Cryptos, NFTs, Metaverse, Whats Next?
To say that the world has gone fully digital is not exaggerating. We are now entirely in the Information Age. The Information Age began in the mid-20th century and signifies the rapid transition of the world from a traditional industry to a technology-driven economy.
Technology as we know it has transcended from basic digital literacy to mind-blowing innovations. For instance, in Nagasaki, Japan, a hotel named Henn-na Hotel is wholly run by interactive multilingual robots. There are humans on standby, but robots make up most of the staff. How awesome is that?
Beyond traditional inventions based on artificial intelligence, technology has also evolved to enable seamless transactions on the web. Cryptocurrency, also known as crypto, exemplifies this evolution. Crypto refers to any form of currency that exists virtually and employs cryptography — encryption techniques — to secure transactions. Unlike traditional currencies, cryptocurrencies do not have a central issuing or regulating authority. Instead, they operate on decentralized systems, typically blockchain technology, to record transactions and issue new units. Bitcoin, Ethereum, and Litecoin are some of the most well-known cryptocurrencies. They offer a new form of financial autonomy and have paved the way for a range of decentralized applications (dApps) and smart contracts, revolutionizing finance and beyond.
Another exciting concept in the realm of digital assets is the non-fungible token, popularly known as NFTs. Built using cryptography, NFTs are unique digital assets that cannot be replaced or exchanged on a one-to-one basis, unlike cryptocurrencies such as Bitcoin. They have gained immense popularity in various fields, including art, gaming, and entertainment, by providing a way to verify ownership and provenance of digital goods. The ability to own and trade unique digital items has created new opportunities for artists, gamers, and content creators, marking a significant shift in how we perceive and interact with digital content.
This would have been difficult to imagine or comprehend about two decades ago, but here we are. The lines between what is virtual and reality are daily blurred by various virtual reality (VR) and augmented reality (AR) inventions. These technologies have broken down many barriers and made numerous feats possible. For instance, in July 2021, Mark Zuckerberg, CEO of Facebook, announced the company’s rebranding to Meta. He stated that this was not just a change of name but an introduction to an innovation called the Metaverse, which would transform the social media world as we knew it. The Metaverse is described as an interconnected set of experiences blending virtual and augmented reality.
According to Wikipedia, the Metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, it is often described as a hypothetical iteration of the Internet as a single, universal virtual world facilitated by VR and AR headsets. In an article by the UK’s Daily Mail, it was revealed that in December 2021, Meta officially launched its Horizon Worlds metaverse app in Canada and the US. This app allows users to gather, play games, and build their virtual worlds using an Oculus 2 VR headset. It is exciting to see the possibilities technology has birthed, and each innovation makes one wonder what’s coming next.
One of the most beautiful things about tech is its dynamic and unpredictable nature. As a result, we cannot predict exactly what innovations will come next. Even though we know that currently, the world is experimenting with artificial intelligence, AR, and VR, we are confident that no matter what the future of tech holds, it only gets better from here. Innovations and new dynamics are continuously emerging, and the only way to stay on top of the game is by constantly upgrading one’s skillset.
