The “metaverse,” which is arguably the biggest buzzword in global tech, business, and finance, has recently attracted significant interest from everyone, from CEOs and business executives to your grandmother. The renaming of Facebook as Meta signaled a dramatic shift in the Silicon Valley behemoth’s future focus, and other top digital companies are now doing the same.
It is not surprising that the metaverse is predicted to reach an $80 billion business by 2024 given the significant investments made in the metaverse by companies like Microsoft, Google, and Apple. The recent announcement that Qualcomm has announced the formation of a $100 million fund geared at virtual reality (VR) and augmented reality (AR) technologies to kickstart the metaverse will undoubtedly strengthen this even further. In addition, Gartner forecasts that by 2026, 25% of individuals will spend time in the metaverse for social media, work, commerce, entertainment, and education. But what precisely is the metaverse, and what does it portend for our society of the future?
There is no solitary metaverse
The metaverse operates on a non-fungible token-enabled economy with a virtual digital currency that is not owned by a single provider. The term “metaverse” currently refers to an open, digitally upgraded virtual environment where users can interact with each other through a custom avatar to work, play, and socialize. Think of it as a video game where, in place of quests, players live their virtual lives as they would normally do online, but with ever-greater immersion.
It is simpler to talk about the metaverse the same way we talk about the internet. Similar to how social media platforms in Web 2 welcomed people by allowing them to create online profiles and engage with other profiles, this type of virtual space (verse/universe) will do the same thing, only in immersive 3D settings. As a result, users will be able to communicate inside a variety of metaverses. It’s critical to understand that the phrase “metaverse” actually refers to a virtual open place.
Popular metaverse platforms
There is now a significant distinction between centralized and decentralized metaverses. This simply means that centralized metaverses are owned and run by a company, which implies that all user-owned data and assets are also under the control of this organization. Because it is decentralized, users can interact with it through a public blockchain wallet and there is no single owner.
- The Sandbox
- Decentraland
- Cryptovoxels
- Somnium Space
- Horizon Worlds
- Roblox
Industries currently benefiting from the metaverse
1. Gaming
The metaverse as it exists now can likely be best understood through the medium of video games. Open-world virtual worlds are what users experience in games like Fortnite and Minecraft. These environments allow users to interact with other players in real-time and even buy things like clothing and weapons using the in-game cash. The key distinction is that users in the metaverse will really own their items as NFTs and be able to use them in other metaverses as long as they are powered by the same blockchain.
When it comes to 3D assets, things become more complicated, even if some NFTs, like photos, can already communicate across platforms. Since 3D assets need a lot of development and certain game creators use different components, it is currently highly challenging for complex digital assets to interact across metaverses.
2. Retail and fashion
The way we shop online is already changing as a result of VR and AR. By using these technologies, consumers may browse catalogs online and virtually try on clothing, creating a distinctive and immersive digital shopping experience. The retail and fashion sectors will be able to construct immersive interactions that allow customers to virtually browse shopping malls and clothes stores from the comfort of their homes thanks to the metaverse.
https://twitter.com/dolcegabbana/status/1565705541409816580
For instance, the recent Metaverse Fashion Week was held in Decentraland, where prestigious fashion houses like Tommy Hilfiger, Dolce & Gabbana, and Cavalli (to mention a few) debuted their Spring 2022 designs. Owners might acquire items as NFT assets and then exchange them for tangible goods delivered to their houses.
3. Education
More immersive and engaging learning experiences are now possible without the need for infrastructure because of technologies like VR, AR, head-mounted displays (HMDs), the internet of things (IoT), artificial intelligence (AI), spatial technologies, and 5G. The complete guide for valve index metaverse will remove barriers caused by geography, social, cultural, and economic factors by enabling students from all corners of the world to access educational materials.
Virtual reality (VR) technology has already made significant contributions to the teaching of hard skills and work simulations (such as flight simulators for pilots), advancing these skills far more quickly and affordably. But in this era of remote learning, when companies are still forced to upskill their staff, VR is now also assisting in the teaching of soft skills like leadership and resilience.
4. Hospitality
In order to improve staff learning and development through interactive and immersive virtual worlds, the international hotel operator Hilton has recently resorted to VR technology. Hilton team members (from management to front-line workers) use the Oculus for Business platform to practice hospitality skills in a virtual setting that replicates real-world scenarios in an effort to enhance services.
What the metaverse future might look like
Anything that can become an NFT will become an NFT, according to Brian Trunzo, Metaverse Lead of Polygon Studios (creators of NFTs, games, and different metaverse initiatives for the Ethereum sidechain). This indicates that merchants will join the metaverse NFT bandwagon and start creating catalogs of NFTs that will only be available there. Pervasive NFTs will be promoted to users of the metaverse, expanding branding and marketing potential.
Polygon Metaverse Lead: 'Anything That Can Become an NFT Will Become an #NFT#PolygonNFT #MetaverseNFT #digitalfashion #avataverse #NFTCommunity @PawlowskiMario @avataverse @CurieuxExplorer @stratorob
(via @decryptmedia) https://t.co/CU3fITk5Km
— Margaret Siegien CES2023 (@MargaretSiegien) March 6, 2022
With the development of user-generated, decentralized financial ecosystems in the metaverse, the financial landscape will probably shift in the future. As a result, there will be some intriguing new prospects for converting virtual money into physical money, which will be facilitated by advancements in AR/VR and alter how money is managed in both the virtual and real worlds. The future of our contemporary culture and the metaverse are closely intertwined. Businesses and brands will undoubtedly attempt to use the metaverse to influence both the physical and digital worlds. The promise of the metaverse will develop further as a result of the convergence of modern technologies that made it conceivable.
Conclusion
In conclusion, we can claim that reading the aforementioned article will help you better comprehend how the metaverse influences different fields or industries as well as the changes it is causing. Businesses and brands will find it difficult to adjust to these changes or trends on a global scale.
Tech enthusiasts believe that the metaverse might mark a new stage in the development of the internet by dissolving barriers and enabling total immersion in the virtual world. In the upcoming years, the industry may experience a significant uptick because of the role that VR, AR, and other technologies have had in creating the metaverse.
YouTube: Trapped in the Metaverse: Here’s What 24 Hours in VR Feels Like | WSJ
Photo credit: The feature image has been done by Hay Dmitriy.
This guest article has been submitted by Michael Smith. While we appreciate guest contributions, it's important to note that the views expressed by the author are not necessarily reflective of those held by TechAcute.
