The metaverse is rapidly being depicts as the next frontier in the world of technology, business and finance. The concept rose to popularity in July 2021, after Facebook CEO Mark Zuckerberg renamed the company to Meta to reflect his growing interest in the metaverse. Today, everyone from big companies like Microsoft and Disney to innovative startups, is scrambling to penetrate the lucrative market that is predicted to reach over $780 billion by 2024. But what exactly is the metaverse? How will this affect the way we live and work?
What is the Metaverse?
Simply put, the Metaverse is a immersive virtual world which parallels our real life. However, a metaverse is not a specific type of technology. Instead, a functioning the metaverse requires a combination advanced technologies such as increase reality, virtual reality, 3D holographic avatars, and artificial intelligence.
The metaverse is not new
Zuckerberg may have designed the world Warning to the metaverse, but the idea of a virtual world is not new. The gaming industry has built the fundamental elements of the Metaverse for many years. For instance. Fortnite: Battle Royal, where 100 players compete on a small island until only one survivor remains, is a great example of a virtual universe.
The use of holograms is attributed to the music industry. Hatsune Miku, one of the most famous in Japan beloved pop stars, is a hologram with 100,000 hit songs to his credit. The “singer”, created by Crypton Future Media, uses Yamaha’s Vocaloid2 synthesizer and voice samples from Japanese actress Saki Fujita.
Will the metaverse change the way we live?
Fans think the Metaverse will allow people to conduct their daily lives in an online world. They consider use the virtual platform to attend meetings, conferences, concerts and even travel around the world with friends.
However, experts say technologies need to improve drastically before that happens. The still clumsy virtual reality headsets often cause movement illness and are not ready for prolonged use. The amount of computing power needed to lodge billions of people around the world in a parallel the universe also presents a problem.
Different Metaverse companies will also have different virtual worlds. They must standardize technology so that users can move seamlessly between them. Most importantly, the virtual experience must be irresistible and affordable for consumers.
Resources: Forbes.com, Wired.com, Polygon.com
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