Imagine a world, one that exists nowhere but on your screen. There’s land, resources, places, atmosphere, everything you can imagine in a virtual wonder. Nowadays the Metaverse is described as a 3D form of internet where we can experience augmented or virtual reality and interact with all types of environments using persistent avatars and digital
technology. But the concept of Metaverse is NOT NEW! The term "metaverse" originated in Neal Stephenson’s 1992 sci-fi novel ‘Snow Crash’ where humans, as programmable avatars, interact with each other and software agents, in a three-dimensional virtual space that uses a cyber image of the real world. Stephenson used the term in a fashion which declares Metaverse as a ‘Successor to the Internet’.
Metaverse development is often linked to advancing virtual reality technology due to increasing demands for immersion, what a mind-blowing idea it is- “A parallel virtual world which is in sync with our physical world”. As the metaverse grows, it will create online spaces where user interactions are more multidimensional than current technology supports. Instead of just viewing digital content, users in the
metaverse will be able to immerse themselves in a space where a few fundamentals of the modern world will still apply, without compromising the promise of creating a fantasy land. In July 2021, Mark Zuckerburg talked with journalist Casey Newton about metaverse and the changes he envisioned for Facebook. Then rumours began stirring up in mid-October 2021 about a Facebook rebrand, complete with a new name to embrace the company’s commitment to the metaverse. Unnamed sources told The Verge that an announcement could come soon. And it did.
The Mind behind Facebook announced the company’s new name “META” at Facebook’s Connect 2021 conference on 28th October. with its new website branding it as "a social technology company." The accompanying press release also stated: "You can watch the full Connect keynote and learn more about how the metaverse will unlock new opportunities at Meta.com. You can also learn more about our work over the past several months to develop the Meta brand on our design blog". Zuckerberg wrote in his 2021 Founder's Letter: "In the metaverse, you’ll be able to do almost anything you can imagine- get together with friends and family, work, learn, play, shop, as well as create completely new experiences that don’t really fit how we think about computers or phones today...In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your
parents’ living room to catch up. Now looking at the financial aspects regarding Metaverse, it will provide opportunities for users, as well as create prospects for itself as a social platform. The inclusion of Metaverse, a digital technology in sectors such as finance, has been an impetus for the increased expectations held by consumers regarding the services they want to be provided with. Once providers have made these services available on a larger scale, competitors who wish to remain relevant must keep up with advancements.
The proliferation of the Metaverse is considered the next unstoppable development in tech, with millions of dollars being injected into virtual experiences and infrastructure, and constant incentives for innovation and competition in the market. As with any technological development, companies must implement the Metaverse strategically. Virtual expansions require unique as well as relatable touchpoints to generate a higher rate of usage among customers. This will ensure Metaverse services are smooth on mind when compared to existing non-virtual offerings. To create Metaverse services that customers can trust and which line up with their ideals, companies must use it wisely, examining expected business outcomes
while managing its environmental impact. This must include each stage of its rollout, from strategy and design to engineering and implementation. Once this whole process is optimised, it will also get more users interested in digital form of finances, and the ‘already here’ age of cryptocurrency. The role of cryptocurrency in metaverse can be simply put words “Cryptocurrency is the physical money of Metaverse”. For tech developers and investors, this intertwinement of Crypto and Metaverse has opened a floodgate of opportunities as it requires hours and hours of coding to accomplish this virtual reality, which will eventually become a part of a decentralized internet controlled by individual consumers rather than big-shot companies.
The most intriguing part of it all is how we have finally entered such a futuristic era and created this Digital Metaphor of our modern world.