Metaverse – Where Are We Heading: Life with Technology

This buzzword has been used near and far. So, here’s the metaverse explained.

What is the metaverse?

First coined in 1992 by Neal Stephenson in Snow Crash, a cyberpunk novel, the Metaverse was described as a virtual world where the book’s protagonist was able to jump in between a world of avatars and a dystopian version of Los Angeles. This virtual aspect of the metaverse is arguably its most important characteristic. 

Ideally, the metaverse can be explored with various devices, like a set of virtual reality (VR) goggles or your mobile device, so that users will be immersed in it and be able to experience interactions within interconnected virtual worlds and other people. So, what is a metaverse? Well, the term “metaverse” has a different meaning for everyone. Some define it as a network of social 3D worlds, augmented reality (AR), games, or a virtual marketplace.

When will the metaverse be here?

AR and VR have both advanced at lightning speed over the past few years which brings the era of the metaverse a lot closer than people think. With growing interest in cryptocurrencies, non-fungible tokens, and 5G technology, we’ll definitely be seeing sampling within the next 5 years. When will the metaverse be released exactly? Currently, the metaverse is in its early stages and may need a decade or so before evolving into what tech giants imagine it to be.

What will bring the metaverse to life?

How does the metaverse work?

In order to bring simulated environments to life, the metaverse will need the following:

Virtual Reality (VR)

VR lets users become immersed in a computer-simulated environment. Technology stimulates our senses so that we’re able to interact with the objects within the 3D world. Currently, we have technology that offers near-real virtual reality experiences. However, with the metaverse on the horizon, the future of VR is bright.

Augmented Reality (AR)

Similar to VR, AR uses real-world settings. This means that metaverse augmented reality could include a virtual world that’s a carbon copy of ours today. Consult with GTECH for AR and VR solutions

NFTs

You may have already heard of NFT, metaverse, and crypto in the same sentence. Non-fungible tokens are cryptographic assets that are truly unique, online cryptocurrencies. NFTs are predicted to become valuable assets in the metaverse as more and more people invest in them. An NFT can be a certain avatar that can access certain worlds within the metaverse unique to them.

5G Technology

In order to properly experience augmented reality and virtual reality reality in depth, 5G connections will be key. The 5G network will be a metaverse building block because the immersive content that will be created can only be supported by devices running on 5G. 

Are there examples of the metaverse already?

The most popular metaverse examples already in existence or are going to be pioneers include:

Meta

Meta, formerly Facebook, has made a pledge to bring the metaverse to life. To do this Meta has acquired and is working on connective technology like the Mixed Reality (MR) headset, Project Cambria. Project Nazare, AR glasses, is also in the works after Meta’s Oculus QuestVR headset became a hit.

Microsoft

Microsoft acquired Activision Blizzard which is known for being the maker of the popular games Candy Crush and Call of Duty. As the owner of Xbox, it isn’t surprising that Microsoft is once again investing heavily in gaming. Microsoft VR could focus on metaverse gaming as the company’s recent acquisition was to gain a foothold in the future digital world. 

Decentraland

This VR platform is one of many that is Ethereum-based but is essentially a real-estate market. You can buy land in Decentraland using one of three native tokens – LAND, MANA, and Estate – to create a marketplace with specific settings and applications. 

Epic Games

The creators of Fortnight want to be established as a company that makes more than just games and is hoping to contribute to the metaverse in the near future. Epic Games has an advantage and is deemed a potential leader in the race to the metaverse because of its capacity to unite millions of users for virtual events. The Epic Games metaverse is definitely one to look forward to.

Roblox

This gaming company is known for user-created games and worlds. While the company has not invested in AR or VR technology, they are banking on online community platforms to create immersive experiences in the Roblox metaverse. Similar to Epic Games, Roblox has also had celebrities virtually perform which has the potential to replace the real-world experience. 

The Metaverse: Reality

We’re definitely making advances towards the metaverse but have a long way to go. The way we see it, the future of technology will depend on the metaverse and vice versa.