DEMYSTIFYING THE METAVERSE
The metaverse is the most popular concept in Technology right now, yet even the most seasoned investors are uncertain about what it means. We’re still in the early days of the metaverse, which was first defined and named about 30 years ago. Even though some digital platforms refer to themselves as metaverses, this is accurate. The computing power, headgear, software protocols, and networking capacity required to support a completely immersive and shared metaverse are just not available currently. The metaverse offers a breathtakingly realistic 3D digital world in which you may buy and sell products and services, sign and execute contracts, recruit and develop talent, and engage with customers and communities, among other things.
DEFINING THE METAVERSE
When Facebook stated that it is betting big on the metaverse, going so far as to rebrand the company as Meta, the term exploded into the public consciousness. Even still, a precise definition of what is expected to become a multibillion-dollar opportunity is difficult to come by. The word “meta” comes from the Greek word “beyond,” implying a transcendence of reality. Merriam-Webster also describes the metaverse as “the concept of a highly immersive virtual world where people gather to socialize, play, and work. Facebook or rather, Meta — sees the metaverse as a virtual space where individuals can do “virtually everything,” including meeting up with friends and family, work, learn, play, shop, create, and explore new categories that go beyond how we presently use computers and phones.
The metaverse, according to some technological visionaries, will not be largely run on platforms whose owners control data, governance, and commerce. Customers (and businesses) will instead be able to take their identities, currencies, experiences, and assets with them wherever they go. In addition, unlike today’s web experiences, much of this digital world will continue to exist even if no one is using it.
You could, for example, use the metaverse to visit a factory on the opposite side of the planet by wearing a virtual reality (VR) headset. Without leaving your workstation, you’ll be able to view and touch its machines, shake hands with the local supervisor, and observe its operations. You could even send one digital version of yourself to the factory while another attends a board meeting. Customers could go from one rival virtual car store to the next, experiencing the wind in their hair as they test drove vehicles. And whenever you leave that virtual factory, it will continue to produce alongside your physical factory. The virtual car will be ready for the next virtual driver to arrive. Many younger consumers are already trying on virtual apparel at virtual retail establishments and purchasing virtual goods for their virtual gaming surroundings.
OPPORTUNITIES OF THE METAVERSE
Most Companies are already looking to the metaverse to:
- Improve the customer experience.
- Introduce virtual goods that can only be found in the metaverse.
- Collect new customer information.
- Promote both physical and digital products and services.
- Payments and finance in the metaverse should be supported.
- Provide hardware and software to support metaverse activities.
These possibilities exist, even if a full metaverse does not and may never exist.
KEY ASPECTS OF THE METAVERSE
There are three key aspects of the metaverse: presence, and standardization.
1. Presence
The sensation of truly being in a virtual space with virtual others is known as presence. This sense of embodiment has been proved in decades of research to increase the quality of online interactions. Virtual reality technologies, such as head-mounted displays, enable this sense of presence.
2. Interoperability
The capacity to travel across virtual places with the same virtual assets, such as avatars and digital products, is referred to as interoperability. People can utilize ReadyPlayerMe to build an avatar that they can use in a variety of virtual worlds, including Zoom meetings via apps like Animaze. In the meanwhile, blockchain technologies like cryptocurrencies and nonfungible tokens make it easier to move digital goods over virtual borders.
3. Standardization
Interoperability of platforms and services throughout the metaverse is enabled by standardization. Common technological standards are required for widespread acceptance of all mass-media technologies, from the printing press to texting. These standards are defined by international organizations such as the Open Metaverse Interoperability Group.
WHY THE METAVERSE MATTERS?
If the metaverse is to succeed the internet, who builds it and how it is built is critical to the economy’s and society’s long-term success. Facebook is aiming to play a leading role in designing the metaverse, and it’s doing it in part by investing extensively in virtual reality.
The metaverse may one day resemble Ernest Cline’s flashy fictional Oasis in “Ready Player One,” but until then, you can get a taste of the immersive and connected metaverse experience through games like Fortnite and Roblox, virtual reality social media platforms like VRChat and AltspaceVR, and virtual work environments like Immersed. Watch for a really unique metaverse to emerge as these segregated realms collide and become increasingly interconnected.
