What is the Metaverse? How will it impact our World?

Image displays the title "The Metaverse: The Next Tech Revolution"

A blog post explaining what Metaverse is and how it will affect our lives.

Imagine a day when you teleport to your favourite place, you can do whatever you have in your mind. You can also invite your family and friends and have lots of fun there.

Imagine you are thinking of a product, then suddenly there is a shopping portal that displays the varieties of products you are thinking of, then you pick up the product, and that product will be delivered to your home.

Imagine you want to learn something related to art and surprise!!  your favourite artist is standing in front of you and personally demonstrating it to you.

How is it? Surprise? Wonderful? Or Scary?

Then welcome to the world of the metaverses. You can also name it the Mirror world, the Virtual World, the Meta world, the augmented reality, the X-verse, the Digital Space, the Spatial Internet, the MagicVerses or Live Maps.

It is an alternative digital world where you can work, play, and socialise.

But one thing is certain, it is coming in the future and will have a great impact on our life.

Undoubtedly, you have some questions roaming around in your mind.

  • What exactly is Metaverses?
  • Why is there so much infatuation with metaverse?
  • What is the potential of metaverses?
  • How will it become part of our everyday life?

Facebook changed its name to ‘Meta’ in anticipation that it will transform the Facebook platform into the virtual world.

Not only Facebook but also many companies also started building their own digital space. 

Once the appropriate 3D devices and 5G networks are widely available and fully deployed several years from now, Metaverses will change the world, especially the business world.

What is the Metaverse?

Image display the users interacting with each other in the Metaverse world.

The metaverse is the virtual-reality space where users can interact with a computer-generated environment and other users, as defined in the Oxford English Dictionary.

The physical and virtual worlds continue to merge – the result is Metaverse.

The metaverse is a 3D virtual world that can be accessed by virtual and augmented devices like headsets. It will take you to the virtual world where you will be present as an Avatar.

Web 3.0 play important role in the development of the Metaverse. Both are inseparable from each other as no single entity has control over the data and assets of its users.

Although, In the early stage, metaverses appear to be held by different service providers.

The term first came from US author Neal Stephenson’s cyberpunk novel “Snow Crash” in 1992. The protagonist is a hacker who can jump into ‘metaverse’- a virtual world where metaverse avatars interact. 

The potential of the metaverse is that we can build our own world that expresses our best selves.

There are many aspects of the metaverse worth exploring. 

So let’s dig into it with us.

Why should you accept the concept of the metaverse early?

Image display the text "Metaverse: how does it work?"

The concept of the Metaverse is now being developed by many internet companies addition to new meta – including Apple, Google, Microsoft and Sony – are working at full speed to create a Multi-dimensional digital universe.

Tom Harding, a partner in Osborne Clarke’s commercial team, focusing on digital regulation, e-commerce and consumer law, says-

“There have been lots of stories that Facebook is going to be the metaverse, but that would just be their version of it” 

“The theory is that each person or organisation would build their own one, but they are all inter-operable and they all speak to each other.”

For example, Nike has already set up its own metaverse or virtual world called “Nikeland” within a platform called Roblox.

Roblox platform is used by millions of users (mostly young) around the world, you can create an avatar and interact in the 3D world. You can create your own game, buy, sell and create virtual items for decorating your avatar.

But Nike and Facebook are not the only ones, ITV and John Lewis also launched their metaverses within the video game Fortnite.

Mr Harding explained,” We will have this digital inter-connected world where you will have an avatar and go into Nike’s metaverse, for example, to buy something, and it will be delivered to your door.”

How the metaverse will link is still a mystery, but there is no doubt that with the improvement of technology, those days are not far away.

He said, “There is no understanding yet of how they will be connected, but they all speak to each other and join together to be ‘The Metaverse’.”

According to Harding, there will be rising numbers of companies “getting on the metaverse train” in 2022.

If you like to invest in the future of technology, then this is the right time to buy the concepts of the metaverse.

If you don’t, you might be left behind when everyone else begins their lives in this digital space.

As an early adopter of the metaverse, there are many opportunities where you can invest, and you have the chance to access some powerful technologies.

How will it Impact Our World?

The metaverse technology is already here and merely awaiting to blend into our lives. 

You can use the Metaverse not only for shopping but also for meetings & conferences, training, Education and much more. It will also use cryptocurrency as the monetary system. 

There are some areas where you will see the significant impact of the Metaverse.

the image displays the person is playing the Metaverse Games.
  • Metaverse Games
    The term ‘Metaverse’ refers to concepts that expand beyond video games. 

    Many video game companies are using the concept of the metaverse allowing users to create their metaverse avatar, and interact with other users virtually.

    Pokemon Go, World of Warcraft, Minecraft, and Fortnite are games that come under this category.

    Tencent Holdings Limited is a Chinese gaming giant widely known for its subsidiary Epic Games.

    Epic Games developed ‘Fortnite’ that has given a teaser about how things will be in the metaverse. The platform allows players to create metaverse avatars and explore multiple virtual worlds. 

    The game already allows several celebrities including Travis Scott and Ariana Grande to have performances at virtual concerts in the’ Fortnite universe’.

    Linden Lab is known for creating ‘Second Life’ multiplayer games in an online virtual world. Second Life has a digital currency called ‘Linden Dollar’ that can buy with real money. 

    Pixowl is a Video-game maker company, that designed and developed the popular non-linear mobile game, ‘The Sandbox’.

    The Sandbox was acquired by the Chinese video game company Animoca Brands. The platform has its digital currency called ‘SAND’ used to transact over the network.
the image displays the Meetings and conferences in the virtual world.
  • Metaverse Meetings And Conferences
    With the help of Avatar and holograms, organisations can cut costs related to business meetings and conferences. 

    Imagine you can directly teleport to attend meetings and conferences in New York, Shanghai and any other places. It will save not only your travel cost but also physical exhaustion.  

    Microsoft has already produced “Mesh”, a platform that enables users to cooperate as if physically present in the same room.

    Mesh will create your animate avatar by following your face and movements with your webcam and enable team members to gather as 3D avatars in the Virtual world.
  • Training of Soldiers
    US army partnership with Microsoft and started training their soldiers in metaverses.

    Microsoft is also working on the Holoportation Technology where users can directly transport into virtual reality as themselves rather than creating their avatar.

    Microsoft is producing a headset that will allow soldiers to see where they are and what is around them by projecting holographic Images, 3D terrain maps and a compass onto their field of vision. 
  • Medical Surgeries
    Imagine one day, A  specialist doctor in country X will perform surgery on a patient in country Y using a precision robot. 

    With the Technology here, everything is possible to rely on the 5G network, Precision Robot and VR glasses.

    Matterport is a spatial data company that specialised in the digitalisation of the physical world.

    This company offers technology solutions for hospitals, real estate, photography, retail, industrial, architecture and engineering.  

    They are using data spatial technology to build twins of physical infrastructures.
the image displays the users stroll around the Metaverse Shopping mall.
  • Metaverse Shopping
    You can stroll around the shopping mall, select items, Try them on, Purchase and wait for the delivery of products at your home, and you are doing all these activities sitting at your home.

    Shopify has recently launched the new AR/3D shopping features. With the help of these features business owners can create 3D AR versions of their products.

    Nike has a virtual store within the Roblox metaverse called ‘Nikeland’, where they are selling Nike branded virtual sneakers and will most likely launch clothing apparel in the future.
  • Metaverse Manufacturing
    Metaverse can be used as a real-time problem-solving platform. Where organisations can design and test prototypes of their products. 

    With the use of robots and sensors, they can simulate real-time integration before implementing them into the real world.

    Boeing, a commercial aeroplane company in the USA has announced that they will build their next plane in the metaverse.

    Autodesk provides 3d design, entertainment, engineering software and services worldwide. They have realty platforms such as Civil 3D, Fusion 360, Maya, 3D Max and others.
  • Role of Cryptocurrency 
    There is no role for government in metaverses. Many old rules and norms are not applicable here mean metaverse will not use fiat currency.

    Cryptocurrency is the preferred way of trading virtual Items in metaverses.
The image display the users experiencing the concert and event in the Metaverse world.
  • Metaverse events and Concerts
    Metaverse is a platform where virtual reality is created with special effects and unlimited possibilities.

    You can attend a concert and experience unreal special effects. Concerts will not have any limitations as they can be attended from anywhere in the world.

    Insomniac paired with Unit Software to build a brand new world where Insomniac’s fans will be able to join and entertain virtually for live music performances regardless of location.
  • Our current self-identity and Relationships
    Metaverse is an environment where you have opportunities to explore new identities, meet new people, build new relationships, and new ways of interacting with others.

    Tinder, a dating app is also entering a relationship with metaverse.

    Shar Dubey, CEO of Tinder’s parent company Match Group, said in his letter to shareholders: “an interface which allows users to connect with others through new experiences beyond the Swipe that used to be Tinder”.

    They are also experimenting with new concepts on a few college campuses in South Korea that allow users to meet in an area called “Shingletown”. 

    Students can interact as avatars using real-time audio. They can also hang out with their date and friend in virtual parks, bars and much more.
  • Transform the future of work
    In recent years, you are already seeing how many organisations and companies have initiated open office plans and encouraged their employees to work from anywhere they want.

    With Augmented reality in the workplace, employees’ work efficiency will increase by revealing important details right in front of them.
  • Enhance Education
    A metaverse is a place where it creates a virtual environment that will improve education and change learning forever.

    What if one day students can create virtual classrooms, where they can interact with other students from all over the world.

    Students can learn to make 3d models, visit museums all over the world, and take classes virtually.

    Not only students but also teachers can use new technology to create immersive lessons which lead students to be engaged in their studies.
  • Effect on Mental Health
    Metaverse can be used as virtual reality therapy that helps patients suffering from PTSD.

    Therapy is beneficial because it doesn’t require drugs and allows patients to control their surrounding experiences. 

    It can also get rid of any stimuli and memories that may cause harm.
  • Reduce crime Rates
    Because the metaverse provides an environment that is less risky than the real world, it will help reduce crime rates and increase morality in society. 

    Metaverse allows users to explore their fantasies without taking any risks. It can help users by providing an outlet for those who may commit crimes in the real world.
  • New Jobs Opportunities
    Metaverse will create new job opportunities. Jobs that required in-person now will have virtual options.

    That is to say, freelancing and remote work options will grow exponentially.

How long before hardware suitable for everyday use arrives on the market?

Image displays a user experiencing the Metaverse Hardware and technology.

The Metaverse is a huge ground for AR and VR as it allows users to interact with the virtual world. Many companies are developing metaverse hardware and metaverse technologies so all of us can experience the virtual world.

QUALCOMM is a leading semiconductors manufacturer. The company strives to be the powerhouse for metaverse hardware, including AR headsets, VR glasses, holographic projectors, and revolutionary Snapdragon chipsets. 

Unity Software, They are using the opportunity here not to build their Metaverse world, but to build connections between all of these devices, games, and applications to be compatible.

NVIDIA is currently developing the Omniverse tool that will support developers in building their applications. They are developing a metaverse platform for 3D simulations and design. 

In other words, there are many companies are working on the metaverse platforms and related technology.

Final words

We are stepping into the future where technology is in every part of our life. 

Can you Imagine that world versus the world we are in today?

The transition from flat screen internet to spatial Internet will happen. It will take probably 10 to 15 years to become everyday life.

It will happen and the people, companies, and countries who will not prepare themselves seriously will be left further behind.

Many Mata-world companies are investing billions of dollars in these technologies and Tech tycoons calling it the future.  

When metaverse will give you the experience of the virtual world, it will also come with some downside. Where you may experience dissonance between reality and virtuality.

So when you experience tremendous excitement of metaverse but never forget the reality you are living in.

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