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What is Metaverse? How Will It Affect the Future?

Various predictions have been put forward about the future of the Internet, and recently the most important of them is the “metaverse”. Of course, these changes will have great impacts on societies. In the new era, Metaverse will unleash creativity to an incredible extent and open new boundaries and horizons for brands and businesses.

What is Metaverse?

The word “metaverse” is a new word derived from the mixture of the meanings of the words “meta” (beyond) and “universe” (universe). 

The Metaverse is a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality , and the Internet.

Science fiction author Neal Stephenson initially used the term “Metaverse” in his book “Snow Crash” from 1992.

In “Snow Crash,” the Metaverse is a massive popular virtual world experienced by users equipped with augmented reality technology.

A lifelike virtual world is a shared virtual space where people are represented by digital avatars.

The virtual world constantly grows and develops depending on the decisions and actions of the society within it.

People will be able to enter the metaverse entirely virtually (i.e., with virtual reality) or interact with parts of it in their physical space with the help of augmented and mixed reality.

Why is the Metaverse Important?

Even if the Metaverse falls short of the fantastical visions captured by science fiction writers, it is likely to generate trillions in value as a new computing platform or content environment.

 but literally the Metaverse is the gateway to most digital experiences, a key component of all physical experiences, and is becoming the next great business platform.

 The value of being a participant in such a system is also quite great.

 Today, the “internet” does not have an owner, but when we look at the most valuable public companies in the world, we see the leading internet companies at the top. If Metaverse is truly going to replace the internet, it could also have a huge economic boost.

 The metaverse can produce a greater number and variety of opportunities than what we see on the internet. 

Payment processing, authentication, recruitment, advertising, content creation,New companies, products and services will emerge to manage everything from security and so on. This means that many employees today will be out of work and transformed.

How will the Metaverse be established?

The Metaverse will require countless new technologies, protocols, companies, innovations, and discoveries to work, and “pre-Metaverse” will not exist as directly as “post-Metaverse.” 

Instead, it will emerge gradually over time as different products, services and capabilities integrate and merge, but it is helpful to consider a few key elements that need to be met.

Infrastructure that does not yet exist is needed for the metaverse. Because the internet wasn’t designed for anything close to that experience, it was designed for sharing files from one computer to another.

The Metaverse requires more than just video conferencing and video games, and requires a highly concurrency infrastructure. 

Most video chat programs allow at most a few dozen people to meet. If there is a situation that reaches hundreds of people, live broadcast images of a few people are delivered to the audience instead of two-way sharing.

Which Companies Can Contribute to the Development of the Metaverse?
1. Microsoft
Microsoft has hundreds of millions of combined user identities through Office 365 and Linkedin. It is the second largest cloud vendor in the world.

 It has a comprehensive suite of business-related software and services covering all systems/platforms/infrastructure. 

To that end, Metaverse presents an opportunity at Microsoft to reclaim the operating system/hardware leadership it vacated during the transition from PC to mobile devices.

2. Facebook While
Facebook CEO Mark Zuckenberg hasn’t publicly stated his intention to develop and own the Metaverse, his obsession with it seems pretty obvious.

Facebook will be more affected by the Metaverse than any other company, as it will create a larger and more capable social graph and represent both a new computing platform and a new engagement platform.

3. Amazon
Amazon, most obviously, will always want to be the primary place where we buy products. In addition, the company is already the world’s largest cloud vendor with hundreds of millions of credit cards, a media provider for a wide variety of consumers, an e-commerce platform, and is reportedly working on AR glasses.

4. Apple
You probably already know that Apple owns one of the biggest producers of consumer devices as well as the biggest gaming retailers in the contemporary era.

Additionally, the company is investing heavily in AR devices and IoT technologies that will help the Metaverse. However, creating an open platform where anyone can access all user data and device APIs goes against Apple’s values ​​and business strategy.

How Will the Metaverse Affect Our Lives?

Current online platforms allow users to move freely for certain services and within certain limits, but limit interoperability between platforms. 

You can build anything in “Minecraft,” but you can’t import your creations into a “Fortnite” map. Metaverse will allow users to create their own content and distribute it freely in a widely accessible digital world.

Unlike the modern internet, Metaverse users will experience all changes in real time. If a user makes any changes to the Metaverse, that change will be permanent and visible to almost everyone. 

The persistence and interoperability of the Metaverse will provide users with greater continuity of identity and experience compared to the modern internet. 

In the Metaverse, users won’t need to have separate Twitter profiles, “Fortnite” characters and Reddit accounts, but will have their own across all channels. This continuity of identity will be the key factor behind how users purchase and consume content in the Metaverse.

When Will the Metaverse Arrive?

There are still quite a few obstacles on the way to a true Metaverse. The biggest obstacles are hardware limitations. Currently worldwide networking and computing capabilities will not yet be able to support a persistent digital world that can be experienced in real time by millions of concurrent users. 

Even if this level of networking and computing power were available, the energy consumption of such an effort would create problems for both national power grids and the environment.

If hardware and energy technology are sufficient, broad cultural changes will be necessary to foster the development of a true Metaverse. 

Relatively high-quality virtual reality and augmented reality technologies are already available to consumers, but less than 20 percent of Americans are familiar with VR headsets, according to a 2020 report by Thrive Analytics and ARtillery Intelligence.

 Additionally, experts predict that devices such as VR and AR have a chance to surpass game consoles as early as 2025.

What are Metaverse Projects?

Metaverse Economy Projects

Companies will need to transform their marketing strategies from online ad purchases to versions that can be used in a shared virtual economy. 

Companies will need to conduct market research on new customers in their database.

 How people behave and what their preferences are in the metaverse can be completely different from how they behave and what they shop for in real life.

Metaverse Culture Projects

People will not wander through the Metaverse one by one. They will establish friendships and relationships that will influence their decisions.

 Brands will need to continue to adapt to play styles and interactions. Customers will not only be able to talk to brands like on social media, they will be able to interact with them in 3D form.

Metaverse Shopping Projects

Virtual fashion, avatars, and virtual real estate (housing, cars, etc.) will have their own value in the Metaverse. Companies will have to design brands for different people at different stages of the economy. 

People who invest in metadata may have their own businesses and properties in the Metaverse, so there may also be partnership opportunities with businesses that do not have a physical presence. 

Virtual fashion houses and designers will have the opportunity to enter a completely new digital-first clothing market.

 

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