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1. See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/358505001 Metaverse: Why, How and What Presentation · February 2022 CITATIONS 30 READS 53,198 1 author: Kashif Laeeq National University of Computer and Emerging Sciences 21PUBLICATIONS   148CITATIONS    SEE PROFILE Some of the authors of this publication are also working on these related projects: INMIC ConferenceView project Semantic WebView project All content following this page was uploaded by Kashif Laeeq on 10 February 2022. The user has requested enhancement of the downloaded file.

2. Metaverse: Why, How and What Dr. Kashif Laeeq What is Metaverse? Metaverse is a new beginning to create something new, much like the early days of the Internet. Billions are being invested in building metaverse, and tech tycoons call it the future, but what is metaverse? The term metaverse was coined in 1992 by science- fiction writer Neal Stephenson. Its most basic definition refers to “the concept of a fully immersive virtual world where people gather to socialize, play, and work.” It is a simulated digital environment that combines augmented reality (AR), virtual reality (VR), blockchain, and social media principles to create areas for rich user interaction that imitate the real world. The metaverse concept, recently publicized by Facebook's rebranding as Meta, will revolutionize how we interact with the world. Facebook's CEO, Mark Zuckerberg, stated that "the next generation of the internet is metaverse" and that existing social media will come under the umbrella of this new wave. He describes metaverse as "a virtual environment where you can present yourself with people in digital spaces. You can kind of think of this as an embodied Internet that you're inside of, rather than just looking at." How Blockchain Technology Underpins the Metaverse? As the metaverse is built on blockchain technology, any items you own or produce are unique and cannot be replicated or stolen. As with art pieces, blockchain technology assures that distinct digital goods traded in the metaverse are one-of-a-kind. Furthermore, cryptocurrencies keep the metaverse running; everything is purchased and sold using distinctive sorts of cryptocurrency. One of the most used terms in the metaverse is NFTs. The Non-Fungible Tokens (NFTs) are unique cryptographic tokens and cannot be duplicated on a blockchain. NFTs can be used to represent real-world items that are collectible digital assets that hold value in the same way that physical assets do; for example, a piece of land in metaverse comes under NTF.

3. Will the Metaverse Replace the Real World? The metaverse can shape the future in which we spend more time in the virtual world than reality. An avatar represents you in the metaverse, comparable to the avatars that Facebook started using in 2020. Many technology experts believe it will eliminate the issue of geography, particularly when it comes to business interactions. According to Harding, an increasing number of businesses will have "boarded the metaverse train in 2022.” Many tech executives anticipate that one day, individuals will begin to create their metaverses and that instead of Oasis, we will all be relaxing in that world. How Important are Cryptocurrencies in Metaverse? Since metaverse is built on blockchain, cryptocurrencies also use the same technology. Therefore, it will be the most popular form of payment in the metaverse world. Using cryptocurrency will be the simplest, most convenient, and least expensive method to embark on a global metaverse shopping trip. You may use your cryptocurrency at any store, regardless of where it is located. You won't waste money on international communication or transaction costs if you use crypto, and most stores in the metaverse accept all major cryptocurrencies. How Will Businesses Trade in the Metaverse? Bloomberg Intelligence's metaverse represents a "$800 billion market opportunity." The metaverse creates a new economy in which wealth will be generated, traded, and increased with a different currency yet connected to real-world money. We'll soon see businesses will be formed, office buildings will be built, meeting for remote workers will be held, and job interviews will be conducted in the metaverse world. The metaverse will see a surge in digital commerce, primarily as big-box retailers like Walmart aim to sell things there. CNBC reported Adidas launched NFTs and purchased land on Sandbox VR, a virtual real estate firm. Gucci, a fashion brand, collaborated with game developer Roblox to sell goods in the metaverse. Balenciaga has partnered with Epic Games, the creator of Fortnite, to provide virtual boutiques. RTFKT, a famous metaverse brand with a shoe collection, was bought by Nike. An 18-year-old designer sold more than $3 million in virtual footwear in less than

4. seven minutes. Nike is looking to hire virtual wear designers and has a field for trademark applications for its trademarks on virtual footwear, among other things. Fortnite’s Marshmello Concert in Metaverse Beyond games, Roblox views itself as a future hub for metaverse experiences. They intend to introduce instructional videogames into schools. Roblox recently hosted a Marshmello concert in Fortnite, which gathered 60 million people, indicating the metaverse's success. At the Marshmello show, everyone flocked to a stage where the DJ, in avatar form, spun beats, and there were cool things that happened like beat drops throwing everyone up in the air or disabling gravity altogether. Things were only possible in a video game concert. Metaverse Decentraland; A Virtual World Decentraland is a decentralized virtual reality platform where you can purchase virtual plots of land in the form of NFTs using the Ethereum blockchain's MANA cryptocurrency. You may also create your own business, shops, and applications on that land. Its users govern the platform through the Decentraland DAO, a decentralized autonomous organization. Andrew Kiguel, CEO of Tokens.com, invested $2.5 million in Decentraland, one of the metaverse's largest and most developed lands, opening the way for a wide range of commercial opportunities. He intends to put on a fashion show with avatar models, catwalks, and pop-up stores. Kiguel also plans to create buildings in Decentraland's Crypto Valley and other metaverse communities and rent office and retail space. Republic Realm, a New York-based digital real estate company, spent around 1,295,000 MANA ($913,228) for 259 plots of Decentraland to convert into a virtual shopping center.

5. Each world in metaverse has its specific currency to carry out transactions. Like Ethereum and Solana, Blockchain technology creates these virtual worlds. SAND is used in the Sandbox, while MANA is used in Decentraland. How to Buy a Property in Metaverse? To purchase virtual property, you must first register with a metaverse platform, such as Decentraland, The Sandbox, or Axie Infinity, among others. Binance, Gemini, and Coinbase are all popular platforms for purchasing metaverse cryptocurrency. These exchangers will assist you in converting real cash to metaverse crypto. If you already have cryptocurrencies, such as Bitcoin or Ether, you may trade them for metaverse directly. You can restore your dollars to cryptocurrencies like ether or native currencies of the metaverse you are dealing in, like MANA or Sandbox, and store them in your digital wallet. You may buy or rent land in many ways on the https://metaverse.properties/ website. They do business with Decentraland, Upland, Sandbox, Somnium, and Cryptovoxels metaverse property. The lowest plots of metaverse land cost around USD 11,000. In the popular platforms Decentraland and the Sandbox, 1x1 units are the minor plots of land. Virtual land has become a valuable asset, with some properties reaching millions of dollars. Final Thoughts – Why is Metaverse the Future? The IT industry is particular about the metaverse, predicting that it will be worth $800 billion by 2024 and have a community of one billion by 2030. According to Nvidia's CEO, the next step in the company's metaverse development strategy has a market potential of $10 billion over the next five years. CEO Microsoft Bill Gates projected that virtual meetings will migrate to the metaverse within three years and that people would increasingly rely on VR headsets and avatars at work. People will build avatars in the metaverse that are likely to be identical to them in real life. They will spend money on unique apparel and accessories to equip and beautify their avatars.

6. Platforms like AltspaceVR will enable individuals to connect for live virtual events like comedy clubs or music concerts, creating community based metaverse experiences. Metaverse malls are being built, allowing you to shop at virtual world stores and stock up your avatar's wardrobe. The metaverse is intended to use augmented reality at some point in the future. This is where you'll be able to see "holograms" of the metaverse against the background of the real world with AR glasses. In the future, the idea is to connect all of the metaverses so that your avatar and digital assets may be smoothly moved from one to the other. Companies will construct "physical" outlets in the metaverse, and they may also pay developers to do it. In high-traffic areas of the metaverse, "real estate" will undoubtedly be more expensive. View publication stats