Hexaview Technologies

Exploring the Metaverse and NFTs

Metaverse and NFts

It sounds like some Web series, but the Metaverse is a reality that many of us already know to a certain extent. The Metaverse is the world where your digital self can reside. Your digital self is known as an avatar, and it can move around and interact with other people who also have their avatars in the virtual world.

 The Metaverse is a hypothetical version of the internet that supports online 3-D virtual environments. This is done through personal computing (the example of this can be many games being played within the Metaverse), virtual reality headsets, and augmented reality headsets. The Metaverse is a shared virtual 3D world, or worlds, that are interactive, immersive, and collaborative. Just as the physical universe is a collection of worlds connected in space, the Metaverse can be thought of as a bunch of worlds.

In this virtual era, people use avatars to communicate and virtually create a community of people. Also, the use of digital currencies will be promoted for buying weapons, shields, cloth, and many other items. Also, Metaverse can be used by people for traveling, and they can enjoy these tours with no particular purpose just by using a headset and controller.

Benefits of Metaverse:
  1. Fantastic Tool for Healthcare Professionals.
  2. Address the Remote Work Challenges.
  3.  Making online games more enjoyable and exciting.
  4. Providing an experience of Virtual tours.

Let’s have a quick look at the benefits of Metaverse in detail.

Fantastic Tool for Healthcare Professionals

Metaverse is a boon for healthcare professionals and medical staff who were previously unable to visit patients due to geographical limitations. In the virtual world of the Metaverse, they get to interact with the patient and have clear insight into their health condition.

Addresses the Remote Work Challenges

Metaverse has the potential to address all the existing challenges of remote work. It allows managers to effectively communicate with the employees, including reading their body language and in-person interaction.  Moreover, the employer can resolve problems like productivity time theft and goldbrick at the workplace by keeping track of team productivity through their unique avatars.

Making Online Games more Enjoyable and Exciting

Most Metaverse games today have a decentralized economic model where developers and publishers own the in-game asset ownership and the right to distribute these assets. Meanwhile, the idea of allowing avatars to explore the vast virtual space is exciting for the players.

Providing the Experience of Virtual Tours 

Traveling is adventurous, but everyone cannot travel around the world.  Metaverse allows people to visit places virtually where they can’t go physically. This is an excellent feature as people who lack money or cannot travel have the option of using Metaverse.

 Top technologies powering Metaverse are as follows:

  • Blockchain and Cryptography 

Blockchain technology is crucial for the development and constant evolution of Metaverse. With blockchain, businesses can build decentralized and transparent solutions to prove digital proof of ownership, digital collectability, value transfer, interoperability. Moreover, cryptocurrencies act as a medium of exchange to support the transfer of value between users while exploring and socializing in the 3D virtual space. 
For instance, gamers on popular games like Decentraland require native digital currency MANA to buy virtual land and other accessories to continue playing games.

  • Artificial Intelligence

Artificial intelligence is widely applicable in our day-to-day lives: business automation, strategies & planning, facial recognition, faster computing, and much more. Likewise, AI has been enabling the creation of immersive virtual space.
AI is adding value to Metaverse in many ways, including the following: –

  • The technology is also crucial to make the entire Metaverse process more dynamic so that the user experience is enchanting every time they enter the space.
  • For gaming Metaverse, artificial intelligence empowers non-player characters in different instances, improving their actions and interaction.
  • AI technology analyses 3D scans and images to generate more realistic avatars and align with the real participant.
  • Data processing and management become easy and faster with AI.
  •  Internet of Things (IoT)

IoT, as a system, bridges the gap between our physical world and the internet, enabling sending or receiving data through sensors. For Metaverse, the internet of things collects from the physical world and renders it to virtual space, which increases the accuracy of digital representations. It means that IoT data feeds can determine the functioning of objects within the Metaverse based on the changing environment and other instances.
IoT technology seamlessly connects the 3D virtual world to various real-world devices and enables the recreation of real-world processes in a digitally interoperable infrastructure.

Connection between Metaverse and NFTs

A question arises in everyone’s mind regarding the Metaverse and NFTs: Are they connected? The answer is yes. The Metaverse and NFTs are related to digital assets and given value. The Metaverse will allow people to showcase digital forms of art and property, and NFTs will enable them to put a price on that content with proof of ownership. 

The metaverse-NFT interplay is undoubtedly a prominent highlight because it could become the optimal currency to enter Metaverse. This will allow people to show proof of ownership, something like a deed to a property that only exists in a virtual world. Another possibility is that NFT could be treated as a token or a perfect access point for specific virtual events happening inside the Metaverse. The possibilities are endless; that’s what makes the idea so attractive. 

 To get a clear understanding of Virtual Products & NFTs in the Metaverse, consider a virtual environment where any asset may be purchased, sold, or exchanged. And because of that, the Metaverse would be free of real-world constraints such as natural resource restrictions, supply chain risk, and physics. Given the immense potential, advocates are dubbing the NFT Metaverse the next evolution of The Internet.

Here’s an example of bringing home the potential of the Metaverse. A user may soon be able to explore a virtual shopping mall, order food in the food court via the Some Eating website, purchase virtual products & NFTs for their avatar, and finally attend a live performance at the Spotify Performing Arts Centre.

The Emerging and Future use cases of Metaverse are as follows:
  • Virtual work and learning spaces
  • Advanced blockchain use cases
  • Expansion of social media platforms
  • Virtual businesses and markets
Conclusion

It seems very clear that Metaverse will be a significant part of our lives in the coming years. Metaverse is an emerging technology through which people interact using the virtual world. NFTS will be used for selling and buying purposes. Thus, the Metaverse will surely enhance our digital experience. The main point that comes to mind is what can be done in the Metaverse.

There are currently many options for users, such as shopping playing games, and NFTs are potent weapons to accomplish all these.

 

Sparsh

Sparsh

Sparsh is a Software Quality Analyst at Hexaview. She is currently working as a manual QA, learning automation, and is deeply interested in Project Management.