Query yourself, what if you could experience a business meeting within New York, attend a concert in Paris, or even delve into the unexplored depth of the ocean right within the confines of your room? Sounds alluring, doesn’t it? This is seemingly the extent to which the metaverse have the capability to take us. Metaverse can potentially revolutionize how we conduct ourselves in this world. Very few people understand however, what metaverse is and why there is so much hype surrounding it. More importantly, what will be the impact of it on our lives on a larger scale?
In the following essay, we will analyze metaverse as a concept, its origins, its possibilities, as well as its limitations. Whether you are a tech geek or a novice, by the end of this essay, you will gain an understanding of what is metaverse and its importance.
Metaverse can be described as a collective virtual shared space that is created by the convergence of augmented reality (AR), the enhanced virtual world, and the internet. It would be too simplistic to consider it as just a universe within a universe. The metaverse is more accurately defined as a fully immersive digital world which allows people to engage and interact with both each other as well as digital tools in real-time.
The concept of the metaverse isn’t new. It was first coined by author Neal Stephenson in his 1992 science fiction novel Snow Crash. In the book, the metaverse is a virtual reality-based successor to the internet. Relatively speaking, the concept has become a reality as the world is on the brink of a new era of digital interaction.
Platforms like Roblox, Fortnite, and Decentraland shed light on avatars, social interaction, gameplay, and even the trade of virtual real estate- all components of the metaverse.
Identifying the pillars of the metaverse is key to befriending the overarching concept. Each component plays a vital role to develop an unmatched metaverse experience.
VR and AR are the venus fly trap of the metaverse. Digital Reality allows the individual to entirely escape into a computer-generated environment, while Augmented Reality blends digital characters and objects into the actual surrounding world.
The best example of VR is the Oculus Quest 2 headset as it welcomes users into the virtual-clad world. AR apps, like Pokemon Go, take the fictional euclidian creature and literally puts it around us.
Blockchain technology is used in the metaverse-applications to facilitate transaction and engender digital propietary rights. Users are able to purchase, sell, and trade virtual assets like land, clothing, or artwork through blockchain technology.
For instance, NFTs (Non-Fungible Tokens) are issued for indivisible portions of virtual assets. In the metaverse, NTFs can be traded for ownership of virtual real estate or rare assets of an online game.
AI expands the metaverse by developing smart virtual characters and improving user interaction. For example, AI avatars are capable of real-time communication with users so the metaverse becomes more real.
Smooth functioning of the metaverse necessitates high speed Internet and minimal latency. Edge computing in conjunction with 5G networks allow users to engage with the metaverse in real time without delays or interruptions.
The metaverse isn’t a single application but a compilation of different virtual places that are interconnected. These places can be accessed from several devices such as VR headsets, smartphones, and computers.
For instance, defining your day in the metaverse might start with joining a virtual yoga class. Afterward, you might log into a virtual office meeting, then finish your day with a concert at a digital stadium. All of these activities would be done in different metaverse spaces, but all would coexist in the same metaverse.
It also depends upon the user’s input. The same way users generate content on social media, metaverse users can create virtual worlds, characters, and even games that other people can interact with.
The metaverse could potentially impact almost every part of our lives, from work, education, and socializing to entertainment.
The metaverse has the possibility of changing the modern workplace environment by allowing employees to work together with 3D avatars in a virtual office setting.
Microsoft, for instance, is working toward developing metaverse solutions for remote work. The company’s Mesh for Teams platform allows users to put on avatars, interact, and literally meet in a virtual meeting space.
The metaverse can also change education by offering students interactive portals for learning. Students can witness historical events, take part in science experiments, and learn new skills in a safe environment.
For example, medical students can ‘operate’ in the metaverse by performing surgical procedures. This gives them practice without the need for a real-life operating theatre.
The metaverse has no limits when it comes to recreational activities or socializing. Everything from virtual concerts to multiplayer games can reside in the metaverse and become a new hub for fun and interacting.
One example is Travis Scott, who conducted a virtual concert in Fortnite that attracted over 12 million viewers. This event perfectly illuminates the power of the metaverse for marketing.
New opportunities can be brought to life with the help of the metaverse. Users will have the chance to create virtual shops where digital goods can be sold and virtual properties can serve as new profitable business projects.
An example of this is a plot of virtual land in Decentraland that was sold for over $2.4 million. This perfectly reflects the increasing attention set on metaverse economies.
The metaverse has a great opportunity waiting ahead of it, but it also has a lot of challenges and issues to face.
Intellectual property is one area of concern for the users of metaverse. Virtual worlds operate on immense user data, and collecting such sensitive information raises a lot of red flags. How do we ensure that vital information is not tampered in a virtual setting?
Digital addiction is one of the many negative sides tied to metaverse, due to its highly interactive features, people will tend to spend more time than they should.
In the modern world, not everyone is fortunate enough to have the basic technological essentials in order to engage in the metaverse and reap its benefits. This can set up a gap between the fortunate and the less fortunate, causing social inequality.
The metaverse is intercontinental, which brings about multiple issues in terms of jurisdiction and regulation. In a world that is virtually set up, who sets the boundaries? And more importantly, how are those boundaries controlled?
Let’s explore some real-world instances so we can know more about the metaverse.
Roblox is an interactive gaming platform that allows users from all over the globe to create and play games with one another. With over 200 million users each month, Roblox paints a picture of what the metaverse might look like.
Decentraland is a virtual world reliant on blockchain technology that allows users to purchase, trade, and manage virtual properties. It is one of the initial platforms to offer a completely decentralized metaverse.
Meta is pouring a lot of effort into the metaverse, including building a digital universe in which humans can work, socialize, and have fun. One of their early implementation prototypes is Horizon Worlds.
Virtual reality is tech that creates fully immersive environments, while the metaverse is a collection of a range of interconnected virtual spaces.
Yes, the metaverse allows selling digital items, investing in virtual properties or even composing music.
While intriguing, the metaverse raises several issues regarding privacy, security, and the risk of digital addiction.
