Metaverses: a trend, a regularity, or a new dimension of technology?

Description

The Metaverse is a limitless 3D digital world. The ultimate guide to the Metaverse. Tips, advantages, and disadvantages.

Metaverses: a trend, a regularity, or a new dimension of technology?

Metaverse: what is it?

Many people are fascinated by science fiction, fictional worlds, and the topic of an alternate reality. However, a new real alternative digital reality Metaverse is right next to us. The most famous science fiction writers of the 20th century described a real parallel world.

Even the definition of the Metaverse itself appeared thanks to the book. The American science fiction writer Neal Stephenson suggested the term in his post-cyberpunk work "Snow Crash" in 1992. The word was a very accurate description of the future of virtual reality technology. The term caught on in the IT sphere and with fans, and in the 21st century, it received a new round of adoption. Today we cannot even say what has had more influence on the development of the VR than fantasy literature.

What is Metaverse? It's a constantly acting digital space, controlled by users with special tools and equipment, and allowing to feel the full realism of the surrounding world created by the developers. It's a set of visual techniques, physical sensations, and things that are transferred into a virtual space and imitate real life. The more qualitative and conceptual the Metaverse, the better the project is considered.

Many people are fascinated by science fiction, fictional worlds, and the theme of alternate reality. However, the new real alternative digital reality Metaverse is very close to us. The most famous science fiction writers of the 20th century described a real parallel world. Even the very definition of the Metaverse came from the book Snow Crash in 1992.

What is the Metaverse? It is a digital space that is controlled by users with special tools and equipment with the desire to maximize the similarity of the real and virtual environments. It is a set of visual, physical techniques that are transferred to the virtual space and imitate real life. The better and more conceptual Metaverse is, the better the project is considered.

What is the Metaverse? A short history

The importance of Metaverse grew every year. The first phase of testing began with overlaying yellow marker graphics on top of real video footage. Then augmented reality technology began to be used in other fields: in games and sales applications, cinematography, goods demonstration, etc.

An important step in the development of Metaverse is AR- and VR-reality headsets.

In 2014, several players entered the virtual world at once:

• Facebook bought Oculus VR;
• giants Sony and Samsung are working on their own VR headsets;
• Google Glass Metaverse AR glasses.

The next significant event in the development of the digital environment is, of course, related to Facebook, or as it is properly called now, Meta.

What is Meta? It's a new name for the well-known company Facebook, which announced a rebranding and change of direction in October 2021.

Founder Mark Zuckerberg announced that the company will now be called Meta. The renaming, by design, was one of the steps to develop a new online environment on a large scale so that Metaverse users could work, communicate, and play games, including with the help of a virtual reality headset.

According to Zuckerberg, Metaverse virtual reality will already have a billion members in the next 10 years. There will appear millions of jobs, platforms for creating content and sales, representative offices of large businesses, and so on.

The billionaire's statement had a bombshell effect, and the development of the digital environment began to accelerate many times over.

Why is the Metaverse so important and has a good perspective?

Metaverse meaning is difficult to evaluate right now. The industry is only at the initial stage of development, and it is impossible to calculate all the advantages fully. However, the obvious advantages are beginning to emerge now:

• It's a new stage in the development of the Internet. Everyone has seen the transformation of the World Wide Web from a linear one-way website to a developed platform for information exchange and the possibility to create one's own economic model on the blockchain. Therefore, it is logical to imagine that Metaverse is the next stage in the development of the Internet, the transition from Web3 with all the advantages of this type (decentralization, crypto economy, openness, multifunctionality) to a spatial World Wide Web.
• The new space for business. A huge number of companies and businesses are investing in digital reality. Microsoft, Google, Sony, Nvidia, Disney, Unity, Shopify, Roblox, Qualcomm, Apple, Sequoia Capital, and BlackRock. This is just a small fraction of those interested in the development of Metaverse. The virtual space has begun to be used as an online office and venue for meetings, lecture talks, and meetings. Meta's policy contributes a lot to this. The company shows by personal example how Metaverse can be used. In addition, the restrictions due to the COVID-19 pandemic have greatly affected the speed of using Metaverse, including in business.
• New jobs. Metaverse definition requires an enormous amount of labor. It's teams of developers, designers, testers, technicians, and marketers. It's like opening a new factory and with it thousands of jobs.
• A good investment. Metaverse VR is just gaining development momentum. Many people do not yet understand the full perspective and what can be done with the technology in the near future. What if it takes a few years to develop? Perhaps by 2030, we will see an entirely new virtual reality, as much as possible optional and applicable. So in the early stages of development, Metaverse can be considered a good investment.
• Legal and legal support. Metaverse can be a good incentive to create a set of legal and regulatory assets that regulate interpersonal, property, and business relationships in virtual reality. This is a completely new jurisprudence which is being created before our eyes.

How does the Metaverse work?

Since the digital environment is still under construction, there is no single approach to creating a virtual world and no standard for how it works. Going meta is easy, but how do you take advantage of all the possibilities? Currently, Metaverse VR is a digital ecosystem built with artificial intelligence. So far, only a linear virtual reality concept has been implemented, with one developer company offering its Metaverse. In the future, the compatibility of different virtual realities, data portability/management, and user interfaces will depend on how Metaverse virtual reality evolves.

For VR to work, it is important to develop two areas: VR and AR. These are virtual reality and augmented reality. Virtual reality is a three-dimensional installation of the world with the provision of full immersion in the events taking place in the network. Additional tools are used to enhance realism: special goggles, gloves, vests, and even suits that help convey tactile sensations while in Metaverse VR.

Augmented reality is the superimposition of an additional visual layer in the real world. Often used in Metaverse gaming to increase the believability of the game scenario.

How is the Metaverse accessed?

There is no single way to immerse yourself in virtual reality. You can't download an app, and that's enough. There are a few things you need to do now for full integration:

• Purchase Oculus Quest 2.

This is a specialized headset in the form of glasses that help demonstrate the visuals in the Metaverse. The headset is quite expensive, but so far, it is the only possibility in the mass version to experience the delights of the virtual world.

• Install the Metaverse game or app.

The virtual world is, in many ways, the face of one brand today. And every brand uses a different way to enter. How to join the Metaverse? You can install an app or game that extends into the virtual world.

• Stable Internet.

Because the entire digital environment world is completely online, you need to have your Quest 2 headset connected to a stable Wi-Fi internet source at all times.

What Technologies are used in the metaverses?

Such a complex and multifaceted topic as creating your Metaverse requires the application of the latest and most relevant technological solutions. Most often, development companies choose technologies:

• Artificial intelligence (AI) - technology for creating software and machines that can mimic human intelligence;
• Internet of Things (IoT) - a system of interconnected computing devices to collect and transmit data over a wireless network without human involvement;
• Augmented reality (XR), which includes virtual reality (VR), augmented reality (AR), and mixed reality (MR);
• Brain-computer interface (BCI) - a type of neurocomputer interface in which information exchange takes place directly at the brain level;
• 3D modeling and reconstruction - three-dimensional visualization of space in Metaverse;
• Haptic technologies - special devices and equipment for imitating physical sensations during the use of virtual reality;
• edge computing - this is a distributed information technology (IT) architecture in which client data is processed at the edge of the network, as close to the source as possible;
• blockchain and the tokenization of financial and economic relationships within the virtual world.

What is the Metaverse used for today?

The topic of the Metaverse is still largely shrouded in romance and an exciting sense of uncharted spaces. However, there is also a rather practical part of using virtual reality. In most cases, Metaverse is used to create the most realistic immersion in the world of games and for work.

Games have become widespread, thanks to a set of VR technologies that convey the game's theme as realistically as possible and immerse you in the intended game scenario. The most popular games in 2023 in the VR ranking are Decentraland, The Sandbox, Axie Infinity, Roblox, and so on.

The use of the virtual world at work has gained popularity due to the worldwide trend of switching to remote work during the pandemic and the general digitalization of all business processes. In this case, the digital environment is used by companies for briefings, business meetings, meetings, and corporate events that an employee can attend as his avatar with no territorial connection and no need for physical contact.

At the same time, the objective leader on the scale of Metaverse adoption is Meta, one of the largest companies in the world. Its market capitalization in all areas, including Facebook and Instagram, is $452 billion.

Meta's most famous virtual project is Horizon Worlds (suitable for linear users and developers).

Epic Games, a well-known creator of popular games, is a major investor in the Metaverse. In 2021, together with Sony Group Corp, the company spent more than $1 billion on development. Microsoft and its most popular product, Microsoft Teams. It is a project for video conferencing and corporate communication, a serious competitor to Slack and Zoom.

When is a full-fledged Metaverse coming?

Of course, the possibilities of VR are already surprising. For many people, the creation of the most realistic virtual world has become the idea of a lifetime and the reason for discoveries. However, it is too early to say that Metaverse has become a full-fledged and accessible place to work, communicate, trade, save data, etc. Development is still underway, and several unresolved problems prevent the spread of the idea of virtuality and its accessibility even now. One is the affordability of hardware for the average user. A new phase of Metaverse adoption will occur if production can provide a seamless replacement for large, massive virtual reality tools.

Another challenge for developers is to maximize the haptic experience. There are already many developments right now: equipment for touch, vision, and hearing, and there are even some for transmitting pain sensations. The more these and related tools are available, the faster the era of the Metaverse will come.

How will the Metaverse affect the future?

The Metaverse is not yet a ubiquitous product. Development of the much-accepted virtual space is still a work in progress. However, it is possible to say with absolute certainty that the Metaverse affects the future of humanity, and quite strongly so.

Just look at it: the VR has demonstrated the practical possibilities of the virtual world. Today it is not just a game for daring gamers, it is a place to work, meet, sell, and do business. An additional source of income that does not depend on a person's physical location.

Metaverse shaped the direction of software development, and became a multiple-trigger to increase developments in Artificial intelligence (AI), the Internet of Things (IoT), and augmented reality (XR).

Also, Metaverse today is thousands of new jobs, new professions, and professional reorientation of several specialties. In times of economic instability, this is a good help.

Pros and cons of the Metaverse, problems, and opinions

Several obvious pros are presented with Metaverse. Of course, the first and most important is the technological revolution and rethinking the use of virtual reality in everyday life. A real industry has been created, which includes a large number of developers, equipment manufacturers, and advanced testing of new technological capabilities. Thousands of people are involved in the development process every day. And tens and hundreds of thousands learn the possibilities of Metaverse and start using the virtual world in their everyday life.

However, in creating a brand new segment, many controversial issues are still unresolved for Metaverse. These are the real disadvantages that are stalling mass adoption. For example, a big problem for Metaverse is user privacy and the misapplication of online data security rules. As well as the intrusive collection of information about users. There was a need to create new regulations which would manage material and interpersonal relations within Metaverse.

Another problem that periodically arises between participants and developers is the protection of copyrights and content that is created in a particular digital universe. And the last area that urgently needs to be regulated and a framework established is censorship. What can be created in Metaverse, and what objects are not allowed to be posted? Authors should have a certain moral and legal framework to guide them.

The future of Meta coins in the medium and long term

The cyclical nature of the cryptocurrency market ties into the development of entire industry segments. This applies to classic coins, the promotion of decentralized finance projects, the value of non-fungible tokens, and many other areas. Naturally, this factor influenced the decrease in the value of many Meta tokens. The average drop in value ranged from 70 to 98%. For example, the Internet Computer (ICP) token lost -99.15% in value from its absolute high price of $700.65 set in May 2021.

However, at the same time, market cycles offer hope that the decline and accumulation phase will be followed by growth. So what prospects await virtual worlds tokens as well.

The Meta industry is just beginning to develop. This process will take more than one or two years. The evolution will be stretched out over dozens of years because each stage of development must carry a piece of reality into the virtual world. In addition, such a long development will be facilitated by a set of factors aggravating the process: complex equipment for connection, large-scale development volume, formation of the concept of business use, and creation of the regulatory framework.

This means that the growth in the value of tokens can be considered not only in the limited range of a single market cycle but also in the long term. Meta coins will be able to show growth in the near-term cryptocurrency cycle as well as in the future. Which could make choosing these coins a good investment.

Conclusion

Inside the Metaverse, you can place any object. Humanity is just beginning to test the possibilities of virtual reality: both in the professional sphere and in the domestic sphere. But this is only part of the possibilities. In the future, many processes will be presented in the Metaverse. It can be compared to the discovery of another planet to be explored. There will come a time when everyone on the planet will be able to sign up for Metaverse, otherwise digital benefits will not be available to them.

Meta coins are now a great idea for the investor. It is a promising direction that will bring profit in different periods, depending on the investment strategy. On the other hand, there are still a large number of internal and external risk factors. Becoming an industry can take time, and not every investor has that time. Let everyone examine their preferences and expectations, weigh the risks, and answer how much they are willing to believe in the industry.