The Metaverse Is Here To Take The Internet To The Future. Are You Ready?
The concept of the metaverse was already fast-developing even before Facebook was renamed Meta and CEO Mark Zuckerberg talked about “the metaverse” at length. There’s no getting around it: the metaverse is here, and it’s most likely here to stay.
So, what exactly is the metaverse? Is it as significant as some corporations claim, or is it merely a fleeting fad that will fade away in a few months? Do you need to know everything there is to know about the metaverse, and should you get engaged before it becomes an all-consuming factor in everyday life?
The concept of the metaverse has been around much longer than Meta’s conception of it – in fact, it predates even Facebook. Zuckerberg defined metaverse as an embodiment of the internet that you’re inside of instead of simply gazing at. The true meaning of the metaverse is much broader than Zuckerberg’s half-baked definition.
The metaverse, at its most basic level, is a virtual environment that allows people from all over the world to engage with one another and with the metaverse itself. Users are able to collect objects or even to land in the metaverse. However, that concept can be interpreted in a variety of ways, and it has evolved significantly over time.
We’re continually interacting with something on the internet, whether it’s a website, a game, or a chat software that connects us with our friends. The metaverse takes this a step farther by immersing the user in the action. This opens the door to more powerful, more lifelike experiences that are rarely if ever, evoked by just browsing the web or watching a video.
Does this sound like virtual reality? Then what is the defence between the two?
Although virtual reality (VR) and augmented reality (AR) are both related to the metaverse, they are not the same thing. It’s better to think of them as independent things that complement each other rather than different incarnations of what is essentially the same entity.
Users can immerse themselves in a virtual environment using VR and AR technology. In the case of virtual reality, we are offered entirely other environments. VR allows you to engage with the changing world around you, whether it’s through a game or a movie. AR, on the other hand, augments your real-world environment by adding objects and allowing you to interact with them in a variety of ways.
The distinction is in the purpose. You can play a VR or AR game without connecting with others at any time, yet human touch is the cornerstone of the metaverse, as envisioned by Meta and other companies. In a nutshell, the metaverse is an amalgamation of both of the above – a method for individuals to share a virtual environment with one another for business, study, fitness, or just for fun.
The usage of virtual reality and augmented reality tools will go a long way towards expanding the metaverse and making it feel more real than a sophisticated video game. The metaverse is supposed to bring people closer together in previously unimaginable ways, not simply through VR and AR. As a result, there is a lot of room for growth.
Who are the creators of metaverse?
Millions of new eyes have been drawn to the metaverse as a result of Zuckerberg’s recent Meta address, but there are already numerous titans in this race to the future. Each of these businesses has its own interpretation of the metaverse, which further adds to the word’s already expansive definition. According to Reports and Data, the metaverse market size will reach USD 872.35 billion in 2028, registering a robust revenue CAGR of 44.1% throughout the forecast period.
Facebook’s foray into the metaverse isn’t entirely unexpected. Facebook paid USD 2.3 billion for Oculus in March 2014. The business continued to release Oculus Quest devices, which are among the best virtual reality headsets now available.
Considering that Meta currently intends to largely rely on both VR and AR to add realism to the metaverse, purchasing Oculus seven years ago does not appear to be a random decision. It’s worth noting that Oculus Quest will be discontinued in the near future. The entire product line will be rebranded to Meta Quest beginning in 2022, bringing the transaction to a close and removing the old branding.
In addition to Meta Quest, Meta’s chief technology officer Andrew Bosworth revealed that some Oculus products will be dubbed Meta Horizon. According to Bosworth, this will be the branding for the entire virtual reality metaverse platform.
What is the purpose of metaverse?
The metaverse as a notion is difficult to define, if only because it appears to be infinite. This means that not only the organization or group of individuals who created it, but also each individual user, can define its general purpose on a case-by-case basis.
The metaverse’s overall goal is to unite people through a virtual, shared universe. The metaverse exists to bridge the gap between reality and distance, uniting people from all over the world, whether for employment, self-improvement, or simply amusement.
Allowing users to engage with the world at large through their avatars without assigning them any specific purpose provides for a lot of flexibility of choice. This is also the foundation of Meta’s great reveal: the notion that in the metaverse, you can practically do whatever you want.
Let’s take a look at some of the more popular activities in the metaverse.
Owning A Property
Allowing people to purchase land plots is a recurrent motif in metaverses. When a user purchases a property, it is assigned to that user and is unavailable to other players for as long as that avatar owns it. Just like in the real world, plots can be purchased or rented.
When you own property, you frequently have the freedom to use it whatever you wish. Some people prefer to create a gallery to display their possessions, while others open stores or create shared public areas.
The idea of allowing users to build anything they want in their own environment isn’t new, and it’s a big part of why games like Axie Infinity and Roblox are so popular. The metaverse’s developers save a lot of work by allowing users to create their own buildings, which would otherwise take up a lot of time.
Of course, this is the internet, and too much liberty can lead to all kinds of mischief. Most metaverses continue to monitor user-generated content, and depending on the host, it may be removed. Even an ostensibly infinite universe has its bounds.
Once you’ve acquired something in the metaverse, you can sell or trade it with other users. This provides a sense of riches and prestige to a world that is otherwise cold. Some plots are worth more, and some objects are rare– all of this contributes to the establishment of a metaverse-specific economy.
Land plots in the metaverse typically vary in size and location. It’s no wonder that the real estate market is alive and well in the metaverse, given that this is a virtual representation of actual life. In fact, recently an investment firm in Canada paid USD 2.43 million for a plot of land in the metaverse making it the highest real estate deal in the metaverse. Contested plots, which are closer to busy places or are simply more desirable due to some other luxury, can fetch far higher rates than a modest square of grass on the outskirts of town.
Some metaverses are popular with businesses as well as regular users. Because the cosmos is shared by so many people, it provides an opportunity to advertise. Purchasing land and displaying the company’s logo might be a good method to spark or renew interest.
Companies can benefit from the metaverse in a variety of ways. In a seemingly unlimited universe, organizing events, developing crossovers between properties, and communicating with the user community is made easier.
Interact And Live
When compared to the ideal metaverse — a realm practically capable of replacing reality — the previous examples of what you can achieve in the metaverse are just technicalities. We’re not quite there yet (and probably won’t be for years), but businesses like Meta and VRChat are pushing us closer than we’ve ever been.
In an ideal metaverse, you would be able to interact with everyone in the vicinity. This is more advanced than the text-based conversation we’ve seen in games like Second Life or Habbo. Using voice communication, VR headsets, and AR glasses, interaction may be taken to a whole new level. Whether it’s meeting up with friends and skydiving or organizing a study group in a virtual library, the metaverse’s central premise will always be human interaction – but not in person.
Work And Education
Many firms, from Meta to Microsoft, place a high value on the capacity to collaborate, study, and work together in the metaverse. Microsoft intends to employ Mesh to add realism to otherwise uninteresting video sessions. Meta aspires to construct virtual workspaces, allowing remote workers to spend time together in virtual reality during the course of their day.
Work can be done in a variety of ways in the metaverse, including mimicking real-world tasks in virtual reality first. Engineers, programmers, designers, and a variety of other professionals can use metaverses like Nvidia’s Omniverse to do so.
The Metaverse’s Long-Term Prospects
No one can deny that the metaverse notion has begun to extend to the previously undiscovered territory. From its humble origins in games like Second Life, Habbo Hotel, and even the long-gone, long-forgotten Club Penguin, we’ve come a long way.
Meta aims to hit the ground running with Horizon Worlds, according to Zuckerberg, though even he recognizes that we’re not quite there yet. It will take years for the metaverse to pervade our reality to the point where it is as well-known and accessible as Meta desires.
The metaverse’s idea of a shared reality where individuals from different continents can play, study, exchange, and even work together is both futuristic and utopian. In the metaverse, bustling streets with shops, parks, and people can all be reproduced, but the technology required to do so is still not quite here and once the technology does arrive it’s hard to say when it will come within the reach of the average individual.
The widespread acceptance of metaverse is another matter altogether. The addition of virtual reality and augmented reality to the metaverse will undoubtedly make the experience feel considerably more realistic than it does with a keyboard and mouse.
We’ve already seen some intriguing crossovers that pushed the metaverse’s boundaries. Travis Scott held a virtual concert in Fortnite, which drew over 12 million players. Justin Bieber just stated his intention to do the same. Snoop Dogg, an active supporter of NFTs, owns land in The Sandbox and allows visitors to buy VIP permits to see his home in the future, even if it isn’t open yet.
Zuckerberg believes that the metaverse is the internet’s future, even referring to it as the “successor” to mobile internet. Whether or not this is correct needs to be seen.
One thing is certain: the metaverse is no longer merely a fantastical concept plucked from a science fiction film. Facebook/Meta has simply poured fuel to a fire that has already been burning, and in a few years, we may see the metaverse used in ways we never imagined imaginable.
The metaverse, where AI-driven applications and products will play an important role
The possibilities and the future of the metaverse are limitless. Where everything is backed by lines of code could open up new revenue streams for businesses who enter this new market. The possibilities are endless, and the shift is already underway, based on how Americans have adopted a more digital lifestyle. Walmart stated earlier this month that it would enter the virtual world with cash and the ability to purchase and sell NFTs.