Metaverse is all the hype these days. It became a household term when Facebook Inc. changed its name to Meta in September 2021. You may have heard people talking about joining metaverse. But first, do you know what is metaverse?
The metaverse market is growing exponentially. Thus, it’s expected to be worth $800 billion by 2024. Also, with more and more companies joining the Metaverse, it can create 10,000 jobs in the next five years.
What is Metaverse and How It Works
Metaverse isn’t a single device or technology. Rather, it’s a decentralized network of integrated networks and devices that can virtually connect the world.
It’s a virtual digital space where people can interact with each other, visit places they want, and experience different environments in a unique way. For this purpose, they may need a variety of devices and tech such as AR/VR sets and IoT devices.
The integrated technology is based on blockchain which is the most secure way of transmitting information.
Metaverse is nothing new. We can say the first step came in 1968. This was when Ivan Sutherland, a computer scientist built the first VR system with his team. It’s evolving now and can revolutionize different industries.
Did you tune into Super Bowl LV last year? Pepsi launched special cold drink cans for the anticipated Halftime Show of 2021 with an imprinted QR code. By scanning the code with their phones, fans could enjoy exclusive videos from their favorite artists. Also, they got access to custom Instagram filters.
We may notice more use of AR/VR technology in ads and marketing by other companies.
The Future of Metaverse
The US is the pioneer in developing and adopting technology that connects users to the metaverse. So, it’s not shocking that 74% of adults have already joined or are thinking of joining cyberspace.
The coming-of-age technology takes users to a virtual world. You can create custom avatars to represent your personality. This way, you can enjoy activities you couldn’t do otherwise.
For instance, you can go on a virtual world tour and visit heritage sites regardless of your financial situation. Or you can enjoy a unique gaming experience such as Pokemon Go. Also, business people can use the technology to conduct in-person meetings with people from other countries as if they were present in the same room.
The possibilities are endless!
Thus, a vast majority of industries are adopting it. This includes gaming, art galleries, the healthcare industry, museums, and retail businesses.
Metaverse: Applications and Use Cases
Business enterprises around the globe are taking interest in implementing different aspects of the metaverse. From advertising to enhancing customer experience, businesses can benefit in several ways.
Metaverse gained much more attention after the Covid-19 pandemic hit the world. Businesses encouraged employees to opt for work-from-home for health and safety. Thus, tech companies focused on facilitating them with better online communication channels.
Do you want to know more about how to use the metaverse?
Real Estate Opportunities
JP Morgan, HSBC, Samsung, and PwC are among the big corporations to buy land in the virtual world. The average price of the smallest plot in 2020 was $1,000. It has since then rocketed to $13,000. So, early entrants have already made it big with their investments.
Snoop Dogg also secured a massive area of digital land. Now he is selling plots for massive profits.
These investors may develop virtual properties and experiences for other businesses. Also, they can use the virtual property to offer NFT artworks to buyers.
e-Learning
Metaverse can also change e-learning for the better. It can offer an immersive learning experience. So, users can learn in a classroom-like environment. This can help with staying focused on learning which is often a challenge in online learning.
Also, instructors can easily interact with trainees and answer their questions.
Conference Calls
Business meetings often require professionals to travel from one place to another. Not only is this time-consuming but also quite expensive and tiresome. With digital conferencing in the metaverse, the business world may soon notice a shift.
Users can create avatars to attend a call. They can easily communicate with each other, share documents, and discuss ideas in the same way as in-person meetings.
Safety in Metaverse
The 90th INTERPOL General Assembly session recently took place in India from 18th-21st October. During the conference, the global organization revealed its plans to enter the metaverse.
Through VR headsets, people can virtually enter their offices to learn more about forensic investigations. The organization has formed an expert group for interactive training sessions.
Further, the presence of INTERPOL can help with managing cases of misconduct in the digital world.
The Leading Metaverse Companies
By 2022, Meta, which is the parent company of Facebook, has invested over $10 billion into the metaverse. But this doesn’t mean they are the only developer to do so.
The metaverse world is open to everyone. Thus, many other big names are also developing the technology and working in the niche. Let’s check out some popular ones:
- Meta
- Lenovo
- HP
- Adobe
- Autodesk
- Roblox
- Microsoft
- Unity
- Live Nation
- NVIDIA
These companies and many others are developing the technology to access the metaverse. But the concept is still in the preliminary stages. So, it may take some time for the metaverse to become mainstream.
Metaverse and Cryptocurrency
Cryptocurrency is making cross-border transactions easier and secure. But its usefulness will further increase in metaverse.
Crypto in metaverse can help with investments in the digital world. For instance, you can use it for buying real estate or NFT artworks. Or people may use it for shopping whatever they want. In short, it has the potential to become a major thing in the upcoming 5-10 years.
Similarly, NFTs are also capturing the attention of metaverse enthusiasts.
NFTs or non-fungible tokens are certificates of ownership. Built with blockchain technology, these assets prove that a person owns a specific digital art to eliminate the risk of theft. Buyers can purchase artworks in metaverse marketplaces through digital currency.
Considering the increasing popularity of NFTs, many big names are developing marketplaces. Binance NFT, Appdude, and Chaincella are some major companies to work on NFT marketplaces. They connect sellers and NFT developers with buyers to buy, sell, or exchange NFT artworks with ease.
Conclusion
Metaverse is the future. It would enable people to work, study, go shopping, and have fun in a virtual world. This way, it’d connect people and practically make the world a global village.
The technology is in progress and companies like Microsoft, Apple, etc. are developing applications. With further development of new technology and devices, it can become mainstream. While this may take time, metaverse has the potential to bring a revolution. From business to e-learning, it can change how we interact with each other.