What is the Metaverse? How will it affect Internet use?
Cyprus International University (CIU) Faculty of Engineering academic staff Assist. Prof. Dr. Çağın Kazımoğlu, making statements in relation to the Metaverse, which has been referred to a lot recently and has been on the agenda, explained: “Metaverse is described as the next step on the internet, it is the name of the cyberspace where people can communicate with one another virtually”.
Underlining the fact that the Metaverse is unlike ordinary websites, Kazımoğlu went on to say, “Within virtual environments such as video games, it is intended for Metaverse users to have an immersive experience via an avatar which is representing them”.
Explaining that on 28th October 2021, the Metaverse was introduced for the first time at the Facebook Connect event, organized by Facebook, where they rebranded with the name Meta, in order to focus on metadata, Kazımoğlu advised that during the 5 years ahead of us, social media platforms such as Facebook and Instagram will undergo a radical change and that it is planned for existing social media platforms to be transformed into a 'metaverse' universe.
Speaking in relation to what Metaverse users will be able to do, Kazımoğlu informed that the users will be able to meet in virtual reality environments, attend concerts together, play games, communicate digitally, and have the opportunity to invest in cryptocurrencies.
Noting that the concept is not only supported by the Meta company, but also by the technology giant Microsoft also, Kazımoğlu elaborated, “One of the most important versions of the Metaverse concept, which uses the blockchain technology behind crypto money technologies, is Metaverse's special platforms”.
Expressing that the users of these Metaverse platforms will be able to create crypto purses and thanks to blockchain technology, will be able to purchase and sell virtual assets such as digital clothes and land, Kazımoğlu went on to state, ”The Metaverse has attracted the attention of the fashion sector in particular, who will be able to introduce their new season fashion products in the virtual environment, enabling the avatars to make purchases on the spot using cryptocurrency”.
Advising that the Metaverse economy is enabled with Non Fungible Tokens (NFTs) units, which are, "unchangeable Tokens" or "immutable assets", Kazımoğlu stated that the system provides users with the opportunity to buy and sell their own virtual lands, virtual real estate, and land parceling.
Kazımoğlu noted that the specialists believe that the Metaverse represents a 1 billion income opportunity, and concluded, “Within the 5 years ahead of us, the communication within social media will go through an evolution and become multi-dimensional”.