Proven Reality

Metaverse – What does it mean for our future?

When tech giant Facebook announced its almost infamous rebranding and reinvented itself as “Meta,” some people were left confused. Meta (derived from metaverse), a word not usually thrown about in conversation, was still a mystery. While not a widely known term, the journey of the metaverse had started long ago. Its impact and expansion had already begun; the tech giant’s move just reinstated that the technology is here to stay.

Metaverse did not just take some companies by surprise but also was the buzz for weeks on social media. To help our customers stay abreast of the new (not really) arrival in the world of technology, here’s a blog that will dive into the deep end of what metaverse is and what it could mean for our future. Read on!

What is the Metaverse?

If we were to explain in just a few words, the metaverse is a component of virtual reality. The exaggerated version of the metaverse can be seen in science-fiction blockbusters such as The Matrix. However, the technology has not quite reached that feat. The potential for that does exist, though. This technological innovation can likely surpass the already known levels of immersion using virtual platforms.

Metaverse is older than Facebook’s existence. The description offered by Mark Zuckerberg at the launch (or shall we say rebranding) event is vague to a point where it doesn’t even begin to explain the vastness of the technology. This technology will allow users at any geographical pin in the world to interact with not just the other users but the metaverse itself.

Is the metaverse the same as virtual reality?

We are already experimenting extensively with virtual reality, whether it’s for gaming, educational, or medical purposes. Metaverse, however, takes the potential of virtual reality a step forward.

Immersive technologies are closely associated with the metaverse, but they are not synonymous. Virtual reality allows you to get immersed in a changing, alternate world around you. On the other hand, augmented reality will enable you to add elements to your actual surroundings and facilitate varied interactions.

Metaverse is just a little ahead of the two. It is built on the pretext of human contact, acting as a playground, if you may, for virtual and augmented reality. It will allow users to share a virtual universe and augment the experience in everyday things such as school, work, and even workouts.

How will the metaverse impact the future?

As per statistics released by earthweb.com, the global market size of the metaverse is expected to reach $800 billion by 2024. The same report suggests that over 10,000 jobs will be created in the next five years, owing to the technology’s expansion.

Digital expansion has been a long-anticipated dream for tech giants, and the metaverse is helping forward that vision. While effects of the metaverse were previously seen in games like Fortnite and an Ariana Grande virtual concert, much more is left to be explored.

The future will bring a much more immersed, life-like experience to users. A common example of doing the rounds in tech communities is that users will be able to view the UFC (Ultimate Fighting Championship) matches from any angle they prefer. They can even view it from the perspective of one of the fighters. This would mean that users will be able to decide the level of immersion they want from the metaverse, even in any other scenario.

To make the metaverse more accessible, users will be able to experience it via smartphones and computers as well. However, there will be a difference in experience, wherein those using VR headsets can be fully immersed in the virtual universe.

The first and easiest deployment will probably be with video games. Since games are already developed with virtual elements, they offer an excellent platform for metaverse to firmly ground its roots. The evolution will obviously start from there and impact several aspects of daily life.

What are the challenges?

Yes, the metaverse is a phenomenal innovation that can transform and enhance several monotonous activities. However, experts have voiced concerns regarding users’ mental health, privacy, and security. How this aspect of the user-metaverse interaction evolves remains to be seen.

Technology has always been a world laden with doubts and benefits. Since we are just at the metaverse’s mid-life junction, the security aspects are also expected to evolve with the technology. The creation of the full-fledged metaverse is years (at least a decade) away. The cost of building it and the technical roadblocks will allow companies to revisit and assess the impact of the metaverse at length.

Gone are the days when the metaverse was just a movie plot from the alleyways of a sci-fi movie. Today, it extends a hope to be utilized in more ways than just for entertainment.