The rise of the Internet and its impact on society have dominated the last two decades. With the recent introduction of Metaverse by Facebook Inc., the world of digital technology has entered the golden age of AR/VR development.
Metaverse is a virtual reality parallel universe that will make AR/VR development more immersive, interactive, and collaborative.
Immersive Extended Reality (ER) technologies (i.e., Augmented Reality, Virtual Reality, and Mixed Reality) will not be the main driving force behind this transformation. Other cutting-edge technologies will also help to create a seamless virtual world.
Wearable technology and IoT improvements, for example, will assist in smooth communication between Metaverse dwellers when combined with the power of 5G. Blockchain Technology, on the other hand, will allow for the private transfer of funds and worth from one member to the next.
Although it’s too early to predict how the new Metaverse will affect real-world operations and the employment market, one thing is certain: it will have a major impact on the world as we know it.
The Metaverse's Economy
Metaverse’s economy would most likely be based on blockchain technology. Non-fungible tokens and exchanges based on distributed ledgers will allow users to buy, sell, and trade in virtual settings. These new markets, which are powered by the Ethereum blockchain, will acquire popularity as a vital foundation for Metaverse’s economy.
For example, VCORE is a new coin set to debut in 2022. Its creators hope that it will provide users access to the Metaverse’s future. VCORE is an ERC-20 currency that rewards active, worldwide Metaverse participants, creators, and earners. ERC-20 (Ethereum Request for Comments – 20) is a standard or guideline that smart contracts should follow when creating tokens.
Cryptocurrencies, on the other hand, have already started the process. It has the potential to become the most useful money in the Metaverse. Consumers will be able to buy digital avatars, rent virtual places, and even throw a party for loved ones using cryptographic tokens issued by corporations supporting these virtual worlds.
In the Metaverse, AR/VR development can also serve as a platform for artists to perform and traders to sell NFTs. They can accept cryptocurrency and token payments.