The term ‘Metaverse that signifies “beyond the universe” is just that – beyond the constraints and boundaries of the physical universe. Not only is it virtual, augmented reality, but it is also the next step for the digital world, the internet 3.0, which goes beyond the analog one in which we currently reside. It is a fully-realized digital world that delves into virtual environments, experiences and assets.

Metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and enhances fictional realities.

In the evolved form of Metaverse, User interactions are more multidimensional. Instead of just viewing digital content, users in the metaverse will be able to immerse themselves in a space where the digital and physical worlds converge. 

Think of the metaverse as an augmented version of a video game universe, where users can build their own world and function in it the way they would interact in the real world. The idea is to create a space similar to the internet but way more tangible, allowing your avatar to interact with and exist in the virtual society.

Unlike the internet, within a metaverse, users will experience socio-economic and environmental changes and shifts in real time as the users make changes and calls for action.

The metaverse space is touted to be a huge economical asset, as the next 5 to 10 years are said to be explosive in terms of implementing the metaverse.

One of the biggest trends that is already taking over the metaverse space is Cryptocurrencies and NFTs (Non-fungible tokens). Already more than a $10 billion market, digital items like NFTs can be created, sold, and purchased in an open market, owned by an individual user without interference from a centralized entity.

This means the metaverse is free to be an open ecosystem, without being dominated or controlled by the whims of a company, institution, or entity. It signifies true ownership of digital property rights that can never be revoked without the permission or knowledge of the individual.

In the case of NFTs as collectibles, they are not limited to just buying art or digital prints but actually putting that art in your house through Augmented Reality. NFTs as digital assets have proven profitable as their treatment moves from hype to utility.

Our view in Fusionpact™ is that Metaverse would be dependent on amalgamation of various components and foundational blocks that would entail accelerated computing power, storage and high speed network, Interoperability across different technologies like API’s, Blockchain, AI, AR, VR, 5G, IOT, Sensors, Haptic interaction, NFT’s which would help in building the true metaverse & an improved User experience.