According to the Metaverse, it is a spatial computing platform, which may be a virtual world, an actual clone of the real world, or an alternative reality. It includes fundamental civilizational elements such as social relations, currency, trade, the economy, and property based on the blockchain.
What is the Metaverse?
The “Metaverse” is a term used to describe what many believe to be the next evolution of the internet, where users are able to fully engage in virtual worlds.
The people in the metaverse would be able to engage with other users and objects in a three-dimensional manner using virtual or augmented reality technology.
It can range from watching a concert or an athletic event in virtual reality, visiting virtual worlds, or even holding a business meeting in virtual boardrooms.
Is it a new concept?
The concept has been in circulation for several decades and is not new in the global market. The term was first widely used in science fiction in the book Snow Crash, written by Neal Stephenson. Metaverse was coined by Neal Stephenson in his novel “Snow Crash” in 1992.
Metaverse is a virtual world where people can meet and do various things. Since then, there have been several attempts to adapt the concept of the metaverse to films, television series, and video games.
Who owns the metaverse?
As of now, the metaverse is in the public domain, and it belongs to nobody in particular. This concept which suggests the existence of a virtual world or cosmos where people can meet in three dimensions with the help of virtual reality or something similar.
It is currently being worked on by several corporations and organizations such as Internet giants Facebook, Google, Microsoft, etc., and other small startups and games developers. Nevertheless, it is still a rather fresh and rapidly developing concept, and no one owns the entire metaverse.
How does it work?
The term ‘Metaverse’ is used to describe a fully immersive virtual environment that is linked with aspects of the physical world. It forms a social space where people can communicate with each other and with objects virtually by integrating several technologies like VR, AR, AI, and blockchain.
It is generally navigated through a Virtual Reality headset or other equipment that allows the user to be fully immersed in the digital worlds. Once immersed in the metaverse, a user can touch other users and objects through gestures, voice commands, and similar inputs.
How do you utilize it?
The metaverse is the result of the connection of different virtual and augmented reality that forms a virtual world which users can inhabit and engage with other users and objects.
Some of the companies that are working on the development of VR devices include Oculus, HTC, and Sony where they can be used to reach different VR applications and games.
In the future, there is likely to be the use of smartphones, tablets, and other connected devices to access the metaverse, and the metaverse will continue to blend with the real world.
Metaverse technologies
- Virtual reality (VR) and augmented reality (AR): VR and AR are used to develop virtual environments that can be navigated and interacted with through headsets or mobile applications.
- Blockchain technology: This technology is applied to build safe and decentralized virtual markets in which users can engage in virtual buying and selling of products and services.
- Artificial intelligence (AI): AI technology is applied to design virtual agents that can autonomously engage end users and execute activities in the virtual platform.
- Cloud computing: Cloud computing is utilized to support the backbone of the metaverse, ensuring that the virtual world is scalable and stable.
- 3D modelling and animation: It involves the use of 3D modelling and animations to develop the objects and virtual spaces that comprise the metaverse.
Metaverse companies
Some of the companies that are involved in creating and developing metaverse platforms and experiences include:
- Roblox: An online gaming site that allows people to develop their own games and environments for those games.
- Epic Games: The creator of the Unreal Engine, an engine for game development that is used by many game developers, as well as the online game Fortnite.
- Facebook (Meta): The company has recently changed its name to Meta to reflect its focus on building the technology that will underpin the metaverse.
- Decentraland: It is an open-source virtual environment where people can trade virtual real estate, develop and share applications, and communicate with each other.
- Somnium Space: A virtual reality environment in which users are able to travel through a large, open environment, construct and design their own structures and properties, and engage with other users in real time.
- Second Life: A type of networked environment created in 2003 that enables people to build and design their own characters, to communicate, and to participate in numerous events.
- The Sandbox: An open-source gaming ecosystem where people can interact with others and trade virtual goods and services or develop their own games and experiences.
- Spatial: A software that allows people to work across physical distance and is based on augmented reality.
- High Fidelity: A social networking environment in which people can attend concerts or conferences using a VR headset.
When can we expect a proper metaverse?
The creation of a comprehensive metaverse is a slow and ongoing process, and it is unclear when the metaverse will be fully realized. Still, some firms and institutions are working to construct different components of a metaverse, including VR, AR, and blockchain.
There is a belief that a minimum metaverse could be developed within the next few years, while others argue that it will take at least ten years for metaverse to reach its full potential.
In what way will it impact the future?
It has been featured in many sci-fi movies and is gradually being incorporated in real-life through virtual and augmented reality technologies.
The Metaverse trends has the potential to impact the future in a variety of ways:
- Social interactions: It could also present new opportunities for communication between people, which may help to overcome geographical barriers or language differences.
- Entertainment and gaming: It can change entertainment industry, as it will provide experiences that are in-between games and media.
- Commerce and business: It could even turn into a new avenue for trade and business where businesses can set up shop and deal with customers in unique ways.
- Education and training: It could create new possibilities for experiential learning and training where students can interact with content in a fun and innovative way.
- Identity and privacy: It could pose new questions to the identity and privacy of the users who will be creating avatars to interact with other people in the virtual world.
Hence, the metaverse can become a new area of opportunities and risks for society. These implications will need to be taken into account as the technology progresses further and becomes even more integrated into our society.
What problems are associated with the metaverse?
As the concept of the metaverse becomes more and more popular and integrated into society, there can be several problems with it. Some of these issues include:
Privacy and Security
It is likely to become a huge repository of personal information and, therefore, become a magnet for cybercriminals and other malicious actors. Further, the longer people are exposed to the virtual environment, there are other privacy risks that may not be foreseen.
Addiction
Like any technology that provides unique and engaging content, the metaverse could become addictive. This could lead to excessive use of the virtual world to the detriment of actual interaction with people and responsibilities.
Inequality
They also pointed out that if the technology and its benefits are not shared fairly, it may widen the gap between the haves and have-nots in social and economic terms. This could create a new divide in the society where some are left behind in terms of technological advancement.
Regulation
While it continues to expand in scope and relevance, it might be essential to control it in some way to safeguard individuals and curb misuse. But it can be difficult to set rules that would allow for safety while at the same time fostering creativity and innovative solutions.
Ownership
Physical properties like land, buildings, and other forms of wealth may transform into legal ambiguities in the virtual world. There may be disagreements as to who has ownership of what and how such ownership should be subjected to taxation or control.
While the metaverse is one of the most promising technologies of the future, it will also be one of the most challenging to navigate, and hence it will need to be guided and governed to be a positive social force.
Conclusion
The idea of a metaverse has gone from being only a futuristic idea to a possibility in the near future. It has been described as a realistic environment in which people are able to communicate with each other and their surroundings in a tangible manner.
With the improvement of technology and the development of infrastructure, it is interesting to know how the metaverse will develop and how it will influence our future.
