Metaverse
The word meta is derived from Greek which means ‘beyond’ and the combination of meta and universe is Metaverse. Metaverse is three – a dimensional, online universe that has multiple virtual spaces. It can be said that it is a future version of the internet. With the help of metaverse, the user can play games, meet, socialize and collaborate, visit foreign places, visit concerts and art galleries in three–dimensional spaces. Therefore we can say that it is a virtual representation of reality. The real objective of the metaverse is to allow overlap between digital and physical lives.
ROLE OF METAVERSE IN FACEBOOK
After changing the name of Facebook to Meta, CEO Mark Zuckerberg said ‘Metaverse is the successor of internet, we will feel like we are present right there with people instead of being far apart and able to ourselves in immersive ways, see their body language and facial expression’.
Users are also able to create their avatars in the virtual world that resemble their appearance in real-world and the avatar will be like a profile picture on social media sites which is three – a dimensional representation instead of being a static image.
Advantages
⦁ Metaverse removes challenges in remote work.
⦁ Enhance learning with three–dimensional visualization.
Disadvantages
⦁ Reality will be distorted.
⦁ Screen time addiction will increase.
⦁ Security and privacy will be a concern.
⦁ It will affect the mental health of people.
⦁ Virtual reality will increase the geographical and social division among people.
NFT (Non – Fungible Tokens)
NFT are digital items that can be sold as well as bought with the help of blockchain technology, they are non-interchangeable data unit which is stored on the blockchain. The various types of NFT units of data are associated with digital files like videos, photos, and audio. NFT are not fungible which makes them different, they are based on popularity and value therefore NFTs are different from cryptocurrencies.
How to create an NFT
Simple steps are followed for creating your own NFT:
⦁ Pick your digital item
⦁ Select your blockchain
⦁ Set your digital wallet
⦁ Choose NFT marketplace
⦁ Upload your digital item
⦁ Sell your NFT
Famous Indian NFT examples
⦁ Amitabh Bachchan Sold his NFT collection for 7. 18 crores which is purchased by a fan, the NFT collection included the poem ‘Madhushala’ written by his father with autographed vintage posters of himself.
⦁ Salman Khan partnered with a Bollywood NFT marketplace Bollycoin for launching his collections of NFT which he tweeted for announcing his NFT.
⦁ Rajinikanth partnered with Diginoor.io, a Singapore-based NFT marketplace for launching his collectibles from the Tamil action movie ‘Shivaji the Boss’.
⦁ Dinesh Karthik’s last-ball six was required for India against Bangladesh in Nidahas Trophy 2018, which is turned by him as the country’s first sports NFT which is titled ‘Six for the Win’.
⦁ Rohit Sharma, the new Test captain of Team India is going to launch his personal digital collectibles on the consumer-facing brand of Fraze technologies FanCraze which became a partner with ICC (International Cricket Council).
⦁ Manish Malhotra launched his first NFT which is a fashioned-based theme collection and went live on the WazirX NFT marketplace and his collections were sold in 12 seconds according to reports.
Advantages
⦁ It ensures ownership.
⦁ NFT depends largely on the uniqueness of tokens.
⦁ NFT provide content from all field that enhances inclusive growth.
⦁ The major advantage of using NFT is its transferability, trade is done very easily.
Disadvantages
⦁ NFT are confusing because it is not widely understood.
⦁ The major disadvantage of NFT is that the number of buyers and sellers is small.
