability to interact in different worlds within the Metaverse. For instance, if you create an avatar for Facebook, you just might be able to interact with it on Twitter.

The Metaverse should be sustainable and built on concepts like;

●       Data sovereignty, privacy, and governance as per the global and local standard

●       There should be diversity and respect for everyone, irrespective of any bias

●       It should be universal, open, and interoperable

●       Decentralization and data ownership

●       Accuracy

●       Careful onboarding of stakeholders and value providers

WHAT ROLE DO INTEROPERABILITY AND STANDARDIZATION PLAY?

It would harmonize the various technological building blocks at different stages of development and ensure that various services in the Metaverse are interoperable. The 5G network will increase technological maturity and improve bandwidth while reducing saturation and latency.

Interoperability helps avatars to switch freely from one Metaverse project to the other and explore various infrastructures just like humans do in reality. Outfits purchased from one Metaverse project can be used in various projects as well.

Also, interoperable Metaverse projects can benefit from the services and features of other Metaverse projects. For instance, a project can utilize other decentralized Metaverse project smart contracts to run their specific decentralized apps on the Metaverse.

A Metaverse project can use other Metaverse projects' unused hard disk space [if the project allows it] through interoperability. The extended storage will help the decentralized network extend its capacity to save more files and data.

Players can switch from one Metaverse to another and also get to participate in whichever one they choose to. Gaming collectibles can also be acquired across different Metaverse.

PROPOSED ADVANTAGES OF THE METAVERSE

●       Reliability and transparency

●       Accessibility for everyone

●       Personalized user experiences

●       Uninterrupted services

●       Incentives for various creators

●       Increase in IoT devices

●       Immersive and emotional experiences for people, places, and things. Beyond observing, it will be seen as living in the moment (blurred reality).

●       There will be new opportunities for rebranding; brands will be able to create digital versions of their products in virtual worlds and put them on display, enabling users to gain a close the real experience of viewing and checking the specifications of the product

●       There will be a virtual economy created due to the virtual world; this economy will serve as the ideal platform for exchanging digital tokens with real economic value. There are also capabilities for introducing new trade activities and jobs in the shared virtual spaces and the real world.

LIMITATIONS OF THE METAVERSE

There might be a need for advanced technologies for people to access and participate in the metaverse activities fully. Although the Metaverse is speculated to be open to everyone, not everyone will have access to the kind of advanced technologies required to participate fully in the metaverse. For instance, fast internet connectivity is the basic requirement for involvement in the Metaverse world and Metaverse projects as well. Also, the limitations of the Metaverse include the need for advanced communication tools and gadgets such as high-end virtual reality headsets that not everyone can afford.

Concerns about privacy and security implications have also been raised; centralized finances have always been criticized due to the involvement of third parties and exposure of users’ data. However, the Metaverse might also bring issues relating to privacy and security for individuals as well as institutions.

Addictions to the virtual world can also withdraw people from real-world experiences; Simultaneously, this can be seen as an advantage. It can also negatively influence how people perceive real-life relationships and interactions.

What do you think about the web3, metaverse, and NFTs? Where do you see it in the next 5yrs?

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