The metaverse is a collective virtual shared space created by the convergence of virtually augmented physical and digital reality. To put it into simple terms, the metaverse can be thought of as the next generation of the Internet which is not device-independent, nor is it owned by a single provider. It is an independent virtual economy enabled by digital currencies and non-fungible tokens (NFTs)
Because it is a combinatorial innovation, the metaverses requires multiple technologies and trends to work. Contributing trends include virtual reality (VR), augmented reality (AR), flexible working, head-mounted displays (HMDs), a AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI), and spatial computing.
So what are the most significant innovation in the metaverse?
Web3: A new stack of technologies for the development of decentralised web applications that enable users to control their own identity and data.
Spatial Computing: A three-tiered technology stack through which users experience the intersection of the physical and digital worlds.
Digital Twin Of A Person (DToP): Which not only mirrors a unique individual but also enables him/her to be present in multiple places at the same time in both digital and physical spaces.
Digital Twin Of A Customer (DToC): Which is a subset of DToP that enables companies to simulate and learn from customers’ behaviour so they can anticipate it better than ever.
Horizon Workrooms (Credit: Meta)
Why is there hype around the metaverse?
For one its exciting because the metaverse will provide a new way to think about our physical and digital realities. With the ease of access from anywhere, anytime. Completely decentralised, meaning that data is not stored in one central location but rather across multiple databases, allowing for greater security and privacy as well as better scalability.
The metaverse will be collaborative, which means that it will allow people to work together on projects without having to be physically present. It will be interoperative with other platforms and technologies, so that users can interact with the world around them in new ways. All of these characteristics will make the metaverse an exciting innovation that could have huge implications for business models and how we live our lives!
What does the future hold…
With Facebook’s extravagant entrance to the metaverse, and even rebranding themselves as Meta, Mark Zuckerberg announced plans to fund $10 billion this year on the development of the metaverse ecosystem.
While it’s impossible to predict exactly how the metaverse will look like, or when it will reach its peak. The importance of cryptocurrencies for its growth is engraved in stone. This Indicates that cryptocurrency and digital currency will most likely become the key transactional method in a digital virtual world.
Tech giants of all shapes and sizes, from Microsoft, Amazon, Alibaba, to Disney, have announced their plans towards building a metaverse. The virtual world is becoming more and more real with user experience at the forefront of the physical and digital world.
