When the term metaverse is used, it most often refers to a hypothetical iteration of the global internet, which gives users the ability to experience it in a fully submersive, interactive way. This is accomplished mainly through the integrated use of VR headsets, audio connection and gaming controllers.
The term Metaverse had its first documented use in Neil Stevenson’s 1992 science fiction novel, Snow Crash. The popular novel depicted human beings interacting in a virtual world through avatars. Needless to say, this reality has since been made real, and is currently implemented in the 3D world by various companies which have been actively building with Web3 design specifications.
How Web3 And The Metaverse Align
Since the metaverse is often used in conjunction with Web3, it is beneficial to give brief insight into how the two are related, for further comprehension. Web3 refers to a set of protocols which govern design and implementation of an online platform. Web3 design affects how the internet platform is experienced by users.
The first iteration of the internet essentially enabled the building out of platforms which offered information to users, without them being able to respond back and interact. Communication in Web1 was one way. Web2.0, seen around the turn of the century, enabled social media and other interactive features which the public has grown accustomed to. Web2 essentially made the internet interactive, thereby being two-way communication.
Web3.0 Makes Metaverse Experiences Possible
Now Web3.0 takes that technology a step further and empowers developers to create a fully immersive internet experience in which interaction is experienced as a “virtual reality” which can have implications in the physical world. This can play out in functional activities such as ordering products, services or everyday consumables like food and much more. The metaverse refers to any digital landscape which creates an environment for such kinds of interactions. Any metaverse is enabled by the technological capabilities inherent with Web3.
Recent 2022 Metaverse News
Most recent financially related metaverse news shows that metaverse-centered decentralized projects appear to be a favorite among cryptocurrency investors. While Bitcoin news and other popular ecosystems like Ethereum and others, reported further lows in price performance at 2022 Q2 close, metaverse-related projects were reported as growing 27% through the exact same quarter the others suffered. The greater DeFi market saw a drop of almost 15% after already decreasing from $150 Billion to $141 Billion by the end of Q1.
The strength of the Metaverse-related project market share could be for many reasons, one being possibly attributed to the rise in general popularity around the Metaverse and the emerging market association. Still, while stocks, the foreign exchange market, and crypto all recorded lows through the fist half of 2022, the fact that Metaverse was able to increase in total universal market share during such times might certainly offer valuable insight into what can be expected for the future of the somewhat niche space.