9 March 2023

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Imagine a virtual world where you can have all the logically impossible things to have in the real world. You’ll be able to work, live and interact with others – all from the comfort of your couch. Metaverse is entirely based on this ideology, building a virtual world to co-exist. Technology is evolving at a rapid speed. You see new advancements in a blink of an eye. In this fast-paced world, we have come across a few breakthrough technologies which have taken the world by storm. Techs like Artificial Intelligence, Machine learning, Blockchain, Mixed Reality, Cloud computing, and so on were the talk of the IT world. The term “metaverse” is a recent catchphrase that has grabbed the global tech sector’s interest to the point where it has become a macro-goal for several global digital powerhouses. Although there were talks on Metaverse earlier, it didn’t become a household name until Facebook changed its name to Meta in October 2021. At the time, the business announced plans to invest $10 billion in technology over the next year to realize its metaverse goal. The Metaverse is thought to be the next step in the evolution of the internet. Gaming, online communities, and business meetings where people participate via a digital replica or avatar of themselves are just a few examples. Although it’s not surprising that the Metaverse concept is causing such a stir, many individuals may still be perplexed by it. The following are five facts about the Metaverse that you should be aware of: No one owns the Metaverse. Metaverse is solely controlled by its users and is not owned by a corporation or a single platform. Users of Metaverse are allowed to control their private data. The W3C (World Wide Web Consortium) sets the Metaverse’s standards, and it’s led by the man who invented the world wide web – a man who has never sought to overly monetize his creation: Tim Berners-Lee is the founder of the World Wide Web. But, on the other hand, the Metaverse appears to be without a creator. Metaverse leverages AR and VR technology to create an artificial universe. As Mark Zuckerberg likes to call it: an embodied internet. Metaverse allows you to attend any events or conferences while wearing just a headset. The Metaverse creates a three-dimensional environment where people can engage more deeply, but not physically. It combines the actual and virtual worlds, allowing users to meet, work, shop, and do anything they can do on the internet and more in a 3D environment. Everyone is welcome in the Metaverse. Interoperability is a vital feature that makes Metaverse exchange information seamlessly through various systems. It is a virtual and interoperable world. It’s not as difficult as you would imagine entering the Metaverse. You can enter the Metaverse if you have a virtual reality headset, which will set you back around $300. Anyone with a computer can access the internet, and the Metaverse is no different. However, to enter the Metaverse, you’ll need to download the appropriate software. The Sandbox is one of the most popular decentralized metaverse games. It enables users to create, build, and profit from virtual worlds they construct in the digital realm. Metaverse is safer than you think. Metaverse is secure as it uses blockchain technology for all transactions. Making it almost impossible to hack. The transactions done are transparent and easily trackable. The Metaverse will expand the number of possible targets in terms of cybersecurity. Although the underlying systems will continue to be targeted for data theft, this may alter as the platforms become more popular. The Metaverse hasn’t arrived yet. A fully developed and functional metaverse can take years, if not decades, together. What we are observing now is just the tip of the iceberg. There are still a lot of technical hurdles to overcome for us to experience the ultimate Metaverse. To begin with, the world lacks an online infrastructure capable of supporting millions (if not billions) of people using the Metaverse at the same time. Because a glitchy virtual world scenario is not precisely what the Metaverse is supposed to look like, an uninterrupted and dependable internet connection is a vital building block. The Metaverse is still in its infancy as a concept, and no one knows how much it will affect and disrupt how humans use and interact with technology. On the surface, though, it appears to have enormous societal repercussions in various sectors, and it can push technology frontiers in our daily lives.

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An apartment in Ukraine was sold as an NFT last year. It doesn’t make sense, right? Your mind must be bombarded with a lot of questions now. Let’s make this simple by breaking down this puzzle and understanding things from their origin. There have been a lot of talks about Bitcoins and other cryptocurrencies over the past few years. You might wonder why I changed the topic from NFTs to cryptocurrencies. Well, there is this one cryptocurrency with the second-highest market cap, Ether. That’s relative to NFTs. Ether is the indigenous cryptocurrency of the blockchain named Ethereum. Everyone uses banks to make their transactions and store their assets. Basically, banks are just mediators between you and the person you want to transfer money to. What blockchain does is it eliminates the brokers in between and establishes a transparent channel between the sender and receiver. The blockchain forms a digital ledger for all the transactions anyone on that network can view. This behavior can be compared to Google Docs, where the documents are accessible through a link. Furthermore, blockchains are decentralized and secure; everybody agrees that it happens when a person sends one thing. Likewise, the Ethereum blockchain is a distinct blockchain. Apart from managing cryptocurrencies, it’s a well-known platform for NFT or Non-Fungible Token transactions. NFTs are cryptographic assets stored on a blockchain with unique identification codes and metadata. Unlike cryptocurrencies, NFTs can be almost anything as long as it’s digital. NFTs cannot be traded or exchanged at equivalency. On the other hand, the cryptocurrencies are identical, thereby making them easily tradable. “A one-of-a-kind trading card, however, is non-fungible,” The Verge writes. “If you traded it for a different card, you’d have something completely different.” The unique behavior of NFT has helped it score itself in many use cases. NFTs are an ideal way to represent physical assets digitally. These NFTs are based on blockchains; they can eradicate brokers and mediators while exchanging. They can cut out the mediators, simplify transactions, and create new markets. The current market for NFTs is collectible artworks, sports cards, and rare assets. Twitter’s Jack Dorsey recently shared a link to a tokenized version of his first tweet, in which he said, “just setting up my twttr.” The auction for the NFT version of the first-ever tweet has already reached $2.5 million. What makes NFTs different? Like real money, cryptocurrencies are transferable and fungible, i.e., they can be traded off in equivalency. For example, the value of one bitcoin is always equal to the value of another bitcoin. Similarly, this applies to other cryptocurrencies as well. This characteristic of cryptocurrencies makes them suitable for secure digital transactions. NFTs, on the other hand, shift this pattern by making each token distinct and incomparable. They are extensible; people can combine one NFT with another and breed the third one that’ll be unique too! Just like other cryptocurrencies, NFTs hold the owner’s details for easy and reliable transactions. Owners of the NFTs can add their ownership details in the metadata. For example, an artwork can hold a digital signature of the artist, representing that it’s his artwork. You might be thinking that can’t we just copy the digital artwork? Technically speaking, you can, but when you purchase the NFT version of the artwork, you are basically purchasing the certificate of authenticity. Everyone can see that the digital artwork possessed by you is the original. Thanks to blockchain technology, everything is kept transparent so people can identify the originals and duplicates without any difficulty. You’ll be a part of a fair deal! Now, coming back to the real estate deal in Ukraine that happened over an NFT. Let’s understand how it happened. Firstly an LLC (Limited Liability Company) was made for the property. Later, a separate non-fungible token or NFT was kept aside for the house. Finally, the legal paper was constructed, which stated that whoever bought that NFT would have sole ownership over the property and the LLC. The NFT was auctioned, and the winner ultimately owned the property and the LLC. Why do you require NFTs? By making digital tokens of physical assets, NFTs are a step closer to reinventing the infrastructure of modern finance systems. Admittedly, the whole idea of creating digital tokens can sound fictitious and unnecessary, but when combined with blockchain technology, they become potential units of change. The most pronounced use of NFTs is that it eliminates intermediaries. As a result, they improve the business process by removing mediators and connecting the buyer and seller over a transparent channel. NFTs are outstanding for identity management. For example, consider a scenario wherein you create tokens for all the identity-related documents, like passports, your social security card, and so on. It would be very efficient to reproduce them whenever required, as NFTs are unique, and it’s impossible to create copies without others knowing about that network. So this can be a productive way to use NFTs. Decentraland, a virtual reality platform on the Ethereum blockchain, has already implemented a concept wherein users can purchase pieces of digital land over an NFT. Thus, making the transactions genuine and reliable. You wouldn’t be shocked to see more houses and properties purchased via NFTs shortly! Are NFTs safe? NFTs use blockchain technology, similar to cryptocurrencies. Thereby making it solid and secure. The decentralized nature of the blockchain makes hacking into NFTs difficult, although not impossible. One disadvantage or the security risk of NFT is that you could lose access to your NFTs when the providing or the hosting platform goes out of business. NFTs can be seen in all verticals of society any time soon, so buckle up and brush up on your knowledge of them. Connect with us now if you wish to include NFTs in your applications or products.

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