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[sandyzakk]

What is the Metaverse? The future of the expanding virtual space

The word metaverse is derived from “meta+verse”.

“Metaverse” is a coined word combining “meta” and “universe”, and was first used in Neil Stephenson’s novel “Snow Crash” published in 1992. I was.

In general, it refers to services such as 3D virtual spaces built online and games that use 3D virtual spaces. In addition, it is said that the forerunner of the Metaverse was an online game that was popular about 20 years ago, in which people freely enjoy life in a virtual space.

Why the Metaverse is attracting attention

According to Mr. Ogawa, there are “social factors” and “technical factors” behind the current focus on the Metaverse.

Social Factors

The reason why the Metaverse began to attract social attention was that Facebook changed its company name to Meta in 2021. What kind of future is Facebook envisioning for Metaverse, which has created a new society called “social network”? A lot of attention has been focused on Meta (formerly Facebook), which is trying to create a big wave.

In addition, although remote work has become commonplace in recent years, and various online meetings have become popular, there is always a demand for more intensive face-to-face communication. In the Metaverse, avatars (characters that appear on the screen as the user’s alter ego) can be used to simulate handshakes and other forms of communication, so it seems that they are also expected to play a role in compensating for the lack of communication due to the corona disaster.

Technical Factors

As for the technical factors behind the Metaverse’s attention, Mr. Ogawa says that compared to 20 years ago, when the online games that pioneered the Metaverse development company became popular, the communication environment has developed significantly, and hardware such as servers and personal computers has grown significantly. I will improve the specs.

For example, in terms of the communication environment, the communication speed between 20 years ago and now is 1 Mbps to 1 Gbps, a difference of more than 1,000 times. At the same time, stable system operation is possible even when many people are connected, and it is now possible to distribute rich content. Furthermore, with the advent of the 5th generation mobile communication system (5G) used for mobile phones, etc., it is possible to enter the Metaverse even when out of the office.

In addition, the spread of smartphones and VR devices is also one of the reasons why the Metaverse is attracting attention. Thanks to high-performance smartphones and highly functional yet lightweight VR devices, it has become possible to easily enjoy the world of the Metaverse.

Metaverse example

Let’s take a look at an actual example of what the Metaverse is like.

Famous artists live in the game

A virtual event was held in the online game, and popular singer-songwriters appeared as avatars using real images and performed songs. Users can use their avatar to “go out” to the live space that will be the venue, and the user (avatar) can enter and participate in the live space created by the world view of the artist and song, making it more immersive. It became a topic of conversation when it was possible to get a sense of it.

Furthermore, in the live space, the way the song is heard changes depending on the position of the avatar and the movement of the avatar (for example, the sound changes when facing right and facing left), so you can enjoy a feeling close to the real world. It seems that the ingenuity also attracted users.

work in the metaverse

With the spread of remote work, it has been pointed out that there is a lack of communication between employees. This is because we have lost the “casual exchanges” of exchanging greetings within the company and exchanging information during short breaks.

One of the solutions is the introduction of the metaverse. Use your avatar to go to a company in the Metaverse and hold a meeting. Various Metaverse platforms are appearing, such as Metaverse platforms that assume the use of VR headsets, platforms that allow participation from smartphones and personal computers, and platforms that are easy to link with business tools provided by the company.

For the spread of the Metaverse

Ogawa points out that although the Metaverse is being used more and more, there are still issues and hurdles to overcome before it becomes widespread.

physical and mental burden

First, there is the physical and mental burden. Mr. Ogawa himself has said that he has put on a VR headset on various occasions and entered the Metaverse space, but “VR sickness (a state similar to motion sickness due to images through the headset that upsets the sense of balance)” It seems that he often felt tired after leaving the space.

She also says, “In the future, when things become so real that it’s difficult to distinguish between reality and the Metaverse, people will become more socially withdrawn from the virtual world.”

Further technological evolution is required

Many of the VR headsets on the market today are considerably lighter than before, but further technological evolution is required to make it easier to experience. According to Mr. Ogawa, “It will be difficult to spread the use of eyeglasses unless they are as light as contact lenses and can be easily worn by everyone.”

Movement that spoils the image

Mr. Ogawa points out that fraudulent activities surrounding the Metaverse are also hindering its spread.

“For example, there are increasing cases of trying to sell digital art and virtual currency with expensive NFTs (non-fungible tokens/digital data with proof of ownership that cannot be forged) by combining them with the Metaverse. In that case, the image of the Metaverse as being shady may take hold.”

The Metaverse has great potential in terms of business, but we are still fumbling around. That’s why images are so important.

Do humans need the Metaverse?

In order for new technology to spread, it is important how many people want it and whether it becomes a “social demand”. For example, the Wright Brothers’ first successful flight was only 12 seconds long and about 36 meters long. It is not very practical, and many people have died in plane crashes since then.

Despite this, the development of airplanes progressed and became widespread because many people believed that the grand dream of flying in the sky, going fast and far would lead to the development of society, and society demanded the existence of airplanes. Automobiles and the Internet have also developed as they are required by society to create a new future.

“Compared to this technological and metaverse development, the Metaverse does not have many elements that many people and society want at the moment. We may need something like that.”

One hint for that is the future created by the Metaverse.

What kind of future can be created if the Metaverse spreads?

So, what kind of future can we create with the spread of the Metaverse?

A world where “immortality” is realized with avatars

One of the keywords often used when talking about the Metaverse is “immortality.” Mr. Ogawa said that although it would be difficult to realize in the real world, there are plenty of possibilities in the Metaverse.

“Thoughts and memories are extracted as data, and an avatar with the same personality as yourself is created in the Metaverse. As a result, even after your death, you can continue to live in the Metaverse as an avatar that can be said to be your alter ego.”

A utopia that reflects the ideals of each individual

In addition to immortality, another keyword that is often used when talking about the Metaverse is “utopia.” Mr. Ogawa says, “Utopia is a paradise-like image where the yearning for eternal life and the ideal life are realized.”

Utopia can be thought of as a world that reflects the aspirations and ideals of each individual, rather than a common world for all humankind. If you can create a world view and immersion based on your own ideals through the Metaverse, you may be able to find your own utopia.

Summary

A new technology will not spread unless many people want it. Also, the future will change greatly depending on what kind of business it is connected to. Mr. Ogawa said, “Currently, various efforts are being made in the Metaverse, but so far, no definitive ‘something’ that society demands has been found. However, the Metaverse has just begun. There are still plenty of possibilities and dreams.”

For those of you reading this article, what do you think about the Metaverse and its future? Expanding the possibilities of the Metaverse may depend on our values ​​and ideas.

[sandyzakk]

What impact will the Metaverse have on the future, and what is the age of WEB 3.0?

What impact will the Metaverse have on the future?

Meta is a prefix that means “transcendent”, “higher”, “change”.

The word Metaverse is a compound word made from meta (super) and universe (universe), and was originally written by science fiction writer Neal Stephenson in his own science fiction novel published in 1992. It is a word that refers to the virtual world described in . This term refers to a world that uses online space sharing, digital twins, and VR/AR technology.

The Metaverse development company is not just a virtual reality, it has the potential to become multi-platform, accessible not only to VR and AR, but also to PCs, mobiles and game consoles. You will be able to experience the people you care about, the people you work with, the places you want to be, and the people you want to be.

“Metaverse” is currently a buzzword in the domestic and international media, but in most cases it refers to the VR-based metaverse. On the other hand, there are also movements aiming to realize an AR metaverse based on AR technology such as Pokemon GO and PIKMIN BLOOM.

Possibilities brought by the metaverse

The Metaverse can present great opportunities for individual creators and artists.

The Metaverse is an equal opportunity for people who want to live in a place far from the city center and work (telework, workation, etc.) and people who live in depopulated areas where education and play are limited. It can give you opportunities and business opportunities. Through the Internet, it enables the experience of being in other places, which cannot necessarily be experienced with 2D apps or web pages.

Examples of experiences include various event experiences such as live performances, dance, and fitness. There are many cases where such real businesses are developed as new businesses in the metaverse (virtual space).

For example, virtual events, virtual exhibitions, virtual tourism, etc. that are monetized from entry fees. The point of monetization is to provide an experience unique to the Metaverse (virtual space) that cannot be done in the real world.

As an actual example, a major overseas automobile company is developing a service that allows customers to test drive their vehicles in a virtual space. For high unit price products such as automobiles and real estate, the customer experience is directly linked to the closing rate. Therefore, it can be said that being able to easily experience in a virtual space is advantageous for both businesses and customers.

Web 3.0 is a worldview in which crypto assets/cryptocurrencies, NFTs, metaverses, etc. are intricately intertwined.

Web 1.0 is the era when websites and web pages became popular. It refers to the era when it became possible to create and disseminate home pages based on individual hobbies and interests in the world of WWW (World Wide Web), where information can be displayed on the Internet. Text was still dominant, and images and videos were avoided.

Web 2.0 has made it possible for users to use the Internet more freely. Websites have become more interactive, and services such as web apps have advanced. We live in an era where social media and blogs have risen, images and videos can be uploaded for free, and many people have begun to “share” various content.

It is no exaggeration to say that the era of WEB 2.0 is truly the era of GAFAM (Google, Amazon, Facebook, Apple, Microsoft). It was also an era in which wealth and power were concentrated on them in a rather centralized manner. Web3 begins a shift away from the traditional business model that benefits large corporations and toward community-centric economies of scale.

The world of Web 3/Web3.0 is an autonomous decentralized world based on blockchain technology . Anyone can easily transmit art, music, fashion, etc. like the NFT boom, and it has become possible to transfer the rights with a low fee. The biggest thing is that digital assets now have copy restrictions. This has created a scarcity value for digital assets, and digital assets have come to have value.

Metaverse as workspace

Basically, you can have as many monitors as you want in your VR space and any size you want. That means you can recreate everything just like you would at home. Plus you can take it anywhere you want. For those who used to carry a display or a large laptop, it would be much lighter to carry a VR headset.

Considering the concentration and productivity of individuals, it is possible to realize an ideal office space, such as working while feeling the wind in the great outdoors. We believe that it is the best tool for recreating the work environment anywhere, even for people who do multitasking and business people who travel a lot.

People will be able to freely customize their office space and take their physical office with them wherever they go. (As far as I have experienced, I think that there are still some points to be improved, such as the burden on the neck and shoulders due to the weight of the headset and eye strain, but I believe that these will be improved in the future.)

The day may soon come when physical construction and delivery work, such as office design companies, interior contractors, and furniture manufacturing and sales, will be completed by the delivery of digital data. Ultimately, we believe that millions of people will create digital content such as avatar costumes and interior design, creating a world view that will make a living.

You can live where you want and still belong to different business communities. Business opportunities and networks that were traditionally concentrated in large cities such as Tokyo will be equally provided to people living in rural areas, which may create more opportunities, chances, and collaborations.

Metaverse creates new jobs

While some people might find it more natural to wear a VR helmet all day to work these days, the metaverse could also

create new jobs that don’t exist today.

For example, the entire economy is reproduced in this Metaverse (digital twin), and real estate transactions are conducted. If you can create the world you want to create in the Metaverse development services and create added value, it will be possible to create innovative new forms of work that make life in the real world possible.

Knowledge sharing by Metaverse

There are also examples of government creating public spaces in the Metaverse. For example, it will be possible to deliver information and experience value to more people at low cost, such as libraries and museums.

In fact, a strategist at Bank of America, a major US bank, has released a list of technology innovations as a guide for investors looking for the next Amazon or Apple (reference: Bloomberg ) .

Summary

In the future, the day may soon come when open innovation by startups and large companies will also take place within the Metaverse. The Metaverse development solutions may be the next technology innovation following the Internet and AI. Let’s take advantage of subsidies and other funding for new businesses that anticipate such a metaverse.

[sandyzakk]

What is Metaverse? New technology that can be incorporated into games and TV!

“Metaverse” that we often hear in recent years

Many people probably don’t know what it is. In a word, it is “virtual space”. The feature is that you can project yourself as an avatar in a 3D world configured on the Internet and enjoy it. I will explain how the Metaverse development is used and why it is attracting attention.

What is Metaverse?

Metaverse is the next evolutionary form of virtual reality, and refers to a digital space beyond the real world. You can enjoy projecting yourself as an avatar in a 3D world constructed on the Internet.

The biggest feature is that you can freely act in the virtual space in a state close to the real space. Within this space, you can represent yourself as an avatar, interact with others, own virtual properties and modify them to your liking.

I think that many people have a strong impression of games when they hear the word “avatar,” but the Metaverse is not only used for games and entertainment. Future development is expected in a wide range of fields such as medicine, education, and business. For example, it is possible to realize telepresence, a technology that allows you to enjoy communication with remote members with a sense of presence, and enable collaborative work.

In addition, it is strongly linked to virtual currency and blockchain technology, and can be used to manage economic activities and digital assets.

However, it is also true that there are still challenges and risks. I will explain the usage examples and the advantages and disadvantages.

Is it different from VR?

VR (virtual reality) is a technology that allows you to experience a virtual space that is different from reality, created using computer technology. In general, wearing a VR headset is characterized by the fact that you can get the feeling that you are in another place.

The specific differences are as follows.

1. difference in scale

VR is primarily aimed at one user completely immersing themselves in themselves, with headsets for that purpose. On the other hand, the Metaverse can be accessed by many users at the same time and can be active in a large virtual space.

2. difference in purpose

VR is primarily used for entertainment and gaming. Metaverse is widely used, but it is also expected to be deployed in a wide range of fields such as medical care and business.

3. Interaction difference

VR is mainly aimed at completely enveloping oneself, and the user personally moves and manipulates the real body. On the other hand, in the Metaverse, you can enjoy communicating with other users through avatars.

4. difference in the world

VR is primarily focused on one environment. On the other hand, the Metaverse Development solutions often has multiple environments and worlds, and it is characterized by being able to operate in them

VR is mainly intended to be enjoyed by one person in a self-contained manner, and is immersed in a virtual space using a dedicated headset. However, in the Metaverse, it is possible to communicate with multiple people in a virtual space, and there is a tendency to emphasize communication with a large number of people.

what can you do

The Metaverse enables a variety of things, but what exactly can it do? Here are some of the things you can do in the metaverse.

1. business activities

You can use the Metaverse to hold meetings, presentations, exhibitions, and sales activities. You can communicate in real time with people all over the world through the Internet, regardless of time and place.

2. entertainment

You can enjoy adventures and sports in virtual world games, and live music and performances in virtual space. You can play games online with friends who are far away or difficult to see, and you can go to live events together.

3. Education/Training

It may come as a surprise, but the Metaverse is also used in the field of education. Examples include remote student interaction, real-time experimentation and training, and arts and culture learning.

4. community social

The feature of the Metaverse is that multiple people can gather at the same time and form a community. For example, parties, live performances, shopping, watching sports, exchanges and friendships can all be done on the Metaverse.

5. creative activities

Users can create their own avatars and 3D objects.

In addition to avatars, there are also the design and production of costumes, furniture, buildings, etc., the production of photographs and videos in virtual space, and the exhibition of art works in virtual space.

The Metaverse is still in the process of developing, and research and development is underway on how to utilize it in many fields in the future.

Merit and Demerit

So what are the pros and cons of actually using it?

Merit

Although there are some overlaps with the above-mentioned notable background, the following are the advantages of using the Metaverse.

1. new economic zone

You can actually shop using virtual currency in the Metaverse, and buy and sell real estate in the virtual space. Furthermore, by eliminating physical stores and moving stores to the Metaverse, companies can expect a lot of cost reductions.

2. Feel free to participate in events

When the new coronavirus spread, many live concerts were canceled to prevent infection, and entertainment was undermined. However, in the Metaverse, where you don’t have to actually go to the event venue and meet people directly, you can easily participate in various events.

In addition, since you can share the space with friends who are far away using avatars, it is difficult to feel the physical distance and you can feel like you are participating in the event together.

3. A place where truants and hikikomori can connect with society

According to a survey conducted by the Ministry of Education, Culture, Sports, Science and Technology, the number of elementary and junior high school students who do not attend school in 2021 will be 244,940, a sharp increase from the previous year to 48,813 (24.9%). The Mie Prefectural Board of Education is using the Metaverse to provide opportunities for such children to connect with society.

Quote: Mie Prefectural Board of Education

4. Can act anonymously

When using the Metaverse individually, it is possible to use it anonymously by using a handle name. As a result, many people can cut off the connection with the real world, which leads to stress release and psychological liberation.

Demerit

1. Dilution of human relationships

There are also concerns about the possibility that more people will rely on activities on the Metaverse, even at the expense of human relationships in the real world. Also, communication on the Metaverse Intergration Services may be weaker than human relationships in the real world.

2. Technology and cost burden

In order to comfortably operate avatars on the Metaverse, special operations and environments may be required. In some cases, the disparity between those who cannot prepare them and those who can will become a problem. Security measures are also indispensable, so Metaverse’s own measures are also essential. If the countermeasures are weak, there is also the risk of hacking.

You can also enjoy the Metaverse on your smartphone, but compared to a PC, the operability is poor, so you tend to need a PC with high specs to fully enjoy it.

3. Legal issues

At present, the legislation regarding the Metaverse has not yet caught up. As a result, there is insufficient provision for harassment issues and troubles caused by minors. We think that maintenance advances in future, but must be careful until maintenance advances.

4. mental health issues

Since the avatar is different from the real self, there is a possibility that mental health problems may occur due to the gap between yourself and yourself.

Furthermore, because of the high degree of immersion, there is also the aspect that it is viewed as a problem that more people will become dependent on the Metaverse and become immersed in it.

Make sure you understand the pros and cons and use them.

Business

Metaverse is also used in various ways in the business field. Here are some usage examples.

1. virtual shop

Using the Metaverse, it is possible to create shopping malls and stores in virtual space and sell products. As online shopping spreads, it is possible to provide a more familiar and realistic shopping experience in addition to conventional websites.

2. virtual event

Events such as exhibitions, conferences, and music festivals can also be held in the Metaverse. Because it is not subject to many restrictions, larger events and experiences and communication that are difficult to achieve with conventional events are possible.

3. virtual office

In a virtual office, you can work just like you would in a traditional office. Suitable for remote work and distributed teams, it encourages communication and collaboration among team members without the constraints of a traditional office.

4. virtual real estate

Metaverse is also used in the real estate industry. Real-life properties are reproduced in virtual space, allowing visitors to tour the interior. In addition, as remote work increases, the number of real estate companies that provide virtual offices and virtual housing is also increasing.

As mentioned above, new business opportunities are created that are more accessible and free from physical restrictions. By utilizing the Metaverse, it is becoming possible to communicate with customers, streamline business activities, and innovate through creative approaches.

Summary

There are many cases where the metaverse is already being used, so if you are interested, please check it out in detail.

Many companies are starting to focus on the Metaverse, and I’m looking forward to future developments! It may be a good idea for individuals to consider the advantages and disadvantages and use it to enrich their lives.

[sandyzakk]

Metaverse Business Insights for Enterprises: The Impact of the Metaverse on the Insurance Industry

Introduction: Six elements that make up the metaverse

The Metaverse Framework advocated by PwC defines the following six components of the Metaverse.

Economy

Interoprability

Governance

Identity（ID）

Experience

Persistence

Of these, the Metaverse can provide insurance companies with new experiences that do not exist in the real world (Experience), creating a new economic zone (Economy), while establishing unified rules is necessary.

1. Potential impact of the metaverse on insurers

First of all, the Metaverse experience is an experience obtained through an avatar, which is another self in the virtual space. In addition to being able to approach customer avatars through their own avatars, insurance companies will be able to experience experiences freed from the physical constraints of reality (for example, fires, natural disasters, and simulated experiences of being in a hospital room when hospitalized). etc.) can also be provided.

The new economic zone refers to a state in which transactions such as crypto assets and Non-Fungible Tokens (NFT) based on blockchain technology have become more active than ever, and the scale has grown to match the transaction volume in the real world. increase. In such a future, digital data such as land and buildings in virtual space will become common as personal economic assets, and there will be a need to compensate for these assets. In addition, insurance companies can also consider adding NFTs and crypto assets themselves to their investment portfolios.

In this paper, we will consider the business opportunities that social penetration of the Metaverse development company will bring to insurance companies’ value chains, and the capabilities necessary to seize such business opportunities and improve customer value.

2. Business Opportunities Metaverse Brings to Insurance Companies

With the spread of the Metaverse, customer needs to prepare for unprecedented new risks will arise, and the approach to customers will change as social and economic activities through avatars become more active. In addition, there is a possibility that the digitalization of administrative procedures from contract to insurance payment will progress further, and asset management using NFTs and crypto assets will become common.

New risks and insurance products brought about by the Metaverse (mainly for non-life insurance companies)

Damage assumed by existing insurance is mainly caused by natural phenomena that are difficult for humans to control, such as typhoons, earthquakes, and the onset of illness. It is thought that the inherent risks will converge on the following human-induced risks.

a. When the Metaverse is attacked by a malicious third party

Customer data managed by the platform may be stolen or lost due to hacking by a malicious person, and the economic value of the customer on the metaverse may be damaged. In addition to the economic value, there is also the risk of being harassed by an avatar operated by a malicious person and losing dignity.

b. Unintentional infringement of rights recognized in the real world.

NFT trading has been active since 2021. The objects that are traded as NFTs are wide ranging, and there are NFTs that target digital art, music, and things that exist in the real space. NFT refers to the technology and data itself that records transaction history data such as objects, parties, and amounts on the blockchain. There are lawsuits focused on infringement of rights. If the issue is the infringement of rights guaranteed in the real world, it is thought that what and to what extent activities in the virtual space are permitted will be gradually defined through courts and other means.

Business transformation from sales activities to insurance claim payments

New experiences in virtual space and the spread of economic activities backed by blockchain technology will lead not only to product development, but also to business reforms such as insurance sales activities, insurance premium claims and protection, and insurance payment. It is possible.

a. Sales activity

Avatars are active entities in the Metaverse. Potential customers use their avatars to participate in events on the Metaverse development solutions and interact with other avatars. Therefore, it is believed that insurance companies will conduct sales activities for avatars in the future.

First, it is conceivable to use the Metaverse as a place for marketing and branding to raise awareness of insurance companies. Since there are no physical restrictions in the virtual space, it should be possible to conduct unprecedented marketing activities such as placing advertisements in the air. Furthermore, considering that many young users are participating in the Metaverse platform, which has strong game elements, branding activities on the Metaverse may be effective as an approach to future generations.

Second, the ‘immersive experience’ in the Metaverse could provide opportunities for customers to better understand the value of insurance products. Until now, insurance agents have explained the significance of insurance in preparation for emergencies using statistical data and their own experiences. , you may realize the value of insurance. By having customers experience simulated effects of probabilistic events, such as car accidents and fires for non-life insurance companies, and the onset of illness for life insurance companies, customers will be able to experience and recognize risks that they were not aware of before. It provides opportunities. However, in order to realize it, it is necessary to solve practical issues such as whether the production is excessive from the viewpoint of customer protection.

Finally, all customer behavior on the Metaverse is recorded as data. If it becomes possible to analyze data such as avatar activity history, purchase history, and relationships with other avatars, it will be possible to propose insurance against risks in virtual space and existing insurance in a natural way. maybe. However, such corporate activities may not be desirable from the viewpoint of personal information protection. Furthermore, what is said to be the ideal state of the Metaverse is that individuals have discretion over their own data, rather than specific platformers controlling their data. Therefore, it is necessary to consider future developments while paying close attention to the development of laws and the trends of policies for personal information protection of platform operators.

b. Conclusion of contract, receipt of claims, preservation, and payment of claims

Insurance companies have been promoting the digitization of administrative procedures for some time, but as they begin to sell insurance products that prepare against risks in the virtual world, they will digitize not only sales activities but also the process from contract to insurance payment. will be For example, in a world where the subject of guarantees is digital assets, contracts are issued using NFT technology, and insurance premiums and claims are paid using crypto assets, all events are converted into data, Few tasks that need to be handled in the physical space may cease to exist. In addition, there are efforts by insurance companies to build a digital twin of the physical space on the Metaverse and conduct damage investigation training. prize. The digitization of insurance companies is expected to accelerate further with the advent of the Metaverse and related technologies.

Crypto assets as a means of asset management

Along with the development of the Metaverse, asset holding and trading using crypto assets and NFTs is becoming more popular. Overseas, insurance companies are already starting to see crypto-assets as an investment destination. As such, investing in crypto assets may be worth considering, for example, for life insurers looking to overseas alternative assets.

3. Capabilities necessary for insurers to deliver value

As we have discussed so far, as the Metaverse permeates society, insurance companies will have contact points with customers on the Metaverse and will be able to conduct sales activities in a way that is not subject to physical restrictions in the real world. Investment opportunities will also increase, and it is thought that insurance products and services that compensate for risks in the metaverse will be sold.

However, in order to be able to work in the new field of the Metaverse and provide value, it is necessary to acquire appropriate capabilities.

The first thing you need is the ability to integrate your company’s management strategy with trends in Metaverse-related technology and decide what to do. Next, based on the established strategy, insurance companies are required to utilize Metaverse-related technologies and knowledge in their own value chains to improve customer value. Furthermore, in order to support the new insurance value chain, insurance companies need to transform their corporate functions as follows.

IT (development/cyber security)

Currently, in order to utilize the Metaverse, it is necessary to partner with a platform provider that provides a virtual space, and it is unlikely that an insurance company will build a metaverse integration services platform on its own. However, for example, understanding the minimum required resources, processes, costs, etc. when opening a base on the Metaverse, realizing the company’s requirements while utilizing external resources, and being able to use it for business in a secure state. should be provided by the IT department and relevant departments as a minimum capability.

Finance/Risk Management/Compliance

In order for insurance companies to conduct transactions in the new economic zone brought about by the Metaverse, it is necessary to properly account for crypto assets, NFTs, data on the Metaverse, etc. In addition, cryptoassets and NFTs have high price volatility, and an appropriate risk management system is required so as not to damage management indicators such as the solvency margin ratio. In addition, the legal department should actively collect information and provide information across departments so as to keep a close eye on the development of laws and not lose business opportunities.

HR (remote work and training using Metaverse)

The Metaverse has the potential to support not only customers of insurance companies but also employees to learn various work styles and skills. As a start, various platformers are trying to provide virtual offices, and Metaverse is attracting attention as a new form of remote work. In addition, according to a survey conducted by PwC , employees who experienced immersive training learned more than regular training. should also be taken into account.

As described above, in order to capture the changes and business opportunities brought about by the Metaverse and improve customer value, it is important to take a bird’s eye view of the capabilities of the entire company and transform them, rather than using them locally.

[sandyzakk]

How blockchain is being used in the metaverse

The metaverse, a virtual universe where users can interact with each other in real-time, is gaining in popularity. Developers are increasingly using blockchain technology to enhance the user experience and create new opportunities for monetization. In this article, we’ll explore some of the ways that blockchain is being used in the metaverse development company, and what this means for the future of virtual worlds.

Digital ownership:

Securing virtual assets with blockchain technology

One of the key benefits of blockchain technology is that it allows for secure and transparent ownership of digital assets. This is particularly relevant in the metaverse, where users can create and trade virtual items such as clothing, weapons, and even virtual real estate. By using blockchain-based tokens, these items can be authenticated and verified as unique, allowing users to prove ownership and transfer them to other users in a secure and efficient manner.

For example, the popular blockchain-based game Axie Infinity uses non-fungible tokens (NFTs) to represent unique digital assets such as creatures, items, and land. These NFTs are stored on the Ethereum blockchain, allowing users to verify ownership and transfer them to other users through a decentralized marketplace.

Decentralized governance:

Empowering virtual communities with blockchain technology

Another advantage of blockchain is that it enables decentralized governance, where decisions are made through a consensus mechanism rather than a centralized authority. This can be particularly useful in the metaverse, where virtual communities can be formed and governed by their members. By using blockchain-based voting mechanisms, users can have a say in the direction of their communities, and ensure that decisions are made in a fair and transparent manner.

For example, the virtual world Decentraland uses a decentralized autonomous organization (DAO) to govern its platform. Users can buy and hold MANA, the platform’s native token, which gives them voting power to propose and vote on changes to the platform. This ensures that decisions are made democratically and in the best interests of the community.

Interoperability:

Bridging virtual worlds with blockchain technology

One of the challenges of the metaverse development services is that it is currently fragmented, with different platforms and virtual worlds operating independently of each other. Blockchain technology can help to address this by enabling interoperability between different platforms, allowing users to move seamlessly between virtual worlds and trade assets across different environments.

For example, the blockchain-based platform The Sandbox allows users to create and monetize their own virtual worlds using a drag-and-drop system. The platform uses the Ethereum blockchain to store and verify ownership of virtual assets such as land and buildings, and also allows users to move assets between different virtual worlds.

Virtual economies:

Unlocking the potential for virtual economies with blockchain technology

As the metaverse grows, so too do the opportunities for virtual economies to emerge. By using blockchain-based tokens, users can create and trade virtual goods and services, and even earn real-world income through the sale of these items. This has led to the emergence of new business models, such as play-to-earn gaming, where users can earn cryptocurrency by playing games in the metaverse.

For example, the blockchain-based game The Six Dragons allows players to earn cryptocurrency by completing quests and fighting monsters in the game. The game’s native token, SIX, can be traded on cryptocurrency exchanges for other cryptocurrencies or fiat currency.

Identity and reputation:

Building trust with blockchain technology

In the metaverse, users often have multiple identities across different platforms and virtual worlds. Blockchain technology can help to create a unified identity for users, allowing them to maintain their reputation and social capital across different environments. By using blockchain-based identity systems, users can prove their identity and reputation in a secure and transparent manner.

In conclusion

Blockchain technology has the potential to transform the metaverse by enabling digital ownership, decentralized governance, interoperability, virtual economies, and identity and reputation systems. As virtual worlds continue to evolve and become more immersive, we can expect to see more innovative use cases for blockchain in the metaverse.

[sandyzakk]

3 points for understanding business opportunities in the metaverse

Meta gave viewers a glimpse into the future at Connect 2021 last month, introducing the endless possibilities of Augmented Reality (AR) and Virtual Reality (VR). One of the things I wanted to highlight on Connect is that the Metaverse development solution is expected to come to fruition within the next decade, if not soon, and presents a huge opportunity for businesses of all sizes. We’re on the cusp of a transition to the metaverse, and we’re feeling the same expectations as the transition from desktop to mobile. The mobile internet has proven that there is more economic opportunity for everyone when there is a level playing field.

In this article, we’ll share some key takeaways to help you stay grounded in the opportunities you have today while preparing for a brighter future. We hope that those who read the following three points will be able to build the future together with us, think about the future, and create ideas for the future.

1. Focusing on 2D apps today is a bridge to the coming metaverse

We believe that the Metaverse will bring the greatest opportunities to modern business since the advent of the Internet. The Metaverse is the next evolution of digital platforms and the successor to today’s mobile internet. But even though that future is already beginning to glimmer, the first immediate way people will experience the Metaverse will be through two-dimensional apps. What does this mean. It’s important to focus on the skills you’re using right now to grow your business on Facebook, Instagram, Messenger, and WhatsApp. Because those skills will be the foundation for growing your business in the Metaverse of the future.

At Connect, we shed light on various possible use cases and considered the role that Meta’s technology will play in the Metaverse. Here are some ideas for developing immersive experiences in 2D apps in the future.

Commerce: The rise of digital commerce will create unprecedented opportunities in the metaverse, creating new ways for buyers and sellers to connect. For example, like Jackie Aina’s space on Connect, shops on Instagram may become more immersive and give consumers the choice between buying physical and digital goods.

Entertainment: You can still host paid online events on Facebook, but what if you could turn those events into a mixed reality experience? You may have the option to both visit the venue in person and purchase tickets for the virtual experience. On Connect, we showed an example of two friends enjoying the same concert, one in a local venue and the other in the Metaverse.

2. The Metaverse enhances real-world experiences

The world we live in is already a mix of online and offline. This hybrid state has become particularly pronounced over the past year or so during the pandemic. From video calls to text-based messages, people are more connected than ever before. However, with the Metaverse, we aim to make connections even simpler by further reducing the hassle and enhancing the quality of real-world experiences.

Current use cases for augmented reality, such as Spark AR, are great examples of how the metaverse and the real world can merge. Already, some businesses are using AR to let customers place virtual furniture in their homes to see what they look like, or using AR to try on makeup and glasses directly from their Facebook feed. I’m here. Regardless of industry, businesses looking to leverage mixed reality and real-world experiences will find a variety of use cases to experiment with in the Metaverse.

3. The Metaverse is co-created and built under responsibility

The Metaverse development company is not built by a single company. The development of the Metaverse will take place in global partnerships with companies, creators, policy makers, entrepreneurs and others.

From the beginning, the Metaverse is built on a framework and foundation that creates a safe and secure space for its users. With integrity, security and privacy in everything we do, Meta will work with experts from government, industry and academia to explore the issues and opportunities in the Metaverse.

What can we do as a business now? Anticipating the arrival of the Metaverse, but not neglecting the focus on the “now”

People’s expectations of how they interact with business have changed. In line with this, the mobile internet has provided new means of personalizing the experience. We believe the Metaverse will drive this trend, and Meta’s technology will play a major role in the process.

However, just as with the mobile Internet, business opportunities arise from consumer behavior. So whether you use Facebook, Instagram, Messenger, or WhatsApp, it’s important to seize the opportunities at hand and continue to grow your business through new initiatives, experiments, and growing your audience. Because the connections you make on these platforms carry over to the Metaverse. In the history of business, brands that have achieved great success have evolved by understanding the changing needs of consumers, and have continued to be valuable entities over time. Businesses can take their steps into the metaverse by launching new commerce channels on Facebook Shops, Instagram Shops, or by creating filters in Spark AR. You might even try creating an augmented reality ad that lets your customers get an image of your product from the comfort of their own home.

[sandyzakk]

What is Web3.0? ｜Explain what you can do and the relationship with NFT and Metaverse!

“Web 3.0” is a concept that represents a new form of the Internet that is rapidly attracting attention from the latter half of 2021.

Because it is a new keyword, there are probably many people who have heard it but still do not understand it.

The concept of Web 3.0 is also important when talking about crypto assets called virtual currencies such as tokens and platforms, NFTs, and the Metaverse and web3.

In this article, I have summarized how Web 3.0 is different from the Internet so far, and how Web 3.0 is expected to change business in the future.

What is Web 3.0 like?

“Web3.0” (sometimes written as “Web3”) has become a trend word and is attracting a lot of attention.

Web 3.0 is a new concept born in recent years, and there is no clear definition yet. It is expected to be able to solve the problems of the existing web, and it is better to think of it as a direction that shows the next ideal form.

Checking the evolution of the web so far makes it easier to understand what Web 3.0 will look like.

First of all, I will explain the flow so far and Web 3.0 by dividing it into the following three parts.

What is Web 1.0

What is Web 2.0

What is Web 3.0

Let’s take it step by step.

What is Web 1.0

“Web 1.0” refers to the early days of the web. Approximately mid-1990s to mid-2000s. In fact, there is no detailed definition other than time. When the following “Web2.0” was proposed, it was the name given to the pre-Web2.0 Web.

Although there is no detailed definition, it is generally said that the transmission of information is unidirectional and one-sided. With the advent of the Internet, anyone can widely disseminate information. However, in the early days, knowledge of site construction was required to send information, and it was common for the majority of people to view the websites created by some of the creators. In other words, the sender and receiver were still fixed, and it was one-sided. In Web 1.0, homepages and search sites were central to the Web.

What is Web 2.0

“Web 2.0” is the web that we are currently using. A term that was born in the mid-2000s to the late 2010s, SNS such as Twitter and Facebook and platforms such as YouTube have appeared, making it possible to transmit information without having the expertise to create a website.

Anyone can respond to posts on SNS by liking or commenting, and the main feature is that two-way communication is possible. SNS and blogs are representative services of Web 2.0.

While it has become easier to disseminate information, problems have also been pointed out.

In Web 2.0, information will be aggregated by platform companies that also operate platforms. At the same time, information may be manipulated and managed by those companies. It is also feared that there is a danger that information will be leaked or lost if the platform company’s server malfunctions or is subject to cyberattacks.

What is Web 3.0

And Web 3.0 is the way of the next generation Web characterized by “distribution” and “trustless”. It is expected that decentralized management of data using blockchain technology will be realized.

Blockchain allows direct exchange between computers participating in the network. When storing data, it also distributes the storage destinations to the computers in the network. Specifically, first, data for a certain period of time is recorded in blocks. Then the next block of data is recorded on another computer. Blocks are concatenated like a chain while also keeping records of the previous block. In this way, we connect the chain and store data on many computers. “Decentralized” is the first keyword of Web3.0.

What you can do with Web3.0

It is believed that Web3.0 will be able to solve the problems of Web2.0. There are two main problems with Web 2.0:

Privacy issues where personal information is concentrated in certain large companies

Security issues that rely on centralized servers

“Personal Information” also includes your search history and preferences. Ads displayed while viewing the site are also displayed based on individual search history. Also, due to the centralized server, if the server goes down, the whole system will stop. This problem is also called a “single point of failure”. In both cases, the provision and management of services are concentrated in a few companies.

Web 3.0 solves these problems, and it is believed that the following will become possible in the future.

Emergence of OS- and device-independent apps

cloud storage changes

No access restrictions for specific areas

server is stable

Let’s look at each one in detail.

OS and device independent apps

In the future, in Web 3.0, applications that are independent of OS and devices may appear.

Web 3.0 applications are mainly created using a platform called “Ethereum”. Ethereum is an open source platform for building blockchains. For example, it is like an OS, and you can create distributed applications “DApps”. Examples of DApps include games, which can be used regardless of OS or device. Taking smartphone apps as an example, there is no longer an iOS version and no Android version.

From the corporate side, you can develop apps that can be used on any OS and device without incurring costs for each OS. Users will also be able to use any app across multiple devices and operating systems.

cloud storage changes

Web 3.0 could change cloud storage.

In Web 3.0, which uses blockchain technology, data recording and storage are distributed across multiple computers rather than servers. This also means that we will need a place to store data within the Web 3.0 network.

In the already provided decentralized storage service “Filecoin” example, you can get rewards for renting out your own free space. It’s like renting out a vacant house to get rental income. You can also set your own reward amount. If there are people who rent cheaply and price competition occurs, there is a possibility that storage users will be able to use the service at a low price.

No access restrictions for specific areas

Web 3.0 will likely eliminate the restrictions on access to the Web that are currently in place in some areas.

This is because decentralized networks do not have a centralized governing body. Technically, access is possible regardless of nationality, region, gender, etc. It is expected that we will be able to exchange information in a truly equal and equal relationship.

server is stable

Web3.0 is considered to stabilize the server.

By utilizing a technology called “P2P” (Peer to Peer), it becomes possible to communicate information between users without going through a server. P2P is a direct connection between terminals in an equal relationship. This prevents access from being concentrated on one server. As a result, server down due to access load is less likely to occur. There is also a possibility that the stability and communication speed of communication will improve.

Web 3.0 closely related to crypto assets, NFTs, and metaverse

Crypto assets called virtual currencies such as Bitcoin are electronic data currencies used for online transactions. Like an appraisal, “NFT” proves that the product data is not duplicated or forged, but is owned without fraud. “Metaverse” is a three-dimensional virtual space on the Internet. You can communicate with others and conduct commercial transactions just like in a real space.

Crypto assets called virtual currencies such as Bitcoin are electronic data currencies used for online transactions. Like an appraisal, “NFT” proves that the product data is not duplicated or forged, but is owned without fraud. “Metaverse” is a three-dimensional virtual space on the Internet. You can communicate with others and conduct commercial transactions just like in a real space.

Buying and selling in the Metaverse requires that goods be shown to be authentic. NFT is the proof of that. Crypto assets are expected to become the mainstream payment method in the future. Therefore, it is said that NFTs and crypto assets will become more and more important for commercial transactions in the Metaverse development.

Future prospects of Web 3.0

As the current Web 2.0 transitions to Web 3.0, the platforms and applications used will change, and it is thought that responses such as transfer will be required.

For example, YouTubers will move their activities from YouTube to new platforms, and will also transfer existing content.

For business operators, the method of monetization using the Web is likely to change significantly. Until now, the business model has been to charge for the provision of services. However, there is a possibility that such existing business models will no longer work in the future.

The era of Web 2.0, which was centered on platform companies such as Google, Instagram, and Twitter, is called a centralized “platform economy.” If Web 3.0 creates a decentralized platform from such centralization, it will be closely related to the “token economy” and the “creator economy” that is currently attracting attention.

High-value trading of digital art on NFTs has become a hot topic, but if creators such as Youtubers and SNS influencers migrate their platforms to Web 3.0, a new creator economy will be formed there. That’s what it means.

Similar to the transition from the Web 1.0 era to Web 2.0, the transition from Web 2.0 to Web 3.0 will not be a sudden transition, but will be a gradual transition or compatibility with Web 2.0. it might be.

Although it is just a guess, in order to ride on the transition to Web 3.0 in the future, in the short term, we will invest in blockchain-related companies, and in the long term, measures and projects that encourage communication between individuals via blockchain. planning, etc.

The image of the world where Web 3.0 spreads is still vague and it is unknown how it will turn out specifically, but it will be necessary to pay attention to future developments.

[sandyzakk]

Interpretation of the Metaverse concept: Why did the Metaverse develop on the blockchain?

Today, with the application of the concept of Metaverse and blockchain technology , and the gradual development of industries such as virtual scenes and social live broadcasts , Metaverse has become a “sweet pastry” for creating explosive products in the next Internet era. Today, let us approach the Metaverse, understand the inseparable relationship between the Metaverse development and blockchain, and see how the Metaverse project on the blockchain became popular!

What is the metaverse?

When we hear the metaverse, a fantasy about another digital world and living space may appear in our minds. In fact, the concept of the metaverse does not have a unified and authoritative definition in the academic circle. Generally, we will discuss the concept of metaverse from two perspectives:

From the perspective of time and space, the Metaverse is a digital world that is virtual in the space dimension and real in the time dimension;

From the perspective of authenticity, the metaverse has both digital replicas of the real world and creations of the virtual world.

To be precise, the metaverse is more like the rebirth of a classic concept, and it is the conceptualization of new technologies such as extended reality (XR), blockchain, cloud computing, and digital twins. The real metaverse is not a single entity, but multiple, which is the integration of modern information technology. As the next development stage of the Internet and a new wind vane, Metaverse integrates technical concepts including 5G, cloud computing, artificial intelligence, virtual reality, blockchain, etc., to jointly create a new future digital virtual space.

The metaverse is made up of many parts, the following are the basic elements of its composition:

Internet: A decentralized network of computers.

Open standards for media: including text, images, audio, video, 3D items, 3D scenes and geometry, vectors, sequences, and programs for generating and combining any of these.

Open programming language standards: including HTML, JavaScript, WebAssembly, WebXR, WebGPU Shader Language, etc.

Extended reality (XR) hardware: such as smart glasses, haptics, and omnidirectional treadmills.

Decentralized ledger and smart contract platforms (e.g. blockchain): for transparent, permissionless, and censorship-resistant transactions, forming an important foundation for the ownership economy, supporting the Metaverse and making it a viable public good.

Among these components, the blockchain occupies an important position, and because of its own technological superiority, it continuously injects a steady stream of power into the development of the Metaverse.

Blockchain: The Technological Cornerstone of the Metaverse

I just mentioned that the metaverse is a collection of various emerging technological concepts and elements including blockchain, so what is the connection between metaverse and blockchain?

Metaverse is a trusted digital value interaction network supported by Web3 technology system and operating mechanism, and a new Web3 digital ecology with blockchain as its core. Therefore, we can understand blockchain technology as the technical foundation of the Metaverse. The technical advantages of high efficiency, stability, transparency, and regularization provide the cornerstone for the rise of the Metaverse and become the key to supporting the operation of specific projects in the Metaverse.

Blockchain is a distributed ledger formed by sequentially appending consensus-confirmed blocks with cryptographic technology. It has technical, financial , and social attributes. These three attribute elements have become the core elements to promote the healthy development of the Metaverse and play an irreplaceable role. effect.

From the perspective of technical attributes, underlying platforms such as BaaS, cross-chain , privacy computing , identity authentication, distributed storage and computing provide infrastructure for distributed applications in industries such as finance, manufacturing, education, and energy.

From the perspective of financial attributes, DeFi , NFT and xFi have explored digital financial service models through a large number of practices.

From the perspective of social attributes, the DAO model provides new thinking for the collaboration model in the digital environment.

The emergence of the Metaverse development company is an inevitable trend in the development of blockchain technology, finance, and social attributes. It provides a basis for the privacy protection and identity authentication of the Metaverse system, provides a digital path for the Metaverse financial transaction model, and provides a new social interaction for the Metaverse. It will also promote the establishment of a Web3 digital ecology with blockchain as its core.

The Future of the Metaverse: Multi-chain Integration and Track Cooperation

When we admire the ingenious combination of blockchain technology and the development of the metaverse, we also need to think about whether blockchain technology will bring certain obstacles to the “realization” of the metaverse concept, and whether we need to advance To avoid some risks?

Just like the era of multi-chain parallelism and the increasingly fierce public chain competition, while different platforms are actively developing the metaverse track, they are also launching a new round of “stock competition” for technology enthusiasts and ordinary users. Although encryption and decentralized computing are breaking down the barriers of some platforms and cross-chain operations, the interoperability and intercommunication between different Metaverse projects is still not possible.

Recently, Decentraland was born as a brand new metaverse 3D virtual space. There are a variety of fun mini-games in this 3D space, and many NFT rewards will also be given to users. However, the development of more functions in Decentraland has been limited to a certain extent. Different public chains cannot provide functional support in various directions for a single platform at the same time, just like the world of Decentraland cannot be explored in The Sandbox, nor can it be opened with the Unreal Engine application. Games made with Unity.

We are looking forward to the future of the multiverse, and hope that the metaverse can lead us into a digital life that is truly intelligent, free, and efficient. However, the foundation of the metaverse development services is shared data, shared computing, and shared bandwidth. To bloom the high-energy light of the metaverse, the multiverse needs a whole-universe system.

Therefore, blockchain technology, as the underlying facility of Metaverse facilities, should accelerate its own business level in cross-chain operations, track expansion, project cooperation, etc., and inject strong impetus into the future of Metaverse in the Web3 era.

[sandyzakk]

What is the difference between “metaverse” and “web3”?

Paradigm shift caused by the evolution of the Internet and the virtual-first near future

Over the past year, I’ve started hearing the terms “metaverse” and “web3” a lot. However, few people seem to understand what they are. Also, some people seem to think that “Metaverse = web3”, but this trend seems to be the same not only in Japan but also in other countries.

Metaverse, a virtual space on the Internet with an economic zone

The reason why the “Metaverse” attracted attention is probably the change of Facebook’s company name. On October 28, 2021, Facebook surprised the world by announcing that it would change its name to Meta.

CEO Mark Zuckerberg foresaw the arrival of the Metaverse era in the near future, and appealed to the world to make it the company’s main industry. Triggered by this, “Metaverse Development company” became a buzzword and was rapidly recognized.

The term “metaverse” first appeared in the 1992 novel “Snow Crash” by American novelist Neil Stephenson. Set in America in the near future, it depicts people living in the virtual space “Metaverse” built on the Internet.

To put it simply, the Metaverse is an “online virtual space (virtual reality)”, and there is an opinion that the online games “Fort Knight” and “Atsume Animal Crossing” are part of it.

However, according to Joichi Ito’s “The Future Predicted by Technology” (SB Creative), the Metaverse is not just a game-like internet space, but a place where some kind of value is exchanged.

The “value” is “tokens” such as virtual currency, cryptographic assets, and NFTs, and the leading view is to define the virtual space in which the economic zone (crypto economy) is formed through tokens as the “metaverse.” It is said that

New world “web3” by paradigm shift

On the other hand, “web3” is said to be the evolutionary stage of the Internet following Web1.0 and Web2.0.

Web 1.0 refers to the dawn of the Internet when information was provided and accessed via a browser. At that time, the flow of information was one-way, from sender to recipient, and portal sites such as Yahoo! became popular.

In the next Web 2.0, information will be interactive. With the emergence of user-centered internet spaces such as SNS and review sites, anyone can easily send and receive information. The champion of this era was GAFA, a huge platformer, and it came to have a huge influence all over the world.

Then, what kind of stage is the next “web3”?

First, the era of “web3” is said to be “distributed (non-centralized)”. With the development of blockchain technology, the platformers who had power until now will lose their power, and sovereignty will return to individuals.

Since all transaction information such as personal information and online trading history is recorded on the infrastructure (blockchain), it will not be affected by platform regulations or intentional operations. As a result, the centralized world of giant tech companies will collapse and a new decentralized net world will be built — this is the world of web3.

By the way, why “web3” instead of “Web3.0”? The reason is that it is differentiated with the meaning of “a new world after a paradigm shift” rather than an extension of the previous evolution. “web3” means the beginning of a new era that has never been experienced before.

Why “Web3” and “Metaverse” are Confused

Forbes speculates as to why the two terms are confused .

First, these definitions are still “under construction” and most people don’t exactly understand them. Second, both “web3” and “metaverse” were called “Web3.0”. Some people used to describe Web 3.0 as “the immersive web”, so the two seem to have been conflated. The last point is that the technologies that make up “web3” and “metaverse” are closely related.

All fields, such as work, entertainment, learning, and SNS, will enter the virtual space/metaverse that accompanies economic activities. Blockchain-based crypto assets such as Ethereum and Bitcoin, NFT of digital objects, and DAO of decentralized independent organizations, the technologies that form the basis of web3 are indispensable to the Metaverse, and the two are inseparable. It can be said.

Arrival of the “virtual first era”

According to “Metaverse and web3” (Hironao Kunimitsu, Mdn Corporation), web3 will be “a full-fledged virtual-first era.” Until now, the Internet has been a supplementary device that makes the real world convenient and enjoyable, but that role will be reversed.

A number of virtual spaces are created on the Internet, and each of them is managed as a community. Anyone can participate in the world, and a literal parallel world will appear, such as shopping, dressing up, and participating in live performances. And the tool that becomes the entrance is not a smartphone, but a glass device that allows a more seamless experience.

Meta, Apple, and Google all plan to release AR glasses for the general public by 2024. The world of “virtual first” is already in front of us.

Latest trends of web3 by industry

In fact, changes that make us feel the arrival of the web3 era are beginning to occur in a wide range of fields. With reference to Forbes articles, we will introduce the latest trends and future projections by industry.

Art

In 2021, Beeple’s digital art was sold at a high price, and NFT caused a worldwide breakthrough. NFTs, which give unique value to digital works, have revolutionized the art world, and the Metaverse development of marketplaces is progressing rapidly.

On NFTIFY, a platform that allows you to create artworks as NFTs, you can trade your works on the open market and create an art gallery in virtual space.

Social Media

Social media, which is an online community, works well with web3. For example, Twitter users can publish NFT profile pictures to members of the paid service “Twitter Blue”. This will allow members to buy and sell NFT works with each other.

Big brands are also part of the community at web3, which emphasizes the flatness of the participants. RTFKT, which handles Nike’s digital shoe collection, has a total product value of over $1.5 billion, but has decided to hold only $300 million and return the rest to the community.

Entertainment

On November 19, 2021, Justin Bieber held a live concert “An Interactive Virtual Experience” on the virtual music platform Wave using web3. Many other artists have held similar events, including Canadian singer Grimes.

Fashion & Cosmetics

HUGO BOSS, a fashion brand, uses TikTok to conduct a campaign “BOSS Move challenge” that allows participants to win NFTs. The total number of views of the posted videos exceeded 7.5 billion.

In addition, in the contest held by the cosmetic brand Clinique for members on SNS, NFT art was prepared as one of the prizes. NFTs are beginning to be recognized in the real world as “luxury and valuable”.

Public Service

The use of web3 will also dramatically improve the efficiency of public services.

For example, blockchain can be used to create digital identities for citizens, enabling faster access to health care, education, social security, and more. It will also enable tamper-proof digital voting. A more transparent, speedy and accurate service may be enabled by web3.

web3 has a significant impact on a wide range of industries and has the impact of changing the structure of society. In order not to be left behind by changes, we need to deepen our understanding and prepare for “new experiences” from now on.

[sandyzakk]

Disadvantages of the metaverse (prospects and pros and cons of the combination of metaverse and tourism)

The Metaverse emerges from science fiction as the Facebook CEO announces his vision for the social media giant’s future. The concept of the metaverse isn’t new — it’s been around since the ’90s, and it suggests a virtual world.

However, the Metaverse development company is not just any fictional word, but revolves around the social connections and interactions between people. The metaverse can be anything from video games to virtual and augmented reality. Does it help the tourism industry in any way?

Let’s take a look at the pros and cons of the Metaverse in tourism and some of the most notable examples.

Metaverse and Travel

While people have always been eager to travel, the COVID-19 pandemic has shown us that the travel industry may be the most vulnerable to travel restrictions and social distancing. It has enabled organizations in the travel sector to recognize the value of technology during trying times, thereby increasing its adoption rate.

This is where the Metaverse fits in perfectly. Metaverse is a set of technologies that create virtual worlds, immersive experiences and ease of use that help travelers and travel organizations achieve their goals. And what better way to discover these goals than by delving into the pros and cons of the travel metaverse.

Pros and Cons

When we talk about a brand new concept in tourism, we have several obvious pros and cons that come to mind.

Advantages of the Tourism Metaverse

Metaverse’s strength in the travel industry comes from its ability to enhance the shopping experience before, after and during a trip.

For example, the Metaverse can play an important role in taking the booking experience to another level. Online travel agencies and hotels don’t have much choice in providing information to travelers. They can provide descriptions, images and videos. With Metaverse, they can provide travelers and guests with an immersive experience.

Travel agencies can give potential clients a taste of where they want to go, while hotels can provide an authentic tour of their properties, showing potential clients what awaits them if they choose them over other hotels.

Metaverse can also facilitate travelers’ purchasing decisions. Travelers can use it to explore destinations as if they were there themselves. They can even take part in tours to discover how long it takes to get to a destination, or to find the most exciting route from one attraction to another.

Perhaps the most valuable virtue of the Metaverse is its ability to increase pre-orders. Whether potential guests use augmented or virtual reality to explore hotels, destinations and travel options, chances are they’ll be excited and motivated to book a trip or hotel stay. As a result, OTA and hotel bookings will increase significantly.

Downsides of the Travel Metaverse

The only downside of the Metaverse in tourism is that it’s no substitute for an authentic travel experience. The Metaverse is limited to visual and audio cues.

While this is still the best way to let potential customers know about an offer, there are many things that cannot be communicated through the metaverse — the unique feel of the air in the destination, the smell of the food, the warmth of being basked in the sun, etc.

An Example of Tourism in the Metaverse

Here are some examples of tourism in the Metaverse so you can understand its benefits and potential to change the industry forever.

Step back in time with ease — The Metaverse can offer travelers a whole new experience; step back in time and explore the world’s most famous destinations. Imagine being able to explore Machu Picchu with the local Incas or vines during the construction of the Great Pyramid of Giza?

Smart Destination Shopping — Metaverse can provide potential customers with shopping decisions through VR. You can have your prospects walk the streets of a city, take a hotel tour, or even experience a trip to a destination.

Facilitating accessibility of online events — Metaverse can also help the tourism industry attract more people to online trade shows and expos. The best part is that it enables real-time social interaction so that visitors can interact with exhibitors, ask questions and view brochures, all in real time.

Simplified Guided Tours — Augmented reality is a big thing in the Metaverse. Travelers can use AR to learn any details about their destination of interest. In fact, AR can act as an on-demand tour guide, thereby facilitating booking decisions.

One by one, the metaverse is slowly but surely infiltrating various industries, and the travel industry seems to be benefiting a lot from it. It can help increase bookings, take the shopping experience to the next level, and delight potential travelers with new immersive experiences.

[sandyzakk]

What a Metaverse NFT Marketplace Is and What You Need for Its Development

Have you taken note of how the world has evolved over the past few years? In the past, growing your business online and off implied that you were an effective entrepreneur. These days, if you also venture into the metaverse, the third space, you have far more opportunities. The establishment of metaverse NFT marketplaces is one of the most well-known strategies to do this.

Given that this area is still understudied by business executives in non-technical industries, it may have an impact on a certain company’s competitiveness in the future. So instead of delaying your company’s expansion, let’s learn more about the metaverse NFT marketplace and how it might benefit you instead.

You may learn how to build your own NFT marketplace in metaverse spaces and what essential elements it should have from the expertise of a professional metaverse development business.

What Is the Metaverse NFT Marketplace?

The NFT stands for a non-fungible token, which means that each NFT is a distinct digital item with its own price, value, and exclusive owner. As you may already be aware. NFTs function in metaverses as collectibles (images, movies, and assets), in-metaverse products and cash, and as a representation of an offline good.

An NFT metaverse marketplace, on the other hand, is akin to an online store on the next-level internet space where users may purchase, sell, auction, and exchange NFTs for cryptocurrencies. Blockchain technology, which guarantees the highest level of platform security and controls financial transactions, powers these markets.

As a result, business owners from most sectors may create an NFT marketplace for the metaverse, enabling their target market to obtain unique goods and conduct transactions more easily.

NFT Marketplace for Metaverse: The Value Behind the Concept

In many industries, metaverse NFT marketplace development solutions are seen as the next big thing. Sooner or later, the majority of industries will join the metaverse because of the movement in the world towards receiving and offering distant experiences.

The metaverse is a special place that is impervious to pandemics and other global calamities. Therefore, its users are not constrained by geography or even operating hours. Eventually, new opportunities for growth and financial gain will become available thanks to the functioning of the metaverse for business and NFT markets in particular.

Types of Metaverse NFT Marketplaces

Each NFT marketplace metaverse offer should be distinct and cater to diverse demographics in order to give customers experiences beyond standard online shopping and create intriguing investment possibilities simultaneously. You are thus invited to investigate the many NFT marketplaces that the metaverse may provide.

E-commerce NFT Metaverse Marketplace

Since the metaverse combines many different technologies, including blockchain, augmented reality, and virtual reality, it offers amazing prospects for e-commerce customers without requiring them to leave their homes. Surprisingly, by providing the extraordinary experiences that the majority of online customers want, you may close the gap between online and conventional purchasing.

Your consumers will be able to access a specialized application to browse a selection of 3D models of clothing, furniture, and other items. It would be feasible to try on clothing and digitally arrange furniture in your home to make sure it fits, with or without AR/VR technology. It will be possible to purchase commercial offers for cryptocurrencies to use in a physical or virtual environment after a thorough assessment.

Real Estate NFT Metaverse Marketplace

NFT metaverse markets have made it simpler for clients and real estate brokers to transact business. Users may purchase virtual and physical land using NFTs, eliminating time-consuming paperwork and tiresome travel to see each item in person. Instead, you may examine all of the real estate options in a metaverse marketplace, which is often accessible through mobile or online apps.

Clients receive certificates of established ownership rights that may be examined by any other users thanks to the ground-breaking technology of NFTs. Additionally, the metaverse rental market offers items in virtual worlds. Customers may identify suitable locations for setting up their metaverse enterprises in this way, exactly like it is done in the real world. As an alternative, you may spend money on a metaverse asset and rent it out to other players.

Gaming NFT Metaverse Marketplace

One of the earliest NFT marketplaces to develop in the metaverse’s areas was the gaming sector. Play-to-earn (P2E) and NFT games in the GameFi (gaming & finance) industry essentially cannot exist without NFT markets since it is their primary monetization mechanism.

Gamers may sell NFT awards and in-game items from metaverse games on specific cryptocurrency markets because of the decentralized functionality. They can also purchase particular NFT products from a platform or other players to influence their game progress. Rare NFTs have even been known to fetch millions of dollars when sold at auction.

NFT Art Metaverse Marketplace

NFT art metaverse markets are a fantastic way for digital artists to capitalise on their skills and earn a respectable income. You may produce digital goods and NFT collections that are connected to your sector from a commercial standpoint. Sports organizations, for instance, can advertise unique films and photos from sporting events as well as branded artwork as NFTs.

For individuals interested in making an investment in art, browsing the works in metaverse galleries and then purchasing their favourites is a fantastic alternative. NFT metaverse marketplaces can be a more practical method to hold auctions, biting digital replicas of old paintings to secure exclusive possession of genuine goods.

Benefits of a Metaverse NFT Marketplace

A unique NFT metaverse marketplace requires a lot of labour and knowledgeable professionals to design well. However, the benefits of such a solution make the time and money spent on it worthwhile.

Strong Security: Many people find online money transfers to be stressful, especially when they involve sizable sums of money. Fortunately, while purchasing or selling NFTs on metaverse markets, blockchain makes it exceedingly difficult to tamper with financial data and transactions.

Scalability: DeFi’s quick development has raised interest in blockchain-based projects. For instance, the Visa corporation is developing strategies that would enable Bitcoin purchases within its walls. As a result, your idea may draw potential backers and venture money to finance its expansion.

Transparency: Confirming the legitimacy of digital assets while paying high prices for them is one of the key worries. Thankfully, each NFT item keeps a record of all transactions and details on both the present owner and prior owners. Since it is decentralized, every user has access to this information.

Simple Tokenization: Both product owners and users may easily convert some digital goods into NFTs once you have a personalized metaverse NFT marketplace. So, with a few simple steps, you may display a chosen item in your marketplace. Instead, you may count on experts to handle it for you.

No Bureaucracy: There is no need to go through a tone of paperwork when making large transactions through the NFT metaverse marketplace. Purchased NFTs serve as an easy-to-prove certificate of ownership and provide clients with everything they need to conclude a transaction.

Metaverse NFT Marketplace Development: Essential Steps

1. Build Strategy and Concept

Having a clear vision for the project is essential to getting the outcome you want. So, before beginning the execution, gather all the pertinent data you can and devise the most effective means of ensuring that your team gives everything they have.

It’s also essential to do a market analysis to determine the best time for launch and to look into the offers of the rivals, highlighting the benefits and shortcomings of their offerings. In this manner, you’ll be able to decide which aspects are essential to have and which are preferable to omit.

2. Choose the Tech Stack

You’ll need the most potent tools and technologies to complete the project’s technical needs if you want to develop a fantastic metaverse NFT marketplace. Experts need to grasp programmer like Unreal Engine and Unity in order to build a system that offers immersive experiences and safe transactions.

Additionally, you need to decide on the blockchain network that will serve as the foundation for your metaverse NFT marketplace. You may choose between Ethereum, Solana, CTRONis, and other cryptocurrencies according on your demands and those of your target market.

3. Design a Demo

Prototyping is a crucial phase that experts can’t neglect because it may help save costs by saving a lot of time and money. You can determine whether the future metaverse NFT market is going to operate or whether there are things to improve it on by doing the basic structure.

A demo version of your project may typically be created without any coding. Experts may create a prototype in a few hours by using pre-made components, specialized plugins, and automatic functions in an editor. Only when you’ve given your approval to a demo should you go on to more complicated work.

4. Work on UI/UX Design

If you want your product to be really successful, the metaverse NFT marketplace you are building has to satisfy customer demands and be simple to use. Therefore, ensure that every feature is easily understandable to the ordinary user.

To catch consumers’ attention, the interface design should also be eye-catching and unique. Therefore, it’s crucial to design buttons and other forms of platform interaction in a single style and size that are immediately noticeable to users.

5. Database Storage & NFT Wallets Integration

As was previously indicated, a metaverse NFT marketplace needs dependable storage to maintain databases containing all customers’ private information. Therefore, experts are developing the IPFS (interplanetary file system) to guarantee peer-to-peer access to consumers’ digital data quickly.

People may link their NFT wallets to a safe and large system to store their tokens and maintain their NFTs in a metaverse infrastructure. Making the integration with multiple wallet systems for various platforms is also crucial.

6. Develop Smart Contract

A smart contract is a programmer that controls the exchange of money between users and a platform. The creation of smart contracts has made it simple to carry out operations that are typical of metaverse NFT markets, such as the buying, selling, trading, and auctioning of NFT products.

A smart contract also acts as an extra layer of protection, shielding transactions from disruption by outside parties. Your developers can increase this program’s capability for greater use depending on the project type and its unique features.

7. Coding & Unit Testing

Developers working on the metaverse convert all the information and features of an NFT marketplace into code in order to put the project’s components together. Additionally, experts connect every component to create a single, efficient system.

Developers frequently make mistakes when coding since this procedure is difficult and diverse, regardless of the specialists’ expertise and ability. Therefore, verifying code lines (units) on bug consistency using the unit testing type is a crucial component of any development.

8. Testing and Release

It’s time for testers to perform a comprehensive inspection after developers have ensured that a project runs well. In order to make sure that the anticipated outcomes of interactions with them correspond to the real ones, testers or QA engineers examine critical components of software.

Testing never ends even after meticulous testing, when the majority of defects have been found and addressed. Your specialists will get fresh problem reports with the initial release and each subsequent one, correct the mistakes, and carry on developing software upgrades.

How Much Does Metaverse NFT Marketplace Development Cost?

The fact that crypto-related DeFi initiatives demand substantial funding is not a secret. However, you may control your spending by establishing reasonable objectives and deadlines and by employing qualified experts at reasonable rates.

Therefore, you may reduce your expenses in a variety of areas by using the proper project planning and execution methods. Therefore, you may start by looking for top-tier metaverse NFT marketplace developers who can astound you with exceptional business offerings.

Rely on a Leading Metaverse NFT Marketplace Development Company

A competent outsourcing firm would be one of the key solutions to the puzzle of effective budget management. For instance, Program-Ace is a well-known software development service provider with expertise in the production of intricate projects and immersive experiences.

Your unique metaverse NFT marketplace development solutions will soar ahead of the usual competition because to our expertise in cutting-edge technologies like AR/VR, blockchain, smart contracts, and the like.

[sandyzakk]

How will the Metaverse change the sports industry?

The sports industry is a large global market that is constantly evolving. As reported by PCBB, global investment bank Goldman Sachs has predicted that the Metaverse could be an $8 trillion opportunity for him.

In recent years, the emergence of new technologies such as the Metaverse has changed the way fans interact with sports. The Metaverse development company will change the way we watch and play sports and have a profound impact on the fabric of the sports industry.

This blog post explores how the Metaverse is shaping the sports industry and provides examples of how it can be used. Stay tuned for more insight into this exciting field.

What is the Metaverse?

Metaverse is a virtual reality platform that allows users to interact with each other in a virtual space. Similar to Second Life, but more realistic and immersive. Metaverse can be used for gaming, social networking, and shopping. According to Gartner, 25% of people spend about 25 hours a day in the Metaverse for shopping, sports, work or education.

The potential for the metaverse in the sports industry is huge. It can be used to create virtual stadiums where fans can watch matches and interact with each other. It can also be used to create a virtual training ground where a player can practice his skills. Additionally, the Metaverse can be used to create virtual worlds for fans to explore and learn more about their favorite teams and players.

How the Metaverse is shaping the future of sports

There are three main ways the Metaverse will shape the future of sports.

1. Better viewing experience

In the near future, the Metaverse will provide a better viewing experience for sports fans. As reported by PR Newswire , the Metaverse market size is expected to reach $824.53 million by 2030. The Metaverse is a digital universe that allows users to interact with each other in a virtual space. Businesses are already using this technology to create virtual events and conferences. However, the Metaverse will also have a big impact on the sports industry.

Companies can benefit from a range of Metaverse software development services that allow fans to experience live sporting events from anywhere in the world. Additionally, Metaverse technology allows athletes to train and compete in virtual reality environments. As a result, the Metaverse provides a better viewing experience for sports fans and makes sports more accessible to people of all ages and abilities.

2. Increased Engagement

The metaverse also increases fan engagement with the sport. In the past, fans would watch matches on TV and discuss it with their friends. However, the metaverse allows fans to interact with each other in real time.

For example, fans can chat with each other during matches and share their thoughts on the game. Additionally, the Metaverse also allows fans to create their own virtual avatars to explore the stadium. As a result, the Metaverse increases fan engagement and makes sports more interactive.

3. Participation in Tournaments

Metaverse is an open source 3D virtual world platform. It helps you create your own 3D avatars and 3D scenes in virtual worlds. The Metaverse also allows you to participate in various types of tournaments hosted by organizations around the world. You can participate in these tournaments by simply logging into your Metaverse client and selecting the tournament you wish to participate in from the list of available tournaments.

These tournaments usually cover a wide range of topics such as sports, games and music. Participating in Metaverse tournaments is a great way to meet new people from around the world and compete with them in a fun and exciting environment.

Qatar, for example, will host its first FIFA gaming tournament in the Metaverse. The prize pool for this tournament is $25,000.

4. Create new Income Streams

With the popularity of esports, the sports industry is looking for new ways to generate revenue. An estimated 29.6 million monthly esports in 2022 in the U.S. alone, with viewership declining in 2022 and a fan base of young, tech-savvy individuals, the sports industry is entering the world of esports, We are poised to leverage the power of the Metaverse to create new revenue streams.

Using NFTs and blockchain, sports businesses can now create their own virtual worlds and offer exclusive experiences to their users. These experiences include everything from behind-the-scenes access to VIP treatment. Users are willing to pay for these experiences. By providing these, sports businesses can create new revenue streams. Also, virtual assets can be sold in the form of his NFTs.

Thoughts of the end

The Metaverse has already had a major impact on the sports industry and will become even more important in the future. With its ability to deliver better viewing experiences, increase fan engagement and generate new revenue streams, the Metaverse is poised to revolutionize the sports industry.

[sandyzakk]

What is metaverse commerce? Introducing the possibilities and strengths of new e-commerce with case studies

What is the Metaverse

Metaverse is a coined word consisting of “meta” and “universe”. It refers to a virtual space that exists in a dimension different from reality. The Metaverse is nothing more than a virtual space, but it is characterized by the fact that you can act as if you were in reality when you project it into the virtual space. For example, you can communicate with friends or purchase goods and services.

Metaverse Market Growth Forecast

The Metaverse marketplace has gained a lot of attention since global giant Facebook changed its company name to Meta. According to a study by Bloomberg Intelligence, it is expected to grow to 800 billion yen by 2024, and further potential is hidden.

Possibilities of Metaverse x Commerce

Along with the penetration of the Metaverse, synergies with product sales and EC are also being considered. As a specific method, we will establish points of contact between companies and customers in virtual space to promote brands and sell products. In fact, at the “Virtual Market 2021” held in December 2021, about 80 companies exhibited at the venue set up in the Metaverse space, and more than 1 million users participated. In the virtual market, each company sells digital content and real products, conducts advertising, etc., and there were many consumption behaviors that resembled the real world.

What is the difference between VR and AR?

Metaverse is a concept that is often confused with VR and AR. Both have suddenly become popular in recent years, so many people may not understand the definitions and differences between them. Below, we will explain common points and differences between Metaverse and related terms.

Features of Metaverse and what it can do

Metaverse is a technology that enables unprecedented experiences and events. It may lead to new business opportunities, so business owners should pay attention to what they can do with the Metaverse. In the following, we will introduce what can be achieved with the metaverse.

A lifelike video experience By utilizing VR and AR technology, it is possible to provide a video experience that feels like reality. Because it provides an overwhelming sense of immersion, it has been adopted in industries such as games and animation, providing users with a realistic experience.

Conducting virtual events In the Metaverse space, virtual events such as live music and social events can be held. Virtual events have already been held, such as the Fuji Rock Festival recreating the venue on the Metaverse in 2019, and the popular Japanese rock band RADWIMPS holding their first virtual live performance in 2020. I’m here.

Sales activities in virtual space On the Metaverse, it is also possible to buy and sell products using virtual currency. Not only game items and characters that can be used in the Metaverse, but also land is being bought and sold, and it is expected that a wider range of sales activities will be carried out in the future.

Benefits of the Metaverse

As mentioned above, the Metaverse has the potential to provide new experiences, and there are various advantages. Typical examples include recreating an unrealistic world and revitalizing economic activity. Below are some of the benefits of the metaverse.

Have a surreal experience

In the virtual space created by the Metaverse, all limitations are gone. In other words, as long as you have the expressiveness and technical ability to reproduce on the Metaverse, you can create various unreality. If experiences that cannot be experienced in the real world can be turned into content through the Metaverse, it will increase topicality and lead to economic effects.

A new economic zone can be created

Online games similar to the Metaverse have existed for some time, but the feature of the Metaverse is that real economic activities take place in a virtual space. In addition to digital content, it is also possible to buy and sell real products and invest, so there is a possibility of business opportunities in various industries. Also, if there are few companies that have entered the Metaverse, the possibility of obtaining a first-mover advantage will increase.

Can Reduce costs

In the future, the virtualization of offices and stores will lead to a reduction in operating costs for businesses. In the past, offices and stores were essential for business, and fixed costs such as tenant fees and utility bills were unavoidable. However, if it becomes possible to do business in the virtual space through the spread of the Metaverse, it will be possible to enter the business at a lower cost.

Disadvantages of Metaverse

While the metaverse has various advantages, disadvantages have also been pointed out. Also, since it is a technology that has just been born and has not been introduced in many cases, there is a risk that potential disadvantages lie dormant. Therefore, you will need to proceed with caution when implementing it. Below are some of the disadvantages of the metaverse.

High hurdles for introduction When considering entry into the Metaverse, the biggest problem is the hurdle of introduction. Users need VR devices and PCs, and business operators need a Metaverse development environment and technical capabilities. The number of companies and engineers with VR development technology is small, and development costs a lot, so it will be difficult for small and medium-sized businesses to introduce it.

It has been pointed out that high dependence The appeal of the Metaverse is its high degree of reality and depth of immersion. However, while these elements are attracting attention as merits, they are also pointed out as dangers. Because the world is so real, there is a risk of becoming immersed and dependent on the virtual space. Users need to be conscious of it so that they can enjoy it with an appropriate sense of distance.

Lack of real communication In the Metaverse, communication similar to that in the real world can be realized. Furthermore, the Metaverse space also has the convenience of being accessible from your home PC. Therefore, we should be aware of the risk that communication on the Metaverse will replace real communication.

summary

The Metaverse, which has been attracting attention in recent years, is bringing new possibilities to commerce. Customer service and sales in the virtual space are already taking place, and the number of companies introducing it is gradually increasing. Marketing that utilizes the metaverse is likely to become a trend, especially in businesses that target the younger generation. Although there are problems such as development costs and hurdles, it would be a good idea to consider introducing it while considering future possibilities.

[sandyzakk]

The Future of the Digital World Opened Up by the Metaverse

At Meta Platform’s fourth quarter 2021 financial results briefing, CEO Mark Zuckerberg and others mentioned Metaverse 11 times. 1 Microsoft mentioned the Metaverse seven times on its earnings call, and Nvidia five times. 2 But they are not alone. Over the past six months, companies around the world have used the term “metaverse” more than 240 times during earnings announcements. 3Why are so many companies obsessed with this term? That’s because many expect the Metaverse development to emerge as a game changer for the Internet, creating a multitrillion-dollar revenue opportunity for today’s major platforms and tech giants. Four

By the way, what exactly is the Metaverse? Why is it considered promising as the next-generation Internet? Which segments are most lucrative to benefit from this evolution? In this article, I would like to explore and delve deeper into how the Metaverse will reshape the future of the Digital World and how we experience it.

Important point

The Metaverse is a situation where users enter the Internet and exist virtually. The Metaverse features real-time persistence, economic systems, communities, digital avatars, and accessibility across multiple devices.

Investors see great potential in early versions of the Metaverse that are already out there and have had a short but successful track record. Metaverse based on a distributed open architecture platform that utilizes blockchain technology is expected to be the most successful in the future.

As the Metaverse continues to develop, it will bring revenue opportunities to companies in various industries, especially those involved in building hardware and software for VR (virtual reality), AR (augmented reality), and MR (mixed reality). It seems.

Metaverse definition

In today’s Internet, digital platforms typically support real-life activities. For example, buy something from Amazon and have it delivered to your home, share a photo from your last meal out on Instagram, or buy tickets online for a concert at Madison Square Garden with your friends. I go out to work.

In the Metaverse, on the other hand, digital platforms primarily support experiences in the digital world. Virtual reality headsets allow you to dive into highly immersive spaces where you can work, play video games, buy digital items, socialize with friends, and consume media. increase. The Metaverse is not a technology per se, but a vision of new ways of interacting with our world. Meta Platform’s Zuckerberg succinctly describes the Metaverse as “a virtual environment where you can spend time with others in a digital space.” Five

Broadly defined, the metaverse has six characteristics:

Identity: Users can use their avatar to represent whatever they want to be while existing in the digital space of the Metaverse. To quote the line from the sci-fi movie “Ready Player One,” which depicts an infinite metaverse called “The Oasis,” “Everyone can do anything, so they come to the oasis. And they can be anything, so they stay. Tall people.” , beautiful people, scary people, different genders, different creatures, live action, anime, it’s all up to you.” 6

Multi-Device: A key feature is the ability to access the Metaverse from anywhere, including smartphones, PCs, and tablets. One area where significant progress is expected is in immersive VR experiences that allow users to enter computer-generated environments and interact with virtual objects using head-mounted displays. On the other hand, we believe that a simplified version of the metaverse using conventional screens and devices will also survive.

Immersive: A truly immersive experience stimulates all human senses: sight, hearing, touch, smell and taste. Currently, VR is centered on surround sound and images. Next-generation VR devices, such as haptic bodysuits and omnidirectional treadmills, provide physical sensations through electrical stimulation as users move freely through digital environments.

Economic System: A fully developed Metaverse has a functioning economic system that allows users to earn and spend using digital and fiat currencies. Early metaverses with online economic systems include the gaming platform ‘Roblox’ and its currency ‘Robux’. Users who purchase Robux can use it to purchase experiences and items for their avatar. Developers and creators can create engaging experiences and items that users will want to purchase and earn Robux, which can be redeemed for fiat currencies such as US dollars.

Community: At Tavers, users are never alone. Users interact with others and share their experiences. Looking at early forms of the Metaverse, video games, enabling social experiences seems to be a core feature of popular titles. According to Rob Kotick, CEO of Activision Blizzard, players who come in groups with friends spend three times more time in-game and spend roughly three times more money in-game than other players. Pour into the content. 7

Real-Time Persistence: The Metaverse Development solutions persists in real-time and the experience cannot be paused. That is, it continues to exist and function even after the user leaves. Unlike other digital experiences, it focuses on the continuous development of the virtual world itself rather than the user.

Potential Revealed by Early Metaverses

The Metaverse is not a concept about the future world. An early version already exists. At Epic Games’ Fortnite, virtual concerts of Ariana Grande and Travis Scott were held, and users participated as digital avatars. The success of such events is staggering, attracting millions of fans far beyond the live show.

As companies invest more in building metaverse-related initiatives, they should remember that what is called the “metaverse” is not necessarily a centralized monopoly. As the Metaverse develops, the current experience is more centralized and specialized, but ultimately we aim to be fully decentralized. In the Metaverse drawn by “Ready Player One”, we have abandoned the real world in search of one infinite virtual world, but unlike this, in the world we live in, multiple Metaverses are expected to emerge. .

Metaverse Expected to Move from Closed to Open Architecture

Currently, the Metaverse experiences provided by companies mainly use closed-architecture systems, and their respective software and hardware are not compatible with other companies’ platforms. Platforms are often designed with different primary use cases in mind, such as gaming, work, shopping, and social.

Ultimately, the most successful Metaverse platform is expected to evolve into a more open architecture in which many, if not all, users, developers, and businesses can participate on an equal footing.

An example of a truly open metaverse is a decentralized virtual reality platform powered by blockchain technology. Such concepts already exist in Decentraland, Somnium Space, Sandbox, etc. built on the Ethereum blockchain. Unlike other virtual worlds and social networks, no single agent has the power to change the rules of the software, land and currency economies of these virtual worlds. Community members can create, experience, and monetize content and applications. Community members may also be able to buy/develop/sell land, but as in the real world, land is finite and its value goes up.

Users only need a VR set, a smartphone or PC, and an internet connection to participate. But the next generation of hardware, including haptic bodysuits, omnidirectional treadmills and brain-sensing wearables, will make virtual worlds more realistic.

Haptic Bodysuits: Wearables that provide tactile sensations to users in VR and AR environments through electrical stimulation and vibration motors, such as full-body, vest-only, or gloves. These suits mimic sensations such as hugs and raindrops, giving users a deeper experience.

Omnidirectional treadmill: Allows users to walk, run, and jump in any direction, allowing users to bring physicality to their VR experience. Today, even the best-in-class omnidirectional treadmills are only capable of walking. However, we believe that advances in technology will allow for a more immersive experience.

Brain-sensing devices: Devices that analyze, interpret, and convert their own neural signals into digital commands could finally allow users to control virtual environments in real time. In some advanced devices, machine-learning algorithms decode brain activity and recognize active visual focus, allowing the focused object to move within the virtual world.

Metaverse could be a trillion dollar business opportunity

Given its history, the metaverse could create a wide range of revenue opportunities across multiple industries. This trend will be particularly noticeable for companies involved in building hardware, software, semiconductors, platforms for creators, and economic systems related to VR, AR, and MR. If you include advertising, social commerce, digital events, hardware, content creation and development, and more, the opportunity could exceed $1 trillion. 9 Below, we list some of the fastest growing areas of the metaverse and some of the companies that are leading the way.

AR, VR, MR, and Spatial Computing: Companies involved in developing hardware and/or software for experiencing and interacting with augmented digital reality. Companies involved in VR (immersive simulation), AR (extending the real world with computer-generated information), MR (hybrid display that allows you to experience and operate the real world and virtual world at the same time), etc. These technologies can simulate or relay visual, auditory, tactile, and motion information.

An example of a VR set is Meta Platforms’ Oculus Quest. Combined sales of Oculus Quest 1 and 2 devices launched in 2019 and 2020 are estimated to reach over 10 million units. 10 Meta Platforms believes that exactly 10 million devices are needed to have a sustainable and profitable ecosystem for developers, so this sales figure is notable. 11 App development in the VR ecosystem lags far behind other types of devices such as smartphones, and there is currently a lack of quality content. As the number of VR users increases, the incentives for developers will also increase.

Conclusion

The Metaverse is still in its infancy, just like the Internet used to be. However, the underlying infrastructure for the Metaverse is in place, and many companies are becoming more and more willing to participate, both verbally and in the form of capital commitments, in driving it forward. Consumer appetite for this next-generation Internet is expected to grow as each one is perfected and becomes more accessible. I believe that the key to developing the Metaverse development services is to spread awareness that it is an immersive real-time sustainable economy. The Metaverse can be a place for leisure and entertainment as well as a place for economic development. While it will be years before a fully immersive metaverse experience becomes ubiquitous, Global X believes early-stage investment opportunities are already emerging.

[sandyzakk]

Cyber Threat Prediction in Metaverse Space: Metaverse or Metaverse?

The term “metaverse” was first used in Neal Stephenson ‘s 1992 cyberpunk novel Snow Crash. The novel depicts a virtual world that can be explored using an avatar, providing the player with a fully immersive experience. Similar worlds can now be found in massively massively multiplayer online role-playing games (MMORPGs) such as Roblox, Minecraft, Fortnite, and Second Life, which are depicted in Snow Crash. I have to say that it is still far from an immersive experience.

In the latest conception, the metaverse consists of multiple virtual spaces that are independent but connected. This makes it impossible for one company to build the entire metaverse on its own. Even with an optimistic outlook, it will take 5–10 years for a full-fledged metaverse to fully roll out. Metaverse games and applications already exist, such as Decentraland, Crypto Voxels, Minecraft, and Second Life, but they are primarily designed for gamers rather than the general public. In the future, Trend Micro believes that everyday activities such as remote work, entertainment, education, and shopping will take place in the next generation of Metaverse-like applications. Many of these applications naturally share cyberspace. Ultimately, as the underlying technologies (hardware, software, network infrastructure, and ubiquity) mature, it will morph into a single metaverse. In this shared space, users can easily switch between applications and access the Metaverse using a wide variety of hardware.

But the Metaverse also attracts crimes that exploit its unique characteristics. This blog provides an overview, and a research paper provides more details.

What exactly is the Metaverse?

There are many opinions about what the Metaverse is and how it fits into the Internet picture. Trend Micro has created the following interim definitions to aid research:

The Metaverse is a cloud-distributed, multi-vendor, immersive interactive operating environment that users can access using a diverse category of connected devices, both static and mobile. The Metaverse uses Web 2.0 and Web 3.0 technologies to implement an interaction layer over the existing Internet. Metaverse is proposed as an open platform for working and gaming within VR/AR/MR/XR environments. This is a similar concept to existing MMORPG platforms, but while MMORPGs each represent their own single virtual world, the Metaverse allows players to seamlessly move between multiple virtual spaces with their virtual assets. The Metaverse is not just a platform for human users. It is also the communication layer of smart city devices, which allows humans and AI to share information.

In essence, the Metaverse will be the Internet of Experiences (IoX) . However, it is quite to be expected that this definition will evolve as the concept of the metaverse evolves.

What Threats Affect the Metaverse?

Predicting cyber threats to a product space that does not yet exist and may or may not exist in the form we imagine it to be is difficult. With this in mind, Trend Micro has consulted to better understand the Metaverse and identify threats to and within the Metaverse.

NFTs

Various opinions have been expressed about the use of non-fungible tokens (NFTs) within the metaverse. An NFT is a unique unit of data that is recorded on a blockchain and can be traded. NFT data can include hashes and links to digital files (text, photos, video, audio, etc.) to verify ownership of digital assets. NFTs manage asset ownership but do not store assets, exposing users to threats such as ransomware attacks. Once the files are encrypted by the ransomware, the NFT owner will not be able to access the files. Additionally, assets can be effectively stolen if the underlying blockchain is vulnerable to Sybil attacks .

Scammers can also mimic NFTs by subtly tampering with a few bits of data in “protected” files to sell essentially the same digital asset. As demonstrated by Moxie Marlinspike, assets can also be manipulated by modifying the content returned from the URL stored within the NFT.

In addition, there are security issues around asset transfers. Moving digital assets between metaverse development solutions spaces incurs costs. This is because assets must be validated, and incompatible assets must be “converted” before they can technically be used on different platforms. Asset brokers are used for this, but scammers posing as asset brokers can trick users.

Until best practices and rules are established, virtual trading routes risk becoming lawless. If it is firmly rooted in blockchain technology, it will be an inherently chaotic market. There is no clear government agency or legal entity to help in the event of fraud. Existing attacks such as phishing and drive-by downloads are also more effective because of the trust that this interactive space creates.

Darkverse

The Darkverse will be similar to the Dark Web and will be an anonymous space for malicious users to interact. This pseudo-physical entity mimics the real-life space used for clandestine meetings and is suitable for criminals to facilitate illegal activities. On the other hand, it can also be a safe space to speak freely against oppressive groups and governments.

The world of Darkverse can be configured to be accessible only when the user is in a designated physical location. Doing so protects a closed metaverse community. The use of location-based and proximity messages will make it difficult for Law Enforcement Agencies (LEAs) to intercept Metaverse data.

The Darkverse is particularly problematic because serious crimes such as child pornography are already a big problem on the Internet. Such crimes are poorly defined from a legal standpoint and are extremely difficult for the LEA to police in the virtual space.

financial fraud

The high volume of e-commerce transactions in the metaverse makes them attractive to criminals looking to steal money and digital assets. In the Metaverse, a new digital economy (using Bitcoin, Ethereum, cash, PayPal, e-Transfer, etc.) will operate, and exchange rates will be controlled by a free (and possibly chaotic) market. This makes it an easy target for criminals looking to manipulate the market. A company that exists only in the metaverse does not belong to any jurisdiction and may be able to avoid income tax. Metaverse investors may also be victims of investment and securities fraud. Moreover, the entwined system of digital currencies, digital assets, and fiat money is at risk of triggering a crash similar to that of the Terra/Luna cryptocurrency in 2022 .

Digital currencies are convenient for receiving funds, but publishers face complex financial issues, possibly at a regulatory level, when users are scammed or transaction issues arise. If a user is scammed or stolen, it is nearly impossible to get help, prosecute, or take legal action when using a decentralized digital currency.

In the Metaverse, we can expect to artificially inflate the value of digital assets through false endorsements, promotions, and investments. For example, the value of virtual ‘land’ is highly impression dependent and can be manipulated by a variety of factors.

social engineering

Social engineering is a broad term for malicious interactions between humans aimed at tricking users into making security mistakes or revealing sensitive information. Social engineering scams are more successful when scammers have more information about their targets. In the Metaverse, operators can use personal information such as gaze, body, voice, and motion tracking to conduct accurate sentiment analysis. All this data is collected and can be stolen or misused.

Criminals and nation-state actors will seek out sensitive and vulnerable groups on specific topics and try to influence them by dropping targeted stories. The metaverse is ideal for deepfakes for criminal purposes. Combining audio and video makes for a powerful voice (and manipulation tool).

Metaverse operators should also be wary of intruders who attempt to mislead Metaverse users by impersonating official avatars. In this case, deepfakes may not be necessary as the avatar’s assets can be easily harvested and replicated. If you can spoof an official avatar skin, you can infiltrate the Metaverse space and do bad things, damaging the image of the impersonated company.

Criminals can also use the metaverse to impersonate doctors and get paid for giving fake medical advice to patients. Fraud in a broader sense includes building fake news worlds and using them as VR honeypots for sensitive information gathering, or malicious advertisers selling trojanized digital products. is possible.

As the Metaverse transcends physical boundaries, people will be easily exposed to scammers from all over the world, and social engineering crimes will become more serious.

summary

The Metaverse is the next evolutionary step in augmented, mixed and virtual reality. The Metaverse uses new technologies to provide users with a fully immersive experience, the Internet of Experiences (IoX). In the Metaverse, users have the impression of participating in real-world events.

The Metaverse Development Services is a layer added to the Internet with the goal of providing transparent connectivity to any device. But it doesn’t seem like developers are heeding the advice of their decades-old predecessors and designing for security and privacy. Every effort must be made to prevent the Metaverse from becoming a rogue and dangerous space infested with criminals. Developers should incorporate technical and social safeguards from the beginning. Without such safeguards, the Metaverse could become an even more dangerous space than the current Internet : the Metaverse .

[sandyzakk]

An Ultimate Guide to Unity Metaverse Development

The decentralized virtual technology created on the blockchain network is referred to as the metaverse. This indicates that it is not governed by a centralized authority. Users can create their own digital assets, such as lands, avatars, and other virtual things, in the user-generated eco-system known as the Metaverse. In addition, consumers have already begun researching this technology to incorporate it into their company processes and workflows because to the enormous needs of Web3 applications like virtual games, events, and social networks.

One of the most well-known tools for Metaverse dApps and one of the many tools & technologies used in Metaverse development is Unity. This blog will explain what unity metaverse is and how to use Unity to create a metaverse dApp.

What Is Unity Metaverse?

While creating dApps and various Metaverse games, Unity is a versatile programmer that allows for many changes. It is a flexible technology with integrated features, cross-platform functionality, access to the Unity asset store, and graphical elements. It has a significant impact on the creation of new ecosystems and dApps for the Metaverse.

Using Unity, experienced developers create financially profitable metaverse environments. They also emphasize the construction of a futuristic metaverse by including elements like cross-chain interoperability. Developers can guarantee accurate smart contract event indexing and synchronization by utilizing extremely sophisticated APIs, dashboards, and servers. Many of the well-liked Unity development tools are as follows:

Full-cycle game development: Unity developers provide full-cycle development solutions, including everything from system architecture design and programming to API execution and testing.

Services for integrating systems: These services include Unity Analytics, API integration, webhook integration, multiplayer integration for Unity, cloud building for Unity, etc.

Gaming in the metaverse: Pros create specialised, decentralised metaverses that tap into the power of Blockchain and Unity development tools.

2D/3D gaming: With the aid of Unity’s development tools, creators may create 2D/3D games that work on a variety of platforms and gadgets.

How to Create Unity Metaverse Dapp?

Development of metaverse dApp with Unity has three different stages:

Make a 3D world

Make an Avatar

Add the Web 3 login wallet with the QR code option

Steps of Making A 3D World With Unity

You must choose “Scenes” under “Assets” in the Project section, then right-click and select “Create” and “Scene,” respectively. Give the scene a fitting name now, such “Scene A.”

To access “Third Party,” you must now go back to the project area and click on “Assets” once more. This file contains free resources.

Go to “Scenes” under “Rooms” in this folder. Choose “The Final Revelation” as the scene asset at this point. It was decided to create a prototype metaverse with a medieval theme. The 3D world may be seen in the “Scene” window after choosing the scene asset.

Right now, you may view all GameObjects for a single scene asset in the “Hierarchy” window (right side). The “Scene” will include game elements such tables, books, lamps, seats, and the bookshelf.

You can add items to the 3D environment in this phase. Choose “The Last Revelation” from the “Hierarchy” window, then click “GameObject” and “Create Empty” to create an empty game object. It can be called “custom rom.”

Choose “Assets” now, then “Prefabs.” The next step is to create the folder and put all of the game’s items inside of it. You may create, arrange, and preserve game elements with “prefab.”

Next choose “Prefab” and proceed to “custom rom” before choosing “Assets” and moving on to “Scenes” and “Scene A,” respectively. Your new game item will now be present in your medical library scene and will be visible to you in the “Scene” panel. You may keep creating game items throughout this procedure, save them in the “customroom,” and then add them to the main scene.

Steps of Making An Avatar With Unity

Here, you may create an avatar — a three-dimensional character — in a setting that resembles a medieval library.

Go to “Third party” under “Assets” in the project panel. Then, locate the character Prefab “NestedParentAmature” by clicking “Starter Assets” first. The character will then be inserted once you choose that Prefab & in the medieval chamber. The character might show up seeming robotic.

You rename it according to your preferences in this phase by changing the tag in the “Hierarchy” panel. In order for your avatar to be able to walk on the floor and there to be no free falling, you must also add a mesh collider to the space.

By choosing the Play button and the movement keys after that, you can quickly observe how the figures move about the room. Afterwards the character is free to move about the space as they like.

Then, right-click on the name of your character in the hierarchy pane; in this case, it is “PlayerAmature” to apply a modification to the 3D model of your character. To unpack your character prefab, select “Unpack Fully” from the right menu.

You must now alter your character model. You must do so by choosing “Assets” from the “Project” panel. Choose “Third Party,” then “Cartoon Heroes,” “Characters,” and finally “Male C.” Here, you may select the sample of your choice.

Steps To Add a Web 3 Wallet Login With A QR Code

Step 1: Web3 backend platform selection

To provide consumers access to the crypto wallet tools’ legitimacy, backend platforms must provide SDKs. Moreover, it lets users sign in to a decentralized application and digital platform. Moreover, SDKs that allow Web3Api interaction with Unity 3D are available.

The metaverse SDKs may be downloaded from the GitHub page once you’ve decided on the backend platform. You must now go back to Unity and drag and drop the downloaded Web3Api SDKs into Unity’s user interface. The imported Web3ApiSDK folder will then be shown on the Unity interface when you confirm the import.

According to the metaverse development company firm, you may access a variety of tools based on the SDKs of the backend platform. Below are some outlined common methods for describing how to incorporate web 3 wallets into the metaverse dApp, nevertheless, for ease of understanding and convenience.

Step 2: Wallet connect setup

You can presume that the backend platform’s SDKs can handle the web 3 wallets referred to as Wallet Connect for this metaverse dApp. This is an entirely open-source platform that uses QR code scanning to link decentralized applications to wallets. Now drop the Wallet Connect into Unity’s “Hierarchy” by dragging it from your SDK.

Step 3: Server setup

You need to construct the server in this stage. As a result, you must log in to your backend platform before using the self-explanatory steps to create the server. Either the mainnet server or the testnet server may be used to launch or test a decentralized application.

You must now choose your region and give your server a name. You must identify the blockchain you choose to utilize. Either Ethereum, BSC, or Polygon are viable options.

Various chains are supported by various backend platforms. You must thus choose the best blockchain platform for you depending on the alternatives offered.

In order to link your decentralized application to the blockchain platform, you then select a node. Web3 systems provide dependable, quick nodes. You should choose nodes based on your server. If your server is on the Ethereum mainnet, for example, you can choose the Ethereum nodes.

Step 4: Web 3 wallet login integration

You can quickly obtain your server’s URL & application ID once you’ve set it up and made it accessible using nodes. You must now copy the Website address before going back to Unity. Put it in the space next to “Web 3 Rpc Node Url” now.

The next step is to drag and drop Wallet Connect from the “Hierarchy” tab into the “Wallet Connect” section.

Step 5: QR code implementation

For user login through QR code, you must create a canvas panel. Right-click on the Unity workspace and select “Create UI Canvas” to begin. Then select “Build the panel” from the menu.

Click the “Create a Picture” button inside this window. As a result, the Unity “Scene” window displays an image in the colour white. You may scale and adjust the colour of this image to suit your needs.

Lastly, find “Wallet Connect QR Image” under the “Inspector” tab’s “Add component” option. As users attempt to log in, it will begin to generate random QR codes. Users may quickly log into the metaverse development solution dApp by scanning the QR code with their digital currency wallets.

Final Words:

Unity is a flexible platform that requires a lot of modification and aids in the creation of dApps. Unity developers love to work on it since it is a robust forum. The built-in tools, cross-platform operability, and graphical elements simplify the creation of the next-generation metaverse. Speak with our specialists immediately if you want more information about our Unity development services.

[sandyzakk]

Next-Generation Metaverse Gaming: The Next Frontier

The introduction of metaverse gaming has already generated a lot of buzz in the current gaming industries. According to recent projections, the market for metaverse technology is anticipated to grow to USD 1,527.55 billion by 2029. This enormous rise is primarily responsible for the explosion in the popularity of online gaming powered by AR and VR. The rich and unmatched gaming experience provided by metaverse gaming systems includes 3D graphics, sensory features, full display screens, and tactile sensations.

Users may also move between different gaming applications and immersive environments with ease. Moreover, users may move their data, avatars, and non-fungible coins in the Metaverse without changing headsets. The transformation of gaming platforms into an engaging and participatory 3D platform via the creation of a virtual environment is thus quite intriguing to see. Read on to learn how the metaverse powers next-generation gaming systems.

What Is Metaverse Gaming?

Metaverse gaming transforms multiple aspects of gaming activities in virtual environments. Gaming is one of the major sectors in Metaverse where people can get an extraordinary experience by playing innovative virtual games. Moreover, metaverse games are also based on the play-to-earn concept enabling players to earn and win virtual gaming assets & sell them to convert real-world money.

With VR technology gaining huge traction from multiple sectors worldwide, Metaverse development services have a massive scope in the upcoming future. Tech-savvy people always want to embrace an immersive digital experience with augmented reality & virtual reality gaming devices. Let’s explore some prominent examples of metaverse games.

1. Decentraland

Decentraland offers blockchain Metaverse gaming opportunities where gamers can easily play to earn. It’s a social Metaverse gaming platform that allows users to buy & sell virtual plots, estates, and lands through MANA cryptocurrency. Decentraland users can also build their environments, applications, and marketplaces with the help of native tokens. As of 2022, the estimated market value of this Ethereum-based VR platform is $2.5 billion.

2. Axie Infinity

Sky Mavis is the creator and developer of the non-fungible token-based video game Axie Infinity. Axie Infinity provides a large selection of avatars as a decentralised Metaverse game platform. Players may fight, raise, gather, and build their own kingdoms in this game. Any player may easily purchase, sell, trade, and own their game resources thanks to the user-driven economy that this Metaverse gaming platform offers.

This game offers social networking capabilities in addition to several earning chances. One of the key distinctions between Axie Infinity and other traditional games is the use of blockchain technology, which enables players who have advanced in the game to get prizes from player-owned economies.

3. The Sandbox

Players may develop, market, and share game experiences and in-world assets on The Sandbox, one of the Ethereum-based metaverse gaming ecosystems. With a decentralised authority, participants of this game may construct virtual structures and in-game items for an immersive and participatory metaverse experience. Three linked components that together provide an exceptional UGC, or user-generated content, creation experience, are part of the Sandbox blockchain platform.

4. Technical Components of Metaverse

Technology in the metaverse is a fictitious development of current technology. You may access this technology in a number of ways, including through VR, augmented reality, and mixed reality. Improved interoperable & decentralised systems are the result of good collaboration between developers and specialists. The following technical elements go into creating an interoperable metaverse platform:

1. Decentralized Network

This network hosts the metaverse technology in a decentralized process & it also facilitates decentralized data transmission with real-time connections.

2. Interoperable Media Standards

These standards may include images, text, audio, 3D scenes, vectors, video & sequences to power three-dimensional applications.

3. Programming languages

HTML, JavaScript, WebXR, WebGPU Shader Language, WebAssembly, etc.

4. XR Hardware

XR hardware may include Omni treadmills, smart glasses, industrial cameras, scanning sensors, and haptic gloves to link with Metaverse.

5. Computing Power

With the help of computing power, users can easily support artificial intelligence, data processing & projection.

6. Payment Gateways

Payment gateways play a huge role in digital currency exchanges & they also regulate fiat payments and cryptocurrency.

7. 3D Immersive Simulations

Three-dimensional immersive simulation is a virtual ecosystem that offers a real-world immersive experience.

Virtual Gaming and Metaverse

Virtual gaming has a strong focus on games that employ blockchain technology and support multiplayer gameplay. Blockchain, on the other hand, altered the meaning of virtual gaming by utilising NFTs and cryptocurrencies.

One of the largest advancements in the gaming industry now allowing gamers to experience a next-level gaming environment is the Metaverse-based ecosystem. Both centralized and decentralized gaming are possible in the Metaverse, however for more cutting-edge advantages, decentralized gaming initiatives are preferred. How the metaverse affects the virtual game platform is the current point of discussion.

Studies show that the Metaverse is transforming virtual game business models and significantly increasing income by opening up new options. Also, it enables businesses to develop relationships with future clients. The metaverse, a virtual universe, may link clients from all over the world with a common online platform for connecting and socialising. Businesses now prefer to invest in the metaverse and use cutting-edge technologies like 3D reconstruction, AI, IoT, augmented reality, and blockchain to create a powerful and futuristic version of the metaverse gaming apps.

In addition, playing games in the metaverse offers a unique experience where users may work, learn, communicate, attend meetings, and make money through NFT trading and live game broadcasting. In other words, metaverse gaming is continually altering the relationship between online ownership and content.

Technologies That Empower Metaverse Gaming

The use of cutting-edge technologies in gaming in the metaverse forces gaming corporations to reorient their attention to the Metaverse gaming market. It aims to provide a distinctive and flawless gaming experience. Next-generation technologies like blockchain, IoT, and artificial intelligence being used by game makers. Let’s just go through them.

1. AR & VR Technology

The thrilling and necessary 3D experience that AR & VR provide greatly aids the creation of the Metaverse. Using visual characters and components, metaverse development company claim that AR technology has the enormous potential to transform the actual world and create a remarkable virtual game ecosystem. Moreover, it enables cellphones and digital gadgets so that users may experience cutting-edge gaming.

2. Blockchain and Cryptocurrency

Blockchain platforms efficiently help companies create any decentralised Metaverse project. It provides businesses with a number of benefits, including value transfer, interoperability, and digital collectability. Users can transfer value in Metaverse using cryptocurrency that is based on the metaverse.

3. Internet of Things

Metaverse technology is able to get, gather, and use vast amounts of data and information from the modern world by utilising IoT technologies. The IoT apps have a number of capabilities, including connection, scalability, artificial intelligence, dynamic nature, security, endpoint administration, analysing integration, and compact nature, and they may link to the Metaverse virtual world. This technique is achievable because to a few crucial components. They consist of:

Access to budget-friendly sensor technology

Conversational AI (Artificial Intelligence)

Cloud computing platform

Connectivity

Analytics and machine learning

4. 3D Reconstruction

Reconstruction is the newest trend that many real estate organisations have adopted. Incorporating three-dimensional apps is a typical practise. Some businesses may provide their customers virtual tours thanks to technology. 3D reconstruction has been used in Metaverse to support other important technologies.

Major Characteristics of Metaverse Virtual Gaming

Gaming metaverses may quickly change a variety of characteristics of virtual ecosystem activity. The following are some key traits of metaverse virtual gaming use cases:

1. Social Gaming

Inherently, the Metaverse technology is social that provides users with a complete socialistic ecosystem where they can make relationships with several elements. Multi-player gaming also takes on another dimension as gamers can easily invite new friends, communicate with other gamers, make relationships, etc. Platforms like Decentraland, Fortnite, Sandbox, and Roblox offer socializing spaces and huge-scale competition for virtual gaming in the metaverse.

2. Play to Earn

A crucial component of the Metaverse gaming industries is play to earn. Gamers may readily partake in a variety of pursuits. They could also include a variety of trade activities, such offering other metaverse players the gaming items they won in the virtual game.

3. Flexible Gaming Experience

Users may have an immersive virtual game experience because to the flexibility of metaverse gaming. The social gaming experience has greatly expanded in flexibility. With it, you can easily bring in additional people to a virtual environment, produce content, design minigames, and use the gaming industry as a brand-new platform for a variety of endeavours.

4. Mixed Reality Experience

The Metaverse technology makes use of mixed reality and augmented reality to provide a highly natural experience. Players may go from mixed reality board games to the metaverse’s virtual reality realm when playing games on the platform.

Final Words

All facets of this technology are used by a metaverse development business to advance the gaming sector. Even though this technology is still in its infancy, several metaverse gaming businesses are always working to create their cutting-edge gaming systems. Metaverse, which creates a superb visual game experience, supports cutting-edge technologies like IoT, blockchain, and 3D visualization. Speak with our specialists if you want to stay current on metaverse trends. Also, feel free to get in touch with our team for Metaverse development solutions & extensive AR/VR advice.