James Phang

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The Metaverse Explained

You may have heard the term ‘metaverse’ mentioned a lot recently on social media or on the news since Mark Zuckerberg announced the change of his company to ‘Meta’ to reflect the company’s direction towards the metaverse. Very small parts of the metaverse have already existed online through Fortnite, Minecraft, and Roblox.

What is the Metaverse?

The metaverse uses a combination of multiple elements of technology including augmented reality, virtual reality, and video to allow users to live within a digital universe. Metaverse supporters envision users will be able to work, play, and stay connected with friends through everything from concerts, conferences to virtual trips around the world.

When Can We Expect to See It?

The Metaverse is far from being taken into the mainstream, key features of the metaverse already exist such as ultra-fast broadband speeds, virtual reality headsets, and online worlds running. Mark Zuckerberg estimates that it could take 5 – 10 years before metaverse is adopted by the general public.

Examples of Metaverse

Microsoft

Microsoft has been enhancing their Hololens technology to improve connectivity with teams in different locations. Using a mixture of virtual and augmented reality technology Microsoft has also shown off their plans to bring in mixed reality via holograms and virtual avatars to Microsoft Teams in 2022.

Meta

The company formerly known as Facebook has already invested in virtual reality via their acquisition of Oculus in 2014. Mark Zuckerberg believes the metaverse will replace the internet as we know it. It will become the next platform and medium to enable more immerse experience than ever rather than viewing content on a screen.

Fortnite

Epic Games, the creators of the game Fortnite have held concerts for Ariana Grande and Travis Scott, movie trailers and music debuts within the game. Epic Games have also developed a software called MetaHuman Creator that allows you to create and customise your digital doppelganger in future open-world games.

Video: Ariana Grande Fortnite Concert

What Could The Metaverse Bring in the Future?

The emergence of the Metaverse will bring another dimension/market that companies will need to consider if they want to exist in the digital parallel universe. For example, clothing companies could consider designing digital avatar clothing, which can be sold via cryptocurrency and bring additional income into the company. Already today, gamers are willing to purchase items that can make the look of their gaming avatar more unique and reflect their personality. The Bank of England is currently researching digital currency for future use and potentially could be used in the metaverse.

Summary

At the moment the term ‘metaverse’ is a buzzword on the internet however, it is considered the next step that will enable a more immersed internet experience of the masses. Aspects of the metaverse already exist via virtual and augmented reality technologies and in video games. The Metaverse can be seen as a positive or negative outlook on society but provides an opportunity for companies to be leaders in a new reality. The metaverse could bring in a society similar to the film called Ready Player One that depicts a world where everyone lives in a virtual world. They explore, connect, and make friends while on an adventure to be the best player in the virtual world.

Video: Ready Player One by Warner Bros