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After a whirlwind of hype around cryptocurrency and then around NFTs, is the metaverse the next big thing on the block… chain? See what we did there?
Yes, it sure seems like the metaverse is the new kid on the blockchain: encapsulating all the previous elements and presenting the digital world of our dreams.
But with all of this development taking place at the speed of lightning, how can we be so sure that we're not in the metaverse, right now? What if we’re already our own avatars?
Okay, hold on, before we spiral into existential crisis mode, let’s take a few deep breaths in and out. We’re not in the metaverse yet, this is not the Matrix - but we might well soon be. Soo.. saddle UP!
What is the Metaverse, exactly?
The metaverse relies on the basic premise of creating a realm that is comparable to the internet but more physical, allowing people to interact with the world through digital avatars.
In addition, unlike the internet we use today or Web 2.0, users in the metaverse may see changes in the environment in real time. When a user moves in the metaverse, the movement is visible to everyone.
The metaverse enables you to meet your colleagues from all over the world at a virtual meeting table, take a break for lunch and go on an art excursion, and then meet up again with pals for supper after your work’s done – all in a virtual world. The differences of geography, of physical ability of movement or of just wanting to avoid the time or environmental impacts of travel can all be ironed out in a metaverse world.
And while comparing it with Web 2.0, in that world users can only move about within the constraints of existing online platforms, and interoperability across platforms is limited. Interoperability?
Yes, this word does get thrown around a lot - it really just means connecting and moving across platforms. Which is obvious since, Twitter's goal is to keep you on Twitter at all costs.
Web 2.0 isn’t as flexible and “interoperable” as we thought it would be. And that’s something to keep an eye on as people promise the world with web3 projects – is there true movement allowed?
How can the Metaverse be taken to the next level?
There’s no doubt that the metaverse is here to stay, because newer projects are constantly happening and taking it into a better direction. The only way to go from here to the future is for projects to accelerate it to a whole new level and keep ramping up the notches from there.
Projects that are elevating the metaverse
There are a ton of projects that have taken up the metaverse in their stride, some of them are:
Perhaps a better way to describe Roblox's metaverse is that it is intended to be the user's metaverse. As a result, the gaming powerhouse is working on tools to help with this effort, including tools that will allow developers to create metaverse stepping stones.
Alongside which, they have also announced that ‘limited-edition’ user-generated content goods would be available for purchase. This implies that creators will be able to profit from both the original sale of an item and its subsequent resale to others. Kind of like NFTs, but they aren’t calling them that.
South Korea's major wireless provider has joined the metaverse rush too.
The corporation announced in August that it will launch its virtual meeting platform ifland in about 80 global regions by the end of this year.
Ifland is a popular platform for corporations, conferences, orientations, trainings, and even town hall meetings since it lets users exchange PDF documents and mp4 media. It also lets users engage with others in a variety of online environments, such as stadiums and cafés, using custom avatars.
While governments around the world are shunning the concept of web3, the government of South Korea has been a strong supporter of the metaverse. It's even been a forerunner in terms of public-private collaborations.
The shoe giant Nike has been prepping for the metaverse in a fashion sense.
Seven trademark applications for virtual gear, including trainers, have been submitted by the sportswear brand. This is a step higher from the Nike-branded product NFTs that they've previously released for Fortnite and Roblox.
Caduceus is the unsung hero of all the metaverse projects that gives us what we truly desire from the metaverse.
Their new blockchain will not only provide a standardised development environment in which anybody can participate – the code is also open-source (which is kind of a big deal).
They’re building a complete set of development environments and tools. Monitoring, maintenance, and smart contract development are all made easier with intuitive, user-friendly interfaces.
For protocols that are open source, the door’s always open and has enough room for more. Above all of that, they promise to create the world's first 3D metaverse platform that will be simple to use with all the jargon kept where it belongs (locked away in a cupboard and only brought out when absolutely necessary!)
Final thoughts
New projects attract younger and busier minds that accelerate the process of building this ever growing piece of digital real estate. It is only onwards and upwards from here, and with Caduceus paving the way for users like us to hop on – it's only a matter of time until we actually are replaced by our own avatars at least some of the time!
Arman Shirinyan
Alex Dovbnya
