Metaverse - The Rise of Virtual Realty?

Date: 25-November,2021Last Updated: 26-September,2022
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Blockchain, Cryptocurrency, Metaverse!

Unless you've been living under a rock (sorry Patrick), you surely would've been in the loop about these latest stellar developments in technology.

The Matrix is beginning, guys, but not like the way you think.

And what has real estate got to do with it? After all, it's called "Real" Estate, right!

Let's explore further.

The global giant Facebook recently hit the news after changing its name to Meta, denoting the next step of its evolution into the world of Metaverse.

What is Metaverse?

Metaverse is crafted from the words "Meta" meaning comprehensive and "Verse" denoting universe. In short, it is a completely digital world, much like open world games, embracing higher and transcended versions of Augmented, Virtual Reality, and 3D elements.

"These days, the reality is a bummer. Everyone is looking for a way to escape."

- Wade Watts, 'Ready Player One

You can create your own virtual avatars and own virtual assets. With a fully immersive world around you, your digital self can act up and experience many fantastic activities or learn different skills, which you might not actually be able to do.

Currently, there are multiple metaverses that are live and also in development stages. Most of the tech giants like Facebook ( now Meta!), NVIDIA, Microsoft etc.

But even now, many people are wired up thinking that it's nothing but a glorified illusion or a large game of epic proportions that's got nothing in the real world.

However, the latest trends indicate that there is much more to the metaverse than a mere "make believe world"!

Last few days, the most surprising global headline was about the sale of a virtual realty ( pun intended again!)

A Patch of Land in Decentraland ( blockchain based online world) was sold for a record price of $2.4 Million dollars worth of NFTs (Non Fungible Tokens). That pretty much rivals New York's real estate rates.

Though many were skeptical, this transaction made many more curious investors take the plunge into the world of Digital or Blockchain investments, including real estate.

It is not just in Decentraland such "virtual realty" is traded but also in various digital open world games are offering up land for sale! To the uninitiated, it's just buying pieces of pixels, but to the futuristic investor, it's her/his biggest bet in a new world.

Remember, everyone actually thought that the Internet was a fad during its initial days, so did the folks at Galileo. But History proved them wrong!

Though there might be many hiccups in its initial stage, the metaverse is bound to have a huge influence on all our lives in the future.

The transformation of our world into everything we've experienced in Sci- Movies and literature are coming to life, and do you seriously think that no one would want a piece of that!

The author begs to differ (extra politely!)

So how do you think Metaverse is gonna impact India?

Eagerly awaiting your interesting comments below!

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