Daily Times

From Stephen Hawking to Neil deGrasse Tyson, astrophysicists and space scientists have continued to talk about the concept of the multiverse.

According to them, there are multiple universes which means the one in which the world exists is just an instance of multiverses. They are still scratching the surface but on the other hand, the world of technology has stepped into a similar but realistic concept known as “Metaverse”.

Why Recall What Astrophysicists Say? —

That’s exactly where the concept of Metaverse falls. Similar to the concept that most astrophysicists focus on while discovering the universe and the space beyond it, technology futurists and tech giants have introduced the concept of Metaverse. It is a whole new world that is composed of augmented and virtual reality where people can interact and act in a completely immersive environment or an artificially created, make-believe world.

It is basically an artificially created cyberspace where everything is based on the foundations of modern technologies like AI and virtual reality. It has got immense social and financial potential as well. Some of the most common use cases that can give you a better understanding of this idea are Facebook’s Horizon Workrooms for virtual meetings and conferences, Microsoft ‘Mesh’ to connect and collaborate virtually, and NVIDIA’s real-time simulation technology ‘Omniverse’ for the modern age of gaming.

Top Use Cases of Metaverse — Metaverse has introduced endless possibilities in various aspects but some of them are going to revolutionize the way many industries work today. Take a look at the most highlighted ones below:

Web Real-Time Communication & Conferencing – One of the most potential use cases of the metaverse is real-time virtual communication on the web. This allows people to move on from the conventional approach of communication and conferencing over wired and visual communication to immersive and real-time virtual presence at any moment and anywhere in the world. This will make things easier for the educational, healthcare, financial, economic, and governmental sectors.

Virtual Travel, Tourism & Recreation – Another highlighted use case of the metaverse is tourism. It is indeed true that millions of people travel every day all across the world. On the other hand, there are many who want to visit their favorite destinations without making any visits. That’s exactly where the concept of Metaverse becomes worth mentioning. This technology can help people to make virtual in-person visits to any destination in a 3D virtual tourism environment.

Making Money in a Virtual Social Economy – Believe it or not, the world has now entered into a new digital era that has got a lot more than just socializing with others. With the advent of modern technologies like Blockchain, Cryptocurrency and NFTs (Non-Fungible Tokens), tech giants like Meta and others are striving at their best to provide users with 3D immersive environments where they can buy, exchange, and sell virtual items with each other. People can do different economic activities in different ways within the Metaverse space. In the near future, this will include different things like clothes, food, shoes, accessories, and the things that they bought for their avatars.

Lifestyle and Entertainment and Virtual Gaming — Although virtual gaming is not at all a new concept it has now reached a new horizon with the inception of the metaverse. With this technology, people can enjoy artificially created lifestyles, entertainment, and leisure with their real-time virtual presence in these 3D worlds. There are many renowned companies like NVIDIA, Epic Games, and many others that have already made some kind of noticeable progress in this domain.

Connecting The Financial, Virtual, and Physical World

Nowadays, markets are changing with new technologies. These new technologies are affecting different aspects of our lives, starting with our way of relating and even economic activities. Today we can do different economic activities in a very different way than we used to know.

Therefore, one of the most highlighted and focused elements to consider is the huge financial potential within this technology. Not only people can use their real money to invest, spend, and generate considerable returns but they can also make use of digital currencies to get their hands on anything in the form of NFTs.

Keeping this in mind, the majority of industry experts and critics have come to the point where they expect Digital Economy to become a distinguished reality soon. It will facilitate the trade and exchange of assets between multiple users across different channels within the metaverse. For example, you can buy or sell an NFT object from one platform and trade it on another platform in the metaverse. On top of all, the economic potential within this whole new idea is all set to unleash unimaginable financial possibilities by the integration of DeFi, NFTs and blockchain games leading to an entirely new social economy of its own.

The transition from the Iron Age to The Modern Age — The majority of tech futurists with an interest in metaverse say that the world is still in the Iron Age. According to them, concepts like Metaverse are going to give new dynamics to today’s world. Platforms like Decentraland and Somnium Space, have already started to introduce this new idea of virtual societies and economies where people are involved in transacting real money for virtual objects in million of dollars. This not only highlights the financial attributes of metaverse but also show the rapidly growing demand for it.

To sum it up, it can be easily said that metaverse has already shaken the world with new ideas and possibilities. Tech giants are continually investing their time and money to win this tough contest and become the market leader in the world of the metaverse. On the other hand, end-users are also willing to adopt this new way of life where everything is artificially created and exists virtually in the real world.

The writer is a freelancer and an NFT enthusiast. He can be reached at salman4pk@yahoo.com