What’s the buzz all around about Metaverse that has taken the technology sector by storm? Let’s discuss the metaverse future and find out if it’s really the next big thing!
Emerging technologies continue to challenge our conventional perceptions beyond boundaries with new innovative applications across different sectors. For example, the internet came and changed the way people sent mail to each other. We have the internet almost everywhere around us. Now, the metaverse promises that you can actually feel and interact with the internet as if it is a 3D world just like ours.
The discussions about metaverse future have gained momentum after Facebook CEO Mark Zuckerberg changed the name of Facebook’s parent company to Meta. People have started to come up with different visualizations of the metaverse according to their perception of the metaverse. So, what is the metaverse, and will it truly stand the test of time? Let us find the answers to your question in the following discussion.
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What is the Metaverse?
The first thing you need to understand about the future of the metaverse market is a clear impression of the metaverse itself. You need to understand the definition of the metaverse and what it actually is before you evaluate the prospects for its future. As of now, the simplest definition for the metaverse is that it is a collective 3D virtual world where users can participate in different activities through their digital avatars.
The metaverse would shape up as an alternate digital reality where people could interact with each other, play games, watch movies with their friends, or work in collaboration with their colleagues. However, the ambitious vision for the metaverse fuels doubts such as “is metaverse the next big thing,” and people actually wonder whether the metaverse is actually possible.
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The Big Turning Point
The metaverse emerged first as a concept in the science fiction novel by Neal Stephenson, Snow Crash. In the novel, metaverse referred to a digital reality which was a metaphor or digital representation of the real world. Today, the developments in metaverse clearly show how it is more or less similar to the originally envisioned concept.
The big turning point in the discussions about metaverse popped up right after Facebook’s announcement of massive investments in developing the metaverse. Interestingly, Facebook has just set their ship on sail in the vast sea of metaverse. Many other companies before Facebook have already been working on the metaverse. However, the move by Facebook is definitely a huge boost for metaverse growth as companies have started routing investments actively into the development of metaverse.
What Goes Into Developing the Metaverse?
If you look closely, the most important factor which would drive the future growth of metaverse is the “metaverse is next internet” assumption. Is it really an assumption? If the metaverse has to develop in the future, then it must have some form or a way for using it. How will the metaverse develop and allow people to participate in it?
As of now, all of us know that the metaverse is a digital environment where you can interact with other users. No matter how simple it may sound, the metaverse is far more complex when you dive into technological underpinnings of the metaverse. Therefore, you should have a clear impression of the basic layers in the structure of metaverse to understand the metaverse future prospects.
The important elements in developing the metaverse include the following –
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The first element for developing the metaverse is the foundational infrastructure with connectivity technologies. You cannot imagine interconnected virtual spaces without the existence of internet technologies such as Wi-Fi and 5G. On top of it, the infrastructure requirements for developing metaverse would also include the cloud and computing resources.
The notions such as “is metaverse the next big thing” also draw attention towards the possibility of people entering the metaverse. How will people access the metaverse? Without users in the metaverse, it would be a vast empty digital space. Therefore, the metaverse needs a human interface component facilitated by different technologies. For example, notable technologies such as VR headsets, haptics, AR glasses, and many others are some instruments that will allow users to participate in the metaverse.
The metaverse blockchain interplay would also play a crucial role in the future of metaverse. No specific entity could control the metaverse, just like nobody controls the physical world. Metaverse should develop as a democratic environment, and blockchain would offer the necessary support for improving decentralization. In addition, technologies such as edge computing and artificial intelligence can empower users with complete sovereignty in the metaverse.
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All the discussions about the metaverse future focus on the creation of an alternate 3D reality, like the real world. So, you would definitely need sophisticated 3D visualization and modeling frameworks for creating the 3D worlds. Therefore, spatial computing would also have a significant role in driving the growth of the metaverse market with interactive solutions.
The most critical differentiator for the metaverse from other digital environments would be the development of a creator economy. Metaverse would allow users to create assets such as NFTs and trade them across different digital spaces in the metaverse. The future of the metaverse would depend largely on how it hones the creator economy element. You would need a collection of design tools alongside digital assets and a wide range of e-commerce establishments for the creator economy in the metaverse.
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Another crucial aspect that would define the future stages of metaverse growth is the element of discovery. The must-have metaverse functionalities allow users to navigate through it seamlessly without any difficulties. Therefore, the metaverse would need a reliable and competent content engine, which can drive engagement. The engagement aspect on the metaverse would also bring ratings, social media, ads, and reviews into the scope of metaverse.
The final element which will be the highlight of the metaverse future is the wide range of experiences users can have in the metaverse. You should note that experiences in the metaverse are basically the VR equivalents of the apps you use commonly. Think of accessing your favorite gaming app or shopping app in 3D and experiencing them in the same format.
Existing State of the Metaverse Market
Many people are excited to find answers to “is metaverse the next internet” without reflecting on the existing state of metaverse. How many projects are under development now? Are some big names investing their time in the metaverse? Facebook is one. What about the other tech giants? Even if no one would have ownership of the metaverse, multiple organizations, creators, and developers have to develop it. In addition, the future of metaverse adoption depends largely on the names associated with it. Here are some of the top companies which have already signaled the beginning of their efforts in developing the metaverse.
Facebook’s announcement regarding the metaverse has been perceived as a PR gimmick by many tech enthusiasts. However, it is important to look at how a tech giant like Facebook can create brighter promises for the metaverse market in the future. Interestingly, Facebook has almost everything required for developing the metaverse, starting from infrastructure to human interface and discovery. Facebook has Oculus headsets, a huge social media ad engine, and a rapidly growing creator economy.
The renowned metaverse game developing studio, Epic Games, is also another frontrunner for top positions in the metaverse future. Tim Sweeney, co-founder of Epic Games, had a vision for the metaverse years ago, and now the company has the perfect stance to develop the metaverse. With $1 billion funding from Sony, Epic Games can fuel some promising opportunities for metaverse growth in the future.
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There is no possible way you cannot ignore the efforts of Microsoft in developing the metaverse. As a matter of fact, the involvement of companies like Microsoft provides assurance affirmations for doubts such as “is metaverse the next big thing.” Microsoft has dedicated its efforts to developing a work-centric metaverse with Microsoft Mesh. It would facilitate a digital environment where users could connect seamlessly with different Microsoft products. For example, users could make the most of Microsoft Windows, Teams, and other services through VR by using Microsoft Mesh.
One of the true examples of the resilience of the metaverse market is Decentraland. It was one of the first pioneers to mention the metaverse explicitly as their core product. Developed in 2017, Decentraland has enabled users to create NFTs and trade in virtual real estate. Interestingly, virtual real estate in Decentraland sold for more than $2 million in a recent auction. Therefore, Decentraland definitely looks like one of the top names in the metaverse future.
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Possibilities Associated with Metaverse
The final aspect which could solidify your perception regarding the arrival of metaverse as next internet would be the possibilities associated with it. The different ways of using the metaverse would play a massive role in how it shapes up in the future. Here are some of the notable possibilities for value improvement across different sectors you can identify with the metaverse.
- The metaverse gives you a new world for accessing completely new, innovative, and diverse marketing opportunities.
- Metaverse developments such as Microsoft Mesh could support the creation of completely customized virtual work environments in the future.
- Another promising application of the metaverse which might gain momentum in the future is virtual tourism. The use of AR and VR technologies can support the creation of immersive worlds where users can engage with real content.
- Remote learning has skyrocketed in popularity, and the metaverse future might have the perfect opportunities for improving opportunities in this sector. Universities have started using virtual worlds such as Minecraft and Second Life for convocations. At the same time, virtual reality simulations could also support better learning experiences for students all over the world.
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A clear impression of the potential of metaverse showcases bright prospects for its future. If you have been wondering about “is metaverse the next big thing,” then you need to know that it is definitely a huge technological intervention. The metaverse has the potential to change the way people interact with each other, play games, and work.
With a myriad of endless possibilities with the metaverse, it is still in the initial stages of development. In addition, the involvement of top names in the tech world such as Microsoft and Facebook in the metaverse also develops trust in the future of metaverse. Learn more about the metaverse and discover its true capability.
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