Metaverse – More than Virtual Reality
A hot topic of discussion in both technology and business across the globe is Metaverse, a prolific technology innovation that opens up massive opportunities in your business. This word was first introduced by an American writer, Neal Stephenson, in his science fiction novel published in 1992.
The novel shows how human avatars explore the online world by interacting in a 3D virtual space. Several industries are investing in Metaverse because it unlocks a more persuasive form of building business value. How could Metaverse change the face of online business?
The Metaverse Explained
As its name indicates, the term Metaverse is a combination of two words: meta and universe. Thus, Metaverse describes a blending of the real and virtual worlds that can be accessed via a headset or browser to enable individuals from all over the globe to interact and get experiences across distances.
As people can interact in a 3D virtual world with this digital universe, they can use various technologies such as Blockchain, AI (Artificial intelligence), AR (Augmented reality), VR (Virtual Reality), and many others. Therefore, with this impressive innovation, people can do their daily tasks virtually, like working, going to school, watching movies, assisting at meetings, and more.
What Can We Do in the Metaverse?
Socialize & Interact
The virtual space Metaverse is created to replicate our daily lives allowing us to socialize and interact through avatars in a virtual environment. With this digital universe, connecting with each other is easier chiefly for those with difficulties expressing their ideas and opinions effectively.
The biggest social media platform Facebook has already introduced Metaverse, and according to Meta Platforms CEO Mark Zuckerberg, Facebook users will benefit from this innovation in august of this year. Actually, Facebook users worldwide will not only be able to access their Meta Quest VR headsets with their new accounts but also see and follow a history of their VR app purchases.
Virtual Gambling & Betting
Online gambling has become a significant form of entertainment globally over the last two decades. A new potential solution that removes various challenges and issues in the iGaming sector is the Metaverse. With this virtual space, not only do these brands experience revenue, but also the players are ensured to enjoy an immersive gaming mood.
In effect, Metaverse has significantly impacted the iGaming industry, mainly in players’ interaction. Through their avatars, they can interact with other players or opponents. In addition, moving funds has become a quick, easy, and decentralised process with a popular virtual currency in the Metaverse called cryptocurrency.
Metaverse is a brilliant method of virtually interacting with others and effective online learning. Teachers can build a more immersive learning style for students, helping them retain more of what they learn, increasing their engagement and education, and putting theory into practice.
Both educators and learners can meet regardless of their real-world location when using Metaverse technology. Teachers use AR and VR to create more enjoyable and exciting learning experiences, and they can interact and communicate through their avatars to build a life-like online classroom.
Watch & Play Sports Games
Advances in development and technology access have permitted the quick boom of virtual games. With the emergence of the Metaverse, sports enthusiasts can watch matches live without physically entering the stadium but interact with other sports fans via their virtual avatars.
The Atlanta Braves became the first team to join Metaverse by creating the Digital Trust Park to enable fans to enjoy an interactive experience in their comfort. Moreover, the most popular Football club England’s Manchester City, is collaborating with Sony to build a photo-realistic digital twin of its Etihad Stadium in the Metaverse.
Own & Trade Virtual Items
The Metaverse is a digital universe where people from all over the world can interact in a 3D virtual world. Like the real world, this means they can have their own homes, entertaining activities, and even items.
As owning and trading virtual items can also be done in a digital landscape Metaverse, participants have the freedom to control their assets. When dealing with a highly interactive three-dimensional virtual world, NFT (non-fungible token) is a marketplace for buying and selling tokens. The vital technologies behind the creation of decentralised trading are cryptography and Blockchain.
How Close is the Metaverse?
The Metaverse is a virtual world where you can interact with different spaces like the real world. This 3D representation of the internet brings us closer together through the latest technologies, such as VR and AR.
Many industries are building a Metaverse virtual world of their own as it presents several possibilities to grow their businesses and ensure interactive and immersive experiences. In the coming years, this digital universe will replace some real-world activities such as relationships, leisure, labour, sports, education, trading, and others.
The Bottom Line
The Metaverse concept is that individuals can enter a virtual world through VR headsets. People will be able to create their own avatars that will interact with other avatars, practice activities, complete tasks, learn, have fun, and watch sports in an open virtual world.
Combining various technologies, including AR, VR, AI, and Blockchain, to deliver an immersive digital space, Metaverse has a high chance of going mainstream in the near future.