Apart from the AI revolution, the Metaverse is another hot topic in the town. Most of us do not realize the possibilities that Metaverse can improve digital customer experience, introduce next-gen business models, and simplify the IT industry.
Needless to say, our life has grown busy, and we often do not get enough time to go out to shop, meet our friends, and hang out. But imagine there's a virtual world where you can pick your digital avatars, go on a shopping spree, meet your friends, and engage in fun gaming activities with them, or simply hang out and do crazy stupid things that you could only do in Grand Theft Auto.
That's Metaverse in a nutshell, and it's still at a very early stage. Today we will dive deep and dig up everything that you need to know about Metaverse.
What is Metaverse?
Metaverse does not exist; it's an idea that is considered to be the next generation of the internet. An immersive 3D space that mimics our physical world and makes things more accessible. It also mimics the key aspects of our society like social interaction, economy, currency, business, property ownership, and more. The term "Metaverse" was first introduced by Neal Stephenson in 1992 in his sci-fi novel Snow Crash.
Technologies that power the Metaverse
Here are all the technologies that work together to form the Metaverse:
- Virtual Reality
- Augmented Reality
- Artificial intelligence
- 3D graphics
- Spatial and edge computing
- Internet of things
Where does the Metaverse fit into today's world?
The gaming industry is not new to Metaverse; they have been creating it for decades. And the mainstream uses of Metaverse stay limited to gaming, building virtual reality, and owning digital assets. But there have been a few experimental advancements going on that you should know about:
- Companies are building virtual workspaces to support the remote work culture. Few companies did a test run of the same during the pandemic.
- Some hospitals are implementing AR & VR in medical training to train basic medical procedures.
- Few educational institutes are experimenting with virtual interactive training simulations in the field of engineering, manufacturing, and aviation.
Examples of Metaverse platforms
You can check out some of these platforms that are working actively towards building a metaverse:
- The Sandbox
- Axie Infinity
- Star Atlas
- High Street
The key features of Metaverse
A metaverse works based on these key features:
Avatar is like a digital identity that you create for yourself. It's a gamified version of your physical form in reality. From dresses to eyebrows, you can alter everything in your digital avatar. But if you do not want to replicate your physical form, then there are also options to buy skins.
Metaverse offers an immersive experience by leveraging technologies like mixed reality, AR & VR. This 3D experience opens up many possibilities like virtual concerts, learning, shopping experiences, and more.
Real estate in Metaverse is booming. Anybody can buy land in Metaverse with cryptocurrencies. These virtual lands can be further used for business purposes like setting up a digital storefront, starting an entertainment unit, and more. The size and location play a huge role in the price of that land.
AI is already making headlines all over the world and impacting our work life. From robotic interactions to body pose estimation, AI will be an integral feature of the Metaverse. Apart from that, Metaverse can also deploy AI chatbots with an avatar in their Metaverse for navigation, customer support, sales, marketing, and more.
Decentralized Autonomous Organizations
DAO is a decentralized body working on smart contracts and blockchain where businesses can execute different decision-making processes without the interference of central authorities like banks, governments, etc. The special feature of DAO is everybody gets to be a part of the decision-making process by placing a vote.
HCI is a crucial technology as Metaverse completely relies on it to help users navigate, engage, and interact with the virtual world through user-friendly interfaces. HCI is the key to making Metaverse accessible to common users.
Web 3 is the underlying technology that facilitates a decentralized internet with secure transactions, control over digital assets, and interoperability across virtual worlds. The Metaverse leverages Web3 as a foundation for its interconnected virtual environments.
Top Metaverse companies
- Meta (Facebook Metaverse Company)
- Epic Games
- The Sandbox
How soon can we expect a full-fledged metaverse?
Though the concept of Metaverse has been around for quite some time now, we're years away from a virtual world with lifelike interaction. Metaverse is still nothing but a future possibility that might become our reality someday. No one can say for sure how it will impact our lives. Though it is believed that it'll enhance our lives and offer certain experiences that we can't get in real life.