What is the Metaverse?

It’s a term thrown around a lot at the moment, right? The metaverse. A totally virtual world in which people can live, work, learn, shop and interact with one another, all without having to leave their homes. We already have access to an unlimited amount of information thanks to the internet, but it sits behind a screen; thanks to the metaverse, people will be able to become a part of this unlimited world. Digital representations of ourselves will be available, experiencing life as we do but in an entirely online world. It sounds almost like fantasy, so let’s dive into more detail about the metaverse.

A Short History

Many people believe that the metaverse is an innovative vision that will prove to be the next iteration of the internet. It is a single virtual space where humans can experience what they experience in real life but in the digital world. This means it will be somewhere businesses can operate and market within, but also somewhere people can socially meet friends, play games and update the world on what they are doing.

This virtual world will be accessible thanks to virtual and augmented reality. This kind of tech is evolving and, as such, will form a critical part of the metaverse. People can wear glasses and subsequently submerge themselves in the digital world.

What might surprise you is that the concept is not exactly a new one; the term metaverse was initially coined in 1992 in a sci-fi novel written by Neal Stephenson. The work in the novel pertains to a reality-based internet, so the actual concept was thought up decades ago; it’s just now we have the technology to make it a reality.

How Does it Work?

Given that the metaverse remains fairly unbuilt, there is still much disagreement about how it will work. That said, the metaverse is a digital ecosystem centred around 3D technology, blockchain decentralised finance tools and collaboration software.

The senior manager at Bain & Company, Lauren Lubetsky, gave a talk in 2022 on the metaverse, in which she outlined three possible scenarios on how it will be sufficiently controlled. These were:

• The metaverse will remain a domain that houses niche applications, consumers will use these to play games and entertain themselves, but the metaverse will not go so far as to encompass all of reality.
• The metaverse will be controlled by different large competing ecosystems, such as Apple and Android, so there will be limited interoperability.
• The metaverse will be dynamic and open, in the same way that the internet works but 3D and immersive.

How Will the Metaverse be Accessed?

Two types of technology are important for the metaverse’s development and growth. These are augmented reality and virtual reality.

• Virtual Reality: This is a simulated environment projected in 3D that allows users to interact with their surroundings in a way similar to how they would interact with the physical world around them. This will be accessed through a virtual reality headset. There are also gloves and full-body tracking suits, which make lifelike interaction possible.
• Augmented Reality: This is less immersive than virtual reality but still forms a significant part of the metaverse. It is responsible for adding digital overlay over the real world. Users can still interact with the real world but not in the same way. The popular mobile game Pokémon Go is a good example of augmented reality.

Technology in the Metaverse

Given that the metaverse is evolving, many coders are shying away from putting together the technology that will go into making it. However, there is a consensus amongst a lot of experts that there are seven technologies which will have the most significant impact on the development of the metaverse throughout the next decade or so. These include the following:

• Artificial Intelligence
• The internet of things
• Extended reality
• Brain-computer interfaces
• Reconstruction and 3D modelling
• Blockchain technology
• Spatial and edge computing

What Is the Metaverse Currently Used For?

There is a lot of talk about the metaverse still being in development, but people are currently using it, so how is that so? The metaverse can already be used; it is just not at its final stage. The online gaming industry has adopted the metaverse to create games that are more immersive than ever. These games already have a large audience, particularly with titles such as Roblox, where players can build and live in their own virtual world.

Game developers continue experimenting with how to use apps within the metaverse. Other companies are also seeing how they can effectively use it. For instance, companies are trying to see how they can work within the metaverse and advertise and market themselves there too. It’s likely the metaverse will continue to become more and more popular, and therefore, in the same way businesses need to adapt to the internet, the same thing will happen here.

Does Your Business Need a Hand Adjusting to the Metaverse?

The metaverse is already taking shape, and at the rate that it is developing and the potential contained within, it will soon be a large part of our lives, not only on a personal level but also on a professional one. Businesses must learn how to operate in it and market themselves there. If you need a hand with this, consider enlisting the help of YouYaa. At YouYaa, our marketing experts team can provide plenty of advice on how to market yourself in the metaverse. If you need any help, do not hesitate to get in touch.