Metaverse 2.0 is a new era of virtual reality that combines hyperrealistic environments, real-time interactivity, and the power of AI. In this article, you will learn how Web3 technologies and decentralization are transforming the metaverse, providing new vectors of development for education, business, real estate, and social spheres.

Metaverse 2.0 promises to revolutionize our perception of information completely, changing how we work, learn, and interact. In this article, we will look at the key prospects and challenges associated with introducing the metaverse, as well as its impact on the global economy, data privacy, and social connections.

What is Metaverse 2.0?

In short, a meta-space is a virtual space where users can have fun, work, socialize, and interact in the way we usually do in our daily lives. It's worth noting that users can interact with the metaverse through various means, such as augmented reality (AR), virtual reality (VR), or familiar devices: phones, computers, etc. Many people often think of the metaverse as an innovative technology for simulating reality, like the one in the movie Ready Player One, but in fact, the metaverse is just another space for communication and interaction.

The first wave of hype around the metaverse is probably over, especially after Facebook's rebranding, primarily because it failed to bring about the revolution it promised. Nevertheless, it is still rethinking and transforming, which promises to bring the attention of millions of users back to the metaverse, doing it better and for longer than the first time. So, with enough work, Metaverse 2.0 will become an additional space for creativity, work, and leisure, uniting the physical world and its virtual copy.

Metaverse 2.0 promises to be not just a rebranding of the old technology, but a new phase of building virtual spaces that will be based on 3 pillars: hyperrealistic environment, real-time interactivity, and artificial intelligence support. Technologies such as image generation using AI or graphics enhancement using neural networks stimulate the development and creation of virtual spaces that adapt to user needs in real-time. The right combination of technologies will ensure that the end user's interaction with the virtual space will be as seamless, easy, and understandable as in the real world. Therefore, we can confidently assume that today AI and similar neural networks are not just technologies developed by enthusiasts, but engines of progress used to transform the way we interact with web interfaces.

Areas of application of Metaverse 2.0

The term “Metaverse 2.0” is relatively new and can be attributed to the latest (current) iteration of web technologies. Therefore, it directly indicates the need to move from a metaverse built on Web2 technology to a Web3 metaverse. Therefore, in its ideal version, the new generation metaverse should operate in a decentralized, distributed network of public nodes, rather than in a centralized structure owned by a single corporation. This is largely because Web3 is directly focused on communities that develop decentralized governance of platforms and projects. Therefore, if this iteration is perfectly executed, each user will feel like a part of a global community, and the community itself will evolve depending on market needs.

The launch of the first version of the metaverse benefited mainly those who were directly involved in the technology project. Metaverse 2.0 will be able to interest any user who has not been involved before in its commercialization due to the career prospects it will provide for early entry into the community. As a result, we will get a completely different level of how people work, interact with each other, and earn income within the metaverse. Now let's analyze the most promising areas where the use of metaverse will give the greatest profit.

Education

The entire education system rests on 3 pillars: teachers, students, and educational regulators. Metaverse 2.0 will radically change the education system for all its participants. Millions of users will have access to virtual educational institutions wherever they are. Thanks to the involvement of Artificial Intelligence, such obstacles as language barriers or ethnic differences will no longer slow down development.

In real educational institutions, each discipline is teacher-dependent, but thanks to the capabilities of the meta-space, users will have access to high-quality educational material that can be taught to students of different ages in different ways. The accessibility, transparency, and interoperability of knowledge in the metaverse are the keys to transforming the educational system.

Real estate industry

With globalization and the development of blockchain networks, virtual spaces, and the emergence of new real estate objects, it will be difficult to build the right investment vector. This is where the virtual real estate market will help. Real estate agents will be able to provide their services without being tied to a location and with quick access to virtual copies of real estate within the meta space. If you've heard news about the sale of virtual plots of land before, now with the help of metaverse technology, everyone will have access to a virtual real estate market that will be represented by thousands of physical objects.

Real estate agents will be able to provide aggregated services by collecting all available real estate in the meta-space. The integration of Web3 technologies into this system guarantees accessibility and sustainability, and all the privileges provided by the blockchain will minimize the manipulation of real estate information. With the use of AI, users will be able to access recommendations on the formation of investment portfolios and strategies for monetizing physical and virtual assets.

Organization of events

Events, concerts, or gatherings are something familiar to us. Organizing events in the metaverse is intended to be no different from events in the real world. Moreover, the integration of the latest technologies will optimize all social events. Reduced costs, overcoming language barriers, and complete independence give events in the metaverse every chance to become more popular than events in real life. Therefore, various social events shortly will rely on creative, tech-savvy event organizers.

The music industry will not remain unchanged either. Labels and musicians will be able to hire organizers to create virtual social environments. Holding concerts for millions of users at the same time, bypassing huge organization bills, and complete freedom of action allows the artist to spend more time on their work rather than on organizational issues. Events in the meta-space are not limited to concerts. These can be private work events, charity events, celebrations, etc.

Organizing events in the meta-space will help you get around all the restrictions in the real world. The organizers of such events with enough technical knowledge will be able to make the event unforgettable. The ability to distribute event invitations in the form of NFTs, monetize events for tokens, and have full control over unplanned situations are the minimum benefits that the metaverse provides. And the organizers of such events themselves will be the perfect managers to manage the small details of events, such as decorations, music, and activities.

What to expect from Web3 and Metaverse 2.0 integration

From a futuristic perspective, the future of the metaverse is one complete interoperable mixed reality with transitions to different metaverse applications. Also, in order for the technology to progress along with users, the metaverse would ideally have its own decentralized autonomous organizations (DAOs). DAOs would enable decentralized operation of the metaverse without centralized managers and profit-oriented corporations.

For security reasons, the metaverse would need to incorporate a know-your-customer (KYC) system to check the metaverse for the presence of criminals or groups of people subject to age restrictions. This would help prevent “virtual crime” and control age-moderated materials. And the main aspect of the future metaverse should be time limits. It is quite likely that some users may become so dependent on the meta-space that they will completely disconnect from the real world. Therefore, the future of the metaverse should take into account all the pros and cons and take its users seriously. But what changes can the global introduction of the metaverse bring to our lives? What familiar aspects can it modernize?

Decentralization as the basis of the ecosystem

Web3 technology is based on the principles of decentralization through the blockchain. This creates the foundation for digital spaces where control belongs not to centralized corporations, but to users. Metaverse 2.0 has every chance of becoming a space where users will own their avatars, digital assets, and all the content they generate. Integration of the metaverse with Web3 will make it possible to use smart contracts to manage real estate, goods, and services, provide new opportunities for charity, etc.

Token-based economy

After the integration of cryptocurrency and non-fungible tokens (NFTs), Metaverse 2.0 will create the foundation for new business models that will allow monetizing the creativity, services, and content generated. For example, platforms can reward users for creating content with tokens, gaming spaces will offer “play-to-earn” models, and government and charity platforms will be able to attract investments in new formats.

Interoperability between platforms

Using Web3 allows users to integrate their space between different virtual realities. For example, a user avatar created in one environment will be able to be used in another, preserving its validity and assets. This will encourage the creation of a single virtual space instead of scattered isolated platforms.

Increased privacy and new business opportunities

Blockchain provides mechanisms that guarantee the confidentiality of user data through cryptographic methods. In Metaverse 2.0, this will allow you to be sure that your actions in the digital world will be protected, and all personal information will not be transferred to third parties without your consent.

The metaverse will become not only a place for entertainment but also a business tool. Most of the business models we are used to willing, if not completely move to the virtual world, then use virtual platforms as another vector for doing business. This will give companies access to development and promotion:

• Virtual products and services

• Virtual offices for remote work with interactive tools

• Marketing through NFT and immersive technologies

However, there are also challenges that need to be addressed. The main barriers today are the slow scaling of blockchain infrastructures, regulatory dilemmas regarding cryptocurrencies and NFTs, and technological barriers to the implementation of VR/AR environments.

The integration of Web3 and Metaverse 2.0 opens up enormous potential for creating new models of interaction, economy, and social dynamics. At the same time, the success of this integration will directly depend on the technological barrier, cooperation between market participants, and the solution of existing problems.

The future of Metaverse 2.0

In the future, metaverse is likely to become an integral part of our daily lives, providing users with hyperrealistic AI-powered experiences that will be deeply integrated into both private and professional spheres of life. Such virtual platforms will fully mirror the physical world and change the way we perceive information.

In such mixed and virtual realities, Web3 technology will become the main foundation that will ensure the stability and flexibility of the entire system in real time. A secure and dynamic environment that evolves based on user behavior and actions is what is expected from the metaverse.

Metaverse 2.0 promises to be a breakthrough technology that will be used not only in business but also by ordinary users, such as smartphones, which have accelerated the pace of digitalization hundreds of times. But despite technological development, it is the accessibility and decentralization of technology that will be a decisive factor in the popularization of the metaverse. Without an active community and users, even the most progressive ideas will fail.