Wednesday, November 30, 2022

What is Metaverse ? Metahumans are coming in 2022? | NFT , Gaming , future currency and much more

In this blog post, we’re going to talk about “METAVERSE” What is METAVERSE? perhaps, most of you haven’t heard about this. But 30 years ago, this term was coined by Neil Stephenson in his science-fiction novel “Snow Crash” He was the one who introduced this term. You can simply watch the movie “Ready Player One” to know more about it(METAVERSE).

 

You will get to know about METAVERSE. But before talking about METAVERSE. We’ll talk about the technology which is proving to help make METAVERSE. when the Internet was invented. You need to understand that there was a communication problem.

 

Initially, we would use telegram (to deliver messages). Then phones were introduced for data traveling. Since humans are social animals, we do require a means/system of communication. After that, we adopted the Internet of things. If we talk about the Internet of things. I have “Alexa” in my hands. which is one of the Internet of things. 

 

Now the Internet has started to come into things from the computer screen. If I install a smart-switch setup, I’ll be able to control the lights through “Alexa” with the help of Alexa, my fan would blow – lights would turn on/off Recording devices/cameras would switch on and off – Alexa would be doing everything. These are the Internet of things. Now the Internet has (fully) penetrated physical things. 

 

Previously, what you used to communicate with the Internet. now you can(communicate) with things. Technology is developing fast now. Now I don’t have to get up and turn the switch on /off (manually). I’m doing the setup. as my little daughter often needs to go to the washroom during the night. and needed to switch on the light. Because she is my daughter and loves me very much. so she gets me up and asks to turn on the light. If the smart switch replaces it. I will just have to command Alexa to turn on the bathroom’s light. 

 

Likewise, I’m giving you an example. you can do so many things using these AI-based devices –  which is the Internet of things. Now we’re going one step further – we’re advancing towards METAVERSE. I gave you an example regarding METAVERSE –  at that time nobody could even conjecture about it. But this term was coined by Neil Stephenson. The movie “Ready Player One” was also based on it. 

 

If you haven’t watched this movie yet, I would highly recommend you to watch it – as it’s a wonderful movie. You will get an idea of how our future is going to be. This term “METAVERSE” fuelled the boom when Mark Zuckerberg gave a subtle hint about METAVERSE in July 2021. any technology – big technology –  like if we talk about the Internet. Internet technology is not restricted to just communication – that we can just establish a communication. 

 

To make the technology advance, we needed to form a big group of technologies. like a curry – chicken curry without potatoes in it would render it “Korma”. Likewise, the Internet was also dependent on so many technologies. What happens is. So many technologies develop in parallel. Then these technologies emerged into each other. and a vast technology is created – just like the Internet. about 10 or 20 years ago, who would have thought that one day we will be video-calling remotely using the Internet at home. This video-calling technology was evolving at parallel dimensions – programming and other things. 

 

The Internet – system for improving communication was brought about through fiber optics. then most of you would have witnessed WiFi technology changing /evolving. previously, you would connect the wire to the LAN. Now you use Wi-Fi. or if we talk about smartphones. initially, the edge networks would work on phones. Now we have smartphones. all these technologies – combining – supplied the Internet with the power – that it (Internet) has become a powerful tool for us. 

 

Now let’s move on to METAVERSE. The way lots of technologies were developing parallel to the Internet at that time. METAVERSE hasn’t been introduced yet – we’re just talking about it. because it’s parallel/supporting technologies experiencing a great boom. If we talk about augmented/AR reality. what augmented reality is. 

 

If you played the “Pokemon” game. if you hadn’t then I’ll make you understand. In your reality, if I take my phone and record something virtually which is near to my camera and I put something in-between. For example, this Alexa is real. if I were to place a carton near to it through my screen and make it dance. That would be an example of augmented reality. Likewise, if I talk about VR – virtual reality – most of you probably have experienced it. 

 

wearing glasses, you go on a roller-coaster ride. and you feel that fear as well. and you’re able to experience it visually as well. and you hear the sound too – and it shakes badly. and you feel it (strongly). This is virtual reality. Virtual reality is a technology that is going on. and growing steadily. Although we aren’t using it, if we talk about “Oculus Vr”. It is causing a boom in the gaming industry. 

 

As we’re discussing technology, we will also talk about the gaming industry. The way we are striking up friendships while playing “PUBG game”. I learned that one or maybe a few people have entered into marriages as well. It’s just a little example of METAVERSE – although we only intend to kill each other. we’re also spending money by purchasing skins etc. Now the skins are also “NFT” based. 

 

Now gaming industry has become a multi-billion dollars industry. Previously, in 2007/2008 when we played games like “Atari or Sega” games, it was considered an absolute waste of time. When I would finish the last level of the game “Tiny toon”, I would call it “Azaadi” (freedom). as it was done after lots of struggle – after learning and spending so much time and saving the progress again and again. 

 

Although I was getting entertained, it wasn’t a source of income for me. But nowadays, it can be your source of income. If you notice. The top YouTubers are doing nothing but playing games. and it’s a time-pass for the viewers. And they keep talking and abusing incessantly in the background – and making thousands of dollars in Pakistan. what’s the purpose behind that – if we observe psychologically. 

 

Human(s) grow extremely bored – I always say that the biggest enemy of a human being is “boredom”. When he gets bored, he needs something to keep himself entertained. As technology is growing /developing, we are entertaining ourselves. If I tell you about other technologies. 

 

You(all) must have heard. It’s a period of boom in “NFT ” Lots of people don’t understand “NFT” – what exactly NFT is all about. Firstly, let’s suss out briefly how NFT works. 

 

To understand NFT, you will have to discern blockchain. I have already made a video on “Block-chain”. you can watch that video if you haven’t. In this era of technological advancement, I endeavor to give you examples so that you are somehow able to relate to them. Let’s say this Alexa – whatever this object is – I have made it. After making it, I’ll have to sell it to someone. 

 

Since it is just one of its kind, the buyer requests its ownership. and says: since you have made this (product), so there’s a possibility of someone having or making its copies. so I want its ownership. Now what I would do is. suppose it’s a property. to transfer the ownership of land, what we do is that we draft a contract. In that contract, all the (necessary) details are written. 

 

The main thing(written) in it would be time and date. It is verified by a notary. If I gave you the contract, it’ll be of no use unless registered. it is registered by a notary. Notary – it maintains its time, date, timestamps, and apprises you of the landowner or who built this house. and now he is transferring its ownership to a so-and-so person. so we have a contract – object and its ownership details – which is in the notary. 

 

Now blockchain technology has changed it slightly. I’m discussing METAVERSE and so many other technologies. which you need to understand. 

 

Now let’s talk about what blockchain technology has done. The work-related ledger – the notary – whatever data – timestamp, or any transaction between two peers- will be carried out by block-chain. Its ledger will be available publicly – whoever wishes would be able to see it. These smart contacts and NFT(non-fungible tokens) are drawn up under that ledger – ethereum – for now just etherium. as block-chain is the most popular. Let’s say I created a non-fungible token, and I associated it with a digital property(at present) – because presently, it’s in a period of boom. 

 

whether game’s avatars, videos, pictures, or whatever. I associated with it – that this picture is available/linked with this NFT token. If I drew that picture as an artist, and I want to sell it to someone – then I’ll sell that NFT token to that person – and it’s his property now. I hope you have understood up to now – the way the notary contract is drafted. This can also be made. Similarly, you can also create property’s NFT tokens and release them – and it’ll be happening very soon – and everything will be shifted to blockchain technology. 

 

Dubai has already started working on blockchain technology. Because this ledger is extremely powerful – and nobody can do any corruption in it. Although it’s a different debate than why it is impossible to do that – because to change that network, you will need to have 51% of authority. which is impossible now – as lots of people are giving it computing power. so you will need to possess 51% of computing power to disrupt any network. which is impossible now. 

 

Have you understood up to now? That is how NFT works and why people are buying it. Because it is such a sense of ownership that nobody can change. If Osama created this digital art and tokenized it through NFT. whoever I sell this token to, this property will be transferred to that person. it’ll become his intellectual property. But why are people buying it? why that meme was sold for millions of dollars. why? To understand this, if your background/mind accedes to buying expensive art from an art collector – that it’s possible – after all, where will the human spend his money? Or collectibles – MBA cards – or Pokemon cards. 

 

if you’re able to comprehend it. that it does have its worth to show off. then you will get the hang of NFT. If you know why the Mona Lisa painting is so expensive. and I must clarify why something is so expensive. because there’s (always) a back-story linked to it. and we humans always go along with stories – as Yuval Noah Harari says that there are stories always revolving around us. 

 

For example, if we talk as a Muslim Ummah (community). If we get Kaaba’s Kiswa, although it is given as a gift – if we have to buy it – though we express our fanatical devotion to it – and we can closely relate our story with it. we are religiously connected to it. Therefore we are ready to pay an exorbitant price for it. Or if we talk about incentives. You will realize why people give special importance to certain things if you heed to them. It’s NFT – there was confusion regarding NFT – I was unable to make you understand – but it’s NFT. 

 

Now what’s happening is. We have discussed numerous technologies parallel __ VR, AR, NFT, and games industries. All these (technologies) are emerging into METAVERSE. What is METAVERSE? Let’s assume. a digital reality – where you will digitally live your life. Because you will enter into that world with your eyes closed through oculus or any other similar technology. after entering into that world, If I wish to flex about a precious thing which I bought. Because I have (a lot of) money. 

 

Then what I would do is. that NFT. for example. as there are lots of projects being carried out over NFT. let me give you an example – upland. I’m not recommending anyone to buy anything – the word “upland” just sprang to my mind – there are a few more as well. They are giving you digital properties. so that you can digitally tokenize those properties. and most probably you will build on it. and assume that you have purchased a digital property on a digital blockchain. and you created a digital world on it – and you’re asking your friends over there virtually. 

 

NVIDIA’s CEO showed his keynote presence – which was CGI(computer-generated image). see. there’s another technology evolving __computer-generated image __just like 3d technology which is revolutionizing. Similarly, there’s another technology developing parallel to it – which will cause METAVERSE to truly become METAVERSE. 

 

In simple words, what we (human beings) want is. that we go into a simulation world. and all the technologies. for example. I’m sitting in my home – I wore an oculus – and I have entered into a (different) world. and in that world, I do a job as well. and covid-19 has effectively taught me that you can do a lot from the comfort of your home – your physical presence is not required – provided you are versatile and do some effort. like news channels – though it’s a different story that they are committing blunders – having said that, (almost) everything is being done from home. 

 

The only aspect (remaining) was how to haul luggage from one place to another physically. Tesla is developing the technology parallel to it. They have announced that “Tesla Bot” will be launching in 2021. so there are lots of parallel technologies which will indeed make you METAVERSE. and its perfect example is the movie “wall. e” You just sleep on – and keep on doing what you like – the robots will keep on performing your duties /tasks. 

 

Anyway, it’s a far future. But “METAVERSE” is for the foreseeable future __ we will be able to achieve it at some level. So what about the jobs and different things – if we eliminate the physical element, then the graphic designers will be making huge money in METAVERSE. video editors and so many others. 

 

I’ll give you that example again – wearing oculus or whatever advanced technology on my eyes, I’ll be sitting in my home’s room __ putting on earphones. At 9:00 am, I will arrive at my virtual office. There I can see my boss, colleagues virtually. I’ll be working /discussing alongside them virtually just like in real life. The only thing that will be missing is the sense of touch. We don’t touch around everyone anyway. 

 

Even if we greet each other verbally, we can make do with that. That sense will be missing – who knows there might be a technology being developed for that purpose. though so-and-so technologies are being developed. But the irony is. The project is being discussed – wearing pajamas, we’ll be chilling out in our beds. I forgot to tell you that METAVERSE is an evolved form of the Internet. 

 

In METAVERSE, I’ll be having meetings __giving presentations to my clients __selling /buying products. Total transactions are being carried out over METAVERSE. why? because we have evolved crypto-currency so much – we’re nearly at 3rd place in crypto-adoption as a Pakistani nation. So we have adopted it – now all the transactions are being done over crypto. We’re buying ethereum, bitcoin, etc. 

 

This future is very near. And believe me, the way we’re addicted to cell phones. Once the METAVERSE emerges – and is officially unveiled. and then Neuralink will be the final nail in the coffin. Although this technology is distant, it’ll certainly blow up. So let’s talk about what’s near to us. While sitting here, I went to a client’s office, and for example, I saw something mind-blowing there – that’s a million-dollar NFT. 

 

Then I would be like. oh, that’s a million-dollar NFT __ and I’ll be truly inspired by that __ because it was sold for millions of dollars. then I’ll be impressed by him __that he’s a big gun. Now I’ll be doing some business with him – let’s put AI aside for now. as it causes utter confusion. But let’s say I have extracted some tasks from him for myself – like video editing, graphics designing, building his website/or his company’s profile. and we’re building it. it’s just difficult to imagine -and we’re showing conclusively what projects we have done. 

 

This is METAVERSE – it’s not a buzzword anymore – it’s going to become a reality now. Because Nvidia, Facebook, Microsoft, Google are all after it(METAVERSE). In the next 3-4 years, this technology will be increasingly common. After seeing the gaming /entertainment industry, we can realize that we are going to evolve significantly very soon.

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