The metaverse is the term used to describe the upcoming version of the internet. Just ask the CEO of the organization formerly known as Facebook, which changed its name to Meta in 2021 after CEO Mark Zuckerberg declared that the social networking site has aspirations of becoming a "metaverse company."
However, what precisely is the metaverse? Where can one locate it? Why is it relevant?
What is the Metaverse?
People can connect with friends, make and play games, work, and shop in the metaverse, which is a network of interconnected, immersive virtual worlds. The metaverse can be compared to a developed, three-dimensional cyberspace or an internet where logging in is not required. Additionally, virtual and augmented reality components might be included.
The concept of a single metaverse that is accepted by everyone is still hypothetical and science fiction. The creation of metaverse-like experiences, such as virtual fashion displays, live concerts, and workplaces, hasn't been prevented by this, though, according to certain digital behemoths.
According to reports, businesses involved in the metaverse raised more than $10 billion in 2021, more than double what they did in 2020.
What are VR and AR?
Simply put, augmented reality (AR) employs technology to add to or enhance a person's perception of reality with a digital image. You've used AR if you've used the IKEA furniture installation software or Pokémon Go on your smartphone. Based on the players' actual whereabouts on a map, the game allows players to capture them. It has both a physical and a virtual component.
Advanced AR headsets are assisting the metaverse in delivering a level of virtual digital experience that is more realistic than the early online gaming platforms (which were the forebears of the metaverse) where people could create avatars through which they could have somewhat lifelike virtual experiences. These technologies include 5G, edge computing, and cloud capable of delivering mega volumes of data, as well as new and enabling technologies like 5G.
On the other hand, virtual reality (VR) does not have a physical-world component (apart from the handset or other equipment like a helmet or sensor-equipped gloves). Users enter a computer-generated simulation when using VR, but they may interact with it in a way that makes it appear real. Although VR technology is utilized in a variety of different applications besides entertainment, you may be familiar with it through video games.
Here are a few applications for augmented reality and virtual reality:
- In-depth ideation for product development
- while performing design-to-value (DtV) exercises
- in the "creative economy" (art, journalism, music, etc.) by providing chances to forge transformative encounters and encouraging fresh thoughts, abilities, and comprehension
- in entertainment and sports (fans might watch 360-degree augmented reality replays, for instance).
- for "experience design" in retail (adding a "wow" aspect to retail that goes beyond just shopping)
You may also come across the term "mixed reality," or MR. That typically refers to circumstances where both AR and VR are present. You can engage with a virtual environment using components of the actual world while using mixed reality. To use a video game as an example, if you were wearing a headset and playing a mixed-reality game, you could theoretically pick up something off your desk or coffee table and use it in the game.
Key Technological Advancements of Metaverse to Watch
Rapid technical advancements promise to open up future metaverse experiences and interoperability between realities, just as blockchain has energized the decentralized creative economy. Users would be able to process vast worlds on mobile devices once 5G is fully implemented. As a result, the market for the metaverse is likely to grow to USD 626.65 Bn by 2030, as per predictions by Extrapolate. Several developments that will aid the growth of the metaverse include the following:
- Back-end engines will lower barriers to development, allowing a wider audience to produce cutting-edge experiences and games. The transition from 2-D internet environments to fully immersive experiences will be made easier as a result.
- The computational power needed to run the metaverse will be driven by edge computing. By allowing data to be collected, stored, and processed locally rather than in the cloud, edge computing helps to address issues with bandwidth and latency.
- The actual and virtual worlds will be combined by hardware. In 2021, Meta released 10 million Oculus Quest 2 headgear, and additional gadgets like gloves and bodysuits are also catching on.
- On top of the infrastructure, metaverse applications are driven by software development.
It's critical to remember that current technology is insufficient to fully exploit the metaverse's potential. Infrastructure improvements will be needed in the computer, networking, and interface hardware.
Who Holds Reigns in the Metaverse?
The metaverse is unlikely to be solely owned by any single entity, whether it be a government agency or a large corporation, much like the internet. Instead, it is expected that a diverse network of businesses, groups, and independent programmers adhering to a common set of rules and guidelines will emerge as the stewards of the metaverse.
The Khronos Group is one group aiming to do this. The benefits of interoperability have been demonstrated through the successful implementation of OpenXR, a royalty-free standard utilized by VR and AR creators to develop cross-platform experiences. OpenXR has gained widespread acceptance within the industry. With the establishment of the Metaverse Standards Forum, a community comprising over 1800 standards organizations, nonprofits, and businesses, there is optimism that this collective effort will devise strategies to foster an open and all-encompassing metaverse.
The benefits of interoperability have been demonstrated through the successful implementation of OpenXR, a royalty-free standard utilized by VR and AR creators to develop cross-platform experiences. OpenXR has gained widespread acceptance within the industry. With the establishment of the Metaverse Standards Forum, a community comprising over 1800 standards organizations, nonprofits, and businesses, there is optimism that this collective effort will devise strategies to foster an open and all-encompassing metaverse.
What is the Reason Behind the Hype Around the Metaverse?
The creation of a metaverse by technology corporations to supplement or enhance peoples' digital and physical experiences has generated a lot of excitement around the concept of the metaverse.
Eventually, permanent, decentralized, collaborative, and interoperable opportunities and business models will be made available by the metaverse, enabling organizations to expand their digital business. However, there are already new prospects in the metaverse for both businesses and people.
For example:
- P. Morgan is the first bank to have a presence in the metaverse; it estimates a $1 trillion market opportunity and is interested in virtual real estate.
- Automobile dealerships might have a limited supply of a given model of car on hand while utilizing spatial computing, in particular the AR cloud, to appear to alter inside and exterior characteristics digitally in real time to display more possibilities.
- Games can be developed to teach staff members how to manage risks without really putting them in danger.
- Customers can connect with DToCs and digital humans to help with tasks like financial transactions, concierge shopping experiences, or patient health monitoring.
