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5 Things to know about Metaverse

Metaverse

The term metaverse was discovered by Neal Stephensen in his science fiction novel "Snow Crash." It describes a virtual world where humans interact with one another through the use of digital avatars. Now, real-life tech players believe it’s possible to not only create such immersive digital worlds but also to integrate them with our physical reality. Facebook envisions a scenario in which two people virtually attend the same concert despite being miles away from the venue and each other and co-workers in different countries could collaborate as if they were in the same room.

Key technologies will include human-computer interface devices such as VR and AR headsets, multidimensional graphics and Artificial Intelligence simulations, massive computing power and software and hardware for creating user avatars to name just a few.

5 Things to know about Metaverse

1. Video games offer peeks at 'virtual worlds'

While a full-on metaverse doesn’t yet exist, Ffiske said that several companies are investing in what he calls the "immersive tech space" and "making great strides." Many of those companies make video games.

Here are many video game platforms that offer virtual world experiences where your avatar can explore spaces and activities built by other users and businesses:

• Second Life: 3D virtual world launched in 2003 that's somewhere between a video game and videoconferencing software with highly customizable avatars and spaces.
• Roblox: online platform that lets customer create, sell, buy and interact with items and experiences ranging from virtual hats to full video games.
• Fortnite launched as a competitive video game but has evolved to host virtual events tied to real-world concerts, movies and sports arenas.

2. it’s not here yet

When we talk about the metaverse, Ffiske said that talking about an interoperable realm where the multiple virtual worlds can connect together and communicate with each other and transfer items or assets between each other. Now, currently don’t have that.

The idea of a metaverse has its roots in science fiction. Neal Stephenson was the first person to use the term in his 1992 novel Snow Crash, which featured a metaverse as a small of global virtual reality system. Since then, immersive, interconnected virtual worlds have become a mainstay of science fiction.

In the real world, Meta acknowledged that the metaverse would not be built overnight, and it may take 10-15 years for metaverse products to be fully realized. While that's frustrating for those of us eager to dive right in, Meta said that in his statement, it gives us time to ask the difficult questions about how they should be built.

3. You can start experimenting today

Its e-commerce and e-sports, the barriers to trying out some of the newest technologies are low. You can visit the virtual worlds of Roblox, Fortnite and Second Life for free, for instance. Augmented reality is not limited to biggest brands online, either. Digital platforms have also started to roll out tools to help small businesses offer virtual experiences in addition to product photos without starting from scratch. For instance, Shopify supports 3D models on its product pages to let customers see products in augmented reality and has experts available for hire to help create those 3D models.

The social media can also help businesses connect and interact with consumers in new and more advanced ways, eventually making up part of the metaverse. For instance, you can try out a live stream and release your filters and effects on Instagram or TikTok. There's a lot of speculation and pundits exploring (metaverse) and a lot of companies will experiment. If the user has any value from the product, that product will soar, simple as that.

4. Online retailers are trying out metaverse technology

Augmented reality (AR) adds virtual elements like images or sound effects to a real-world scene in real time. While many people first experience augmented reality by playing with silly hats, masks and other video effects on apps such as Instagram Snapchat or FaceTime, Augmented reality is expected to be a key technology for the metaverse. While the metaverse is not here yet, some online retailers have already added augmented reality to their e-commerce platforms.

The metaverse might connect what are now separate apps from each company in the future. So, for instance, you might be able to mix and match virtual glasses, makeup and apparel from any seller and bring them to concerts, games, meetings and other metaverse events.

5. Meta does not expect to profit from the metaverse any time soon

Meta is putting a lot of money into the metaverse. CEO Mark Zuckerberg indicated that Meta would invest above 10 billion in its metaverse projects since 2021 during a Q3 earnings call. Zuckerberg acknowledged the magnitude of this bet on the future while cautioning that this isn’t an investment that is going to be profitable for us anytime in the near future. Meta recommended that businesses do not stop focusing on today and calls the investment in existing social media platforms foundational to help grow your business in the metaverse in the future.