What is the Metaverse?

By the time the year 2010 ended, social media channels had already been actively in use for many people. The fact that these platforms now act as a communication tool more and more and we’re observing people now get to know each other by their profile pictures rather than their actual faces.

Digital Transformation
  • Release Date: 20 April 2022
  • Update Date: 15 March 2024
  • Author: Speaker Agency
Metaverse Blog Content

Lately we have been hearing the word Metaverse a lot. Then we’ve heard that Mark Zuckerberg decided to merge his companies under the name ‘Meta’ instead of ‘Facebook’. Does this mean that Metaverse is the future of the Internet?

What is Metaverse?

Lexical meaning, Metaverse is the other, far universe. In this other universe, which is man-made, it is possible to exist actively through our avatars and this environment is open for collective use, open virtual spaces for all. In more technical terms, the metaverse is a concept of a persistent, online, 3D universe which combines multiple virtual spaces. The metaverse will allow users to meet, work, play video games and socialise with each other in these 3D environments. So, in other words it is a future iteration of the Internet. Although it is not utterly in existence, metaverse-like elements and components are included on some platforms. 

In this aspect the closest metaverse experience is provided by video games on offer. The boundaries of what a game is pushed by video game developers as they host in-game events and activities and create virtual economies. In this context cryptocurrencies can be compatible with a metaverse as a digital economy is allowed to be created by them. In these digital economies, different types of utility tokens and virtual collectibles are used. We call them NFTs. The use of crypto wallets such as Trust Wallet and MetaMask can also bring benefits to the metaverse. There is another benefit: blockchain technology will provide the environment with transparent and reliable governance systems. 

Did you know that blockchain, metaverse-like applications already exist and provide people with liveable incomes? There are play-to-earn games played by many users to support their income. Axie Infinity is one of them and other examples like SecondLive and Decentraland which successfully combine the blockchain world and virtual reality apps.

Imagine users creating, buying and selling goods in a new digital economy. This is why many companies have hopped on the bandwagon of metaverse. In the more idealistic visions of the metaverse, it’s interoperable. This means you can take virtual items like cars or toys from one platform to another but bear in mind that this is harder than it sounds. Claims are being made by some people that new technologies such as NFTs can enable portable digital assets. However, this isn’t necessarily true.

Metaverse Blog Content

Bringing items from one virtual world to another is an incredibly complex problem that no one company can solve. For the time being, putting on an Oculus headset and being in your virtual home is a possibility. At your virtual home, you can socialise, buy products, learn things, and play games but that doesn’t necessarily mean it encompasses the entire scope of “the metaverse”. Did you know that many companies are working on building the infrastructure to create better virtual worlds which more closely mimic our physical life? Tech giants Microsoft and Meta are already on the task as well as companies like Nvidia, Unity, Roblox and Snap.  

Metaverse is sometimes described as virtual reality, however, the phrase virtual reality simply is not sufficient to define Metaverse. According to the Facebook spokespersons’ understanding, these collective spaces may become so close to the physical world that people may start using these spaces to do anything that they do in the physical world. Organising meetings for work as well as meeting with friends, almost anything we do in the physical world can be done in Metaverse. What this means is, instead of travelling from one place to another, we may just go from one device to another. Cyber minds travelling in the digital world.

Members of the company Meta explain that wearable technology is already here and augmented reality devices are already being manufactured so that we can feel as close as possible to physical reality. In ten to fifteen years from today, most predictions about virtual reality will be reality.

Augmented Reality

Technology like artificial intelligence (AI), augmented reality (AR) and virtual reality (VR) are strongly tied to the concept of the metaverse. You can incorporate virtual objects into the actual environment by using augmented reality technology. The metaverse uses 3D computer modelling in order to fully immerse one in a 3D virtual environment. 

Brands are interested in using AR for marketing in the metaverse. Think of it in this aspect, a lot of people are familiar with 3D virtual reality tools (goggles), glasses or 3D virtual reality sets. 3D virtual eye-wear is a device which manipulates the audio-visual senses and also creates an alternative reality concept. This device on its own will not be sufficient in a universe which is a network for cyber minds to communicate. Therefore, companies are working on wearable technology products, more variety of wearable technology to create a high-level augmented reality environment. 

AR-based product visualisations can deliver interactive advertising experiences which connect with customers on an emotional level. Potential customers can also use the augmented reality technology to check out products from pretty much any location. Mainstream advertising models have limitations whereas augmented reality in the metaverse can act like an incentive needed to propel AR-based marketing to the masses.  

Naturally, in order to experience augmented reality there are additional technıologies and products needed. We have heard about the Mojolens or Argo’s Reality X glasses but there’s also the concept of wearable technology. One of the wearable technology items that the scientists are working on is virtual reality gloves. The feeling of touching and holding in the physical world is being re-created for virtual reality through these gloves. Mark Zuckerberg posted on his Instagram page that the virtual reality gloves are now included in Metaverse, the third sense is also there. The experience is becoming more and more real.

A number of new life-styles emerged as a result of Covid-19 pandemic and the Internet is a major component in these new life-styles. Video calls replaced getting together with each other. Next phase from this might as well be avatars hanging around in the digital universe. With the help of digital wearable technology, almost all human motion can be transferred into the cyber environment. Metaverse is believed to be working because the cyber environment will be a familiar place where we can move the way we are used to. Hence the idea is believed to be successful.

Future of Internet

Rather than thinking of Metaverse as a replacement for the Internet, we might consider seeing it as the next phase of the Internet evolution. NFT or Bitcoin are becoming more and more popular tools for investment which makes us think that, all physical properties and assets, even money might become a virtual reality element. When we look at the matters this way, the idea of Metaverse becomes more and more probable.

However, we must remember that the information technology industry has grown by leaps since its emergence yet it has miles to go still. The infrastructure or the internet today is focused on maximum benefits and resources. The need may change tomorrow the internet will have to adapt. It would be fair to say that we must expect the internet to become much more dense and intricate in the future. Semi-consciousness in humanoid machines and motility in the most compact of devices have been achieved. It seems like the offline and online world are bound to become interlinked. Let us brace ourselves for that.  

In order to learn more about the metaverse and all that is related to it visit Speaker Agency’s website before you make an appointment to meet up with your friends on the other side of the planet through your avatar. The vast digital dimension and its possibilities, cyber-beings and more. Please contact Speaker Agency if you want to know more about Metaverse and related topics. Our expert speakers like Ambarish Mitra, Azeem Azhar, Dan Cobley, Mehmet Unal, Lindsay Herbert and Gerd Leonhard will open new horizons about wearable technologies and many other similar subjects.  

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