The metaverse finally explained!
Here's what you need to know about the metaverse.
Whenever a new and unusual concept or idea appears, humans tend to feel uneasy and alert.
And with the emergence of the metaverse, everyone has been talking about it - and it can get
confusing.[1][2] That's why in today's video, millionaires, we're going to unravel everything
you need to know about the metaverse and the impression it's having on many of those who
could be influenced by it, which is you and me, all of us.
But first, what is the metaverse?
The word "metaverse" is composed of two words, "meta" and "verse."
The first half "meta" is a Greek word that means "beyond, after, along with, and behind."
You can hear the word in many terms, such as metagenesis and metamorphosis.
The second one, "verse," is short for" universe."
So the word "metaverse" refers to a virtual existence that is beyond the physical realm,
and in simple terms, refers to a highly-immersive virtual world where people gather to socialize,
play, and work.
It functions through the combined integration of highly-advanced technological elements
with daily Life - which will drastically change how we buy, sell, shop, work, and ultimately,
live.
But the term "metaverse" isn't a new one; it dates back to the 1990s.
Snow Crash is a 1992 dystopian sci-fi novel written by Neal Stephenson, and it's where
the term "metaverse" was originally coined.
He envisioned a virtual reality-based "heir" to the internet of sorts, where people use
digital avatars of themselves to explore the online world, often as a way of escaping a
dystopian reality.
Actually, ever since 1922, people have been trying to create a virtual reality where the
usual physical limits of humans don't affect their liberty in choosing what endeavors they
embark on and what they can and can't do.
Second Life, the 2003 alternate-reality computer game, is a good example of that.
And by 2006, metaverse enthusiasts created the "Metaverse Roadmap" that laid out and
planned the course that the metaverse will take for the upcoming years.
But to put it bluntly, the metaverse is not real - at least not yet.
But there are some things that you MUST understand, so keep watching!
Now, let's talk about how the metaverse is supposed to work.
So technologists and futurists state that the theory behind the metaverse is that it
will replace the internet.
The metaverse is supposed to be the evolved version of the internet - or its successor,
so to speak.
So our daily usage of the internet - using it to shop, work, entertain ourselves, and
access data - will be the same with the metaverse, just more immersive and integrated into our
actual physical lives.
In other words, the border between being "online" and "offline" would become even more blurred
than it already is.
To do that, the metaverse requires three types of mediums: Virtual Reality (VR), Augmented
Reality (AR), and Mixed Reality (MR) and morphs them into what we'll know as "eXtended Reality"
(XR).
It works by overlaying or immersing computer text and graphics into real-world and virtual
environments and even combining both.
We've seen glimpses of what this technology might look like in the future in many video
games.
The recent mobile game Pok mon Go was a wild success partially because it integrated Augmented
Reality into the real world.
The hit game Fortnite is well known for its Virtual Reality integration through headsets
and microphones.
Extended Reality, meanwhile, is supposed to integrate both realities into the real world
and create a possibility where people can walk around wearing headsets and interact
both in the real and virtual world through computer-generated, 3D animations and technology.
So if the metaverse ever actualizes from its concept form, we'd be able to go to virtual
concerts, take trips online, work and hang out with co-workers from the comfort of our
homes, view or create artwork, and shop in real-time from anywhere in the world.
That explains the thought process and possibility behind why the terms "online" and "offline"
will be the same thing.
But how is this going to affect the economy and the way we trade?
Here is where everything starts to change, so keep watching!
Well, the metaverse is planned to act as an extension - or even an upgrade - to the world's
current economy.
The only difference it'll have from how we currently build, invest, and trade in products
and services, is that it'll be much quicker, more direct, and almost instantaneous.
To achieve something of that extent, NFTs might be just what we'll use.
NFTs stand for Non-Fungible Tokens.
They are digital assets - just like cryptocurrencies - but are not interchangeable.
They are a valuable tool for individuals and businesses because it's impossible to copy,
destroy or use them twice.
We can use NFTs in the form of artwork, video, audio, text, personalized gifts, and even
GIFs.
And one can create, sell, and invest in NFTs just like a normal commodity.
So it's suspected that that's how most deals between individuals and businesses - and between
individuals themselves - will undergo.
Some call the metaverse's economy "metanomics" and they perceive it as the absolute solution
to all the issues related to the real-life economy.
So when it comes to stability and sustainability, metanomics will do much better, and the past
Covid pandemic was proof that the real-life economy might not be as "secure" as we need
it to be.
So just how close are we to this "metaverse" becoming a reality?
Well, as far as we know, it still has quite a ways to go before it's realized.
However, technologists and futurists are already discussing it.
Matthew Ball - an investor, venture capitalist, and prolific writer- said that the metaverse
is "an expansive network of persistent, real-time rendered 3D worlds and simulations."
So he means that the metaverse will have persistence so that we won't have a clear 'on' or 'off'
button to log in or out of the metaverse.
It will also have synchronicity, which means it'll exist in real-time where "lags" and
delays in connections will be something of the past.
And it'll have interoperability, as it will have the ability to exchange data and information
between interconnected computers and systems.
It sounds amazing, right?
Well, maybe...
Keep watching!
Mark Zuckerberg is going for something similar as he plans to integrate the users of his
platforms into the metaverse.
Facebook's 3 billion users were apparently just the beginning - many believe he intends
to leverage these new platforms and the combined buying power of all the people that will gravitate
towards them.
That's almost half the human population on the entire planet.
Many speculate that Zuckerberg's understanding of this leverage is his motive behind the
"Meta" rebranding of Facebook.
But this remains just speculation so far.
Of course, the metaverse doesn't actually exist - yet.
And these are all nothing but thought experiments for the time being, as no actual plans have
been launched to get the metaverse project going.
So, in summary, the metaverse is still a work in progress that is being evaluated and investigated.
But let's assume the metaverse comes to be.
Will our lives be the same?
Well, with the metaverse's great potential also comes a great deal of risk.
The metaverse's nature can cause irreversible damage to both the economy and the everyday
Life of people.
It is still in development but looking at its attributes, we can speculate that the
metaverse can be an easy tool for terrorists and illegal corporations to organize, instigate,
and execute cyber-attacks.
Being the highly-integrated data processor that it is, the metaverse could make our privacy
easier to compromise if not secured properly.
The metaverse will also include global and local trade.
Although it can facilitate transactions and save time and energy, it can also boost the
usual fraud and embezzlement that comes with these operations.
So despite many technologists, venture capitalists, and futurists seeing the metaverse as the
next step towards humanity's technological evolution, many others also disagree.
They see it as reckless, pointless, and dystopian.
And they believe the world doesn't need it but needs less human thirst for "the big next
thing."
They believe there needs to be more attention and investment towards solving the actual
problems we're facing, like world poverty, climate change, and famine.
The sort of metaverse problems might worsen as it plans to accelerate everything, including
global issues.
So there you go, millionaire.
Everything you need to know about the metaverse and what different parties think of it.
Do you have any specific thoughts or opinions about it?
And what side are you leaning towards - the one who is for the metaverse or against it?
Let us know in the comments, and don't forget to like and subscribe if you haven't already.
Stay wealthy, and I'll see you in the next video!
Reading here and below, all of this is assuming the reader knows exactly what you're talking
about.
This doesn't mean you need to rewrite the whole script or anything.
But if we're gonna head into the sandbox we need to know what playground we're at.
If we're going to talk about all the big concept new plans Zuck's establishing we need to cover
where it's all starting.
So mention how Facebook is already such a huge force in our lives, and how Mark's expanding
that concept.
We don't want to start by talking about the rationale about whether morality is or isn't
a viable concept.
We gotta start with something closer to home.
Let me know if this doesn't make sense.
Don't want to explain even more and potentially muddy the waters further.
it'd be better if you could rewrite it at this point