How the Metaverse will change the world in the future
Users can construct and enjoy an enhanced version of reality using the open platform of smart properties and digital identities known as Metaverse, which is built on blockchain technology.
People can interact and meet in the 3D realm known as the Metaverse. Users of virtual reality have a genuine sense of being within a virtual environment where they can interact with one another, other people’s avatars, or anything else that has been developed by individuals inside thanks to VR technology.
In this virtual environment, people can interact with one another in real-time while interacting with simulated scenarios. The adoption of AI applications for analysis will be necessary due to the volume, diversity, and speed at which users will generate data. The metaverse will probably use virtual reality (VR) technologies, which already utilise AI techniques like deep neural networks for accurate hand tracking and deep learning for eye tracking.
The Metaverse will dramatically lower the cost of a wide range of activities and goods, enabling the poor and middle class to enjoy luxuries that were previously only accessible to the wealthy. Most of mankind may be able to traverse the world digitally, and engage in other activities thanks to the metaverse.
There may be a new era in commerce, with shops offering everything from fantastic digital creatures to e-clothing. Luxury brands Gucci, Balenciaga, and Luis Vuitton are starting to sell electronic clothing and electronic bags, and Nike has registered trademarks for virtual apparel, shoes, and accessories. You may even purchase NFT paintings for your virtual mansion or a $650,000 digital yacht.
However, some analysts are worried that the widespread use of the metaverse could result in a significant rise in emissions. Even while Metaverse reduces carbon emissions by eliminating travel, its reliance on virtual reality (VR) technology and data centers will have a negative effect on the environment. Virtual reality relies on cloud services, whereas data centers use artificial intelligence to track eye and hand movements. Such facilities require a substantial amount of energy to operate, which has a negative impact on the environment.
VR and, hence, the metaverse require cloud services. Researchers from Lancaster University found that if 30% of players switch to cloud gaming platforms by 2030, carbon emissions will increase by 30% over today’s gaming levels. Additionally, the metaverse will undoubtedly require extremely high-resolution images, which would increase energy consumption even more.
Data centers made a number of changes last year to make them more ecologically friendly. By 2025, Microsoft promises to run its Azure cloud platform exclusively on renewable energy. The company also wants to become certified as zero-waste by 2030 and replace more water than it uses.
The ease of use for individuals will determine the metaverse’s future. Soon, users will be able to arrange virtual events and meet up with virtual friends using crypto tokens developed by the businesses that enable these virtual connections. They will also be able to purchase digital avatars and virtual territories.
The technology that will influence the future of the metaverse is being developed by major technological corporations like Apple, Google, Meta Platforms (Facebook), Microsoft, Niantic, and Valve.
Wall Street is becoming more and more optimistic about the metaverse’s potential. In a December article, Goldman Sachs analyst Eric Sheridan echoed Morgan Stanley’s forecast that the monetization of consumers in the US alone will result in a payback of $8 trillion for virtual worlds.
The metaverse might evolve in a variety of ways, all of which would depend on an ecosystem of research, innovation, funding, and public policy. It is well known that predicting the winners is impossible. Anyone who asserts with certainty that they know what will happen is probably lacking in the flexibility of curious optimism. If the metaverse manifests, it is likely to grow into experiences that we cannot predict.
About us:
NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello@itsmyne.club.
We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.
