Metaverse explained

The metaverse is a 3D version of the Internet and computing at large

Mathew Ball

Metaverse is one of the most hyped and raved-about subjects of today’s tech aspirations. It is that inevitable fantasy making giant enterprises adapt and evolve aggressively. Metaverse has been changing how the internet is generally perceived and can be called the proper representation of Web3. With the growing ecosystem, there are chances of multifold opportunities emerging on the surface.

Bloomberg’s reports suggest that the Metaverse market might grow to a humongous $800 billion by 2024. It implies that enterprises moving towards the Metaverse is becoming the new normal. 

In hindsight, the term ‘Metaverse’ first appeared in Neal Stephenson’s 1992 science fiction novel Snow Crash and was regarded as a parallelly existing digital world. Despite being a utopia till then, it sparked some curiosity among people. With many years gone by and all these technological advancements and discussions around Metaverse, there is still a lot of air to clear about its future.

Read on the article to get a clear understanding of the technology and corresponding concepts.

What is Metaverse?

Metaverse is an advanced network of 3D simulated virtual worlds created by the convergence of the physical and digital worlds.  Simply stated, it is a digital realm that extends the dimension of one’s reality through the means of augmented reality, virtual reality, and mixed reality. 

As a futuristic technology, Metaverse enables its users to play, work, socialise, and even travel in the most immersive way..

Metaverse and its Elements

Metaverse is here to remain persistent and synchronous. Hence, knowing about Metaverse as a concept is incomplete without understanding the components that constitute the ecosystem required for the virtual world.

Here are some of the pivotal elements of a Metaverse:

Hardware

As the Internet of Things (IoT) takes over, Metaverse can be experienced using devices like VR Headsets, mobile phones, and more that become an integral part of the ecosystem. Moreover, these devices range from both consumers to enterprise use cases.

Networking

Network speed emerges as the most crucial part of a Metaverse experience. The purveyance of lag-free, smooth, and high-bandwidth data transmission brings the ideal Metaverse experience to the fore.

Computation

Computing power is one of the key enablers of Metaverse, as it powers many use cases moving forward. Its low latency and real-time rendering capabilities make many processes possible with data transmission as the focus.

Virtuality

The virtual space that makes for the three-dimensional experience is created and operated in a way that carries the Metaverse bandwagon. It is where you can create, socialise, interact, and engage in various activities.

Blockchain

Metaverse is expected to have an interconnected and independent digital economy as it evolves. Blockchain will ensure security and smooth flow of the economy in a Metaverse.

Interoperability

Contrary to belief, Metaverse is not one virtual world but a connection of numerous interoperable worlds. Import and export of assets from one experience to the other and information management become a crucial process accomplished by interoperability tools.

Content and Assets

Content is by far the only aspect that adds value to the Metaverse experience. The creation, storage, transmission, and management of data ensure an ideal Metaverse experience for the end user.

User Behavior

User behaviour plays a major part in how a Metaverse will pan out based on thought-driven philosophy. These behaviours when assessed on a larger scale, become a global standard for a perfect experience.

Features

Encourages Interaction

Metaverse is an interconnected web of virtually simulated worlds that behave like physical reality. With this vision of enhancing digital interaction, Metaverse keeps improving the global infrastructure where multiple people can be a part of the experience and socialise.

Exists in Persistence

Unlike any other web technology ever seen, Metaverse is a persistent never-ending phenomenon. With enormous amounts of information and database, there remains a metaphorical world as long as the technology is in place.

Replicates the Real World

The above-mentioned projections are valid only when Metaverse can replicate the physical world in the form of a digital environment. It enables a sustainable experience that opens the gates to a realm beyond reality.

Use Cases

The exhilaration around Metaverse is not just because of any one future possibility with the technology. Several practical use cases add value to the futuristic aspirations of a Metaverse.

Working

With the global pandemic affecting lives permanently, remote working culture has become more prominent. However, one obstacle is cross-team collaboration and communication, which seems lacking in this setup. This is where Metaverse emerges to be a game changer, integrating the concept of live collaboration, and communication within teams. The concept of holographic avatars will revolutionize the way we work, wherein meetings and interactions could be done in a realistic and life-like manner.

Travel and Tourism

Traveling to places has always been on the bucket list but the fact that these destinations are far off the reach for many, we have just lived in our dream. With Metatourism coming into play, travel enthusiasts can visit places of their interest virtually at their convenience. In addition to that, metaverse in tourism will act as an entry gate to experiencing the place before visiting it physically. Parks, zoos, and even exhibition centers have already shifted to VR-based touring improving visitors’ satisfaction while enhancing their travel experiences.

Entertainment and Gaming

Gaming is one of the early adopters of AR/VR technology and the same can be said with respect to the metaverse. Opening up newer avenues to not just play but also earn, the gaming metaverse market is huge. It induces a sense of being in the game environment, captivating the interest of the gaming and making the overall experience thrilling. Entertainment in Metaverse, on the other hand, is yet another major use case. Be it attending virtual concerts or being part of parties in the form of holographic avatars, with metaverse the entertainment sector is soon to witness the biggest shift.

Education

Making training interactive and learning collaborative, immersive learning is where the education industry is headed to. Thanks to the metaverse technology, the new-age training ecosystem is now phygital, the perfect integration of the digital world with the physical world. Trainees can be a part of the learning environment, interact and collaborate in real time to learn in an immersive manner. It is proven that the proficiency of the trainees learning in such a way is better as compared to the trainees trained using conventional methods.

Banking

Imagine entering a bank virtually. As you step in, you are greeted by an avatar who is supposedly your customer success manager. He walks you through the MetaBank and have you seated. You both have a short conversation and then agree to open a new account for you daughter. Quick and easy, right? Seems fictional? Apparently not! With Metaverse entering the banking sector, this is soon to be a reality – Banking at your pace and with your ease.

Manufacturing

Metaverse can be of a critical advantage when it comes to manufacturing. Creating digital replica of the factories, and manufacturing in the metaverse would be cost-effective, efficient, and reliable. More than that, the planning would be digital, interactions virtual and executions phygital.

Healthcare

Metaverse is here to revolutionize the healthcare sector with multiple benefits and use cases. It is the best example of interoperability where Doctors can communicate patient records with other Doctors and Pharmaceuticals to have an effective dialogue transmission. Similarly, critical surgical procedures can also be done in the Metaverse before they are tried in real-life scenarios. It can be a revolution in the healthcare sector, saving many lives.

Future

Experts believe that a large sum of people will be associated with Metaverse in some capacity by 2030. It can be debated that virtual interactions will take away the touch and feel of social harmony, but the technological advancements we are about to witness will be massive.

What’s more important is the fact that it is not rebuilding but the reinvention of technology. To make this a reality and ensure adoption at a large scale, every industry and entity must cooperate and collaborate to build the ideal experience. It wouldn’t be wrong to say that major enterprises are taking the Metaverse route to building a futuristic ecosystem based on their technology and infrastructure. That said, there is enough space for everyone to coexist and build an ecosystem that changes people’s points of view toward life.