Despite the metaverse’s increasing popularity, the concept remains shrouded in mystery for many. Some describe the metaverse as a virtual reality interaction environment, while others compare it to a video game. In this article, we will deep dive into the metaverse and analyze the growing industry.
Modern pioneers are still forming a comprehensive definition of the metaverse. Most people, however, refer to the “metaverse” as a new type of online experience based on a variety of different technologies. Currently, the promise of the metaverse is focused on universality and decentralization. It allows us to imagine a world in which we may control and access our digital experiences in a more flexible environment. Outside of the internet itself, the three most common types of technology associated with the metaverse are:
Non-fungible Tokens as a way of investing in and supporting artists, smart contracts, and decentralized finance are all examples of how blockchain is already making waves in the metaverse. Also, blockchain gives users more control over their online experience, moving us away from Web 2.0 and into Web 3.0.
- Artificial Intelligence
Improving the link between the physical and digital worlds needs the use of machine intelligence. In fact, it can improve natural language processing, assuring that our machines and robotics understand humans. Also, it also helps machines to understand our physical surroundings.
- Extended Reality
The extended reality, or XR, is perhaps the most commonly mentioned form of metaverse technology today. Above all, it involves the mixing of the physical and digital worlds with the use of headsets and devices. We can enter virtual worlds and interact with 3D avatars in communities using extended reality.
What are the 7 layers of Metaverse?
Jon Radoff, entrepreneur, author, and game designer, described 7 layers of the metaverse. These layers are:
- Experience (games, social, esports, shopping, etc.)
- Discovery (stores, agents, ratings, social, etc.)
- Creator Economy (design tools, asset markets, commerce, etc.)
- Spatial Computing (3D engines, VR/AR/XR)
- Decentralization (blockchain, edge computing, AI agents)
- Human Interface (smart glasses, wearables, gestures, voice, etc.)
- Infrastructure (5G, WiFi, cloud, etc.)
— JM Alvarez-Pallete (@jmalvpal) February 1, 2022
How will metaverse transform enterprises?
Below are some business functions that are expected to be transformed by the metaverse:
- Customer support and experience
First, this will enable customer service agents to perform at a higher level than ever before. It would also build long-term trust between the organization/brand and the customers. Customers would experience this like they were speaking in person with a customer service agent.
- Sales and marketing
Sales and marketing executives inside corporations may use the metaverse’s potential. IN fact, they would use it to recreate the fidelity of real-life communication and visualization.
Organizations, primarily those in the retail business, will be able to use the metaverse to sell products and advertise. It’s difficult to predict how this advertising will look in the future, but a lot of fashion firms are currently working in this area.
- Large events and conferences
From press conferences to huge trade shows, the metaverse will be important in making large events fully immersive and virtual for companies. This is because, as technology progresses, tens of thousands, if not millions, of people will be able to see and interact with one another in the virtual world.
- Engineering and architecting
Also, Enterprises might use the metaverse to construct digital twins to assist in engineering and development. Furthermore, businesses may construct immersive digital simulations of their production lines to discover bottlenecks that could affect product quality or delivery.
- Scenario planning
Enterprises might use the metaverse to assure successful scenario planning and problem management. In fact, it is because there are no physical constraints in the virtual world.
The gaming industry would lead the way
Microsoft Chairman and CEO Satya Nadella stated, ” Gaming is now the most dynamic and exciting category of entertainment across all platforms. It will play a crucial role in the development of metaverse platforms”.
— Satya Nadella (@satyanadella) January 18, 2022
Above all, game developers are the prime targets to build the metaverse. It is because they are skilled at replicating reality and developing simulations that are so engaging that people return to them constantly. Epic Games, Unity, Roblox, and the new Microsoft-Activision Blizzard partnership are all leaders in the field. They all offer tools that allow game creators to produce interesting material for players. Also, they all approach the metaverse-building challenge in various ways.
Who will come out on top in the battle for attention spans? Really, A lot of it is determined by the desires of the users. One sort of organization will benefit if users want ultra-realistic characters and environments. Someone else would benefit if people preferred imaginative cartoon graphics. Facebook will have an advantage if they want to immerse themselves in virtual reality.
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