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- 1. 1/10 Welcome To The Future: Metaverse techdogs.com/td-articles/curtain-raisers/welcome-to-the-future-metaverse Emerging Technology By TechDogs Overview Have you heard of the movie Ready Player One, based on a novel? The premise of Ready Player One is OASIS, an online virtual reality simulation. This virtual world replicates the real world; it has virtual cafes, gaming arenas, shops, etc. However, it does not have the limitations of the physical world – you can experience surfing a 50-foot wave or climbing the summit of Mount Everest without risking your life. You (or your virtual avatar, to be accurate) can have tattoos, a neon pink mohawk or a tail like the Na’vi people from Avatar if you want. Besides eating and sleeping, users can take their imagination to its limits in this virtual world. Although we highly recommend watching this Steven Spielberg flick, you may feel a bit low after watching this visually stunning movie. You may realize that such technology exists exclusively in films, right? Overall Rating Share
- 2. 2/10 That’s where you would be wrong – several tech businesses are actively developing the concept of Metaverse: an open, virtual and interactive networking space. If that sounds interesting, put on your VR glasses and explore the Metaverse! Imagine a connected virtual world where billions of people can work, shop, learn, network and interact with each other – all from the comfort of their pajamas and couch in the physical world. Wait, doesn’t that already exist? We mean, Skype and Zoom enable virtual communication and collaboration across the globe, Netflix Party brings friends together for a shared movie experience and MMORPG games (massively multiplayer online role-playing games) have been doing the same since the 2000s. So, what’s new? We’re talking about a virtual world where computer and smartphone screens will be phased out. This iteration of the web will be set in a three-dimensional virtual realm. The experience will be similar to good old-fashioned real life, only virtual and completely immersive. Our digital avatars will be able to move freely from one virtual experience to another, carrying our digital identities, preferences and currency. This is made possible through Virtual Reality visors and haptic controllers such as gloves, which enable users to entirely immerse themselves in the virtual space. Despite being in its initial stages, the Metaverse has gained a lot of traction in the past few years. Some experts claim this “virtual reality” might become the preferred reality for businesses soon. If that sounds interesting, read on to understand all about the Metaverse: how it came about, its working, its importance and future trends! What The Heck Is Metaverse? The Metaverse is a proposed iteration of the Internet as a unified, universal and immersive virtual world. It will be facilitated by technologies such as Virtual Reality (VR)
- 3. 3/10 and Augmented Reality (AR) headsets along with other controllers. A "Metaverse" can be thought of as an interconnected network of diverse three-dimensional virtual worlds that will work on the social media model. Think of the current Internet but much cooler, immersive and interactive! Hence, it is not surprising that recent interest in Metaverse development has been majorly influenced by Web 3.0, a concept for a decentralized iteration of the Internet. The Metaverse, combined with Web 3.0 technologies, will allow users to immerse themselves in an online virtual world, rather than browsing webpages on a screen. (Tell that to your eye doctor when he says your screen time is too high!) Although mainstream adoption of this technology is decades away, the idea has also been in development for over half a century. Here’s a brief look at its evolution. Evolution Of The Concept Of Metaverse This emerging technology would not have seen practical use cases and applications without the decades of research that’s been done since the 60s. Here’s how we got to the modern concept of the Metaverse: 1962: American filmmaker Morton Heilig created the Sensorama, a contraption that reproduced the feeling of riding a motorcycle through New York City using a 3D video, vibrating chair, fan and odors. This was perhaps the first attempt in history at recreating a virtual experience. 1984: Jaron Lanier, an American computer scientist, musician, and pioneer of virtual reality, founded VPL Research, Inc., which created the first data gloves and virtual reality headsets. Source 1989: English computer scientist Tim Berners-Lee laid the groundwork for the World Wide Web (or the Internet, as we lovingly call it). This would allow businesses to create branded online spaces in the form of web pages. 1992: American science-fiction writer Neal Stephenson coined the term “metaverse” in his novel Snow Crash. The premise? A dystopian future world where rich people could escape to a simulated 3D reality. #ThanksNeal 2002: Accenture published their annual Technology Vision called “Reality Online: The business impact of a virtual world,” which mentioned a Metaverse-like technology. 2003: Linden Lab, an American tech company, unveiled Second Life, a shared 3D virtual space that allowed users to explore, interact, build objects and exchange virtual goods. This is widely considered the precursor to the Metaverse.
- 4. 4/10 2021: Facebook's parent company rebranded itself as Meta and endorsed an expansive vision for the future of the Metaverse. Soon, businesses such as Siemens and Nvidia partnered up on an industrial Metaverse project, which helped the technology gain further mainstream appeal. Today, the term Metaverse is met with skepticism and uncertainty in business circles. Helping people understand how it functions is key to enabling mainstream adoption – that’s what we’re covering next! How Does The Metaverse Work? Source The best way to think about the Metaverse is as a digital ecosystem that will rely on various technologies to create an immersive experience. It will enable real-time virtual collaboration as well as decentralized Web 3.0 capabilities. It will be a new-age social
- 5. 5/10 media that will provide consumers with a shared space for entertainment, gaming, networking, meeting, etc. Businesses will leverage it to create virtual stores and hold virtual events to showcase the latest products, collaborations, etc. This dynamic, open and interconnected space will be similar to the internet but in a virtualized 3D environment. Here’s how that’s achieved: Virtual Reality will be key in creating a 3D virtual environment for users to interact within. The virtual surroundings, user avatars and interactive elements will be customized based on the intent of each Metaverse “room” or experience. Naturally, VR glasses may have additional sensory capabilities such as audio, smell and haptics for a more immersive experience. Imagine entering a virtual cinema hall in the Metaverse and smelling that classic popcorn aroma! #HugryYet Moreover, some Metaverse applications will leverage Augmented Reality, although it is less immersive. AR glasses will be used to add digital overlays on top of the real world, allowing users to interact with their real-world environment and the virtual world simultaneously. Users will also be able to connect to other hardware components such as haptic gloves, smartphone mounts, handheld controllers, etc. Yet, the question remains: who will benefit from this technology? Applications Of The Metaverse Source
- 6. 6/10 Though the Metaverse may seem like a distant concept, many businesses are already using it daily. Here are some of the common applications of the Metaverse: Online Gaming The development of immersive virtual worlds has been a hallmark of the online gaming industry for decades. The Metaverse is being used to create immersive virtual spaces where gamers can interact. Prominent multiplayer game developers such as Horizon Worlds, Rec Room and Fortnite are currently doing this. Digital Twinning This technology allows us to create accurate, real-time virtual twins of objects – from machinery to humans to entire cities!These digital twins reside in the Metaverse as AI-powered holograms or holographic images, rather than representations on computer screens. Multiple users can interact with these digital twins simultaneously in different virtual environments. This also allows users to alter the appearance and characteristics of their digital avatar (a digital twin of the user in the Metaverse). Workspace Collaboration Enterprises are using the Metaverse to add "an element of realism" for their remote workers. A virtual meeting room allows remote users to experience a 3D experience where every employee’s avatar can talk, move around, or give high-fives! (At least that’s what we do when someone has a great idea during our meetings.) Immersive Entertainment Many companies are experimenting with building virtual stadiums and spaces to watch sports games, host music concerts, or enable virtual group shopping. This allows them to engage audiences across the globe and enables them to interact with other users in real time. Now you can even try on your favorite apparel virtually without driving down to the shopping mall! #LazyButSmart If you’re wondering why businesses are using these Metaverse applications, it’s because of the benefits it offers – read on! Benefits Of The Metaverse The term “Metaverse" became a household term when Facebook rebranded itself to Meta in October 2021. It announced plans to invest at least $10 billion in the development and research of this technology. The incentive was to realize the many benefits that Metaverse brings, such as:
- 7. 7/10 Addressing Remote Work Challenges The Metaverse has the potential to resolve all of the current problems associated with remote work. Managers can access a virtual space where they can interact with remote workers (as represented by their avatars), read their body language, conduct face-to-face meetings, etc. Managers can also take senior stakeholders on virtual tours of factories, workshops and other locations. Offering Assistance In the Healthcare Sector The Metaverse will be a boon for healthcare and medical professionals to check in on remote patients. Doctors will be able to interact with digital twins of the patient in a virtual setting, helping them get clear insights into their condition and physical ailments. We could also see the integration of wearables and fitness trackers that would track key metrics such as heart rate, body temperature, etc. for an improved experience. Revolutionizing Online Gaming Most Metaverse has a robust play-to-learn model which allows users to create, buy, sell, or trade in-game assets as NFTs. Additionally, such games will allow users to explore vast virtual spaces. For example, Decentraland, allows players to acquire real estate in a virtual space. As a landowner, you can use your land to create hotels, parks, cinemas, casinos, organize virtual concerts, set up digital art exhibitions and much more! Source
- 8. 8/10 Providing Virtual Experiences The Metaverse lets people virtually visit places they cannot physically visit. Users can be given a first-person experience of sophisticated virtual worlds using AR and VR glasses. Whether you want to experience life as an astronaut aboard the ISS or roam the halls of Hogwarts, Metaverse makes it all possible. Monetization Through A New Economy The development of Metaverse is gaining traction with investments from technology enthusiasts, businesses and venture capitalists. They aim to build an independent virtual ecosystem that will create more job opportunities, services and income. The open-source nature of the Metaverse allows anyone to build projects, virtual assets and experiences which they can host for money, or trade for other assets in the ecosystem. Cryptocurrencies will likely be the key pillar in driving the Metaverse economy. The Metaverse doesn’t sound so complex now, does it? You now know how it works, its importance and its benefits. Let’s take a quick look at the near future of this futuristic technology. What’s The Future Of The Metaverse?
- 9. 9/10 Source Thanks for reminding us, Bart! Although the Metaverse is still a work in progress, most experts predict it will see massive mainstream adoption soon. After all, 54% of the experts at Pew Research Center said that they expect the Metaverse to be a refined, fully immersive and well-functioning aspect of daily life by 2040. They also predicted that roughly half a billion people globally will adopt this technology into their daily routines. Moreover, a survey of 4,600 business and technology leaders conducted by Accenture revealed that 71% of executives believed the Metaverse will have a positive impact on their organization. All of these points to the fact that sooner or later, businesses and individuals will leverage this technology for its unique advantages. Yet, businesses will have to take the first step: the Metaverse will need to grow beyond cool VR games and digital avatars on Zoom calls. Corporations such as Meta will actively look to create more opportunities for this technology. The momentum for the Metaverse revolution will only gain steam with time. Are you ready, player one? Conclusion Metaverse is an online and interconnected platform that offers immersive experiences in a virtual environment. This virtual space represents the actual world while preserving its fundamental elements such as social interactions, money, trade, property ownership, etc. The Metaverse relies on a foundation of blockchain, Augmented Reality, Virtual Reality, Web 3.0 and other immersive technologies. Will you be using the Metaverse for your business? Let us know in the comments! Frequently Asked Questions What The Heck Is Metaverse? The Metaverse represents a proposed iteration of the Internet, envisioned as a unified, immersive virtual world facilitated by technologies like Virtual Reality (VR) and Augmented Reality (AR). It's a three-dimensional digital realm where users can interact, work, shop, and socialize through digital avatars. Think of it as the internet, but in a completely immersive and interactive format, akin to real life experiences, but in a virtual environment. How Did The Metaverse Evolve? The concept of the Metaverse has been in development since the 1960s, with significant milestones including the creation of VR technology by Jaron Lanier in the 1980s, the advent of the World Wide Web by Tim Berners-Lee in 1989, and the coining of the term
- 10. 10/10 "metaverse" by Neal Stephenson in his novel Snow Crash in 1992. Over the years, advancements in technology, including the emergence of virtual worlds like Second Life and the recent endorsement of the concept by companies like Meta, have propelled the idea forward, laying the groundwork for its future development and integration into mainstream culture. How Does The Metaverse Work? The Metaverse functions as a digital ecosystem enabled by various immersive technologies such as VR and AR. It provides users with a shared virtual space where they can engage in real-time collaboration, entertainment, networking, and commerce. Through VR glasses and AR devices, users can interact with virtual environments and digital overlays, creating a seamless blend of the physical and virtual worlds. Businesses leverage the Metaverse to create virtual stores, host events, and offer immersive experiences, ultimately shaping the future of online interactions and transactions. Enjoyed what you've read so far? Great news - there's more to explore! Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes. Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands. Dive into TechDogs' treasure trove today and Know Your World of technology! Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs’ members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs’ Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. All information / content found on TechDogs’ site may not necessarily be reviewed by individuals with the expertise to validate its completeness, accuracy and reliability. Tags: Future Of Metaverse Metaverse Future Metaverse Meaning Metaverse Tech Metaverse Meta Immersive Technology Virtual Space