What Is The Metaverse?

What is the metaverse? A short history

Many in the computer industry think that the internet is advancing to the metaverse, a shared virtual space that is continuous, immersive, and three-dimensional. This environment would allow people to do things that are not possible in the real world.

Some of the technologies used to access the virtual world, such as virtual reality (VR) headsets and augmented reality (AR) glasses, are rapidly improving; however, other important elements of the metaverse, like reliable bandwidth or interoperability standards, may take years to come to fruition, or may never be realized.

The idea itself is not novel: Neal Stephenson, a writer, was the one who created the term “metaverse” in his science fiction book Snow Crash in 1992. Research on the technologies for a virtual reality-based World Wide Web has been done for many years already (see the metaverse history timeline below).

Why is the metaverse important?

When Facebook changed its name to Meta in October 2021 and announced that it was investing a minimum of $10 billion in the concept of a “Metaverse”, the term quickly became well known. Apart from Meta, major tech companies like Google, Microsoft, Nvidia, and Qualcomm are pouring billions of dollars into the idea. McKinsey & Company, a management consultancy, has predicted that the metaverse economy will be worth $5 trillion by the year 2030. E-commerce is anticipated to be the main driving force, with gaming, entertainment, education, and marketing in the virtual world also becoming significant industries.

Nowadays, businesses utilize the phrase to denote many distinct kinds of improved virtual realms. Examples of virtual experiences range from playing Fortnite to using Microsoft’s Mesh or Meta’s Horizon Workrooms, as well as trying on clothes in virtual dressing rooms or observing surgeries in virtual operating rooms. Rather than having just one virtual domain, the metaverse is becoming a multitude of metaverses, all with limited connectivity as different firms try to get ahead.

The mixture of strong enthusiasm for the metaverse and anxiety about its ultimate outcome has caused some people to express their disapproval. Experts in the industry have wondered if the metaverse will be noticeably different from the digital worlds we currently have or, even if it is, if people will be interested in spending hours in a headset journeying within digital space.

Some futurists disagree and say that although we are still in the early stages of the metaverse and there are still certain technical issues to be resolved, the metaverse will eventually become a reality. And, it will arrive with a big bang.

“It is clear that it is one of the most highly anticipated technology evolutions of the coming decade,” Dave Wright, chief innovation officer at IT provider ServiceNow, told TechTarget writer George Lawton in “ History of the metaverse explained .”

How does the metaverse work?

Since the metaverse is largely still being developed, there is not a lot of consensus on how it will be structured.

Generally, the metaverse is an online environment that is created with the use of 3D technology, interactive software, and blockchain-based decentralized finance mechanisms.

The end result of the metaverse will be determined by the level of compatibility between virtual worlds, the capacity to transfer data, who has control, and the design of the user interface.

Lauren Lubetsky, senior manager at Bain & Company, speaking in a session on the metaverse at the 2022 MIT Platform Strategy Summit, outlined three possible scenarios:

• The metaverse remains a domain of niche applications, used by consumers for entertainment and gaming but stopping well short of an all-encompassing virtual reality.
• The metaverse is controlled by large competing ecosystems — for example, Apple and Android meta worlds — with limited interoperability.
• The metaverse is a dynamic, open and interoperable space, much like the internet but in 3D.

How is the metaverse accessed?

Two technologies considered important to the development and growth of the metaverse are virtual reality and augmented reality:

• Virtual reality is a simulated 3D environment that enables users to interact with a virtual surrounding in a way that approximates reality as perceived through our senses. This approximation of reality is now typically accessed through a VR headset that takes over a user’s field of vision. Haptics, including gloves, vests and even full-body tracking suits, enable more lifelike interaction with the virtual environment.
• Augmented reality is less immersive than VR. It adds digital overlays on top of the real world via a lens of some type. Users can still interact with their real-world environment. The game Pokémon Go is an early example of AR. Google Glass and heads-up displays in car windshields are well-known consumer AR products.

It has yet to be determined if virtual reality (VR) and augmented reality (AR) experiences will be the primary interfaces of the metaverse, according to Gartner senior principal analyst Tuong H. Nguyen informed Lawton that the present situation is composed of precursors or pre-metaverse solutions.

Currently, it is possible to access several virtual world-like experiences from gaming platforms such as Roblox, Decentraland, and Minecraft through internet browsers or smartphones and a speedy internet connection.

Metaverse technologies

In her article “7 top technologies for metaverse development,” technology writer Esther Shein pointed out that observers in the industry avoid specifying the technologies which will be used to create the metaverse. This is due to the fact that the metaverse is going through a transformation, and also because a lot of the instruments driving the metaverse are composed of different technological elements.

Gartner, for instance, opts to characterize metaverse technologies with regard to “tech themes.” These themes include spatial computing, digital humans, common encounters, gaming, and tokenized assets. According to Forrester Research, metaverse tools are the means by which 3D development environments are enabled. Businesses should seek out people with expertise in 3D modeling and incorporating Internet of Things (IoT) to create digital twins.

The consensus among Shein’s expert sources was that these seven technologies will have the biggest impact on metaverse development over the next decade:

• artificial intelligence
• internet of things
• extended reality
• brain-computer interfaces
• 3D modeling and reconstruction
• spatial and edge computing
• blockchain

What is the metaverse used for today?

The online gaming industry has a long history of developing realistic virtual worlds. Given its mainstream use, the popularity of Roblox, Epic Games, and Decentraland, which all have large audiences despite being asynchronous, may indicate that video games, constructing virtual realms, and investing in property may be the proto-metaverse.

Companies are testing out metaverse applications in the workplace that are based on the virtual programs they used while people were working from home during the pandemic. An early application of metaverse technologies involves workplace training. Certain medical facilities have already begun employing virtual reality (VR) and augmented reality (AR) to educate their personnel on the performance of regular medical treatments, according to TechTarget news writer Esther Ajao. The FDA has recently given the go-ahead to Medivis, an augmented reality (AR) system for surgical procedures which enables medical personnel to link up to a healthcare facility’s digital imaging network quickly. Other metaverse-type applications she wrote about in her article, ” Enterprise applications of the metaverse slow but coming ,” include the following:

• Digital twin avatars . These twins will not only exist on computer screens but will be rendered as AI-powered holograms or holographic images that are assigned tasks, Ajao reported. A CEO, for example, could activate an AI-powered hologram of himself to engage with multiple stakeholder groups at once.
• Metaverse for work collaboration. Enterprises are starting to use the metaverse to add “an element of realism” to remote work experiences, said Forrester analyst J.P. Gownder. This includes setting up 3D rooms where employees can collaborate.

What Are The Key Terms In The Metaverse?

A “metaverse” is a shared, three-dimensional virtual space that enables people to perform activities in much the same way as they would in reality, such as connecting with others, conducting business, and enjoying themselves.

An avatar is a depiction of yourself in a digital world, such as the Metaverse. A lot of us have already made use of avatars, either in a still or motion form.

VR, or Virtual Reality, is an environment generated entirely by computer technology that one can be completely immersed in.

In Augmented Reality, digital images are overlaid onto the existing physical environment. People can use a device, such as their mobile phone or tablet, to put images and music into their actual surroundings. A few examples of augmented reality (AR) technology include Pokémon Go, Snapchat’s face-altering lenses, and Instagram filters.

The term “extended reality” (or “XR”) encompasses computer-generated environments that blend the real and virtual worlds, or give people a completely virtual experience. XR (MR) is a combination of virtual reality (VR), augmented reality (AR), and mixed reality. By bringing together all these components, XR can open up various opportunities in both the real and virtual realms, such as the Metaverse.

A computer-generated representation of reality or a completely unique environment is referred to as a virtual world.

Why Does The Metaverse Matter?

Numerous causes contribute to the rush to the Metaverse. Millions of individuals have turned to avatar-based social gaming platforms due to the pandemic, necessitating the search for novel ways of interacting in real-time. Companies such as Apple, Amazon, Google, and Meta are endeavoring to forecast what will replace smartphones as the next big trend. Despite these developments taking place in the present, there are still some major queries that remain unresolved.

The manufacturers of upcoming augmented reality and virtual reality headsets will be the new guardians. They will be able to make money from the Metaverse and make sure that rules are being followed.

Mark Zuckerberg believes that Meta’s enthusiasm for the Metaverse is in part due to the fact that they did not capitalize on their chance to create mobile hardware and are now tied to Apple and Google’s rules for their app stores.

What About Safety, Security, And Mental Health?

Criticisms have been widespread against Facebook, YouTube, and other social media outlets for the way they handle misinformation, security issues, and the effects these platforms have on the psychological well-being of users. These difficulties don’t disappear in the Metaverse, but it’s probable that they will require a different approach.

Deploying a large number of moderators may not be the most effective way of curtailing hatred and harassment in instantaneous situations. Gathering spatial information with headsets in people’s homes raises fresh worries about privacy. Regulators and people working within the business world must be careful to observe these difficulties.

Who Will Cover The Costs And How?

The present online experience is generally funded through advertising, as well as additional membership fees. It’s possible that certain models could be used in the Metaverse.

It is possible that transactional business models might return, and they may even have the backing of decentralized finance. The way companies offer services in the future will have a major effect on the businesses that are striving to build the Metaverse. Yet, they may decide who is allowed to access these new realms, from individual people to small businesses.

How Will The Metaverse Affect Us?

We will be able to go almost anyplace in the Metaverse by simply putting on a headset. We will also be able to take advantage of directed augmented reality tours when we go to a place, enhancing our holiday experiences and showing us more information about the area.

As technology continues to develop, the Metaverse could be more important than reality. It may take a few years or even decades, but there is a chance we might see parts of reality being swapped out with the Metaverse in the near future.

It is possible that the Metaverse could substitute physical workspaces: There will likely be a major negative effect on remote work and collaboration if businesses construct whole office campuses in the Metaverse.

Accenture has already adopted Microsoft’s Mesh platform, creating a virtual office known as the Nth Floor, which may possibly predict a world without any physical office buildings. Every business has a virtual reality campus with a global address in the metaverse.

In certain instances, interacting face-to-face may be substituted by the Metaverse: Lots of people utilized the Metaverse all through the pandemic for social activities and functions, even having full weddings there. It could be as important to us now as social media.

Should You Use The Metaverse?

The ultimate answer to this question will be decided by what the general population wants for the Metaverse’s future. Since its introduction, Meta has not been able to draw in a large enough number of young people to keep it going. Given that there have been reports of sexual harassment in the Metaverse, it is difficult to believe that it is a safe environment.

The Metaverse must enforce strict regulations similar to those of the physical world in order to combat the hazardous gaming environment. Additionally, most people are confronted with a financial obstacle.

There is no agreement that Virtual Reality or Augmented Reality are essential in order to enter the Metaverse. However, they essentially go hand in hand. That suggests that these headsets will be compatible with whatever is available. It is expected that Meta, Sony, Apple, and other companies will release a fresh batch of virtual reality and augmented reality headsets this year.