After Facebook rebranded to Meta, the new name has been a hot topic of debate in relation to the metaverse. Some argue that the metaverse described by Mark Zuckerberg during his Connect 2021 speech already exists, while others see it as the next Web 3.0.
What Is The Metaverse?
A metaverse is a series of interconnected virtual realities with social networking capabilities, which gives people the ability to communicate and share experiences in these different worlds. This term has been popularized largely due to usage by Neal Stephenson in his novels Snow Crash and The Diamond Age; where he imagined this concept being one possible expression of telepresence in technologies we now call virtual reality or artificial reality.
In this future of augmented realities and wireless technology, we are likely to see people living out their lives in these technological spaces. People will spend hours and days of every day there; working, exploring, staying connected with friends, conducting business – all while being immersed in an entirely new world.
What Are the Core Technologies of Metaverse?
Today, the promise of the metaverse is centered on universal use and decentralization. It permits us to imagine a world where we can control and access our digital experiences in a more flexible environment. The metaverse is still relatively young in terms of development, with new technologies constantly improving it. Apart from the internet itself, the three most common forms of technology associated with the metaverse are extensive reality, blockchain, and artificial intelligence.
Blockchain
A blockchain is a distributed ledger that contains information about transactions and can store just about anything. It runs across many computers in networks and maintains records digitally. Blockchains are famous for being used with cryptocurrencies, like Bitcoin, but they can also be used to keep track of simple things too, like contracts or even pictures – anything where there needs to be proof of who owns what at one point in time.
Blockchain promises to allow users more control over their online experience in the metaverse, ushering us out of Web 2.0 and into Web 3.0. Larger organizations like Google and Amazon have less control over what we do and see online. Non-fungible Tokens (NFT) as a means of investing in and supporting artists, smart contracts, and decentralized finance are already making waves in the metaverse.
Artificial Intelligence
Artificial Intelligence (AI) has become an essential instrument for bridging the gap between the physical and digital worlds. Various aspects of life now rely on AI – from speech recognition software to personal assistants or even navigation apps that give accurate directions – as it helps people overcome barriers in understanding one another, or even just getting where they need to go without any trouble at all.
AI also facilitates computer vision, simultaneous location, and mapping technologies, which assist machines in understanding our physical surroundings.
Extensive Reality
The extensive reality, or XR, is perhaps the most frequently mentioned form of metaverse technology today, involving the merging of the physical and digital worlds by the use of headsets and devices. We can enter virtual worlds and interact with 3D avatars in communities using extended reality.
We can also use mixed and augmented reality to bring digital content into the physical world, altering how we interact with everything from maps to retail experiences.
Where Is The Metaverse Today?
In many ways, the gaming landscape is the metaverse’s foundation, paving the way for a future in which social experiences, communications, enterprise collaboration, and even financial activities can all take place on a metaverse platform. Take a look at some examples.
Social activities in the metaverse
Beyond the metaverse, digital communities have existed for many years – practically since the internet’s inception. We’ve used all mediums such as online forums, social media platforms, and video games to connect with other humans. Since the pandemic, social experiences have become some of the most recognizable pillars of the metaverse.
As we move forward, we may see a variety of celebrations and events taking place in the metaverse, ranging from concerts to weddings. Experts predict that as technology advances, social experiences in the metaverse will include more forms of simulated presence and human connection.
Enterprise activities in the metaverse
The immersive, open, and fully accessible nature of the metaverse makes it ideal for recreating critical human interactions. However, it is important to note that these interactions can extend beyond recreation and social gatherings. Companies such as KuKoin are thinking about a new future for the workplace and about how the metaverse might affect them.
The metaverse will also provide more incredible opportunities for online learning and training in the workplace, allowing people to immerse themselves in one-of-a-kind experiences where they can develop muscle memories and new skills. We may even see the development of virtual landscapes in which people can easily access tools for improving their workflow whether they are inside or outside of the office.
Microsoft and Accenture have already experimented with implementing virtual workspaces for collaboration, and Facebook (Meta) Horizon offers virtual workspaces via headsets.
Media and entertainment in the metaverse
A metaverse is a critical tool for many event organizers in keeping people connected in a world where in-person events are no longer possible. Customers could watch NFL games from the sidelines in virtual reality or explore virtual exhibits at the Museum of National History. We’ve also witnessed concerts and even world premieres in Fortnight.
The future of metaverse events will allow us to fully participate in event experiences from afar, interact with other event-goers, purchase items in real-time, and even share information with people we want to connect with in the future.
The evolution of tools such as 5G will be critical in ensuring real-time interactions between in-person and online event attendees. Developing access to 5G has the potential to change everything about how we interact with each other. A mobile device connecting to a network at over 5G would be able to run anything – programs, games, and even digital worlds – faster than what we have now. So much so, that they would be ready for the Metaverse.
Conclusion
The metaverse will change everything from the way we use the internet and communicate with one another to how we do business. In the process of these changes, old ways of doing things will be replaced or amplified by new discoveries. With this evolution taking place before us, there are two sides to take in; those enterprise companies waiting patiently to adopt new technologies or those who want to close the gap between today’s technology and tomorrow’s innovations by being first movers.