Why the Metaverse is the Latest Technology Set to Revolutionize a Series of Industries
Since then, various developments have been made, and mileposts have been reached towards creating a real metaverse. It's a virtual online world that incorporates 3D holographic avatars, virtual reality, and even augmented reality. The metaverse is a 3D digital world where you can create avatars and do normal human activities like shopping or hanging out with friends. However, it's all in a 3D virtual environment.
The Sandbox, Axie Infinity, and Decentraland have digital worlds already functioning. Other large corporations like Nvidia also seek to expand into the metaverse by creating their versions.
The Metaverse Explained
In simple terms, the metaverse refers to the concept of an online virtual 3D digital world. The major idea and focus of the metaverse is to connect the globe through these virtual worlds. It envisions a world where individuals with common interests like being virtual sports fans or work colleagues can connect and interact in the metaverse.
Axie Infinity and Decentraland have integrated various aspects that merge certain life elements into the online worlds. Even so, the metaverse is still in its early development stages. However, future predictions indicate an immense growth of the virtual world.
The expansion goes beyond social media and video games. Some of the potential new features the metaverse could support include decentralized governance, digital identity, and virtual remote working.
In pursuit of offering an immersive virtual experience of the metaverse, tech companies keep amalgamating cutting-edge technologies that power the 3D virtual world. These technologies are inclusive of virtual and augmented reality (VR and AR), blockchain, artificial intelligence (AI), 3D reconstruction, and the Internet of Things (IoT).
Latest Developments of The Metaverse
Following Facebook changing its name to Meta in late October last year, the term metaverse became a popular buzzword. Spending over $10 billion in rebranding, the social media giant installed a new division referred to as Reality Labs.
According to Meta CEO Mark Zuckerberg, VR and AR headsets will even be as popular and widespread as smartphones in years to come. He has poured lots of resources into developing the metaverse content, software, and hardware for a better online digital experience.
The recent happenings of the COVID-19 pandemic also paved the way for adopting metaverses. Interests in metaverse development increased as many individuals opted to work remotely through virtual 3D spaces to reduce physical interaction. Even with the decline of the coronavirus, people are still interested in using virtual spaces to work.
Colleagues can host meetings and catch up through these virtual spaces. One example is the Microsoft Mesh installed in late November 2021. Using avatars, workmates can meet, mingle, and engage in the virtual space, working remotely from any location around the globe.
Online games have also adopted the metaverse. The Pokemon Go AR mobile game was among the first to assimilate the metaverse concept. It allowed players to hunt virtual Pokemons, in reality, using their smartphone application.
Even Epic Games, Fortnite’s parent company, has invested in and developed its activities in the digital world through the hosting of brand concerts. Alongside hosting these virtual events, virtual merchandise that's used to customize the users' avatars can be sold. Using V-bucks that are equivalent to real money, players can purchase skins or earn the bucks through in-game purchases.
Tech companies, including Nvidia, are also incorporating the use of the metaverse. Nvidia Omniverse facilitates virtual online collaboration between creators, designers, and engineers. It connects 3D spaces to a commonly shared universe to facilitate these virtual collaborations. Different industries have incorporated its use. For instance, BMW Group uses Omniverse to cut production time and improve the quality of their products through smart manufacturing.
Future of The Metaverse
The metaverse has proven to be a huge development and is still set to reach new heights. It's the next big e-commerce market space. Goods existing only in virtual reality like NFTs can be sold and purchased through the digital world. Evidence of this is seen in the rising popularity of NFTs, with major sales including Bored Ape Yacht Club and MetaBirkins. As such, digital purchases using blockchain have proven to be a lucrative investment in the coming years. Owning digital property is highly profitable and is made possible by creating virtual worlds. Walmart also recently announced its step into the metaverse, providing currency and allowing the sale and purchase of NFTs.
Virtual social events are also part of the future trends expected to boost the development of metaverses. Digital events hosted in digital spaces could be the next trend in enjoying entertainment. Popular artists like Ariana Grande and Travis Scott have increased the metaverse popularity by hosting live virtual events through Fortnite.
Final Thoughts
The metaverse is the future of online communication and e-commerce. Current trends predict that its adoption will facilitate the growth and expansion of industries. The metaverse continues to be a hot topic, and its incorporation by Meta and Microsoft makes it more popular. Assimilation of the metaverse won’t take place overnight.
Technological advancements that gradually develop over time are what will foster its growth. The metaverse technology is set to leap the world to a new era, making life easier and more productive.