THE METAVERSE.

Article by: Taiwo Micah. Written: 22nd November 2021

TABLE OF CONTENT.
● What is the Metaverse?
● Components of the Metaverse
- WEB 3.0
- Blockchain Technology.
- Augmented/ virtual reality.
● How long until the Metaverse?
● Who is building the metaverse?
● Why is the Metaverse important.

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What Is the Metaverse, and How Does It Work?
Throughout history, technology has helped create and jumpstart entirely new
industries. A very good example is the internet, but as we speak, another jump is
happening, and it is known as the Metaverse. The term metaverse is derived from
two separate words of separate origin, the Greek word “Meta,” which means
beyond, and the English word “verse,” depicting reality or the universe. Going by
this, the metaverse simply means beyond reality or beyond the universe that we
know. The term was first used in Neal Stephenson's dystopian sci-fi novel Snow
Crash, published in 1992. The Metaverse, according to the novel, is a collection of
virtual and augmented realities centered around a super-long "Street" that
individuals can stroll across as avatars and access via goggles and computers.
Users of public terminals are depicted as fuzzy black and white avatars, whereas
users of private terminals are depicted in full color and detail. Since then, the term
"metaverse" has come to refer to a wide range of activities aimed at building a
more permanent virtual world that permeates our daily lives. The metaverse will be
accessible via phones, laptops, wearable technology, and headsets (or a

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combination of these). It will be where you work, shop, exercise, socialize, watch
movies, and play video games.
Going for a more technical definition, the metaverse is a virtual world that
integrates social networking, online gaming, augmented reality (AR), virtual reality
(VR), and blockchain technology to allow people to connect digitally. The
metaverse is a persistent shared 3D virtual space linked into the perceived virtual
world.
Giving an exact definition for the metaverse now is like defining the internet in the
early stages of the internet. There is still so much room for growth any definition
given now would seem obsolete in a matter of time. However, to get an idea of the
concept of The Metaverse, it's safe to break it down into a combination of three
different technologies: Virtual reality/Augmented reality, Blockchain, and Web 3.0.

The combined application of these three technologies is what makes the Metaverse
possible and to properly understand what the metaverse is, we need to thoroughly
examine the individual components and the part they play in creating the
metaverse;

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I. WEB 3.0: The term, coined by the reporter John Markoff of The New York
Times in 2006, refers to a new evolution of the web, its third generation, and
includes specific innovations and practices. The first version of the web,
popularly known as WEB1.0, is described as the first "iteration" of what
grew into a growing, developing medium that eventually evolved into a
platform with a wide range of applications. The early Internet consisted
primarily of web pages linked together by hyperlinks, with few of the
images, controls, or forms that we encounter now when we log in. It's known
as the "read-only" web because it's a website that isn't interactive in any way.
For the most part, the web user was a passive observer, and much of the user
interaction took place offline. Individual webpages were often made up of
static pages housed on an internet service provider's (ISP) web server or free
web hosting services. This version of the web simply connected users to
Information, and a typical example is Wikipedia. Then came along WEB2.0,
which is currently in place. Web 2.0 Websites allow users to do more than
just retrieve information. Now users can build on the interactive facilities of
Web 1.0 to provide "network as platform" computing, allowing users to run
software applications entirely through a browser. Users can co-author the
data on a Web 2.0 site and exercise control over it. These sites have an
"architecture of participation" that encourages users to add value to the
application as they use it. This stands in contrast to traditional Websites,
which limit visitors to passive viewing and whose content only the site
owners can modify. The most popular version of web2.0 are social media
apps like Facebook, Whatsapp, Twitter, etc. WEB 2.0 basically started to
blur the boundaries between users and the internet. WEB3.0 seeks to
eliminate the boundaries between the internet and its users completely. It is a
leap forward to open, trustless and permissionless networks.
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 - ‘Open’ in that they are built from open-source software built by an
open and accessible community of developers and executed in full
view of the world.
- ‘Trustless’ in that the network itself allows participants to interact
publicly or privately without a trusted third party.
- ‘Permissionless’ in that both users and suppliers, can participate
without authorization from a governing body.
Web 3.0 brings exciting new features that neither of the previous iterations
of the web has been able to. As advanced as web2.0 is, the only thing users
can truly own on the internet is domain names. They are the only things
capable of ownership, and once a person owns a domain name, nobody else
in the world can use that domain name. However, with the introduction of
Web3.0, users are capable of owning “parts of the internet.” With Web3.0,
everything you make, buy or sell on the internet is entirely yours, and you
have full rights over it. The ability to have ownership over an item that only
exists virtually is made possible by the Metaverse’s next important
component, Blockchain Technology.
II. Blockchain Technology: Blockchain technology has paved the way for
some brilliant inventions, one of which is NFTs. A non-fungible token
(NFT) is a unique identifier that can cryptographically assign and prove
ownership of digital goods. NFTs can be considered modern-day
collectibles. They're bought and sold online and represent digital proof of
ownership of any given item. NFTs are securely recorded on a blockchain -
the same technology behind cryptocurrencies - ensuring the asset is
one-of-a-kind. The technology can also make it difficult to alter or
counterfeit NFTs. By creating an NFT, creators can verify scarcity and
authenticity to just about anything digital. From digital art, music, videos,
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 collectibles, in-game assets, tokenized real-world assets, etc. NFTs are units
of data stored on a blockchain digital ledger. Each non-fungible token acts as
a certificate of authenticity, showing that a digital asset is unique and not
interchangeable.
An NFT can never be changed, never be adjusted, and never be stolen,
thanks to the principles of cryptography that make the blockchain unique.
NFTs provides the ability to truly own a digital asset and to use it in the
context of WEB3.0.
III. Virtual Reality/Augmented reality: Virtual Reality (VR) is a
computer-generated environment with realistic-looking images and objects
that give the user the feeling of being completely immersed in their
surroundings. This environment is viewed through the use of a Virtual
Reality headset or helmet. Augmented reality takes VR a little bit further and
goes on to blur the boundaries between reality and the virtual world.
Augmented reality (AR) is an enhanced version of the real physical world
that is achieved through the use of digital visual elements, sound, or other
sensory stimuli delivered via technology. Where virtual reality creates an
entirely new virtual experience, augmented reality combines virtual
experiences and physical reality together.
The metaverse is the convergence of virtually-enhanced physical reality and [a]
physically persistent virtual space." In other words, it could look like a second
world layered over the one we know through the use of augmented reality in
addition to a virtual space, and we; and lastly, virtual and augmented reality
devices are not yet at the stage where they can be seamlessly integrated into our
everyday lives. Even when all these technologies are perfected, the metaverse is
not something that would just happen all at once. The metaverse will be gradually
developed, and this process has been going on for a long time. People have been
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attempting to create immersive virtual worlds since the 1960s, a goal fueled by the
film and video game industries' efforts to create worlds. Second Life, an alt-reality
computer game where you play through an avatar and may do just about anything
like buy a house or get married, was launched in 2003 and is one of the most-cited
examples of the metaverse. There's been a lot of discussion in recent years about
developing the Metaverse and who will build it first. To appreciate the enthusiasm
with which firms rush to fill this new frontier, one just needs to look at Facebook
and Google's Internet success now, considering how both companies dominate the
digital industry. Observing that quest, there's a good chance that Fortnite, the video
game that has converted celebrities into players and players into celebrities, has
been laying the groundwork for the Internet's future right in front of our eyes.
Fortnite was developed in 2017 as a four-player cooperative game about protecting
a base, a popular gaming genre. As the game's global popularity surged, the Battle
Royale mode was added later, after the genre acquired traction on the PC market.
Throughout 2018, Fortnite gained a reputation for being less of a video game and
more of a favored social network for Generation Z. It has hosted live events that
have inspired interest both in-game (such as when cataclysmic events changed the
game's map) and in the real world when the game made headlines by disappearing
into a black hole for two days in October to reset its servers for its second chapter).
The game also hosted concerts for Travis Scott and Ariana Grande in 2020 and
2021, respectively. All of these factors have led to players spending hundreds of
millions of dollars on V-Bucks, Fortnite's in-game currency, bringing Epic
hundreds of millions of dollars in real-world revenue. Of course, Fortnite isn’t the
only instance of a game displaying key traits of the Metaverse. Some investors
believe Roblox, which allows users to create their games, will build the Metaverse.

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Even more recently, the founder of Facebook, now known as Meta, Mark
Zuckerberg, announced a change of name for his company, formerly known as
Facebook, to better represent what the company is working toward. The move was
seen as a nod to the metaverse, as the company declared its aspirations to go
beyond just social media. The name change was announced at the Facebook
Connect augmented and virtual reality conference. The company has indicated that

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augmented and virtual reality will be a key part of its strategy in the coming years.
The move by Facebook started about seven years ago when they first acquired
oculus in 2014 (Oculus is a branch of Meta Platforms (formerly Facebook Inc.),
which makes virtual reality headsets such as the Oculus Rift and Oculus Quest).
Meta believes the metaverse will be the successor to the mobile internet. To start
with, Meta has developed a virtual reality platform known as Horizon. It allows
users to interact in a virtual environment as if they were in the same physical
vicinity. The platform requires an Oculus Rift (S) or Oculus Quest (2) virtual
reality headset to operate and employs complete 3D motion via the headset's
motion capture technology and two hand-held motion controllers to interact with
game elements. Within the limitations of their actual floor space, players may
explore the environment around them while wandering further by utilizing
controller buttons to teleport a short distance or travel constantly across the virtual
space. Portals to prominent user-generated worlds, which are produced by users
utilizing an integrated experience development system, may be found in the hub
world (also known as "plaza").

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In August 2021, Facebook released the open beta of Horizon Workrooms, a
collaboration app targeted at teams managing remote-work environments. The app
offers virtual meeting rooms, whiteboards, and video call integration for up to 50
people.
Other than Facebook(now Meta), there are many other big companies currently
working on creating several experiences or infrastructures for the metaverse;

● Microsoft also announced a platform known as Microsoft Mesh, and it's a

Mixed Reality platform that aims to simplify app development and
collaboration. The solution is compatible with a variety of virtual and
augmented reality headsets, allowing users to cooperate more efficiently in
both physical and virtual settings.

● ROBLOX: Roblox is trying to build a virtual world that rivals our own. It is
a virtual universe that lets you create, share experiences with friends, and be
anything you can imagine. Getting players to interact is critical to Roblox's
long-term success, and voice chat is an incredible feature that the platform

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 provides. And not just any party chat, but physical voice conversation based
on proximity. Roblox seems like a bustling, live virtual environment where

users are motivated to seek out and connect with one another thanks to this
technology. Players will be able to hear each other better through proximity
voice chat based on how near they are to each other. This can help to create
friendships that are similar to those found in the actual world. This feeling of
realism contributes to a genuine sense of immersion and world-building.
And it is the combination of these factors that will result in a more
immersive metaverse.

● The Sandbox: The Sandbox is a virtual Metaverse where players can play,
build, own, and monetize their virtual experiences. The Sandbox is an
Ethereum-based platform where players can “play, create, own, and govern a
virtual world,” its site states. Players can own in-game assets in the form of
non-fungible tokens (NFTs), such as plots of land that they can build on. The
Sandbox token, SAND, has a $2.46 billion market cap, according to data
from intelligence platform CoinMarketCap.The startup’s majority
stakeholder is Hong Kong-based gaming firm Animoca Brands, an early
metaverse and GameFi backer that was valued at $2.2 billion after raising
$65 million in October.
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 The sandbox takes a slightly different approach from the other metaverses
listed in the sense that it introduces play to earn mechanics into its game
infrastructure.

HOW LONG UNTIL THE METAVERSE?

NEWS FLASH!!! It is already here! No matter how little, the iterations of the
Metaverse that we have today are the foundations of the Metaverse, just like the
Web1.0 of the Metaverse. However, the full version of the Metaverse is likely not
going to be here for another decade. Various tech and business moguls have made
their predictions on when the metaverse will be “ready.”
● "The full vision of the Metaverse is decades away. It requires extraordinary
technical advancements … and perhaps regulatory involvement too. In
addition, it will require overhauls in business policies and changes to
consumer behavior. But the term has become so recently popular because we
can feel it beginning." — Hollywood-exec-turned-metaverse-expert

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Matthew Ball in the foreword to his upcoming book "The Metaverse."
According to Matthew Ball, the Metaverse, we think, will...

- Be persistent – which is to say, it never “resets” or “pauses” or

“ends,” it just continues indefinitely.
- Be synchronous and live – even though pre-scheduled and
self-contained events will happen, just as they do in “real life,” the
Metaverse will be a living experience that exists consistently for
everyone and in real-time.
- Be without any cap to concurrent users while also providing each
user with an individual sense of “presence” – everyone can be a
part of the Metaverse and participate in a specific
event/place/activity together, at the same time and with individual
agency.
- Be a fully functioning economy – individuals and businesses will
be able to create, own, invest, sell, and be rewarded for an
incredibly wide range of “work” that produces “value” recognized
by others.
- Be an experience that spans both the digital and physical worlds,
private and public networks/experiences, and open and closed
platforms.
- Offer unprecedented interoperability of data, digital items/assets,
content, and so on across each of these experiences – your
Counter-Strike gun skin, for example, could also be used to
decorate a gun in Fortnite or be gifted to a friend on/through
Facebook. Similarly, a car designed for Rocket League (or even for
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 Porsche’s website) could be brought over to work in Roblox. Today,
the digital world basically acts as though it were a mall where every
store uses its own currency, requires proprietary ID cards, has
proprietary units of measurement for things like shoes or calories,
and different dress codes, etc.
- Be populated by “content” and “experiences” created and operated
by an incredibly wide range of contributors, some of whom are
independent individuals, while others might be informally
organized groups or commercially-focused enterprises.
There are a few other ideas that may be core to the Metaverse but are not widely
agreed upon. One of these concerns is whether participants will have a single
consistent digital identity (or “avatar”) that they will use across all experiences.
This would have practical value but is probably unlikely as each of the leaders
in the “Metaverse era” will still want their own identity systems. Today, for
example, there are a few dominant account systems – but none have exhaustive
coverage of the web, and they often stack atop one another with only limited
data sharing/access (e.g., your iPhone is based around an iOS account, then you
might log into an app using your Facebook ID, which itself is your Gmail
account). There is also disagreement on how much interoperability is required
for the Metaverse to really be “the Metaverse,” rather than just an evolution of
today’s Internet. Many also debate whether a true Metaverse can have a single
operator (as is the case in Ready Player One). Some believe the definition (and
success) of a Metaverse requires it to be a heavily decentralized platform built
mostly upon community-based standards and protocols (like the open web) and
an “open source” Metaverse OS or platform (this doesn’t mean there won’t be
dominant closed platforms in the Metaverse).
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 ● "Our hope is that within the next decade, the metaverse will reach a billion
people, host hundreds of billions of dollars of digital commerce, and support
jobs for millions of creators and developers." — Meta CEO Mark
Zuckerberg, laying out a more ambitious timeline in Meta's founder's letter.
● "What the internet is for information, the metaverse is going to do for social
connections. I'm no longer bound by physical distance or all these
constraints in terms of who I interact with or how I represent who I am. All
these things are suddenly unleashed. It's insanely disruptive." — Roblox
CBO Craig Donato told Protocol last year why he thinks his company is
well-positioned for the metaverse.
● "I would hope that the Metaverse as a future medium can be a much greater
engine for economic efficiency than any of the closed systems that exist
today. And that we'd ultimately get to a point where a much higher
percentage of the profits go to creators than with any of these other
platforms that currently exist." — Epic Games CEO Tim Sweeney on the
economy of the metaverse.

WHAT RISK DOES THE METAVERSE POSE TOWARD CONSUMER

PRIVACY?
Facebook, YouTube, and other social networks have rightfully been scrutinized for
their bungling of misinformation and privacy issues and the effect they're having
on the mental health of their users. These issues don't disappear in the metaverse,
but they will likely play out very differently. Hiring tens of thousands of
moderators may not be the right approach to prevent hate and harassment in
real-time environments, and spatial data gathered by headsets surveying people's
living rooms raises all sorts of new privacy questions. Paying attention to these
issues from the get-go will be important for both industry insiders and regulators
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alike. Although the metaverse seems like it's built to replace the internet, it is
important to remember that it does not hold the promise of solving the current
issues plaguing the internet today. However, if the concept of decentralization is
permitted to flourish in the metaverse, a reality free of privacy issues is possible.

WHO IS BUILDING THE METAVERSE?

As mentioned several times above, various companies are building various
experiences and infrastructures for the metaverse. From hardware companies
building VR and AR devices to software developers working on experiences, for
example, Horizons by Meta, to the blockchain developers creating blockchain
platforms that will host the metaverse.

WHY IS THE METAVERSE IMPORTANT?

The metaverse is anticipated to have a strong connection with the real-world
economy, eventually becoming an extension of it. In other words, corporations and
individuals will be able to engage in economic activity in the metaverse in the
same manner they do now. Simply said, this entails the ability to create, trade, and
invest in goods, services, and products.

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REFERENCES
-The Metaverse: What It Is, Where to Find it, and Who Will ....
https://www.matthewball.vc/all/themetaverse
- What is the metaverse? - Protocol — The people, power and ....
https://www.protocol.com/metaverse-meaning
- What are NFTs, and how do they work? - FutureLearn.
https://www.futurelearn.com/info/blog/what-are-nfts-how-they-work
- Introduction to Web 2.0 Technologies.
http://www.wlac.edu/online/documents/Web_2.0%20v.02.pdf

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