Metaverse Technology is constantly evolving and more interaction within technologies and software is constantly increasing.
It has evolved from an idea into a development stage. Now it is in a more complex stage. Below are some of the metaverse stats for 2022.
What is Meta Verse?
The combined word Metaverse is used to denote the action of combining different technologies in resolving digital products and services.
Breaking “MetaVerse” into two different words we Have “Met” and “Verse” each meaning two different things.
Meta stands for Complexity and Verse stands for space and time, in general, the universe. Combining the two, we will arrive at a definition that is unrelated to what the combined word denotes.
Although there is no pre-detailed definition or concept for the Metaverse, the main idea is to bring the virtual community and physical community together.
For example, with the Metaverse technology, you can attend virtual meetings in a virtual environment just like an office.
Unlike the zoom App where you don’t feel anything, with the metaverse technology you will be able to touch and feel things like you’re totally present in the virtual meeting.
You can feel, touch, record, interact with other people present in that meeting. It will be like teleporting yourself straight into the virtual environment controlled by signal, charge, electricity, microwaves, display lens and electrons.
This new technology has been considered as the future of the Internet. Currently they are a recognizable progress in the development of the Metaverse Technology and they are VR(Virtual Reality) and AR (Augmented Reality).
The main idea behind the metaverse technology is to bridge the gap between the virtual community and our physical community.
What is the difference between the AR and VR technology
AR stands for Augmented Reality. This technology is used to create stimuli in respect of sounds, visual, and other sensory elements that helps to create a real world environment virtually.
AR technology allows you to control how you feel in a virtual environment. You can feel pain, touch and even see clearly in a virtual environment.
Currently, this technology is being used for therapy where you receive treatment in a virtual environment and its effect is felt while in the virtual environment and physically.
While VR stands for Virtual Reality. This technology helps in creating the virtual environment such as houses, meetings, streets, roads, and anything that depicts a physical environment.
Examples of VR and AR Technology include the 3D Game where you put on VR Glasses and AR headgear before playing.
The AR Headgear and VR Glasses create a sensation that you are directly inside the game.
The environment is perfectly done to depict a physical environment and that is why most times you often shake while playing the game because the AR and VR technology have placed subconscious thinking in your mind that you are physically inside the game.
The 3D game using AR and VR technology can be seen as the lower tier of the Metaverse technology.
Movies such as Tron and Spy kids gave us a clear picture of the metaverse technology. The kids in spy kids had to teleport themselves into the virtual environment for a mission.
Same thing with the Tron. Any death or injury sustained in the game will also be felt in reality.
Key Metaverse Statistics
- $10 billion has been invested in the Metaverse by Reality Labs
- 10,000 jobs will be created over a five-year period
- The science fiction novel ‘Snow Crash’ coined the “Metaverse” phrase in 1992
- It is a combination of virtual reality and augmented reality
- The global Metaverse market is expected to be worth $280 billion by 2025
- It was worth $46 billion in 2020
- It is considered the ‘future’ by Facebook
- Facebook has 2.9 billion monthly users
- David Fischer owns more than 37,000 shares
- Vanguard Group owns 17% of Meta
- The rebranding is seen as an attempt to move away from controversies
- Mark Zuckerberg owns 16% of Meta Platforms Inc.
What does this mean to the Online Realm
The metaverse Technology aims at bringing the digital world and physical reality together. It evolved from just saving data into space. Now you virtually create content and save it directly while in your virtual environment.
Anyone and any business can have a space in the metaverse technology. Physical and digital Products and assets can now be transferred from the virtual environment to the physical environment.
The Metaverse Technology Also aims at making it easy and possible to have different avatars in different spaces and environments. You can also work virtually, get paid and use the cash physically.
Games can now be played virtually and of course, any form of injury sustained will also be felt physically. If tired, hyperactive, or sick virtually, it will also be felt physically.
The Metaverse technology will change the concept of economy, Trust, Privacy and Security.
When did the Idea Start
The idea was coined in the year 1992 by Neal Stephenson in his science fiction novel titled “Snow Crash“. Stephenson used the word “metaverse” to describe a place where humans can take on new avatar identities, live and interact with one another.
It describes a digital or virtual environment that can only be accessed using VR technology.
The concept has also been used in movies such as matrix, Spy kids, and Tron. These science fiction works are the major source of ideas that brought the Metaverse into reality.
Currently, Persons like Mark Zukerberg (CEO of Facebook), Larry Page and Sergey Brin (Founders of Google), Jeff Bezos (CEO and founder of Amazon) have come together to make the concept and idea of Metaverse a reality.
Where is the Metaverse Idea going?
The current development in fintech technology which is responsible for the transactions made online shows that the Metaverse idea is about to become an acceptable reality.
Zuckerberg made an announcement in October 2021 in an AR/VR conference that he is about rebranding Facebook to meta.
This shows that in no time, the gap between physical and digital products across the Facebook app will be filled. This will allow people to Log in not only to the app but to the virtual space provided by Facebook.
Oculus will also be rebranding to meta thereby taking all the financial aspects of the business to the space or virtual environment.
Finetech has also played a role in the movement of the metaverse idea. This is because fintech is behind every financial transaction carried out on Google and Amazon.
With Fine tech rebranding to meta, it will be easy for every other digital organization to also rebrand. This is because Fintech will create an easy pathway for digital products to be made available physically. As a matter of fact, since the pandemic, statistics show that 88% of consumers are using fintech to order goods down to their doorstep. With the introduction of Metaverse technology, shopping can now be done virtually via any supported fintech companies.
It is important to note that no one owns Metaverse Technology. It is an idea that has been made possible with the collaboration of different persons. Hence it is open to anyone to use and manipulate depending on the need.
Metaverse Outlook.
The idea of Metaverse is constantly in development. The two key areas which are AR and VR technology are constantly evolving and becoming more complex.
Reality Labs has invested 10 billion dollars into their Metaverse division, and has been and will be creating content, software, and hardware for AR and VR use.
The AR and VR technology Will help in creating virtual environments like meeting and work rooms where users will wear a headset to gather and participate in every activity carried out in any designated virtual room.
There are plans to create a Ray Ban eye where that will aid in taking video of all the happening in the virtual environment.
Currently there is a plan to introduce AI (artificial intelligence) into the Metaverse Technology. Edge, cloud computing, and 5G Networks will also be incorporated into the Metaverse Technology
Technologies like 3D Metaverse will also be created. The 3D metervese technology will help in Creating enhanced experiences in games such as Roblox and Fortnite.
Honestly, given the plans made for the Metaverse Technology, it will take the collaboration of almost every person with Programming, Digital and AI knowledge to make it a one time reality.
Concerns and Benefits of the Metaverse Technology
Metaverse Technology is a new wave in the internet creating excitement and high expectations.
It is making the impossible become a reality. But All technology comes with benefits and concerns. Some of these benefits and concerns of the Metaverse Technology are addressed below.
Benefits of Metaverse
There is lots of potential with Metaverse Technology. It will allow everyone to interact with the virtual world and the physical world making it possible for anyone to do anything using Applications.
Educational Application
The idea aims at making education easy and more intense. Virtual classrooms, practicals will be made possible. Excitingly, academic field trips from anywhere in the world will be made possible. From your house or school you can go on virtual field trips and feel comfortable and alive.
Real Estate Application
The Metaverse Technology will allow users to own apartments and houses digitally. It will allow users to travel anywhere in the world. It creates opportunities for users to live in any country in the world via the VR technology.
This new development is an open gateway for more job opportunities for Real Estate Agents and Brokers across the Globe Virtually.
Business Environment
With the Metaverse Technology, we can be able to create and have Virtual environments that mimic actual physical stores and offices.
With the Metaverse technology it is possible to enhance customers’ shopping experience because of 3-D virtual shopping which is an upgraded form of Internet and online shopping allowing users to be present virtually.
Concerns around Metaverse
Although the Metaverse Technology is still in its development stage, given the outlined benefits of the technology, certains concerns have been saved. These concerns are addressed below.
Privacy
Personal data and information is expected to be more secure and private in the Metaverse universe, but data information is a big concern.
This is because your every information in regards to what you like, do, visit in the virtual world will be harnessed and used by any software offering you the virtual space to advertise.
It will work just like social media where your recent activity will determine the feeds that are displayed to you.
Facebook confirms this concern because it has already made plans to use targeted advertising within the Metaverse which has raised more concerns because there will be loss of privacy and high spread of misinformation.
Technology Addiction
A lot of youths and teenagers are already addicted to social media just like Facebook. It gives them the opportunity to live fake lives, make new friends online.
With the introduction of the Metaverse technology that will allow the users to be present right inside the social app or space, the rate at which teenagers will use this as an avenue to escape reality will be high because they can now have cars, houses, jobs that they could not afford in reality.
Societal Fragmentation
While using social media apps like Facebook, it is noticeable that there is social fragmentation. If you like reading sports news, you will constantly be shown sports news.
If you love reading stories, stories will categorize your news feed. That is how the AI is programmed to work.
With the Metaverse Technology, lots of persons will find it difficult socializing physically because virtually, all this is surrounding them are people and activities of similar social interest.
If a person likes watching games, all that will surround such a person virtually will be games and this is a clear example of societal fragmentation.
Societal Fragmentation is the act of putting people in a social circle or gathering bass on recent activity. This will greatly affect everyone as socialization will become impossible.
Wrapping Up
Would Metaverse be a reality? I suppose it would as the proto-types have been done already and AR is already used in the gaming industry.
While we might have a different stance on Metaverse, the big tech companies’ heavy investment shows that it’ll be a reality (though I earnestly hope it doesn’t).
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