Welcome to your future, where your digital world is merged with reality, and you are using a shared space to go and meet with your friends and family.
Sounds like science fiction? It's closer than you think. In fact, experts believe that by 2040 the metaverse will be a more sophisticated, seamless, fully-immersive aspect of daily life for a half billion or more people globally. But let's start from the basics.
What is the metaverse?
To start by clearing a common misconception, the metaverse is not a product of Facebook, Microsoft, or Google. The term "metaverse" was first used in Neil Stevenson's 1982 novel, Snow Crash. Since then, the term has been adopted and expanded by VR enthusiasts to describe a virtual reality environment that encompasses all of humanity. The idea is that people could interact, collaborate on projects and build communities inside this shared space—and it's already happening!
Real-life use cases of the metaverse
There are endless possibilities and opportunities for businesses that will pivot their operations and embrace this new reality. Following are some business use cases to inspire you:
- Fashion Industry: A clothing retailer could create an online store within a virtual mall where shoppers can browse through products before buying them. They could even customise their avatar's outfit with accessories from other retailers' stores (which would drive traffic back to those businesses).
- Education: An educational institution could launch courses on how students can learn more about the history of our universe or how galaxies form. Students will have the opportunity to "visit" outer space by simulating those environments in their classrooms.
- News & Media: A media company could create an immersive newsroom where reporters can meet up with one another and collaborate on stories. They could also set up a studio where they hold interviews with special guests and interviewees (which would make them feel like they're really there).
- Real Estate: Home buyers can go through virtual tours of several houses, exploring the property without leaving their homes.
Great ideas, right? But how can it really work?
How does the metaverse work?
The above examples can give you a top-level understanding of the concept. To deep diver into it and understand how it works, we need to explore the seven layers of the metaverse architecture.
The first element in the metaverse is the experiences. Users will find themselves participating in activities like shopping, gaming, social interactions, working, learning etc. and really experiencing them.
Discovery helps in enhancing the experiences of users. For example, inbound discovery systems in the metaverse, such as search engines, could help discover new services and experiences.
3. Creator Economy
In the metaverse, anyone can leverage low-code tools for creating applications. The creator economy in the metaverse offers seamless access to design tools and marketplaces. People can create new assets and experiences in the metaverse, enjoying complete control over the ownership and management of their assets.
4. Spatial Computing
Spatial computing components for the metaverse include virtual reality, augmented reality, 3D engines, geospatial mapping and multitasking UIs. Combining these technologies can guarantee users will feel the immersive experiences within the metaverse.
Decentralisation is crucial for users in the metaverse. With users ranging from gamers and NFT creators to businesses and developers, data and asset ownership and security are essential, and blockchain is the technology that will ensure these.
6. Human Interface
Human interface technologies help users access the metaverse, working as gateways into the metaverse. For example, haptic devices, wearables, smart glasses, mobile phones, gestures and neural routes could help you enter the metaverse quickly without any complex setup.
Connectivity technologies like 5G, cloud computing, Wi-Fi, GPUs and many other computing resources are crucial components of the metaverse, as they provide the infrastructure to run and allow users to access it.
The metaverse will change how we live and work, interact with each other and access information and entertainment. It will transform how businesses do business, and it has the potential to transform industries already being disrupted by the digital economy, such as retail, education, transportation, health care and more. Want in?
Let's get started.
As Web3 is in a developmental stage, businesses that are now starting to build their Web3 strategy will be the first to capitalise on its countless opportunities and future-proof their business.
Contact our team to discuss:
- Web3 Strategy
- Smart contracts