For example, Facebook founder Mark Zuckerberg is hiring engineers in Europe to work in it. Additionally, game companies such as Epic Games are outlining their long-term visions for metaverse development.
Photo by Andrea Piacquadio from Pexels
So, what’s all this talk about the metaverse about? Let’s find out.
What is a metaverse?
The word metaverse is a combination of the prefix “meta,” which means beyond, and stem “universe.” The term refers to a shared virtual world within the digital environments, which you can access via the internet. In fact, you can hold events, purchase property and visit places on this online space. Currently, companies are spending millions on the development of metaverse. Facebook founder Zuckerberg sees it as the next evolution for social networking.
Metaverse has become a hot buzzword in the tech sector. Venture capitalist Mathew Ball defines metaverse as “an expansive network of persistent, real-time rendered 3D Worlds and Simulations that supports continuity of identity, objects, payments, history and entitlement. this space can be experienced synchronously by an effectively unlimited number of users, each with an individual sense of presence.”
Terms you need to know to understand the metaverse.
Assisted reality: refers to a form of technology that lets you interact with a screen using hands-free controls.
Augmented reality: This is a technology that uses the real-world setting and adds computer-generated photos to the scene.
Meatspace: This is the physical world in which we live.
Virtual reality: Virtual reality experiences are enjoyed through a headset that the user wears, in addition to virtual reality games that immerse users in different worlds.
Why is everyone talking about the metaverse?
CEOs of the technology industry have contributed to the growing interest in the metaverse.
Early last month, Microsoft CEO Satya Nadella stated that the convergence of the digital and physical worlds had positioned Microsoft as a leader in company metaverse infrastructure.
Later, Zuckerberg revealed about Facebook transitioning from a primary social media company to a metaverse company. He believes metaverse will replace the mobile internet. Zuckerberg sees it as an embodied internet where “instead of just viewing content; you are in it.”
Apparently, metaverse fans are viewing it as the next internet development stage. You go to social media platforms or use messaging apps when you want to interact with other people. Right? What metaverse is doing is to create new online spaces to make people’s interactions more multi-dimensional. As a result, you can experience digital content rather than only view it.
As a result of the covid-19 pandemic, the number of people working and going to school online has increased. This increase has raised the demand for making online interaction more real.
Companies working on the metaverse
There is a lot of interest in Metaverse from investors and business owners looking to get in on the next big thing.
Facebook has already prepared a team of virtual reality experts and gaming to create the metaverse. Nvidia ( a computer graphics company) and Microsoft are investing in this metaverse world. Epic Games (owners of the online game Fortnite) are working in this area and announced a $1 billion investment to create metaverse.
Furthermore, musicians can also participate in virtual concerts in the metaverse. For instance, Epic Games confirmed that people watched the Ariana Grande virtual concert in Fortnite. There are also fashion companies experimenting with virtual clothing that avatars in the metaverse can wear.
How will the metaverse look?
Photo by Bruno Bueno from Pexels
As of the time of writing this, it’s not clear how the metaverse will look. However, let’s find out how Ball views it.
Mathew Ball gives the following seven characteristics of the metaverse. According to him, metaverse:
- Provides cross-platform support for digital assets
- It involves both the digital and physical realm
- Its economy is functioning
- It can host a large audience
- You can experience it live and in real-time
- Its content will be generated by individual users and big corporations
- It’s always active.
However, Ball points out that the metaverse will need unlimited new technologies, companies, innovations and discoveries to function. He adds that it will emerge slowly over a certain period as various capabilities, products, and services integrate.
What will you need to connect to the metaverse?
You will need specific electronics to connect to the metaverse space. As of now, AR glasses and VR headset are what you need. It would also be best to have a 5G network connection.
How will the metaverse economy function?
Perhaps companies will sell digital products to their customers in addition to peer-to-peer transactions.
Let’s take Roblox (a popular gaming platform for teens and kids) as an example. The platform offers developers tools for its users to design their games. Metaverse will allow them to charge other users for access to the games they create. When they cash out, Roblox will take a cut.
Deepak Chandrasekaran (Roblox vice president of product management)calls it a “free-market, user-driven economy.” The economy allows you to take money out of the ecosystem and spend it across the ecosystem.
People who will trade virtual assets on metaverse blockchain-based platforms will use digital currencies. Platforms like decentral and will allow users to charge an entry fee to virtual concerts and exhibitions. In addition, users can make money by buying and selling land.
Does the metaverse have a future?
The future of the metaverse is still not clear. No one can tell how long it will take to develop it. Platforms in blockchain-based metaverse are in the process of creating Augmented Reality (AR) and Virtual Reality (VR) that will enable users to interact fully in this space.
PwC (an extensive accounting and advisory) predicts that AR and VR technologies will boost the world’s economy by $1.5 trillion by 2030. Giant companies have shown interest in joining the metaverse space. For example, Facebook and Microsoft Corp are making considerable investments in VR and cloud computing companies as they anticipate its growth.
