Byline: Hannah Parker
The words “meta” and “universe” are combined to form the term “Metaverse.” It is primarily used to refer to Web 3.0 — a frequently celebrated future iteration of the internet. So, the integrated network of 3D virtual worlds is the metaverse. Users enter these worlds with a virtual reality headset and move around the metaverse by moving their eyes, utilising feedback controls or speaking orders.
Recent months have seen frequent discussion about the “metaverse,” especially when Facebook announced its rebranding as Meta. Meta’s social technology firm’s mission is to “bring the metaverse to life.” Many people in the metaverse were interested in this, and it caused an increase in people investing in or starting NFT projects.
The phrase and idea of a “Metaverse” are not brand-new. In truth, the concept of the metaverse and its manifestations has existed for a while. Neal Stephenson first used the phrase “metaverse” in his 1992 book Snow Crash, in which the characters use digital avatars to engage with each other or explore a virtual world to flee their dystopian reality.
Japan Invests in the Metaverse and NFT Expansion
Non-fungible tokens (NFT) and metaverse services are part of Japan’s ambitions to invest in digital transformation, according to Prime Minister Fumio Kishida in a recent policy speech.
The nation has consistently encouraged investment in digital technology, particularly by offering tax breaks to businesses that embrace a digital future. Kishida stated in his speech to the Japanese parliament that the nation will continue to emphasise “supporting the social deployment of digital technology” and “encourage efforts to extend the usage of Web3 services that leverage the metaverse and NFTs.”
Japan’s federal venture into Web3 continues a trend of officials moving quickly to put Web3-related services in place in the nation instead of taking the usual bureaucratic path that policies frequently take. A Web3 policy office under the Ministry of Economy, Trade, and Industry (METI) was recently established by the Kishida government to formulate regulations for the nation’s gradual adoption of blockchain technology.
The “NFT White Paper,” published in April by a task force established by Kishida’s Liberal Democratic Party and headed by lawmaker Akihisa Shiozaki, referred to Web3 as “the next frontier of the digital economy” and offered strategies for advancing the national Web3 strategy.
According to reports by Bitcoin 360 AI , METI is also considering a plan to exclude Japanese crypto companies from paying taxes to persuade them to continue operating there and support the country’s expanding Web3 sector.
The Expansion of Metaverse in Music
Warner Music Group (WMG), a conglomeration of music and entertainment companies, recently posted a job listing for a senior director for metaverse development, indicating that it is working to further its Web3 strategy.
WMG says that metaverse projects will focus on “immersive experiences and strategic content integration” in the role in a recent LinkedIn job posting, calling for someone based in New York to lead its metaverse strategy, including “music entertainment experiences in metaverse and gaming”.
The new employee will expand WMG’s roster of important positions devoted to creating its Web3 ecosystem and metaverse projects. Mike Shinoda, the co-founder of Linkin Park and a pioneer in the field of music technology, joined the firm in April as its community innovation consultant, assisting in “shaping the company’s artist-centric approach to Web3.” As president of records and publishing for Benelux (the term for Belgium, the Netherlands, and Luxembourg), Niels Walboomers was hired by the company in September 2022. He expressed the company’s desire to “broaden the range of talent we work with even further and be super innovative about we connect them with fans in the Web3 era.”
Additionally, WMG has welcomed blockchain-based partnerships with significant metaverse and NFT marketplaces. According to a January announcement, a music-focused theme park featuring performers like Ed Sheeran, Bruno Mars, Dua Lipa, and Cardi B would be introduced by the corporation on the metaverse platform The Sandbot. It disclosed a deal with blockchain gaming company Splinterlands in February to create play-to-earn games for the musicians on its roster. The company has also worked on interactive experiences with gaming platform Roblox, digital collectables platform Blockparty, virtual entertainment provider Wave, avatar technology company Genies, and NFT marketplaces OneOf and OpenSea.
People would welcome a durable, realistic parallel reality with different laws. In such a universe, you can be whatever you want, realise some of your wildest fantasies, overcome obstacles, engage in social interactions, and conduct business. It is hard to predict how long it will take to develop a distinct multiverse or whether an entirely new trend will appear and steer everything another way. It is difficult to predict if advancements will benefit or harm us, so let’s wait and see how these technologies develop before predicting what will change.
Everyone keeps referencing “Metaverse” to describe the next logical stage in the growth of the internet: a coming together of the digital and virtual worlds. It is still too early to predict how far it will go or in which direction. With emerging technologies and yet-to-be-realized ambitions, it will be more feasible and successful to continue its inevitable expansion in the years to come. The intricate and complicated universe will require robust infrastructure as well as everyone’s approval for such a move.
Image Source: BigStockPhoto.com (Licensed)
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