The Metaverse and its Significance for our Times

Like the concept and layers of Metaverse have been decoded and enriched extensively throughout the stages of its evolution, the way its potential is explored and harnessed will only be revealed with time, say Pourab Karchaudhuri, Innovation Consultant & Metaverse Architect, Rowland Jonathan, Web3 Developer and Anita Chauhan, Metaverse Developer.

Metaverse is where the internet meets the future by transforming into an immersive, interactive, and virtual world, blurring the line between the physical and the digital.

Metaverse - The Origin Story

In 1985, Richard Garriott used to “avatar” to describe a player’s character in a video game, followed by Neal Stephenson in 1992, with a fictitious virtual reality world called “the Metaverse” where users could interact with their own digital “avatars”, in his book “Snowcrash”. “Avatar” spread to other fiction franchises, including Earnest Cline’s “Ready Player One,” a game first and then a popular movie. Its centralized Metaverse Oasis hosted customizable avatars, with in-game purchase of valuable merchandise.

Metaverse signifies a broad (and often speculative) shift in how we interact with technology, and the evolution of the internet over time, as we head into Web 3.0. If Web 1.0 was a static information superhighway, Web 2.0 was interactive and social, with web applications and multimedia content. Users generate content to monetize it, earning titles based on the roles they assume online.

Also known as Spatial Web, Web 3.0 is about People, Places, and Things. People will be our avatars (digital selves), Places will be persistent, virtual realms and Things will be NFTs (Non-fungible Tokens, which are unique, blockchain-based certificates that authenticate ownership of goods within the Metaverse) and 3D models or assets.

The Spatial Web (Web 3.0) would enable us to connect with digitally-enhanced versions of our physical environment and build entirely fictional virtual worlds—capable of running simulations, supporting entire economies, and even birthing new political systems. Our present will be replaced by this future.

The Metaverse is a logical evolution of the internet — offering more immersive and authentic experiences in 3D.

The Hype around the Metaverse

The concept of the Metaverse involves a virtual realm with persistent things and environments, which exists even when we are not interacting with them. These realms need not necessarily be accessed through AR/VR. Platforms and gamified experiences that can be accessed through end-user devices such as PCs, game consoles, and even phones, like Fortnite, also call themselves “the Metaverse.” The hype gained momentum when Facebook rebranded as Meta, bringing the concept of integrated, immersive technologies closer.

Layers of the Metaverse

According to Jon Radoff, the Metaverse comprises seven layers, with experience being the top-most layer.

1.      Experience: This layer defines our experience of games, shopping, museum visits, entertainment, etc.

2.      Discovery: Defines the method by which consumers find Metaverse experiences, such as ads, ratings, word of mouth, a store, etc.

3.      Creator Economy: This comprises design tools, asset markets, workflow, and commerce. It helps creators build 3D models using design tools like Blender, Maya, Cinema4D, etc., and sell them in the marketplace.

4.      Spatial Computing: This includes Geospatial Mapping and Game Engines, like Unity and Unreal Engine, that allow developers to create immersive experiences.

5.      Decentralization: This aspect lays the foundation of Metaverse experiences like Decentraland, Sandbox, and many more.

6.      Human Interface: This refers to the hardware in play, i.e., smartphones, haptic sensors, VR/AR headsets, etc.

7.      Infrastructure: This comprises systems that support rich and fluid Metaverse experiences like radio signals (5G,6G, Wi-Fi 6) and the raw materials to manufacture powerful TPUs, GPUs, and CPUs.

The Web 3.0 Economy

Metaverse will work in tandem with blockchain as avatars, buy/sell/trade virtual items using crypto wallets for use on any Metaverse platform once the use of NFTs gets regulated by a Metaverse standard forum. With the fusion between the Metaverse and blockchain, physical as well as virtual assets can be traded, like images, videos, 3D models, virtual wearables, accessories, etc. Currently, virtual land gets sold by Decentraland and Sandbox – and Sotheby’s hosts an auction house on Decentraland which displays items for auction. Recently, a piece of virtual land in the Metaverse World Sandbox was sold at $4.3 million to Republic Realm. People consider it as crazy a venture as buying domain names, which did reap dividends for some. Somnium Space and Roblox are other examples of virtual worlds which have integrated a crypto wallet.

Metaverse in Collaboration

Microsoft acquired AltspaceVR to launch Immersive Mode in Microsoft Teams, which will allow us to join discussions, meetings, and real-time collaboration as avatars. Oculus Quest introduced a virtual work experience called Horizon Workrooms and a public hangout space called Horizon Worlds.

Spatial.io is another collaborative Metaverse platform that allows personalization, much like ReadyPlayerMe.

Using the Metaverse

There will be Public Metaverse which is open for all to join and hold a variety of events. A Private Metaverse is for organizations and institutions to host secure private events for their customers and employees or to explore scenarios and test possibilities using a digital twin.

State of the Metaverse Now: Walled Gardens

In an ideal Metaverse, the system would be a unified system, and digital assets (NFTs), identities, and data would be permissionless and interoperable for all and controlled by users, not platforms. Users would be able to immutably own such assets or transfer them to other virtual worlds freely, needing no permissions. The Metaverses created so far are “walled gardens” that exist in silos, with little interoperability. We need to wait to see it as an expansive, unified Metaverse.

The Metaverse and its Significance for our Times

The impact of the Metaverse can be multi-pronged:

·       Businesses may engage customers in the virtual world to generate leads but will need to attempt the task responsibly and ethically.

·       Engagement could happen with groups of people instead of individuals in isolation. Brands will need to modify their approaches to suit the culture within the Metaverse.

·       Alongside real estate, virtual fashion could target the avatars with digital-first clothing designs that meet a customer’s taste and spending power, much like the real world.

·       Businesses need to learn to be accessible and approachable as the Metaverse will not allow them to withdraw or hide behind the scenes.

·       As the Metaverse is slated to touch revenues of over 800 billion USD by 2030, most people are eager not to be left behind. This would call for skills to suit emerging job roles and opportunities. 3D and motion artists will be needed to create digital assets, while the Metaverse itself will require skilled engineers and architects to build it.

We can only wait and watch to see how the limitless value and potential of the Metaverse will be realized.