You must have a question in your mind… what is Metaverse exactly? In this article, I will walk you through all the facts about Metaverse. The Metaverse is the collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet. The term was coined in 1995 by Neal Stephenson in his science fiction novel Snow Crash and has since come into widespread use.
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What exactly is the Metaverse?
The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and other aspects of cyberspace. The term was coined in Neal Stephenson‘s novel Snow Crash (1992).
It has also been used in The Matrix series to describe a three-dimensional representation of computer data. The term has become popular among technologists, companies, investors and media due to its growing use in science fiction literature and films. Media organizations often use ‘metaverse’ when writing about services such as Second Life. Yet although Stephenson’s concept was intriguing on a theoretical level, there are still many problems to be solved before anything like a true metaverse could exist.
The origin of Metaverse
The name comes from Neal Stephenson’s 1992 novel Snow Crash, in which people use a digital overlay called the metaverse to enhance their lives. The idea quickly gained traction; he helped co-found a company called Metaverse Inc. (also named after his book), which raised more than $700 million by 1999.
Though it eventually went bankrupt and was bought by another company in 2003, it has had an enduring legacy in Silicon Valley culture as something that could one day actually happen: imagine a world where everyone wears virtual reality goggles all day long and hangs out with friends, forming groups to play games or attend events together — even if those friends are on different continents.
Why is there hype around Metaverse?
The hype around Metaverse stems from its potential to change how we see VR and AR. Virtual reality has been widely covered by both major media outlets and tech blogs, but one of its biggest drawbacks (in terms of public appeal) has been an inability to separate it from gaming.
This isn’t really a huge issue for existing gamers, but for other audiences who aren’t ready to invest in a headset solely for gaming purposes, there are a few reasons beyond novelty to embrace virtual reality. Allowing users to stream videos and play games in a space that’s not quite 3D yet doesn’t require them to wear heavy gear over their eyes opens up VR/AR technology to more consumers—and that means big money.
What is Facebook’s idea of metaverse?
Facebook has recently announced a new project that aims to bring virtual reality closer to becoming a reality in our daily lives. This announcement was made at f8, Facebook’s developer conference in San Francisco and received a lot of attention from investors.
The announcement centred around an augmented reality platform called Oculus Rift. With many analysts predicting that virtual reality is about to have its next big moment, it’s clear that companies are investing time and resources into making sure that happens. One company hoping to get its foot in early on what could be a lucrative opportunity for virtual reality hardware is Oculus VR, Inc., which announced last month that it had closed on $16 million dollars in Series A funding led by Andreessen Horowitz and Matrix Partners.
What is Metaverse in Cryptocurrency?
The virtual world is called metaverse and it can be used for many other things apart from cryptocurrency. People in metaverse will be able to buy, sell, or trade almost anything in digital reality that you can imagine. Virtual real estate will also become very valuable. Buying up virtual land while they are cheap could pay off down the road when someone comes along who wants to buy a house in your neighbourhood.
This new currency may change everything about how we do business and even view what we consider personal property. The possibilities are endless and it has only just begun… If you’re wondering what exactly cryptocurrencies are, then think of them as online money.
Other Big Players in Metaverse
Microsoft is another major Big Technology player trying to build a metaverse. His idea is called Mesh. One of its most interesting features is what the company calls “Holoportation.” Simply put, your users will be able to project their holographic self to other users.
Your virtual and augmented realities can be best experienced with HoloLens devices, a unique device that can make the “Holoportation” experience completely different. However, Mesh can also be accessed through VR headsets, mobile phones, tablets, or PCs.
Initially, the projections will be in the form of animated avatars. Eventually, it will turn into a realistic photorealistic projection. Kind of like the way Star Wars characters interact with each other through hologram projection.
Mesh is expected to roll out to Teams in 2022. Microsoft is clearly focused on how routine work can become more immersive in a metaverse.
What are the Business Opportunities of a Metaverse?
The business opportunities of a metaverse range from personal to political. Imagine, for example, having your own 3D avatar representation and interacting with other avatars. You would have a digital identity and reputation that is independent of your real-world self. Therefore you could do business in an anonymous way and let your reputation speak for itself, avoiding the personal politics of face-to-face meetings.
This would make it possible to do business with people from other countries or cultures where you might not be able to understand or speak their language or even see their faces—especially if they are wearing avatars that look like animals or mythical creatures!
Recommendations for Technology Innovation Leaders
The rapid advance of technology will continue to challenge executives responsible for developing and implementing technology strategies. In order to remain relevant in a digital world, CIOs and other technology leaders need to engage effectively with key audiences that include: leadership, peers, employees and customers.
Technology innovation leaders must develop a high-level understanding of emerging technologies; anticipate how they might impact business strategies; build engagement at all levels of an organization through tailored communications; monitor changing industry forces, and ensure appropriate resources are applied to projects that align with organizational goals. The report offers recommendations on how to move forward in such an environment. The first step is recognizing that change isn’t just necessary—it’s desirable.
List of top technologies which will make the Future of the Metaverse
This is just a list of basic Technologies that could be used to create a successful version of Metaverse. It’s not too far into the future but all possible, existing technologies and some other ideas of how it could work. Of course, we’re very welcome for any new ideas! We don’t want to focus on big shiny things like robots and nanobots, but some kind of general technology-list that could lead to Virtual Worlds: (It has been split into two lists, one for general technologies, one for VR specific things).
|1||VR Technology in Metaverse||Augmented Reality (AR) and Virtual Reality (VR) can give us an immersive and engaging 3D experience|
|2||AI for Automation in Metaverse||AI has the potential to process a lot of data at lightning speed.|
|3||Blockchain technology in Metaverse||Blockchain technology provides a decentralized and transparent solution|
|4||3D reconstruction||Much like the Metaverse we imagined, buyers could look around potential new homes from anywhere and make purchases without even having stepped foot inside.|
|5||IoT||One of the applications of IoT on the Metaverse is to collect and provide data from the physical world.|
What is the future of the Metaverse?
When someone mentions the metaverse you might think of a science fiction film set in an imagined virtual world. It’s actually not that far-fetched to believe we’ll see something similar in our lifetime. The definition of a metaverse typically refers to an internet made up of numerous interconnected virtual reality worlds and populated by human-like avatars (instead of web pages).
It’s difficult to imagine, but no more so than when people first started talking about billions of people connecting to one another via computers and cell phones. When it comes down to it, we’re all just data packets being translated from one medium into another; even the seemingly impossible has happened before.