WHAT IS THE METAVERSE? WHAT ARE NFT'S?

SO, TODAY'S TOPIC IS ALL ABOUT THE METAVERSE, WEB 3.0, NFT'S, HOW OUR FUTURE WILL BE IN THE METAVERSE SPACE...  

First of all, I would say that I am not an expert on that particular field called "METAVERSE", I just had a kind of interest in that topic, I found something interesting related to my query, so I started knowing about the topic, so the kind of information I came across through my research, I am going to share with all of you. 

You all may have heard that Facebook renamed its company called 'META', and after that, I thought what is the need for that? and it piqued my curiosity, I started knowing about these things and I came through so many interesting things.

If you don't know anything about the Metaverse then I would start with that, you will be living your life in 3D space, your presence will be in virtual reality where you can interact with people, communicate with them, play games, wonders, fun, and a lot more things. It means you can live your life in virtual reality while presenting in your house, it seems like you are actually in these kinds of places, you can feel it, experience all the vives around you as you feel it in reality. You just need to have some gadgets, just like in 3D space the kind of games you will play will be very real, a kind of spectacles we will get in the future, by just wearing them we can be totally in a different place, gaining new experiences. It would be amazing, right! In simple meaning, a metaverse is a place where you live digitally, you will go there through your avatar and experience things.

                   

                                                                             

Metaverse itself is a vast topic, people have started investing in the metaverse. Mark Zuckerberg has changed his company name from Facebook to Meta, maybe he wants to be in the metaverse place.  

Let's discuss what is web 3.0 first of all, 

: You can take this as a part of the internet or an upgraded version of the internet. If I would talk about all the versions of the internet, so first we had web 1.0, means where we just were able to read articles, blogs on the internet or stuff like that, horrible user experiences in the perspective of businesses, then came web 2.0, where we were just not able to read or see something, along with that we could interact with people, post something, we had a kind of power to share our opinions, likes, dislikes and a lot more, means now we are in web 2.0 space, but by doing this kind of stuff we are losing our privacy, our data, and companies are selling our privacy, likes-dislikes to the advertisement companies and make profits.  In web 2.0 space some organisations are becoming a lot more powerful, for example, if we want to do something on their planltforms so we have to follow certain rules. It doesn’t mean in the metaverse space there won’t be any kind of regulations, it will but the autonomy will be in our hand. I have read somewhere something & it was amazing, the thing was a kind of question, like who is the powerful person today, not the president of any country but the person who can ban them from their platforms, like the people who are at Twitter, Facebook etc. But in the web 3 space, we can do all the stuff we are doing now but the difference is our data will be protected.

In the place of the metaverse, people are doing a lot of crazy things, they buy NFT's, play games to be digital, are buying digital lands by spending millions of rupees, wait, what, digital lands! Means which has no real identity, physical values. But it's true, you might be thinking that does it make sense!, There could be infinite lands in the metaverse, but not exactly, for example, Bitcoin is a digital coin but it doesn't mean it is infinite, there are only 21 million Bitcoins, all the trades are happening into these. People might be thinking that one day the value of these digital lands will increase and they will become rich. There are a couple of games like Roblox, Minecraft, etc. For example, Kid's are playing Roblox these days, if we want to talk with anybody through video call, so we would go to Whatsapp simply & call them, we have different identities on different platforms, but in reality, I am the only one, so in that way, if those kids want to communicate with anyone so they wouldn't go to the WhatsApp or any other platforms, they would go to the Roblox & start communicating with their friends & some VR guys.

Today I will also touch on the topic called NFT, what is this!!

: In one of my previous articles, I mentioned this NFT as an investment, so let's take a look at that, basically, NFT'S full form is a non-fungible token means it is not exchangeable, you can consider NFT's as digital asset.  A non-fungible token( NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, or anything you have created your own or you have bought it. 

   

Cryptocurrency vs NFT

If I would talk about the similarities between them, so each of them is based on blockchain technology & probably that is the place where the similarity ends. Basically, cryptocurrencies are fungible, it can be traded but in the case of NFT, it cannot be traded that's why it is called non-fungible tokens. 

People buy NFT's because they think this particular NFT holds some value, these NFT's will bring some outstanding profits. You might be thinking that why these NFT's are considered a good investment or how NFT's hold some value( these are expensive as well)  because it is nothing but just digital arts based on the blockchain technology which has no such real value, so basically it based on the so-called trend, the way people look at something, if people think that this has some value then the price of the NFT goes up otherwise it remains the same or goes down. Maybe you have a kind of emotional attachment with some art or something, so you would think to buy it, so sometimes it works that way. At the same time, we can't say anything about NFT's future because it hasn't a long history, so before doing anything in the field of NFT think a little bit. 

 I hope you guys have learned something, gotten some information. So keep learning, keep growing...