Metaverse

Metaverse Technology
The purpose of this report is to understand what the metaverse is. The importance of Metaverse, the software behind it, its advantages and disadvantages, and its effects on our lives are mentioned.
What is metaverse?
The word “metaverse” is a new word derived from the combination of the meanings of the words “meta” (beyond) and “universe” (universe). It refers to a virtual universe beyond the physical world we live in. It means a shared community of online worlds where physical reality and augmented and virtual reality merge.
The term “Metaverse” was first coined by science fiction writer Neal Stephenson in his 1992 novel “Snow Crash”. In “Snow Crash”, the Metaverse is a hugely popular virtual world experienced by users equipped with augmented reality technology.
Difference of Metaverse from Internet
While the Internet offers us a two-dimensional virtual world, the metaverse aims to enclose us in a 3-dimensional virtual universe. Moreover, it is predicted that this virtual universe, which will be established in the digital environment, will interact with the physical world with technologies such as augmented reality, virtual reality and holograms. People will be able to enter the metaverse completely virtually (i.e. with virtual reality) or interact with parts of it in their physical space with the help of augmented and mixed reality. This virtual world is a shared sandbox where people are represented by digital avatars, and it constantly grows and evolves depending on the decisions and actions of the society in it. Digital avatars can look just like you or have a completely different look. For example, you can choose an imaginary character with an artistic design for yourself as an avatar. You can even have different avatars for different activities you will do in different parts of the metaverse. These avatars can teleport from one region of the metaverse to another. Your gestures and movements are also transferred to the metaverse via avatars. For example, when you are happy or sad, your avatar, which is your reflection in the metaverse, is also happy or sad. Avatars who are in the same region of the metaverse at that time, and therefore people who own these avatars, can also see your gestures and movements. Importance of Metaverse
Metaverse is becoming the gateway to most digital experiences, a key component of all physical experiences, and the next great business platform. The value of being a participant in such a system is also great. Today, the “internet” has no owner, but when we look at the most valuable publicly traded companies in the world, we see leading internet companies at the top. If Metaverse is really going to replace the internet, it could also show a big rise in economic terms. Metaverse can generate more and more opportunities than we see online. New companies, products, and services will emerge to manage everything from payment processing, authentication, recruitment, advertising, content creation, security, and more. This means that the jobs of many today’s employees will be transformed.
Equipment
Access points for metadata include general purpose computers and smartphones, augmented reality, mixed reality, and virtual reality.
Dependence on VR technology has limited metaverse development and widespread adoption. The limitations of portable hardware and the need to balance cost and design have resulted in a lack of high-quality graphics and mobility. Lightweight wireless earbuds struggle to achieve the retina display pixel density needed for visual immersion, while higher-performance models are wired and often bulky. Another issue with the widespread adoption of the technology is cost, and as of 2022, prices for consumer VR headsets range from $300 to $3500.
Current hardware development is focused on overcoming the limitations of VR headsets, sensors, and more immersion with haptic technology.
Software
There has been no widespread adoption of a standardized technical specification for metaverse applications, and existing applications are primarily based on proprietary technology. Interoperability is a major concern in metadatabase development stemming from concerns about transparency and privacy. There have been several virtual environment standardization projects. Universal Scene Annotation is a specification for 3D computer graphics replacement created by Pixar and powered by Blender, Apple’s Scenekit, and Autodesk 3ds Max. Technology company NVIDIA has announced that they will use USD for metaverse development tools in 2021. OpenXR is an open standard for accessing virtual and augmented reality devices and experiences. It has been adopted by Microsoft for HoloLens 2, Meta Platforms for Oculus Quest, and Valve for SteamVR.
Blockchain and cryptocurrency
Blockchain technology, digital property

Blockchain and cryptocurrency
Blockchain technology provides a decentralized and transparent solution for digital proof of ownership, digital collectability, transfer of value, governance, accessibility and interoperability. Cryptocurrencies enable users to transfer value while working and socializing in the 3D digital world. For example, crypto can be used to buy virtual plots in Decentraland. Players can purchase 16x16 meter plots of land in the form of non-tradable tokens (NFTs) with the game’s cryptocurrency MANA. With the support of blockchain technology, ownership of these virtual lands can be established and secured. In the future, crypto could potentially encourage people to work on the metadatabase. As more companies bring their offices online for remote work, they may see metadata warehouse-related jobs being offered.
Augmented reality (AR) and virtual reality (VR)
AR uses digital visual elements and characters to transform the real world. It is more accessible than VR and can be used on almost any smartphone or digital device with a camera. Through AR apps, users can see their surroundings with interactive digital visuals, similar to the mobile game Pokémon GO. When players open the camera on their phones, they can see Pokémon in a real world environment. VR works differently. It produces a completely computer-generated virtual environment, much like the concept of a metadata store. Users can then explore using VR headsets, gloves, and sensors. The way AR and VR work shows an early model of metadata storage. VR is already creating a digital world with fictional visual content. As its technology becomes more mature, VR may expand the metaverse experience to include physical simulations with VR equipment. Users will be able to feel, hear and interact with people from other parts of the world. Given the hype around metadata warehouse, it is expected that more metadata companies will invest in AR and VR equipment development in the near future.

How the Metaverse Will Affect Our Lives
Where hardware and energy technology are sufficient, extensive cultural changes will be necessary to foster a true Metaverse development. Relatively high-quality virtual reality and augmented reality technologies are already available to consumers, but less than 20 percent of Americans are familiar with VR headsets, according to a 2020 report by Thrive Analytics and ARtillery Intelligence. Also, experts predict that devices like VR and AR have a chance to surpass game consoles by 2025 at the earliest.
Metaverse Projects
In the economy project, companies will need to transform their marketing strategies from buying online ads to versions that can be used in a shared virtual economy.
In the Metaverse, people won’t be wandering around alone. They will form friendships and relationships that will influence their decisions. Brands will need to continue to adapt to playstyles and interactions. Customers will not only be able to talk to brands like on social media, but also interact with them in 3D form.
Virtual fashion, avatars and virtual real estate (housing, cars, etc.) will have their own value in Metaverse. Companies will have to design brands for different people at different stages of the economic situation. People who invest in metadata may have their own businesses and properties on the Metaverse, so there may be opportunities to partner with businesses that do not exist physically. Virtual fashion houses and designers will have the opportunity to enter an entirely new digital priority clothing market.
Top 12 Metaverse Projects
Sandbox
Axie Infinity
Enjin
metahero
Decentraland (MANA)
High Street (HIGH Coin)
PREMIERE
Bloktopia
Terra Virtua Kolect (TVK)
Epic Prime
Star Atlas
Somnium Space (CUBE)
GOOG/GOOGL : Alphabet $2,810
FB (META soon) :Meta (formerly Facebook) $218.25
NVDA: Nvidia $280
RBLX: Roblox $50
SNAP : Snap $36.50
MSFT : Microsoft $302
ADOBE : Adobe Systems $428