What is happening in the metaverse, which emerged with the development of blockchain technology? In this article, we will be answering the questions of what is the metaverse, how it works, and what is happening in the metaverse.
What Happened to Metaverse?
Imagine that billions of people can meet in a virtual world while sitting in their homes. This is what the metaverse universe is like. In a virtual world, people can perform many functions that are performed in everyday life, such as going shopping, working, and many other functions.
The concept of the Metaverse first emerged in Neal Stephenson’s 1992 book Snowcrash. This concept is based on people leaving the physical world and establishing a life in the virtual world.
Virtual worlds first gained popularity in 2021 when Meta, formerly Facebook, entered the metaverse sector and announced that it was planning to invest about 10 billion dollars. Following Meta, established technology companies such as Google, Microsoft, and Nvidia also started investing in the metaverse.
How Does Metaverse Work?
Today, many people and organizations are working on virtual worlds. Access to the Metaverse world is usually with the help of a PC, VR, and AR. VR glasses are a product that facilitates the transition to the virtual world. With this product, users can visit various virtual worlds in a 3D environment.
AR technology is a technology that offers users virtual world-like images in the real world. Such projects are not yet in widespread use.
Apart from these, today, platforms such as Decentraland, Roblox, and Sandbox offer virtual worlds that users can only access via PC.
What Can It Be Used for?
With virtual world technology, users can perform many real-world functions by accessing a completely different dimension from their homes. The advantage of such a feature started especially during the pandemic process that came with the Covid-19 outbreak. People could not leave their homes during this period, and many companies, schools, and organizations continued their work online.
The importance of the internet is even better understood in such periods. With the end of the pandemic, companies and institutions have returned to face-to-face work, but many companies still continue to work online.
Such structures mean that in the future, working environments can be offered on the virtual world. The metaverse can provide most of the functions that are done in today’s world in the virtual world.
Impact of NFTs
Blockchain companies want to capitalize on the opportunities of a technology that is growing in popularity. This is why there are thousands of metaverse projects today. NFTs are digital assets that can be used in a similar way to cryptocurrencies, which came into our lives with the development of blockchain technology.
Platforms have found a way to monetize and earn money from the virtual world and create a sustainable ecosystem in NFTs. Because NFTs can be almost anything. It can be anything in everyday life, such as a building, a cat, a painting, or a television. The fact that virtual products in the virtual world can be offered to users in the form of NFTs creates a huge market.
NFT in Virtual Worlds
As NFTs can be integrated into the virtual world and NFTs are inherently ownership-verifiable digital assets, many virtual real estate projects have emerged. Upland, Decentraland, and Sandbox are the biggest examples of such platforms. These platforms use NFTs to enable functions such as selling land to users through a virtual world.
In addition, many metaverse-based games are available to users. Users can earn money by playing various games or spending time in virtual worlds.
The entry of NFTs into virtual worlds is a huge market that cannot be avoided. To date, wearable digital products of famous clothing brands, concert tickets of famous people, and various art products have been sold in this market.
Impact of AI Projects on the Metaverse
Although many of the features and opportunities mentioned above are considered a plus for virtual worlds, today metaverse projects have lost their popularity. The reasons for this may be the lack of interest, the inability of projects to recoup their investments, the high cost of products, and newly popularized technologies. In this article, we want to talk about the impact of artificial intelligence projects.
The artificial intelligence trend that came with ChatGPT has also affected the crypto industry. With the growing popularity of AI projects, investors have started to invest in AI projects. This news could be perceived as the demise of virtual world projects, but if AI technology is used in the metaverse, we could see the fusion of two excellent technologies. Although there is no such project yet, it is possible to see something like this in the future.
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