What is Metaverse, and Why is it a Big Deal?
Like most of us, you, too, probably had a hard time decoding the concept of Metaverse when you first heard it, right?
Well, that’s not surprising because the term ‘Metaverse’ is something you’ve only read in science fiction novels (e.g., Snow Crash) until, of course, Mark Zuckerberg renamed Facebook as ‘Meta’ and introduced the digital universe – Metaverse.
So, what is Metaverse, and why all the hype now? Is it the next big thing, or is it just another bubble? Let’s understand in detail below.
What is Metaverse?
Firstly, Metaverse is a virtual world where people can experience a parallel life to their real world. It’s where anyone can digitally connect with others to work, play, and socialize just as they do in real life.
To truly help you understand, it’s also essential to give you a sense of what Metaverse is not. Metaverse is not a game, hardware, or a replacement of physical experiences.
Metaverse is a new way of being in a virtual space that enhances physical experiences. Here, you will be able to move across experiences like attending a digital concert with your friends or teleporting yourself to the office without commuting. All you would need is a combination of tools like VR headsets and AR glasses to make this happen.
So, Why is Metaverse a Big Deal Now?
Well, primarily because of Zuckerberg’s push to introduce the Meta idea into the world. Companies big and small have now started to follow the Metaverse vision looking at the incredible growth that it can bring.
The Metaverse market is likely to reach $800 billion in 2024, as per IDC, PWC, and Statista reports. Moreover, there are several other reasons why Metaverse is the ‘in thing’ at the moment. We’ve compiled a few of them for you below:
- AI, AR, and VR Advancements: One of the main reasons Metaverse is a big deal today is that a lot has been happening in the AI, AR, and VR front of late. For example, advancements in AR and VR kits, AI wearables, and digital avatars disrupt the industry. Such advances in blended reality are likely to further shape Metaverse’s future.
- Exciting Investment Opportunities: We’ve also seen tremendous growth in people trading Metaverse money or crypto coins recently. People use crypto tokens, NFTs, and blockchain-based apps to invest heavily today. Crypto users are likely to exchange digital currencies more actively in the future, paving the way for the Metaverse to be a billion-dollar space for global investors.
- Hybrid Workforce: We’re also finding many companies connecting their remote workers with their in-office counterparts using VR technologies. VR is helping people transition into a hybrid work culture and improve collaboration. Also, with the Zoom fatigue setting in, employees are keen to explore new avenues like VR, resulting in an increased activity within Metaverse.
- Fear of Missing Out: Finally, since companies like NVIDIA, Apple, and Meta are investing heavily in Metaversian capabilities, the others are also digging into this space to never miss out on potential opportunities. Various companies are moving in the Metaverse direction and focusing on ‘killer apps’ that can change the way things are done today.
In short, tech companies of various scales and sizes are making big bets on the Metaverse because of the growth impacts that it can bring. What’s evident is that Metaverse will be a big deal and will win more hearts in the future. But, it is also true that a single company cannot own Metaverse because it is not a single digital platform. It takes investors, developers, and content creators to get fully involved for it to work. Several companies that have been able to do that successfully are:
Companies Building the Metaverse
Facebook, rebranded as Meta, started to expand Metaversian capabilities with initiatives like Horizon Worlds, Libra project, Oculus VR messaging, etc.
Microsoft released Mesh for Teams in 2022. Mesh enables people to virtually collaborate and share experiences from anywhere using mixed reality apps and tools.
NVIDIA released Omniverse for real-time simulation and 3D collaboration among designers, engineers, and content creators.
Binance introduced the NFT Marketplace for crypto enthusiasts to buy, sell, trade, and collect NFTs within a single virtual space.
What we’re trying to say is that Metaverse is very much here, and it’s no longer a science-fiction fantasy that we’ve known it to be all our lives. Silicon Valley giants are building new Metaverse-related technologies that are here to grow.
Although we’re in the early days, Metaverse will soon change the world around us with significant developments in AR, VR, 3D simulations, crypto, etc. So, if it’s not on your list yet, it’s time you become aware of its disruptions and get ready for it.
Metaverse might seem like an aspiration now, but it could soon be a trillion-dollar economy that every investor, analyst, or executive would like to get a toehold on.
If you are looking to explore the Metaverse environment and develop software products related to AI, blockchain, or crypto, contact Capital Numbers. We have a decade-long experience in implementing cutting-edge technologies and tools to keep our partners ahead of their peers. Let’s connect to discuss more.