The meaning of ‘metaverse,’ and all the terms explained.

The first website went live in 1991, and it looked like a simple Wikipedia page. There wasn't much going on there; it was just a page with some text on it. A few years later, a video titled 'elephant on zoo' went live on another website; fast forward a few years and you have youtubers with a larger reach than entire news outlets. Throughout history, technological advances have resulted in the birth of entirely new industries and economies. Another leap is taking place, known as the metaverse, and it will change the way everything works.

Is metaverse real ? Will meta make everything better ?

Since Mark Zuckerberg's announcement, every news outlet has been painting a dystopian future in which we are all doomed to be mindless robots in a cog. A ready player one encounters the matrix, in which Zuck controls everything. It's the simplest story to tell and the one that gets the most clicks. This article isn't about large corporations attempting to construct the matrix. It's all about you understanding what's going on and how you can profit from it, and the best way to do so is to look at something on a smaller scale.

The Multiverse

Have you seen Ariana Grande's new concert? No, not that one, I am telling about that where they actually did a full-fledged concert inside the game. Imagine telling someone a few years ago that Ariana Grande will go on tour in Fortnite in 2021. It did, however, manage to create a one-of-a-kind experience with an entirely new level of interaction. Last year, something similar happened with Travis Scott. This type of experience excels at connecting something from the physical world with something from the virtual world. Something very interesting is happening right now across all industries all at once. BMW unveiled their new vehicle in Rocket League. Video games are being created by streaming services such as Netflix. We have video game studios like Riot producing Netflix shows. As a result, we're seeing a shift in how we interact with both worlds and what's truly possible.

The Metaverse : Explained

So, exactly what is the metaverse? To say what the metaverse is now is analogous to saying what the internet was in the 1990s. You can now see into the future with only a modem, a phone line, and a few dollars per month. There was no such thing as social media, content creators, sharing platforms, trading platforms, platforms that make other platforms, and so on. So, technically, the metaverse is whatever we create on top of it. It is located at the nexus of web 3.0, blockchain, and virtual reality. It is only through the combination of these three elements that it is possible.

Web 3.0

We must examine each of the three components separately, beginning with web 3.0, the next version of the internet. Yes, there are more internet versions. Web 1.0 resembled the website we discussed at the outset. It's just a page with a bunch of text and some hyperlinks to more pages with more text. There is no interaction, and there is no user-generated content. There's nothing but text on a screen. Web 2.0 is what we have now; it is largely community-based, with the majority of content created by users.

Limitations

There is one very important point to make here. On the internet, you can only buy and own one thing. A single thing is that we own a domain name. That CS Person (anmolguragain.com.np) Nobody else on the planet can create a website with the same domain name. Corporations own everything else. Take, for example, this blog. Sure, we made it, but if Google wants to, they can simply poof and it's gone, bringing us to web 3.0. Owning parts of the internet is the most important thing you can do on web 3.0. Everything you create, buy, or sell on the internet is yours, and you own it completely. This occurs as a result of blockchain, and more specifically, nfts.

What are NFTs ?

 There are the foundation blocks of value in the metaverse. You probably have an idea of what they are. But most disregard them as useless pixels on a screen for which some idiots are paying millions of dollars. But Anmol what's stopping me from doing a right-click save of an nft to my desktop ? How is that valuable great question for you to better understand how nfts work. Let's talk about money or the story of money or how money came to be what makes you think this piece of paper is worth 100? Who told you that ? Why would someone trade goods for your piece of paper? Well it's because over the years we agreed that a dollar is worth a dollar and we trust that it always does. It's a social construct. It's not even real but it makes it easy to exchange stuff. So we all agree to use it. So the value of an nft is how much those who embrace it decide that it's worth and it provides ownership because it can be tracked in the blockchain. It cannot be copied what you're failing to see is what nfts can become in the future.

Let's talk about money, or the history of money, or how money came to be. What makes you think this piece of paper is worth 100 dollars? Who said that to you? Why would someone give you something in exchange for your piece of paper? We agreed over the years that a dollar is always worth a dollar, and we trust that it always will be. It's a cultural construct. It isn't even real, but it facilitates the exchange of goods. As a result, we've all agreed to use it. So the value of a nft is determined by how much its supporters believe it is worth, and it provides ownership because it can be tracked in the blockchain. It cannot be duplicated.

What we are failing to see is what NFTs can become in the future.,

 

Virtual Reality and Metaverse

The same way that websites evolve over time. Contrast the first page of Google Maap with, say, Google Maps now. They're both website pages that can be accessed via a specific link. However, the disparity between them is enormous. People say nfts are a scam, but they post their original creations on Instagram in exchange for a digital heart, according to this great tweet. So you have this way of truly owning and using something in the context of web 3.0.        

What a fantastic way to interact with this virtual reality. Well, it appears that virtual reality is the only thing that people are talking about, despite the fact that it is only a part of the metaverse. This is the coolest thing we have right now until holograms become a thing. It's the result of natural technological progress.

Facebook and Metaverse

So when someone says Facebook is creating the metaverse, they are fundamentally incorrect because they do not own the internet, blockchain, or virtual reality. It's like saying Apple invented telecommunications when it released the I-phone. It makes no difference what they, Google, or any other company does. Individuals will own the internet once blockchain becomes mainstream.

Example of NFT and Metaverse

Assume you're an artist who created a video and sold it for one dollar as a nft. You include that in your smart contract. Every time your video is sold, you earn $80, with the seller receiving $20. Assume I buy your video for one dollar and sell it for one dollar to someone else. In this case, the artist earns one dollar from the first sale and eighty cents from the second. I also make 20 cents, and the list goes on. When your video is sold, you automatically receive 80% of the proceeds in your digital wallet. There would be no TikTok, no You Tube, and no label involved. Not only do you make significantly more money. Your work also generates revenue for your community. This is how individual ownership manifests itself. This formula applies to everything in the metaverse.