The Future of Metaverse and Web 2.0

Introduction

  • The buzz around “Metaverse” is getting stronger by the day. With tech giants like Microsoft and Facebook embracing metaverse with open arms, this revolutionary technology is sure to have a bright future. What is it really? It is supposed to be a meeting place of physical, virtual, and augmented reality and the meeting place is somewhere in the digital world. What is the future of the metaverse really? Let’s find out. Also, you must have heard about the term, “Web 2.0”, we will see what the future holds for it too.
  • If you are curious to learn about the future of Metaverse and Web 2.0, we urge you to read on.
  • From the title of the blog post, you must have understood the topic of this blog post. Yes, we are going to talk about the future of Metaverse and Web 2.0 here.

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What does the Future hold for Metaverse? /Economy and Metaverse

  • It is said that Metaverse may even present us with a new economy that would run parallel with the normal economy? How? Well, digital currencies are supposed to have a bigger role to play in the future. Transactions using cryptocurrencies like Bitcoin, Ethereum, and Cardano may become normal in the future within the metaverse. Not only this, but we would also see many more cryptocurrencies co-existing within the metaverse.
  • A digital economy will surely give rise to many start-ups and maybe even a galaxy within the metaverse. But, the metaverse is at a nascent stage currently, being stuck at VR and AR capabilities. It has to grow beyond that to make such a dream a reality. As of now, gaming companies like Epic are rocking the metaverse with their advanced games like Fortnite and unique virtual concerts. It is believed that the E-commerce and Retail industry will follow the footsteps of these gaming companies and leave their digital footprints in the metaverse.

Will Metaverse be able to taste success?

  • Metaverse needs to pull in data from the Internet of Things to be able to be successful and build a valuable environment. The data should not only be representative but also responsive. For that to happen, the need for tools for pulling in, storing, and analyzing data will fall under “basic necessities”. The interactions with data can prove to be successful only when security is assured. There will be the need for both historical and relevant data in the future to make the interactions with data happen. To make Metaverse a success, both the tech stack and the infrastructure need to evolve.
  • Also, metaverse should allow the audience to be notified and respond to the changes that it may experience. Another necessity for the metaverse to be successful is for the data to be meaningful. For the data to be meaningful, there must be a common language that will help us interpret the data. After all, the data which cannot be interpreted is useless.
  • Also, in the metaverse, the technology should be such that the protection and security of data become seamless. We are hinting at that technology that will make tools like self-executing smart contracts a normal affair.
  • One thing is for sure and that is that the metaverse will open the doors of creativity and innovation in the future. Of course, we will be seeing more of AR and VR, maybe even better versions of them. At the current pace, a metaverse reality is not far from happening.

What is meant by “Web 2.0” and what is the future of Web 2.0?

  • We have gone through many technological advancements and reached the state that we are at today. But, does this state of digital transformation have a name? Yes, it does and it is “Web 2.0”. What are some of the examples of Web 2.0? Facebook, Twitter, Wikipedia, and the blog site where you are reading this blog post, all are examples of Web 2.0 and portray the transformation of the information sharing process. On the other hand, Web 1.0 is used for the state that existed when the internet was introduced to the world. It is said that the future of Web 2.0 in the metaverse will lie in its transformation into Web 3.0. The innovations that blockchain brought were possible because of Web 3.0 and Metaverse uses and will keep using Web 3.0 to come to a full-fledged existence with a bang (Not Big Bang though). Web 3.0 is the next stage of technological transformation and the success of metaverse will determine how impactful Web 3.0 is going to be. 

 

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