The metaverse is an online 3D environment that connects various virtual estates. A future internet; users can cooperate, meet, play games and engage with each other in a holistic three-dimensional environment.
Other platforms are already metaverse-like. Virtual reality video games provide the closest metaverse experience. Creating virtual economies and holding in-game events has pushed creators’ definitions of games.
The following are its most relevant characteristics:
- Interactivity: Users must be able to communicate with one other and with other metaverses.
- Interoperability: Avatars and items must be able to be generated and utilised across all metaverses.
- Corporeality: Although it is a virtual world, it is important to remember that it is bound by physical constraints and has finite resources.
- Full-fledged economy: items may be utilised in any context, independent of who administers them, according to interoperability.
Which companies have skin in the game?
- Microsoft Mesh
Microsoft surprised attendees at its recent Ignite conference by announcing Mesh, a virtual reality bet that will be primarily used in Teams and built on the success of its HoloLens2 headset. Using mixed reality apps, users can “enable presence and shared experiences from anywhere, on any device.”
Even “holoportation” in the workplace is mentioned as a way to improve decision-making and problem-solving.
- Ali Metaverse for Alibaba
This technological race has already begun, with multiple metaverse-related trademarks filed by the Chinese giant, which is in the early stages of development. Ali Metaverse is the first to join, but Taobao and Dingding Metaverse will follow soon after. We can only wait and see what happens.
- Facebook Metaverse
Mark Zuckerberg is now the most invested in this virtual realm. So much so that he renamed Facebook “Meta.” They offer a 3D world where you may engage, study, cooperate, and play in never-before-seen ways.
As a result, they are the firm most likely to invest in the metaverse. In 2020, up to $18.5 billion was spent in R&D, equivalent to 30 percent of Facebook’s income. The initiative also generated around 10,000 jobs throughout Europe.
Benefits for businesses and individuals
Metaverse can address all present remote-work concerns. Interacting with employees entails reading body language. The organisation may also measure staff productivity using avatars, preventing problems like goldbricking and productivity time theft.
Metaverse is a boon to doctors who can’t see patients due to geographical restrictions. They may interact with the patient and learn about their health.
In today’s metaverse games, artists and publishers own and distribute in-game content. Gamers love the idea of letting avatars roam vast virtual worlds.
Not everyone can travel. Virtually, everyone gets wings. The metaverse, AR and VR are being utilised to build a first-person virtual world.
Economies of scale
The metaverse economy will undoubtedly grow. Brands that thrive here, especially premium ones, will be able to build a feeling of community and brand loyalty among younger consumers before they purchase real products! Or unreal ones: selling NFTs of artefacts in the metaverse might be a new income source for high-end businesses. Luxury companies like Balenciaga, D&G and Rebecca Minkoff are leading the way. They’ve introduced digital items, limited-edition NFT collections and branded worlds.