Just imagine this:
“You were supposed to attend an auspicious event, and you got some urgent work to finish and realized you could not reach the venue on time. But you are not worried at all! You just put on a VR headset and start attending it right from home.”
The pandemic has completely transformed how we used to work or imagine things virtually that we had never thought of before. And technology is the major contributor to it. One such technology that has gained traction these days is “Metaverse”!
Microsoft’s planned acquisition of ActivisionBlizzard, for $68.7 billion, is considered to be their strategic move towards becoming Metaverse, early adopters. The global Metaverse market is predicted to reach USD 872.35 billion by 2028 with a CAGR of 44.1%.
Since Mark Zuckerberg announced that Facebook’s future would be in the Metaverse, everyone is rushing to figure out what Metaverse means. Starting from Microsoft to Nvidia, everyone has suddenly started exploring the opportunities within Metaverse business and many have even become Metaverse, early adopters!
But what is the Metaverse? Why does it matter, and who all needs to consider this next evolution of the internet? This blog post will help you find the answers to your queries.
At its core, the Metaverse is an embodied internet: a social sphere where people may meet virtually using customized avatars that make them feel more present than a simple video conference. It’s synchronous, making you think it is more relatable than today’s feed-based social networking applications. You can get a chance to meet them in almost real-time instead of trying to figure out what they’ve been up to.
Moreover, it will be persistent, so you won't have to start all over again in the event when you come back to the Metaverse location. And just like real life, it will bring a wide range of tasks or activities you would have imagined doing with other people. For example, you can attend live music concerts or your favourite award functions, hang out with friends, go on a date, and yes, you can even shop!
To be precise, the Metaverse world is yet to be experienced in the real world. But what we do have, though, are some forerunners:
- Virtual reality:
It is a virtual experience platform known worldwide. Understandably, VR and the Metaverse are frequently misunderstood. If you compare it with the avatar created in a game, having an embodied presence makes it more natural when using a headset.
Of course, virtual reality and augmented reality will be a core part of the Metaverse in the future. But at the same time, such spatial computing forms must work across devices from different categories.
- Roblox and Fortnite:
The two most popular games have been heralded as forerunners of the Metaverse, and they tick a few boxes: Fortnite and Roblox are social spheres with avatars and in-world economies and enormous live events have shown that they're more than simply games. However, both are stand-alone properties.
Players can't bring their Fortnite avatar to a Microsoft Teams conference, and locating a business that accepts Robux for payment outside Roblox is difficult.
The Metaverse may fizzle out before it's ever realized. However, the interest keeps rising in the field of the Metaverse, and people are curious to explore it more. It's become common in gaming, virtual shopping, or Metaverse eCommerce stores.
People constantly connect with something on the internet, whether it's a website, a game, or a social networking platform that connects us to our friends. On the other hand, the Metaverse takes it a step further by placing the user right in the heart of the action. That is one feature that sets the Metaverse apart from the internet.
Physical reality, virtual reality, augmented reality, artificial intelligence, social media, online gaming, and cryptocurrency are all part of the Metaverse, which allows people to connect virtually. The term Metaverse is different from the web world since it is more aligned towards reality."
Except in games like Fortnite, the Metaverse opens the door to a more robust, more genuine experience than browsing the web or viewing a movie now provides. One of the most significant distinctions between the Metaverse and the internet is their intended use.
Many businesses are attempting to develop the Metaverse. Here are a few of the significant names in the industry:
In 2021 alone, Meta has invested $10 billion in developing Metaverse technology. The company's ambitions include virtual reality technology, social virtual reality apps like Horizon, and AR wearables bet. In approximately the second quarter of 2021, Roblox's proto-Metaverse world brought in $454 million in revenue. The company also has over 43 million daily active users, the majority of them are children.
During 2018-19, Epic managed to gross more than $9 billion from Fortnite, and its Unreal Engine is considered the heart of many AR and VR experiences.
Apple has kept itself a little away from the Metaverse hype. Still, its massive investments in augmented reality gear clearly show that they are preparing the Apple Store to be part of whatever innovation future holds.
Many individuals are still perplexed as to what the Metaverse is and what benefits it will provide. On a conceptual level, the Metaverse is positioned as the next-generation internet, allowing us to thoroughly combine our physical and virtual lives, resulting in real-time immersive experiences. On the other hand, people find it difficult to fully comprehend the possibilities of this future social interaction and internet platform because it does not refer to a specific technology.
Content creators will change the face of the Metaverse. The Metaverse will be driven by a slew of content creators who will use digital assets and material to create virtual environments like music halls, casinos, amusement parks, and sports arenas.
The face of NFT will change drastically. By utilizing smart contracts for transactions such as real estate purchases, NFT's role in the Metaverse will grow. Decentraland has become the most popular Metaverse platform for displaying digital real estate.
NFTs are still in the early stages of stabilization. They face significant challenges but will soon expand beyond collectables to include a broader range of financial instruments such as stocks, loans, realtors, or insurance.
For online retailers, Metaverse eCommerce will be a new way to enrich their user experience with the help of virtual shopping. With a virtual experience platform and Metaverse eCommerce store, the store's owners will drastically change the way consumers interact with their online store.
Immersive hardware will significantly popularise the Metaverse, whether it takes one or many decades to build. The race to develop AR glasses between Meta, Apple, Snap, Microsoft, and others is so critical. The winner could be anyone, but they will have a home-field advantage.
AddWeb Solution has been at the forefront of technology innovation. As a Metaverse early adopter, we take you through any stage of the process of building your virtual world and enriching it with experiences, landscapes, items, assets, and opportunities to connect with customers for the hottest technology spaces for developers, brands and investors.
From creating immersive virtual or augmented reality services, digital economics, and digital simulations to establishing a brand experience, we can help you with the immense possibilities of the Metaverse you can imagine.
Looking for a partner to help you bring your imagination to reality using Metaverse development? Whether you are looking for real-time 3D simulations for your business needs or want someone to assist you from the vision to the design and development of the meta world applications, we can help you! Please take a look at how we helped one of our clients ByondXR, in their Metaverse innovation.
The Metaverse is a collective virtual shared space that combines aspects of social media, online gaming, augmented reality, and virtual reality. It goes beyond individual immersive experiences, creating a shared, persistent, and interconnected virtual universe.
While the full realization of the Metaverse is still evolving, elements of it already exist in various online platforms, virtual worlds, and social spaces. Companies are actively working to build and expand the concept into a more integrated and interconnected digital universe.
Technologies such as virtual reality (VR), augmented reality (AR), blockchain, artificial intelligence (AI), and 3D graphics play a crucial role in the development of the Metaverse. These technologies contribute to creating realistic and interactive virtual environments.
Privacy and security are significant concerns in the Metaverse. Data protection, identity verification, and user safety need careful consideration. Developers and policymakers are working on addressing these challenges to ensure a secure and trustworthy virtual environment.
Businesses can integrate with the Metaverse by creating virtual storefronts, conducting virtual events, and offering immersive customer experiences. The benefits include a broader reach, increased engagement, and innovative ways to connect with customers and clients.
The goal is to make the Metaverse accessible to everyone. While challenges like digital literacy and access to technology need addressing, the vision is to create an inclusive virtual space that transcends geographic and demographic boundaries.
User-generated content is integral to the Metaverse. It allows individuals to contribute to creating the virtual environment, fostering creativity and collaboration. Users can build, design, and customize their virtual spaces, contributing to the overall richness of the Metaverse.