The metaverse, explained: what it is, and why tech companies love it

In the case of augmented reality and mixed reality, users can superimpose digital objects into the real-world via smartphones, tablets, or mixed reality wearable devices like Microsoft’s Hololens 2. Niantic is a software developer best known for the– augmented reality mobile games Ingress and Pokémon Go. Merchants who are interested in the metaverse can still prepare by keeping tabs on the many metaverse-adjacent technologies, such as blockchain, crypto tokens, NFTs, AR and VR, and video games.

Adrian Ma does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. The sleeping giants of the metaverse are massive communities – celebrities are a great example – who don’t monetize those communities very well. A movie about a hitman avenging his dog has transformed the blockbuster franchise. A service level indicator is a metric that indicates what measure of performance a customer is receiving at a given time. The metaverse could make it easier for executives and managers to visit a factory, distribution center or construction site on the other side of the world, shaking hands with employees and doing inspections as if on site.

More than a social network

The metaverse is a persistent shared virtual world that allows people to have immersive experiences. It is the result of several different technologies coming together, including virtual reality , augmented reality , internet of things , artificial intelligence , non-fungible tokens , ICT infrastructure and more. In addition to presenting a next-evolution social technology where people can interact across multiple virtual worlds, it’s also an emerging space of commerce wherein digital and physical goods and services can be bought and sold.

what is the metaverse

Robloxis an online platform and storefront where people can create games and play games made by other developers. In Roblox, players can purchase the Robux virtual/digital currency to buy in-game upgrades or accessories for their avatar. For now, it’s still unclear how and when the metaverse will become a reality for the average consumer.

But is it safe to be in the metaverse?

One can pay gas expenses on the Ethereum network can be paid with SAND tokens. “There are things you can do in virtual reality and augmented reality that you just can’t do in real life across distance. You can point to something to explain, use hand gestures , draw on a piece of paper, go places together. Think about the incredible possibilities, such as a collaboration between surgeons, or creating a clay model for a new-car design. These and all sorts of other collaborative activities are all easy in the right metaverse world, which eliminates the impediment of distance. “As it develops, the metaverse will also have equivalence to the real world and be much more distributed, democratic, fluid and varied,” she told VICE.

what is the metaverse

Either way, as an investor, it’s important to view the metaverse with eyes wide open to the risks as well as the potential opportunities. Some are comparing the impact of metaverse technology to that of the Internet several decades ago. The metaverse could change how we interact with the world and with money. Karl Montevirgen is a professional freelance writer who specializes in the fields of finance, cryptomarkets, content strategy, and the arts. Karl works with several organizations in the equities, futures, physical metals, and blockchain industries.

History of the Metaverse

Consumers will need to make an effort to understand the security and data privacy policies of both the businesses they frequent and the metaverse platforms on which those businesses reside. In a 2022 survey performed in conjunction with Elon University’s Imagining the Internet Center, Pew Research Center asked 624 technology innovators, business leaders and activists about the impact of the metaverse by 2040. According to the report, 54% of these experts said they expect the metaverse will be a fully immersive, well-functioning aspect of daily life for at least a half-billion people globally, and 46% said it will not be. Epic Games, makers of the popular online shooter game Fortnite — with some 350 million users — and the Unreal Engine software for game developers, planned to stake a claim in the metaverse following a $1 billion round of funding in 2021. “In gaming, you see Roblox, Minecraft and other immersive video games — and even Zoom — foreshadow what the metaverse is designed to offer,” said Ben Bajarin, CEO and analyst at Creative Strategies.

Platforms like Meta’s Horizon series require a VR headset to journey into the Metaverse. Meta’s Oculus Quest 2 headset contains tracking cameras to render 3D environments, but also a directly integrated graphics card and storage component to handle processing requirements. For Riccitiello, the most exciting part of the metaverse is what it might mean for our relationships.

  • And it’s developing photorealistic digital humans with its MetaHuman Creator, which could be how you customize your digital doppelganger in future open-world games.
  • Meetings will appear as a group of individuals sitting in a room rather than as Zoom calls.
  • As investments are flowing on this revolutionary technology, businesses must first understand what this term stands for and what opportunities it provides.
  • In the age of remote working and Zoom meetings, many people are already dependent on the internet for their employment.
  • As a combinatorial innovation, metaverses require multiple technologies and trends to function.
  • That’s why companies are trying to develop tech like smart glasses to help users connect to the metaverse more easily.

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. “Metaverse” became a household word when Facebook rebranded its corporate identity to Meta in October 2021 and announced plans to invest at least $10 billion in the concept that year. In addition to Meta, tech giants including Google, Microsoft, Nvidia and Qualcomm are also investing billions of dollars in the concept.

NFTs are a secure type of digital asset based on the same blockchain technology used by cryptocurrency. Instead of currency, an NFT can represent a piece of art, a song or digital real estate. An NFT gives the owner a kind of digital deed or proof of ownership that can be bought or sold in the metaverse. 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.

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