A Look Into the 2022 Metaverse
What happens when your favorite video game meets Web 3.0? When simulations get real, and life & business go on a virtual spin? Or when you need to use virtual earth to steer the natural physical world? When your online avatar becomes your agent? Metaverse makes this happen and a lot more! As a buzzword, the 'metaverse' mentions an array of virtual environments, experiences, & assets that gained massive momentum in the past few months alone.
The term "metaverse" has its origins in the 1992 science fiction novel Snow Crash as a combination of "meta" and "universe."
Currently, there is a lot of discussion & debate going on around the term – Metaverse. Facebooks rebranding into "Meta" has been the most public recognition of the importance of this new technology. So, without coming up with our definition, we'll first use the lines from Wikipedia Entry which we think does the job to give a broader overview: "The Metaverse is a network made of 3D virtual worlds that is focused on social connection. In science fiction & futurism, the term is described as a hypothetical iteration of the Internet as a single, universal virtual world facilitated by the use of virtual & augmented headsets".
An exciting idea that comes from these lines is the concept of – the Internet being a single & universal virtual world. You can enter it through AR (Augmented Reality) devices or, otherwise, VR (Virtual Reality) devices. So far, the most successful example of this concept is Pokémon Go, an AR Reality Game to the masses). Presently, various other games are identical to Pokémon GO that blend users' physical locations in virtual environments.
Currently, Snapchat's 'Landmarks' & 'Geofilters' features are among the most interesting usages of this technology widely in use.
Future of Metaverse: What It Holds Ahead?
The Metaverse is constantly advancing and taking us towards a virtual universe, but this technology is still at its initial stage. As startups & tech giants are joining the bandwagon, Metaverse may collaborate more closely with the latest reality technologies such as VR, MR, & AR to transform the work future.
John Riccitiello (CEO of Unity Technologies) says that by the year 2030, VR headsets will become as common as gaming consoles these days.
Let's have a look at a few use cases.
Among all the challenges that are choking businesses during the pandemic season, experiments in the Metaverse prove that remote working is a significant problem, and VR consoles could resolve that. In addition, people from different parts of the globe can meet up in the same virtual room through VR technology.
Some companies are eagerly adopting this technology and trying to break down the historical barriers in the workplace. For example, Samsung & the motor company Hyundai held a Job Fair in a metaverse program called 'Gather Town' in September 2021.
Jeremy Dalton, head of XR (extended reality) for PwC UK, said that companies across the globe are experimenting with the technology, and as a result, tremendous opportunities are being created. He added that PwC Company is already using a metaverse platform - Virtual Park, to interview their job candidates for recruitment processes.
Architecture, Engineering & Construction
Metaverse has critical implications on how we collaborate & work together in the AEC (Architecture, Engineering, & Construction) industries.
Below listed are a few workflows that have entirely changed the use of AR & VR in the Metaverse for the construction landscape.
Remote Collaboration: AEC teams & clients can stay aligned from any place or time worldwide by using VR, leading to less business travel, fewer meetings, & faster approvals.
Prototyping: Starting from site planning to architectural differences, you can quickly experience an abundance of iterations with your hands. It will help you save materials and get to final versions immediately.
Finishing – Whether tweaking materials for clients or reviewing location facades with AR, you may test every option available in a lifelike context to make sure you will land on the correct version together, allowing for reduced design cycles & co-creation.
Presentations: AR/VR helps you create a full-sensory presentation that speaks to each learning style, racing projects forward, & winning new clients for full-team approval.
The next diner generation will order their food and discover where they will go for their night outs from inside augmented & virtual worlds created by Roblox, Epic, & Facebook.
Here are the five different ways for restaurants to immerse themselves in the Metaverse:
Reservations: The interface to book a table will change. Diners will perform a quick virtual tour before booking the specific table they want. Pricing will be energetic for the best tables.
Delivery: Ghost kitchens will be the building blocks of group order in the Metaverse. You will be able to have a meal along with your friends supplied to all of you at the same time even though you are on the other side of the globe.
QR Codes: QR codes will act as more than just menus. They'll be the points through which you can access augmented reality. Your metaverse friends who cannot make the night out with you will be able to join the fun and send you a champagne bottle to celebrate.
Payments: While we expect restaurants to take fiat money, we think the Metaverse will have some different significant cryptocurrencies. The currency that the restaurant accepts will be a part of its identity & marketing efforts.
Membership: Members-only hospitality experiences such as SOHO house will extend their house in the digital realm. Members will have access to exclusive digital worlds if they own the proper NFT to push within the front entrance. These NFTs will be traded on open markets as keys to various clubs.
Most folks love sitting down with friends & family at a restaurant with a chill vibe & having an excellent conversation within the world. The Metaverse won't change that. Restaurants will still provide those distinctive experiences, but in this virtual world, restaurants will be ready to reach more guests who may not always be prepared to show up.
Why Invest in Metaverse?
The Metaverse does not seem to be entirely ready for the consumers for prime time. Still, given its renowned promise and popularity, it is emerging among those nascent shortcomings that it is attracting everyone from the musicians to the tech elite as a way to dip their toes in the virtual water. The illustration below reflects the AR and VR market size worldwide from 2021 to 2024:
The metaverse landscape has considerable potential for development & investment. It will recognize all of our entire bodies in the coming few years, and we will be sitting at something like a virtual coffee table. If you are not convinced yet, here are a few reasons why you should start looking into metaverse investment options:
Different Investment Possibilities: You might decide to buy native tokens of any metaverse project of your choice. Buy NFTs, or wait until a metaverse ETF is created to diversify your portfolio appropriately.
Low Entry Threshold: We aren't talking about traditional finance, metaverse stock, and brokers. You will manage to invest any amount, even though it is just 1 US Dollars. Most metaverse projects run on blockchain technology, so investing is fast and straightforward.
Comparatively Cheap Tokens: As we are just entering the age of Metaverse and lots of projects are about to launch their platforms, you can buy metaverse tokens at profoundly lower prices.
Emerging Market with Huge Potential: It is always exciting to be a part of a new technological revolution. This has happened to the Internet in the 1990s, to Bitcoin a few years ago, and now, the Metaverse is believed to become the next big thing.
World-known Market Players: Right now, Facebook, Disney, Microsoft, Epic Games, & various other companies are trying to build their metaverse platforms. Also, companies such as Nvidia are serving as technology enablers.
5 Companies Contributing to the Metaverse
With the crisp understanding of different corners in Metaverse, it would be icing on the cake to explore the companies contributing to the development of this next-generation technology.
"Epic Games" is an American-based video game and software development firm. Epic Games recently released a metahuman creator (Digital Humans) tool to feature its metaverse ambition. It will help you to create animated & photorealistic humans that can act as your avatar in games. These avatars will fight off battles in the virtual world.
Founded in January 1964, Nike executes experiments with metaverse technology by associating itself with Roblox. The company is building a virtual world called "Nikeland," a free space for people to explore various types of games. Players get an opportunity to try new & unique sports shoes and run marathons in Nikeland.
"Magic Verse" is a concept introduced by Magic Leap that structures the future of the technology via virtual reality programs. Magic Verse is a system that acts as a bridge between virtual & real world. In the magic Verse, people will coexist digitally, and they'll be able to transmit data to different platforms through the Metaverse.
Gather is a well-known video chat platform presently bridging the gaps among people by creating a virtual layer where people can socialize with each other in Metaverse by providing the virtual experience without the use of VR headsets.
Founded in 2004, Roblox is an American gaming platform that emphasizes building a metaverse world. Roblox has a long list of games under its bucket like Bloxburg & Meepcity, which allow its players to perform basic survival tasks such as building homes, finding a job, & seeking adventure in the virtual ecosystem.
The Metaverse is currently fueled by people's interest in being a part of this 'New Internet,' and the companies are trying to have skins in the game. Social media giant Facebook is also rebranding itself as 'Meta,' Adidas joining its forces with BAYC, Warner Bros. rebuilding 'The Matrix' as giant strides to build Metaverse. In addition, various companies may join the fray as brands like Apple & Microsoft consider including Metaverse in their roadmaps. With deep pockets, companies & brands like these are a huge catalyst in the development of the Metaverse, crypto, and NFT markets.