With the advent of Web 3.0, the entire tech industry is changing the way we interact with the internet. Taking the decentralized approach can give us an edge over data privacy and censorship, which has plagued Web 2.0 for a very long time.
As virtual reality is becoming a thing, now is the best time ever to introduce new ecosystems. This is where ideas like the Metaverse and Multiverse fits right into the definition.
This article is all about describing all the different concepts of ‘verses’ you need to know in Web 3.0. Not to mention, their scope in the coming future and their contrasting differences.
The Difference Between Metaverse and Multiverse
The term ‘Metaverse’ was first coined by Neal Stephenson in 1992 in this novel ‘Snow Crash’. This gives us the concept of Metaverse as a digital world where every user can interact with one another while indulging in various activities.
For instance, the user can seamlessly switch from gaming to directly attending seminars or even take their beloved to virtual dates and shopping. Each of these activities directly links to the user account.
Multiverse on the other hand is a cluster of such digital worlds, each of which is completely independent of one another. For example, a person’s social media profile will have no impact on their game assets, nor on their shopping experience and vice versa.
It is imperative to understand that Web 2.0 is still an era of the multiverse. That means users interact with each app separately. This includes the various social media platforms, e-commerce websites and video games that have created their own bubble of digital worlds.
But this is also the same time where we are witnessing a transition to the Metaverse. Be it the introduction of NFTs (Non-Fungible Tokens), crypto gamification (integrating blockchain technology to video games) or buying and selling of virtual real estate.
How does the Omniverse Fit into it?
The Omniverse is the collection of all Metaverse and Multiverse. Omniverse achieves this interoperability by taking into account all the digital identities and economics involved. Omniverse is the umbrella term under which both of these frameworks falls. But until a complete transition of Web 3.0, we are very unlikely to witness the Omniverse.
How Companies are Making the Use of the Virtual World?
As of now, every major enterprise is competing in the race to create its own Metaverse. Some of the most prominent players include Meta (previously Facebook), Google and Microsoft to name a few.
This is where companies can partner with one another. One Metaverse collaborates with the other to create a Multiverse. Here a common set of standards can be implemented across the entire space.
Monetizing the Metaverse/Multiverse
The set of standard rules remains constant among the Metaverse, Multiverse and Omniverse. This influences how users would interact with one another, curate content and partake in a commercial transaction.
Both the Metaverse and Multiverse can be monetized by deploying native digital tokens including NFTs. This can be used to represent ownership over certain in-game assets including the purchase of properties and even real-world features.
Based on the particular Metaverse, the use of the tokens can greatly vary. Further including, any kind of partnership among the companies can drastically expand or reduce the usage of such tokens. But, end of the day, we can expect a similar monetization pathway for Metaverse based on today’s standards.
The Future of NFTs
As of now, NFTs are only being considered as an experimental investment with getting rich quick scheme. But adding blockchain to the Metaverse is going to put more emphasis on digital ownership above anything else.
Not to mention, these digital assets are going to be the key differentiating feature among users. The addition of cryptocurrency or any digital token might feel overwhelming to the new users, but it offers certain perks as well.
For example, using NFTs as the virtual token can keep track of all the transactions while mitigating the risk for thefts. As recently OpenSea froze the stolen BAYC NFTs. So blockchain adds that extra layer of security as well.
Related: What are NFTs? And How do they Work?
How the Future Holds Out?
This is just the start of a long way, in the immersive world of Metaverse. Companies such as Meta and Microsoft could potentially launch their very first worldwide Metaverse. At the same time, games like Final Fantasy 14 is about to drop their own NFTs.
With the rise of Web3.0, we have barely scratched the surface. As more companies start to invest in blockchain technology, businesses can adopt a decentralized infrastructure. It can completely reshape the virtual worlds of Metaverse, Multiverse and Omniverse.