METAVERSE

 

Buzzword Metaverse

Buzzwords in tech come and go. But some of them stick around. Artificial intelligence, virtual or augmented reality, crypto, blockchain — the list goes on and gets bigger by the day as technology makes bigger strides and evolves faster.

Meet the latest buzzword that’s here to stay: The Metaverse.

Technology is ever-changing and the evolution of the metaverse is just one recent development in the world of technology, but one that will have a huge impact on the human experience as we know it.

The term formally entered the mainstream realm when Facebook rebranded itself to Meta Platforms Inc. (now widely referred to as Meta) in October 2021 in an effort to leap beyond its social media roots and signal a broader agenda around “the next chapter of the Internet”.

Brief introduction about Metaverse, this will include a breakdown of what it means and a look at both its current and future states.

What is the Metaverse?

The word “Metaverse” was first coined in a 1992 dystopian sci-fi novel, Snow Crash, written by Neal Stephenson.

But what exactly does it mean? Let’s breakdown the word for easier understanding. The suffix “Meta” comes from ancient Greek, which means “beyond”, “after” or “behind”, it can even mean “transformative”. The “beyond” sense of meta still lingers in words like metaphysics or meta-economy. The second half of the word, “verse”, derives from the word "universe" and describes either a specific sphere or area or a fictional world. As a whole the word “metaverse” generally refers to a virtual world that lies beyond, on top of, or is an extension of the physical world.

Let’s mention an example to make it clearer. Imagine that your dream is to visit the Taj Mahal, walk its stunning hallways and see its majestic gardens. To live this Mughal experience, you will probably need money.  So, you need to pay for transport, accommodation, food, and all the other details of your trip.

However, you also need time. Therefore, you not only need money, but also time to travel. Now, what if you could have a very similar experience, but right away? That’s where the Metaverse seems to have its forte.

You could take a trip to the Taj Mahal almost instantly, and you can enjoy it almost as if you would, in real life. Through the Metaverse way, you could see the details of the monument with your own eyes. Thanks to virtual reality technology, one of the supports of the Metaverse, you will believe that what you are seeing is real.

 Who is Building the Metaverse?

Facebook is one of the loudest voices for the creation of a unified Metaverse. This is particularly interesting for a crypto-powered Metaverse due to Facebook's Diem Stable coin project. Mark Zuckerberg has explicitly mentioned his plans to use a Metaverse project to support remote work and improve financial opportunities for people in developing countries. Facebook’s ownership of social media, communication, and crypto platforms give it a good start combining all these worlds into one.

Other large tech companies are also targeting the creation of a Metaverse, these include:

1.  Epic Games:

Epic Games, the company behind the popular immersive game Fortnite, was always perfectly poised to build the Metaverse.

It formalised its intentions this year, announcing a $1 billion funding round to fuel growth opportunities for the Metaverse.

Niantic:

Niantic’s Pokémon Go was among the first immersive experiences to blur the lines between real and virtual.

Now the company has raised $300 million to build its own Metaverse, one that will be an alternative to the original notion of the Metaverse as a “dystopian nightmare”.

Nvidia:

While Nvidia isn’t directly building a Metaverse of its own, it will be a key enabler.

In 2021, it announced Omniverse Enterprise where creators can collaborate on 3D modeling, design, and simulation. Omniverse combines 3D graphics with AI and supercomputing, laying the foundations of the Metaverse.

Microsoft:

Microsoft, meanwhile, is looking to build a work-focused Metaverse that connects its hugely popular offerings in a digital environment called Mesh.

Inside Mesh, you’d be able to use Microsoft Teams, Windows, and other services in VR.

Decentraland:

Decentraland was among the early movers who explicitly mentioned the Metaverse as their core product.

Since its inception in 2017, Decentraland has steadily gained momentum – a piece of real estate inside its VR world recently sold for a record $2.4 million.

Apple:

Apple could be a surprising dark horse in the race towards the Metaverse. It is currently working on advanced VR gear that could revolutionize the Metaverse experience.

Morgan Stanley went as far as to say that mass-market adoption of the Metaverse hinges on Apple, much like smartphone and tablet markets before it.

The Future

Currently the Metaverse isn’t fully in existence, but some platforms contain Metaverse -like elements. Certain video games, like Second Life and Fortnite, currently provide the closest Metaverse experience on offer by bringing together multiple elements of our lives into online worlds. While these applications are not the Metaverse, they are somewhat similar.

When the COVID-19 pandemic raged across the world and grounded economies, it was the internet and the resulting Work from Home (WFH) technology aids that helped companies stay afloat, and arguably, even expand rapidly. Various sectors like education have radically changed post-pandemic and have become more technology-intensive.

The Metaverse will potentially alter these sectors further by introducing virtual reality (VR) based wearables. These wearables will introduce the users to an alternate virtual world from the confines of their homes. People will be able to interact without the need to undergo long commutes, breathe in polluted air or even dress up for different occasions. Children will be able to study various subjects and modules at their own pace and expand their horizons beyond what is currently possible with traditional syllabi.

Post-work routines like watching movies or social interactions with friends will have their alternatives in the virtual world without the hassles involved in the physical world. In short, the possibilities with the Metaverse are endless.

The Metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might be able to take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the Metaverse.

Pros and Cons of the Metaverse

The Bright Side of the Metaverse:

We believe the core advantage of the metaverse is the identification and realization of novel applications that would revolutionize the way individuals use the internet and other related digital communication technologies. Similar to the advantages of Web 2.0 and social media, the concept will bring forth new value-creating digital products and services with practical applications.

We believe following are the specific advantages of the Metaverse:

1.     Expansion of Social Media beyond Web 2.0,

2.     Innovative Communication for Work and Education,

3.     New Opportunities for Businesses,

4.     Bring people together,

5.     Further promotion of Virtual Economy.

The Ugly Side of the Metaverse

Big Tech companies that are promoting the creation of the Metaverse are essentially aiming for people to live in this digital realm.

However, the idea does not sit well with other industry players and critics. They have raised several issues and concerns regarding the creation and applicability of the Metaverse. Of course, if these problems remain unsolved, the metaverse will simply inherit them and in certain scenarios, will make them worse.

We believe following are the specific disadvantages of the Metaverse:

1.     Require advanced digital Technologies,

2.     Erode Human Relationships and generate addiction,

3.     Privacy and Security issues,

4.     Over stimulate your senses,

5.     Separate you from the real world and make you lose track of time.

Closing Thoughts

While a single, united Metaverse is likely a long way off, we already can see developments that may lead to its creation. If we will ever really reach the point of a Metaverse in this decade, is unsure. But in the meantime, we can already experience Metaverse-like projects more into our daily lives.

The metaverse is for sure the next big thing, the normal evolution of the internet. Just as computers were in the 80s, the internet was in the 90s, smartphones were after 2000, or the cryptocurrencies were in the last decade.

How it will impact our lives, depends a lot on us, on how we will use it. I bet that it will happen just like with the other innovations. Some will use the metaverse for good and others, for bad things.

We are experiencing the beginning of the next step in our history. Let’s embrace it!

-By Dishank Pawar

(Article)

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