Web 3.0 and the Metaverse

The Metaverse

The metaverse was first mentioned in popular culture in the early 1990s. It did not become a widely used term until 2021 when Facebook changed its name to Meta and announced that it was planning to invest $10 billion USD in the idea.

You might be wondering: what is the difference between the internet and the metaverse? The internet is a web of computers and servers, whereas the metaverse builds on this existing network. It is not a single platform—it is not owned by a single company.

There are many different definitions of the metaverse, but the most basic definition is that the metaverse melts physical boundaries between people. The metaverse is a virtual world where people are able to do the things they normally would in real life, such as work and communicate. The concept of “presence” is a key feature, with the technology making you feel like you’re actually in a physical location and feeling like other people are really there with you, even when you are sitting in a room connected to a computer or other devices.

Video by CNBC International discussing early versions of the metaverse. Includes closed captioning and a transcript.

There are 3 elements involved:

• Technology that activates different sensory stimuli,
• A platform provider, and
• Avatars that represent people’s identities in the metaverse.

How do we get to the metaverse? Many people hear the word ‘metaverse’ and immediately think of Virtual Reality (VR). But VR is just one of many ways to enter the metaverse. Another metaverse entry point is Augmented Reality (AR), which merges the physical with the digital world through visual, auditory, and other sensory information. Although not yet widely adopted, there are many examples of metaverse technology already in use. For example, the virtual world Second Life was created in 2003 and it allows users to live in an alternative life as an alter-ego. Other examples include Fortnite and Pokemon Go, both video games in which the developers created highly intensified virtual worlds around the metaverse concept. Beyond games, Omniverse is a metaverse platform built by Nvidia for 3D design professionals and Meta Horizon is a metaverse platform developed by Meta for work and socializing.

To join the metaverse, you must first choose a platform or metaverse provider and create an account. You will need to have a VR headset, which usually includes headphones that also activate your auditory experience. Then, you need to design your avatar—or who you are—in the metaverse. Depending on the platform, designing your avatar might have a cost. So, you likely need to have Bitcoin or other cryptocurrency (which we discuss in more detail in the next section) to get set up or to participate in certain activities. Finally, you can take your time to explore the metaverse world.

Blockchain

What does blockchain have to do with the metaverse? As mentioned in the previous section, the metaverse is supported by different technologies, and blockchain is one of the most important tools. Just like in the physical world, people in the metaverse own digital property, including cryptocurrency. Blockchain is the technology that supports cryptocurrency transactions, such as Bitcoin. It ensures that users cannot cheat when performing the transaction. Without blockchain, the metaverse would lack secure data storage.

Video: How does a blockchain work by Simply Explained. Includes transcript.

A blockchain is a database that manages and stores data in groups, known as blocks, which have certain storage capacities. Once a block has reached its storing capacity, it is sealed and joined with the previously filled block, which is why it’s called blockchain. With blockchain, there is no central database, nor is there a central control of information. In a blockchain-based application, participants interact with an identical copy of the supporting database that is distributed over many computers, which are referred to as nodes. People who build blockchain tie blocks through mathematics, which allows the blocks to be interconnected. This feature protects the blockchain from being modified because it is computationally impossible to modify any block without being noticed.

So, how is blockchain used? It is impossible to talk about blockchain without mentioning Bitcoin, a virtual currency designed to act as money and a form of payment outside of the control of any person or group. Bitcoin does not require a third-party (i.e., a bank) in financial transactions. There are two ways to obtain Bitcoin: by buying Bitcoin with real currencies, or someone paying you with Bitcoin. In summary, blockchain achieves its secure architecture through network decentralization; it connects blocks through mathematics to make interference impossible without being noticed by all users.

Conclusion

The metaverse is expected to change our lives in many ways. In addition to making gaming experiences more exciting, the metaverse may revolutionize our day-to-day experiences, such as improving online shopping so customers can virtually try on clothes or cosmetics before making their purchases. It also has the potential to improve training and education outcomes by immersing learners with AR technology. The metaverse may impact health care, for example, by allowing surgeons to operate on a patient’s virtual twin before performing the real operation on the patient. With the help of the metaverse, travelers can have a thorough preview of their destination and accommodations before booking a trip.

There are also the downsides of the metaverse. Some of the issues already exist now, but with the metaverse, they can deteriorate further and have more severe consequences. For instance, with metaverse technology companies can collect personal and biological information, such as body reactions, eye movements, etc. With the rich virtual environment that the metaverse creates, associated cyber addiction and post internet depression could worsen when people transition to the physical world. Identity hacking can bring more tragic consequences. There are also new issues and grey areas emerging in the Web 3.0 era.

• What laws or policies should regulate our behaviours in the virtual world?
• Will there be virtual crime?
• If people witness crime, will they be desensitized to criminal acts and more likely to commit crime in the physical world?

In other words, the Web 3.0 era has the potential to bring advancements in technology that can change our lives in many aspects. Meanwhile, individuals and society need to be ready for the challenges associated with these changes.