A metaverse is a relatively new term that is not always well understood. Let’s figure out what a metaverse is, how many of them exist, and how they actually work. Today, we will also analyze an example of the development and prospects of one of the emerging metaverses.
What Does Metaverse Mean?
What is a metaverse? Well, the concept denotes a certain space where all users can get the opportunity to exist both with real and virtual objects simultaneously.
This effect is achieved through a large number of technologies, including AI (artificial intelligence), augmented, mixed, and virtual reality (AR, MR, and VR), blockchain systems, and so on.
According to scientists from Michigan State University, any metaverse will be characterized by three main features:
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- Presence effect. Any metaverse must have such an effect to improve the quality of digital interaction.
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- Sustainable standards. They are necessary to ensure interoperability between different platforms. A number of organizations are already working on standards of this type, including, for example, the Metaverse Interoperability Community Group, which was created in April 2021.
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- Compatibility. It is required so that users can move between different virtual spaces while maintaining their digital avatars and other objects.
Thus, we can conclude that the main feature of metaverses will be interoperability or at least a certain universality. This will allow ensuring equal interaction between users with minimal effort. The concept of a metaverse is used both in current and future times. The bottom line is that a full-fledged metaverse, such as it should be, does not yet exist.
However, many projects call their platforms that way, and, in fact, they are partially right since they are essentially the ‘embryos’ of metaverses, which can turn into full-fledged services and take the lead in terms of the number of users in the digital world.
Who Created A Metaverse?
According to existing information, the term ‘metaverse’ itself was introduced by the author Neil Stevenson. In his novel Avalanche, which was published in 1992, the protagonist works as a pizza delivery man in the real world and, at the same time, works as a warrior in a metaverse, fighting against a widespread digital drug.
Sometimes, another term, ‘cyberspace,’ is used instead of ‘metaverse’ since they are both similar in essence and meaning. However, it is the ‘metaverse’ that is used much more often.
Thus, formally, Neil Stevenson can be considered the author of the concept itself. Still, similar virtual spaces, albeit under different names, appeared in many works; therefore, it is difficult to say who was the first to propose the general principle of cyberspace or metaverse.
What Issues Did Metaverses Face?
Given the fact that the metaverse system has not essentially been implemented yet, there are many questions and disagreements that have yet to be resolved. These include the following:
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- Universal avatar. It is not yet clear whether the user’s avatar will be the same on all platforms or whether each of them will need a separate avatar. Both options have their pros and cons, so it makes sense to implement the ability to use both the same one and different ones everywhere. However, most likely, the developers themselves will be the ones to decide.
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- Term of use. It is assumed that a metaverse will work if people spend a sufficiently large amount of time in it. At this stage, it is not yet clear what time period this will be and how to attract regular users.
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- Metaverse management. It is not known who and how will manage this or that metaverse. Some believe that there should be centralized management and strict moderation. Others state that governance must be decentralized. Accordingly, moderation in such conditions will be very liberal.
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- Connection with reality. It is not yet clear how similar a metaverse will be to our today’s reality and what new features it will offer. According to one data, a metaverse can be a complete replacement for reality with the ability to ensure basic needs in, for example, entertainment. According to other data, the metaverse will only supplement reality but cannot and should not completely replace it. Most likely, the second option will be chosen, but everything will become clearer by the time the metaverse concept is fully implemented.
And this is only a part of the possible problems and controversial issues, albeit the main one. There are many other issues that require discussion and search for solutions.
Financial Development of Metaverses
Market Research Future’s data from 2020 shows that the metaverse market is valued at over $21.9 billion. According to preliminary information, investments in this industry will increase annually by about 40-45% until 2030.
According to experts, this figure may rise with increasing interest in the convergence of the physical and digital worlds or decrease if there is a threat to cyber. The key companies that are working on metaverses are Facebook, Epic Games, Roblox Corporation, and Tencent Holdings. ByteDance and Nvidia are also working in the same direction.
According to Bloomberg, the market income of the metaverse industry will reach $800 billion in 2024. For comparison, in 2020, this figure was $500 billion. According to experts, a significant part of the income will come from both direct transactions and advertising in all its diversity.
Facebook Metaverse Perspectives
In fact, Facebook no longer exists. Back in October 2021, the company was renamed Meta. Notably, the names of all products, such as social networks or messengers, remained unchanged. Probably so as not to confuse users who are already accustomed to the current names.
Mark Zuckerberg believes that a metaverse is not just the Internet or part of it. It’s not just virtual reality. This is a full-fledged platform and not just another ordinary project. According to Zuckerberg, one of the main features of his metaverse will be that users will be able to actually contact other players, no matter how far away they are.
It is planned that users will be able to do whatever they want in the metaverse. For example:
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- Hold meetings with relatives and friends;
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- Arrange working meetings;
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- Perform job duties;
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- Learn new specialties;
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- Play and have fun;
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- Do shopping;
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- Create something new;
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- Get impressions and so on.
Metaverse users will have the ability to instantly move between different places. They will be able to visit, for example, an office first and then instantly be transported to a music concert or home.
As planned by the developers, it is assumed that the metaverse will be completely open and compatible with any other platforms. It can be used both through a PC and a smartphone. Of course, it will be available through virtual and augmented reality glasses.
As Mark Zuckerberg predicts, it will take the company about 5-10 years to create its own metaverse. It is noteworthy that the head of the corporation began to prepare for this process in advance, creating a special fund even before the renaming of Facebook to Meta. In addition to the timing, it is also known that Meta will hire about 10,000 new employees to work on its own metaverse, each of which will be a high-quality specialist.
It is still too early to make any accurate predictions, but it is already becoming clear that the general idea of the metaverse is of interest not only to Meta and its head. At this stage, augmented and virtual reality technologies are still far from perfect, but they are constantly evolving and eventually will turn into a reality and attract users from all over the world.
Blockchain Metaverses
Some of the metaverses will be based on blockchain technologies. For example, these already include Decentraland, The Sandbox, and Upland. On such platforms, users will be able to create their own content and monetize it, trade various objects or simply interact with them. And, of course, just play and have fun.
Let’s take Decentraland as an example. Tokens.com acquired in-game land in Decetnraland for $2.4 million. This purchase is considered the largest in the history of the Decentraland metaverse.
The purchased land will be used to develop the fashion industry, create new projects, and even hold public events. It is planned to establish cooperation with various fashion brands and help them interact with consumers via the metaverse.
Interestingly, not so long ago, the Ministry of Foreign Affairs of Barbados bought its part of the territory in Decentraland. It is planned to open a digital embassy here already in the current year, 2022. According to the Ambassador of Barbados, this approach will enable the country to increase the number of diplomatic missions around the world and, at the same time, will promote the culture of Barbados in other regions of the world.
Read Next: Top 10 Best Metaverse Games to Play Right Now 2022
Game Metaverses
Game companies follow the metaverse trend as well. In particular, it is worth talking about Epic Games. Back in 2017, the head of this company, Tim Sweeney, planned to turn the Fortnite game into something more than just entertainment.
According to the developers, now Fortnite is not just a game but a full-fledged social network that people enter not only to have fun but also to chat with their friends and mates. However, the feature is not new for any game that has the ability to communicate and interact with other players.
To date, Epic Games has already raised about $1 billion to create and develop its own metaverse. In particular, special emphasis will be placed on realistic user avatars to begin with.
The game Fortnite is already gradually becoming something more than just a place for communication and entertainment. For example, Ariana Grande’s concert took place right in the game not so long ago. They also showed movies by Christopher Nolan. Balenciaga has created four skins for the game. And there are many similar examples.
Conclusion
Metaverse is a digital world in our reality. Depending on what users are doing, such a digital world can replace any social networks, instant messengers, work platforms, and much more. Of course, everything depends very much on what the needs will be, what different platforms will be able to implement, and how universal and interconnected all this will actually be.
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