💡What is the Metaverse?

The metaverse is the next step in the evolution of gaming, social networking, education and brand representation online.

Metaverse overview

Virtual Reality (VR) has remained largely a novelty over the last couple of decades, however, with the continuous growth of computing power and graphical capability available to us, these applications are beginning to reach a level of sophistication as to be attractive to the mainstream. With the advancement of technology, the demand for a connection between the physical and virtual worlds has reached a critical stage given how rapidly the adoption of the Metaverse concept is growing.

Ask the majority of people today what "metaverse" means, and the most common answers will be "the thing Mark Zuckerberg is making" or "like the movie Ready Player One". Of course these are valid answers as the only real exposure that the mainstream has had as to what "the metaverse" might be, comes largely from these sources, of course with added dystopia. Similarly, NFTs are still seen by the mainstream as monkey JPEGs, and cryptocurrency is still "magic internet money" backed by nothing.

The reality is that “the metaverse” is not one single thing; it is the evolution of the digital world to incorporate more and more aspects of life from the physical world while remaining unbound by the limitations of that physical world. The Metaverse is not a step-change, nor is it new; humans have gradually been moving from a purely physical world into a digital world over the last 30+ years. The creation and rapid expansion of cryptocurrencies and NFTs are creating opportunities for the creation of entirely new digital economies within Web3, and with the addition of VR, there comes a potential to further develop these emerging economies visually and attract mainstream aspects within e-commerce, gaming, entertainment, sports, music, and more.

It is impossible to truly define ‘the Metaverse’ in the same way it was impossible to define ‘the Internet’ in the 1990s.

We see the metaverse as the next development of the Internet, where people can come together as 3D likenesses that represent them inside immersive and interactive 3D virtual worlds rather than having to browse flat outdated web pages.

The merging of physical and digital reality will make existing web activities credible, easier and intuitive as well as opening up many new worlds and experiences that are just not possible now.

While there is no clear definition of the Metaverse at this stage, it will no doubt change a lot as it is developed and as new technology arises. The following are some components that will be important parts of it:

While there is no clear definition of the Metaverse at this stage, it will no doubt change a lot as it is developed and as new technology arises. The following are some components that will be important parts of it:
Virtual 3D worlds and collective shared spaces that may be just simple representations or could be fully photo-realistic imagined environments or “digital twins” of real-life places and buildings, a convergence of enhanced physical and digital reality;
The environments will be a huge scale and will be rendered in real-time for effectively an unlimited number of users, each having their own individual experience.
It will be device independent and accessible through phones, tablets, computers, games consoles, virtual reality headsets and other devices yet to be developed.
3D Avatars will be used represent the humans in the Metaverse. These could be simple cartoon-like images or photo-realistic representations of how you really look, or how you want to look; They can also be fantasy impressions not of yourself, keeping your real-world identity detached from the metaverse.
It will incorporate blockchains (a type of database and chain of transactions secured by cryptography) that can keep an immutable record of ownership, purchases and sales of things within the Metaverse, and a lot more;
Use of Cryptocurrencies for valuing Metaverse assets and settling transactions between participants and businesses operating in the metaverse.
Non-Fungible Tokens (NFTs) that are unique digital records of ownership of assets within the Metaverse or and can also be even usable real-world assets.
The Metaverse will be persistent, with continuity of data like identity, activity history, objects, rights and entitlements, payments and communications. Next time you visit, all your virtual belongings will still be there. One way to think about it is that the Internet is something that people “browse” but the Metaverse is something that you can enter and “live” inside.

The current market consists of a number of rudimentary metaverses and online experiences with many different missions, user bases, and end goals. From social media giants such as Facebook and Instagram, e-commerce platforms such as Amazon, eBay, and Alibaba, online gaming such as eSports and MMORPGs, major clothing brands, and streaming platforms such as Youtube, Twitch, and TikTok. These are all aspects that a future metaverse will need to resolve under one umbrella and create a centralised space that provides all of these online experiences within it.

The most important requirement for the success of a platform of this nature is that it adds value and utility to the lives of all users and businesses who participate. For example, in online shopping via Web2, In recent years, there has been a significant push within e-commerce towards 24- to 48-hour shipping and free returns. A culture has developed in which one buys two to three sizes of the same item, tries them on, and returns the unfitting sizes. Even though shipping is advertised as “free”, it now accounts for a substantial portion of the item's cost since repackaging and returns are required.
If the platform you ordered from had the technology to already allow the user to try on the clothes, ensuring it's the right size with your measurements, on your frame, and with your face, you could potentially reduce 90%+ of returns for the supplier. This would result in a vast decrease in costs for the consumer, manufacturer, and retailer alike. These kinds of solutions to current market problems, among others, are what VerseX plans to include in their metaverse.

Digital economies are not new; The ultimate collection of humanity in a physical-digital amalgamation

History of the metaverse:

Blockchain Metaverses: Axie Infinity, Decentraland, Sandbox, Upland, and Bloktopia
MMORPGs: Runescape and World of Warcraft provided concept of digital economy
Simulator games: The Sims, SimCity, Cities Skylines, Flight Simulator etc
Shooter Games: Halo, CoD, Fortnite, PUBG etc

YouTube has revolutionised the way we learn; anything is available to learn online, 24/7, for free today. All of these aspects of the metaverse have become behemoth online communities in their own right. The evolution of the metaverse will combine these existing communities as well as create new ones. VerseX is not limited to a specific scope; it aims to continuously develop all elements of the metaverse and incorporate solutions for a comprehensive, interconnected hub of digital experiences that will provide real value both inside and outside the metaverse.

A list of possible metaverse applications (though not exhaustive) will be outlined in the following sections.

PreviousIntroduction NextWhat is VerseX?

Last updated 1 year ago

Metaverse overview

Virtual Reality (VR) has remained largely a novelty over the last couple of decades, however, with the continuous growth of computing power and graphical capability available to us, these applications are beginning to reach a level of sophistication as to be attractive to the mainstream. With the advancement of technology, the demand for a connection between the physical and virtual worlds has reached a critical stage given how rapidly the adoption of the Metaverse concept is growing.

Ask the majority of people today what "metaverse" means, and the most common answers will be "the thing Mark Zuckerberg is making" or "like the movie Ready Player One". Of course these are valid answers as the only real exposure that the mainstream has had as to what "the metaverse" might be, comes largely from these sources, of course with added dystopia. Similarly, NFTs are still seen by the mainstream as monkey JPEGs, and cryptocurrency is still "magic internet money" backed by nothing.

The reality is that “the metaverse” is not one single thing; it is the evolution of the digital world to incorporate more and more aspects of life from the physical world while remaining unbound by the limitations of that physical world. The Metaverse is not a step-change, nor is it new; humans have gradually been moving from a purely physical world into a digital world over the last 30+ years. The creation and rapid expansion of cryptocurrencies and NFTs are creating opportunities for the creation of entirely new digital economies within Web3, and with the addition of VR, there comes a potential to further develop these emerging economies visually and attract mainstream aspects within e-commerce, gaming, entertainment, sports, music, and more.

It is impossible to truly define ‘the Metaverse’ in the same way it was impossible to define ‘the Internet’ in the 1990s.

The merging of physical and digital reality will make existing web activities credible, easier and intuitive as well as opening up many new worlds and experiences that are just not possible now.

While there is no clear definition of the Metaverse at this stage, it will no doubt change a lot as it is developed and as new technology arises. The following are some components that will be important parts of it:
Virtual 3D worlds and collective shared spaces that may be just simple representations or could be fully photo-realistic imagined environments or “digital twins” of real-life places and buildings, a convergence of enhanced physical and digital reality;
The environments will be a huge scale and will be rendered in real-time for effectively an unlimited number of users, each having their own individual experience.
It will be device independent and accessible through phones, tablets, computers, games consoles, virtual reality headsets and other devices yet to be developed.
3D Avatars will be used represent the humans in the Metaverse. These could be simple cartoon-like images or photo-realistic representations of how you really look, or how you want to look; They can also be fantasy impressions not of yourself, keeping your real-world identity detached from the metaverse.
It will incorporate blockchains (a type of database and chain of transactions secured by cryptography) that can keep an immutable record of ownership, purchases and sales of things within the Metaverse, and a lot more;
Use of Cryptocurrencies for valuing Metaverse assets and settling transactions between participants and businesses operating in the metaverse.
Non-Fungible Tokens (NFTs) that are unique digital records of ownership of assets within the Metaverse or and can also be even usable real-world assets.
The Metaverse will be persistent, with continuity of data like identity, activity history, objects, rights and entitlements, payments and communications. Next time you visit, all your virtual belongings will still be there. One way to think about it is that the Internet is something that people “browse” but the Metaverse is something that you can enter and “live” inside.

The current market consists of a number of rudimentary metaverses and online experiences with many different missions, user bases, and end goals. From social media giants such as Facebook and Instagram, e-commerce platforms such as Amazon, eBay, and Alibaba, online gaming such as eSports and MMORPGs, major clothing brands, and streaming platforms such as Youtube, Twitch, and TikTok. These are all aspects that a future metaverse will need to resolve under one umbrella and create a centralised space that provides all of these online experiences within it.

The most important requirement for the success of a platform of this nature is that it adds value and utility to the lives of all users and businesses who participate. For example, in online shopping via Web2, In recent years, there has been a significant push within e-commerce towards 24- to 48-hour shipping and free returns. A culture has developed in which one buys two to three sizes of the same item, tries them on, and returns the unfitting sizes. Even though shipping is advertised as “free”, it now accounts for a substantial portion of the item's cost since repackaging and returns are required.

If the platform you ordered from had the technology to already allow the user to try on the clothes, ensuring it's the right size with your measurements, on your frame, and with your face, you could potentially reduce 90%+ of returns for the supplier. This would result in a vast decrease in costs for the consumer, manufacturer, and retailer alike. These kinds of solutions to current market problems, among others, are what VerseX plans to include in their metaverse.

Digital economies are not new; The ultimate collection of humanity in a physical-digital amalgamation

History of the metaverse:

Blockchain Metaverses: Axie Infinity, Decentraland, Sandbox, Upland, and Bloktopia

MMORPGs: Runescape and World of Warcraft provided concept of digital economy

Simulator games: The Sims, SimCity, Cities Skylines, Flight Simulator etc

Shooter Games: Halo, CoD, Fortnite, PUBG etc

YouTube has revolutionised the way we learn; anything is available to learn online, 24/7, for free today. All of these aspects of the metaverse have become behemoth online communities in their own right. The evolution of the metaverse will combine these existing communities as well as create new ones. VerseX is not limited to a specific scope; it aims to continuously develop all elements of the metaverse and incorporate solutions for a comprehensive, interconnected hub of digital experiences that will provide real value both inside and outside the metaverse.

A list of possible metaverse applications (though not exhaustive) will be outlined in the following sections.