Five Essential Things You Should Know About The Metaverse

The term Metaverse has been coined in many ways, under multiple industries. Perhaps some have heard Metaverse being mentioned in gaming, entertainment, shopping, tourism, and even social media. Briefly put, Metaverse is defined in the dictionary as “a virtual-reality space in which users can interact with a computer-generated environment and other users.”

5 essential points when it comes to understanding what a Metaverse is, and how it works.

#1 What is the Metaverse about?

The Metaverse is a term for a three dimensional (3D) space in which users can interact with, and virtually be a part of, the internet. There are two portions of the Metaverse commonly known to some, virtual reality and augmented reality. Both realities are similar in the aspect that they merge the user to a digital space, where they have the freedom to “move” around in with their avatars, or within certain limits provided by the code or program. Although the initial idea of stereoscopes (3D image) came in 1838 by scientist Sir Charles Wheatstone, the modern Metaverse became more developed after 2010, with the Oculus Rift VR headset, invented by Palmer Luckey.

The first VR headset set a catalyst to the development of Metaverse, starting from Facebook (now Meta) acquiring Oculus VR in 2014, Sony and Samsung announcing the creation of their own VR headsets, and Google’s Glass AR glasses all in the same year. Two years forward, Microsoft’s HoloLens headset was delivered to the market, while the Pokémon GO AR app gained unprecedented popularity. 

#2 How is the Metaverse made?

The Metaverse is made through a combination of relatively new and innovative technologies, specifically virtual reality (VR) and augmented reality (AR). In a physical state, Metaverse can be accessed via VR/AR headsets. In a virtual state, Metaverse can be a way to visit an alternate, virtual reality. Metaverse is characterized as an immersive form of the internet, where users can interact with virtual worlds built by others. Meanwhile, the virtual world that users of the headset can interact with experience a digital reality, contrary to the present, or physical reality. 

The Metaverse has been ideated in many forms, starting with popular games, shows and novels. Some examples of Metaverse inspirations are Second Life (a space where users can explore a virtual world with their customized avatars), a film exploring the idea of Metaverse in Ready Player 1, and popular games ushc as Fortnite, Pokémon Go, and more.

The Metaverse is made through VR/AR technology, and is coined today as an artificial universe, closely resembling the physical environment.

#3 Where is the Metaverse being applied now?

Many in the global landscape are joining in building and testing the Metaverse, a virtual and shared reality. In 2021, the global metaverse market was valued at $209.77 billion, and is expected to grow to $716.5 billion by 2027. The Metaverse is being applied to entertainment, finance, travel, and gaming industries, where “cryptocurrencies and NFTs are invaluable assets.” 

Some of the key players in the acceleration of Metaverse adoption are Meta Platforms, Inc., developing virtual worlds users can explore; Alphabet Inc., building on Web3 development; and Microsoft Corporation, building digital simulations where businesses can “gauge feasibility in cost-effective ways.”

Innov-Edu is also building an interactive platform where users can learn more about the Metaverse, and earn tokens while they upskill and reskill themselves on the platform.

#4 How do I be a part of the Metaverse?

Most likely, you have already experienced the Metaverse. Although you may not have been fully immersed (for example, playing a VR/AR game on a personal VR headset), you may have come across it in different ways. For example, using your phone’s camera to watch a little 3D hamster running around on a desk in augmented reality. Or playing Pokémon Go, a simulated version of both virtual and physical reality. 

On statistical evidence, VR/AR have the potential to be used by companies for “training, work meetings, and [enhancing] customer service experience.” Research states that by implementing VR/AR, the time spent on training staff can be reduced by up to 60%. If the workforce implements VR/AR technology, it will be easier for individuals new to the virtual world to immerse themselves in the Metaverse through guidance and training. 

#5 What is the future outlook of Metaverse?

The current outlook of Metaverse are the VR headsets, developed by Samsung, Oculus, iTechArt, Unity, and more. While the VR/AR aspects are still in development, it is expected that more virtual spaces would be created and implemented to VR headsets and AR apps to fully immerse a user in the Metaverse. Perhaps in the future, electromyography (EMG) movements (movements made by your body, such as the movement of a finger) would be able to “allow you to control devices, communicate, and collaborate with others almost as simply as thinking.” Even further ahead, more sensors would be added to the existing technology to immerse users into the virtual world (the Metaverse), and gain a similar feel to the physical world.

All in all, Metaverse development holds plenty in store to grow and develop user experience in virtual or augmented reality. Innov-Edu is building a variety of blockchain and emerging technology courses to help individuals adapt and seamlessly integrate into highly innovative workforces. To keep up-to-date with Metaverse on-goings and more, keep educating yourself by taking online courses at Innov-Edu.

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***This article is not meant to offer any tax, investment or trading advice. The author of this article is not a licensed tax, investment or financial advisor***

Sources

Ascott, E. (2022, August 2). Future Of Work: VR In The Workplace Can Reduce Staff Training Time By Up To 60%. Allwork. Retrieved August 2, 2022, from https://allwork.space/2021/08/future-of-work-vr-in-the-workplace-can-reduce-staff-training-time-by-up-to-60/

Fanbytes. (2022, August 2). 7 Metaverse Examples to Inspire Your Brand. Fanbytes. Retrieved August 2, 2022, from https://fanbytes.co.uk/metaverse-examples

Farooq, O. (2022, April 5). 13 Most Ambitious Metaverse Companies in the World. Yahoo Finance. Retrieved June 20, 2022, from https://finance.yahoo.com/news/13-most-ambitious-metaverse-companies-143241978.html#:~:text=Other%20prominent%20companies%20that%20are,(NYSE%3AU).

Innov-Edu. (2022, August 2). Retrieved August 2, 2022, from https://www.innov-edu.ca/

Marr, B. (2022, August 2).A Short History Of The Metaverse. forbes. Retrieved August 2, 2022, from https://www.forbes.com/sites/bernardmarr/2022/03/21/a-short-history-of-the-metaverse/?sh=221154345968

Marshall, M. (2022, August 2). The metaverse: Where we are and where we’re headed. CNBC. Retrieved August 2, 2022, from https://venturebeat.com/2022/01/26/the-metaverse-where-we-are-and-where-wed-headed/

SoftwareTestingHelp. (2022, August 2). 20 Biggest Virtual Reality Companies | Top VR Companies 2022. SoftwareTestingHelp. Retrieved August 2, 2022, from https://www.softwaretestinghelp.com/top-virtual-reality-companies/


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