Metaverse (Definition)

There has been a lot of buzz around the word metaverse in recent times with some big tech companies pumping a lot of money into this next revolution of the internet. Facebook and Microsoft seem to be around the centre of discussion. Facebook recently rebranded as Meta to align its businesses with its ambition to build the metaverse, and this has created a lot of interest in the metaverse.  It is worth noting that meta isn’t a reality yet but it will likely be the next internet revolution. So what should we know about metaverse?

Metaverse (Definition)

What is Metaverse?

The metaverse is a vision of a new place where humans and bots can interact. This is the metaverse of tomorrow. The metaverse currently consists of hardware, software, and unrelated experiences. Most likely, you have only seen one part of the metaverse as an individual experience. Perhaps a game or training session. It is not possible to connect all of these pieces together. The term digital spaces that are more real-lifelike through the use of virtual reality or augmented reality can be used.

Metaverse is also used by some people to describe gaming worlds in which players have characters that can interact with and walk around other players.

A metaverse that uses blockchain technology is another option. These users can use cryptocurrencies to buy virtual land or other digital assets.

While we’ve heard a lot of metaverse hype in the past, many of today’s evangelists will insist on the fact that, for the first-ever time, we have all the protocols and infrastructure necessary to make it a reality. They claim it’s the next step following the mobile internet. The metaverse explores the big question “What if?” of virtual reality, Augmented Reality, Zoom Meetings, Social Networks, Crypto, NFT’s, and Online Shopping.

How did the word Metaverse come about?

The word “Metaverse” was first used in Neal Stephenson’s 1992 dystopian sci-fi novel Snow Crash. The Metaverse, as the book describes it, is a collection of virtual and augmented realities that people can walk on the “Street”, which they can access by plugging in terminals or using goggles. Public terminal users are shown as blurred black and white avatars, while private terminal users are fully coloured and detailed. The term “metaverse” is used to describe all sorts of initiatives that aim to create a permanent virtual reality that flows into our daily lives.

Essential terms you need to know to better understand the Metaverse

These terms can be interchanged. Some experiences combine the different versions of reality. Horizon Workrooms requires an Oculus Qest 2 headset to participate in a virtual meeting. However, colleagues can also connect via video conference.

Virtual reality: This immersive experience is only possible with a headset. VR games allow users to travel to different worlds and also offer training sessions that take place in the real world.

Augmented reality: This technology adds computer-generated images and uses the real environment as the setting. This technology is used by retail stores to show customers how a sofa would look in their living room.

Meatspace: The physical world where most people spend the majority of their time.

Mixed reality: This is a way to see the real world but add virtual objects that act and look like real objects. You can interact with real and virtual objects.

Assisted reality: A technology that allows users to see a screen without having to use their hands to interact with it. This category includes devices such as real wear.

Multiverse: In general, this term refers to several distinct universes operating independently from one another. This would include Facebook, Instagram, and Twitch as well as Roblox, Fortnite, and Roblox. The metaverse could, theoretically, bring all these multiple verses together in one place.

Do you need a headset in order to enter the Metaverse?

In the ideal world, you won’t require a headset in this metaverse when it arrives. To play virtual reality games, you will need an Oculus Qest 2, Rift S, a Sony PlayStation VR, or an HTC Vive in 2021. You will need a Microsoft HoloLens or one Lenovo headset to attend a virtual reality training class or augmented reality course. VRFocus voted the Magic Leap best enterprise solution in its 2020 “Better-Than-Reality Awards”. This award recognizes its spatial computing collaboration package. Magic Leap has announced a partnership with VMWare that includes support for Workspace ONE XR hub on Magic Leap 2.

Gil Elbaz (CTO, co-founder of Datagen), predicts that AR glasses will replace a MacBook Pro and even a cell phone when all the pieces are complete. VR devices could replace computers and TVs. He said that VR devices will become one device. However, it is technically not ready yet. He said, “It’s a smart investment but it’s a long-term investment.”

Metaverse as the next major computing platform

Today, the internet is often the primary entry point for millions of people to access information and services, communicate with one another, sell products, and entertain themselves. This value proposition is expected to be replicated by the metaverse. However, it will be more difficult to distinguish between online and offline.

Although this could take many forms, experts believe that extended reality (XR), which is a combination of virtual, augmented, and mixed reality, will be a key component. The metaverse concept is centred on the idea of virtual environments in 3D that can be accessed and interacted with in real-time. This will transform social and business engagement. These environments can only be made practical if extended reality is widely adopted.

XR technologies were mainly used for niche applications and video games. As games become social platforms, there is a greater chance that their characteristics – discoverable, continuous virtual worlds and mediums for open and creative expression – will be used in other contexts.

Which companies are creating the metaverse?

A massive technological infrastructure will be required for the metaverse, including computing power and edge computing, 3D imaging, content, finance, and commerce systems. Every company with an internet presence will want a stake in the metaverse since it is the next evolution of the internet.

Ball, a venture capitalist who is interested in metaverses, is also a co-founder at Ball Metaverse Research Partners. This company maintains the Roundhill Ball Metaverse ETF that trades on New York Stock Exchange. These are the top 10 positions on the exchange.

  1. Nvidia Corporation
  2. Microsoft Corp.
  3. Roblox Corp.
  4. Facebook Inc.
  5. Unity Software Inc.
  6. Snap, Inc.
  7. Autodesk Inc.
  8. Amazon Com Inc.
  9. Tencent HLDGS LTD
  10. Sea LTD

Sea, a consumer internet company, offers entertainment, eCommerce, and digital financial services. Tencent Holdings, a multinational internet company, is based in China.

The fund also includes Apple, Intel, and Qualcomm as well as Square, Coinbase, Electronic Arts (electronic Arts), Samsung, Apple, Qualcomm, Alphabet and Coinbase, Electronic Arts, Samsung.

Various Applications of the Metaverse

Here are some examples of companies using the building blocks in the metaverse to provide remote training and develop new products and services.

Healthcare

AR collaboration has been pioneering technology for doctors. Microsoft’s mixed reality headsets allow medical professionals from all over the world to virtually collaborate on procedures in order to create a 21st-century approach to surgical operations. Surgeons can control Microsoft HoloLens via voice and hand gestures. This allows them to access patient data, view 3D scans, and communicate with other specialists. This is a major benefit for healthcare professionals and doctors.

Marketing

The metaverse, an enhanced online experience, provides businesses with new opportunities to market their products and services. These are the digital marketing applications you should be aware of:

Distribution through Electronic Commerce or Virtual Storefronts: Businesses have the option to create and manage virtual storefronts which can offer a more interactive and engaging online experience for customers.

Promotion through Non-Paid Advertising and Digital Marketing: The same virtual environments can be used as digital platforms to promote marketing, such as the distribution and placement of online advertising and marketing content.

Branding through an Online Presence in Virtual Environments: Businesses have the option to create avatars in virtual environments that are similar to those used by brands in the digital age.

Sales through a Virtualized Sales Process Experience: This virtualization makes it more engaging and immersive to interact with customers, after-sales support, and customers.

Training

NASA uses AR/VR aboard the space station to remotely control robots and complete maintenance tasks using an AR assist. One particular project saw astronaut Scott Kelly use a Microsoft HoloLens headset for training on the ISS and future mission preparation. One member of Earth’s mission control streamed Kelly’s view through the headset and also created 3D images on Kelly’s HoloLens display.

New Social Networking Experience

Twitter and Facebook are two-dimensional platforms that allow users to interact with each other screen-to-screen. Even sharing and consuming content is not immersive.

The metaverse promises to enhance the social networking experience of internet users in order to build a digital citizenry. These social media users will feel a real presence in a three-dimensional environment thanks to the resulting platforms.

Digital infrastructure for learning

Some of the most promising applications of metaverse are based on an immersive, graphics-intensive digital platform for communication. They enable online-enabled instruction as well as distance learning that is more lifelike.

Students can create an online presence with avatars and virtual reality gears. They can also participate in a virtual community where they can interact, collaborate and engage with their instructors and classmates.

The creation of virtual learning materials and immersive digital learning content in three dimensions serve as visual aids as well as tools to make instruction more interactive and engaging. Students can actively participate.

Sports and entertainment

Peter Moore, the Head of Sports and Live Entertainment at Unity, recently launched Unity metacast. This platform will allow professional sports to be mirrored in 3D real-time.

Cameras record athletes on the field and the data is used for creating digital twins. A match between two mixed martial artists fighters was the first 3D broadcast. It was filmed in a small arena that had 106 cameras. Moore stated to the Financial Times that he plans to increase the number of cameras and the size of the playing areas with the technology. It could be easier to create NFTs by digitizing and capturing real-life action, as well as memorable moments from games. The NBA’s Top Shots cards approach to NFTs could be extended to other sports.

Business communications and productivity

Many of the practical uses of metaverse revolve around communication and productivity in the workplace. Participants can meet face-to-face with their avatars using the platforms.

A manager or executive can also project their hologram to a client’s physical or virtual office. This allows for a real-to-life presentation beyond what is possible on platforms like Zoom and Google Meet.

Another example would be a virtual tour of a real estate company in the digitized version of their properties. A walkthrough of its facilities by an outsourcing manufacturing company for potential clients. An immersive virtual store of a retail company.

Metaverse and cryptocurrency

We have yet to see any projects crypto-related to the Metaverse’s construction. Many projects have taken on the Metaverse to enhance its application, such as crypto gaming, but not all.

One such gaming project has adopted the Metaverse technology: The Sandbox. It has presented its vision on the whitepaper, indicating that the goal of the Metaverse is to seamlessly integrate the gaming world and the virtual world.

In-game assets and digital real estate are also built on blockchains, which makes them safe. Additionally, they come in the form of Non-fungible tokens (NFTs), that can be traded through “The Sandbox”‘s marketplace or through other NFT Marketplaces.

This payment angle is especially interesting for cryptocurrency. This year has seen cryptocurrencies make a big splash due to increasing public awareness about non-fungible tokens, which could be a technology that plays a crucial role in the metaverse.

NFTs can be described as digital asset that acts more like virtual collector’s item. NFTs are a JPG file that is part of a photo collage.

Users are paying hundreds of thousands of dollars to purchase NFTs of digital property and real estate in some virtual worlds.

Metaverse Game

A metaverse game allows millions of players to interact within one virtual world. But they may be in different settings. As a “metaverse reality” is still in the development phase, not many metaverse games are available. There are only a small number of metaverses games currently available. A metaverse game allows you to travel to an alternate world, where you can make your own rules and promote your brand. This was only a glimpse of the metaverse game. Below are the top metaverse games that are generating a lot of buzz for 2021.

  1. Minecraft
  2. Splinterlands
  3. The Sandbox
  4. Alien Worlds
  5. Battle Racers
  6. Sorare — Fantasy Football
  7. Ultra
  8. Guild of Guardians
  9. Axie Infinity
  10. Neon District
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