Imagine living, working, shopping, learning, and interacting with billions of people all from the ease of their ottomans in the real world. This is a virtual world. These days, the computer displays we use to access the global information web serve as portals to a tangible 3D virtual world that is similar to real life but larger and more advanced. Avatars, or digital copies of ourselves, travel freely between experiences, bringing our money and identities with them. The hype around this is called the metaverse, and it doesn’t exist right now.
What should business executives think of a rapidly developing, much-hyped idea that has the potential to drastically alter human existence? The metaverse is covered in detail, which also highlights the direction this still-developing technological revolution is taking. Topics covered include the platforms and technologies that underpin the metaverse, as well as its history, advantages, disadvantages, investment opportunities, and potential effects on the nature of work in the future.
Links to in-depth analyses of these and related subjects are scattered throughout the guide, along with definitions of key terms related to the metaverse, including digital twins, Web 3.0, interoperability, and spatial computing.
Table of Contents
What makes the metaverse significant?
When Facebook changed its corporate name to Meta in the month of October 2021 and declared that it was going to put a minimum of 10 billion dollars in the idea, the term “Metaverse” quickly gained widespread recognition. Tech behemoths like Google, Microsoft, Nvidia, and Qualcomm are also pouring billions of dollars into the idea in addition to Meta. According to optimistic predictions made by management consulting firm McKinsey & Company, the metaverse economy may grow to $5 trillion by 2030. It is anticipated that e-commerce will be the main driver, with gaming, entertainment, education, and metaverse marketing emerging as significant industries.
Businesses now use the term to describe a wide range of improved online environments. These include simulated dressing rooms and operating rooms, as well as nascent virtual work spaces like Microsoft’s Mesh and Meta’s Horizon Workrooms. They also include virtual reality games like Fortnite. As businesses compete for market share, the current metaverse is taking the form of a multiverse—many distinct, barely compatible virtual spaces—instead of a single, shared virtual space.
There has been some backlash due to the mix of unrestrained excitement for the metaverse as well profound uncertainty about its future. Industry observers have questioned whether or not the metaverse will in the end resemble today’s digital experiences significantly, and if so, whether or not the general public will be ready to put in hours each day navigating virtual spaces while wearing headsets.
On the other hand, some futurists contend that although the metaverse is still in its infancy and faces significant technological obstacles, it will eventually come to pass. It will also arrive with a huge bang.
The metaverse: what is it? A brief overview
A single, used together, immersive, determined, three-dimensional virtual world called the metaverse is being envisioned by many in the field of computers as the next evolution of the internet, offering people the opportunity to engage with life in ways not possible in the real world.
While some of the technologies that enable access to this virtual world—like augmented reality (AR) glasses and virtual reality (VR) headsets—are developing swiftly, others—like sufficient bandwidth or interoperability standards—may take years or even never come to pass.
The idea is not new; in fact, research on the technologies supporting an internet based on virtual reality dates back decades, and author Neal Stephenson first used the term “metaverse” in his science fiction book Snow Crash in 1992.
How is the metaverse operational?
There’s not much consensus on how the metaverse will operate because it’s still mostly unbuilt. The metaverse, however, is essentially a digital ecosystem that is based on decentralised finance tools powered by blockchain, real-time collaboration software, and diverse forms of 3D technology. The way the metaverse develops will determine factors like user interfaces, data portability, governance, and the level of interoperability between virtual worlds.
During a metaverse session at the 2022 MIT Framework Approach Summit, Lauren Lubetsky, a senior supervisor at Bain and Company, described three potential outcomes:
- Consumers use the metaverse for gaming and entertainment purposes, but it falls well short of becoming a comprehensive virtual reality.
- The metaverse is governed by sizable, rival ecosystems with little interoperability, such as the meta worlds for Apple and Android.
- A metaverse is a 3D version of the internet that is dynamic, open, and interoperable.
How can one access the metaverse?
Augmented reality and virtual reality are two technologies that are thought to be crucial to the expansion and development of the metaverse. Users can engage with a virtual environment in a manner that closely resembles reality as experienced by our senses by using virtual reality, which is a simulated three-dimensional environment. Nowadays, most people access this virtual reality approximation by donning a VR headset, which completely fills their field of vision. Haptics allow for more realistic communication with the virtual world. Examples of haptics include gloves, vests, and occasionally full-body tracking suits.
VR offers greater immersion than augmented reality. It employs some kind of lens to add digital overlays to the physical world. Users are still able to engage with their physical surroundings. A pioneer of augmented reality is the game Pokémon Go. Heads-up displays in automobile windscreens and Google Glass are two well-known consumer augmented reality products.
Tuong H. Nguyen, a senior principal analyst at Gartner, told Lawton that while we currently have pre-metaverse solutions, it remains to be seen if VR and AR experiences will ultimately serve as the main interfaces of the metaverse.
A lot of the metaverse-like encounters that are currently available on gaming platforms like Roblox, Decentraland, and also Minecraft can be obtained with an excellent internet connection using a browser on a mobile device.
Examining more closely: The connections between virtual reality and the metaverse
Although the terms are sometimes used interchangeably, VR and the metaverse are not the same. As mentioned, specific VR technologies offer a way to engage with the larger multiverse platforms.
VR can support a range of metaverse use cases within that access role. VR, for instance, can be used in conjunction with the associated field of technology for digital twins, which enables businesses to build virtual models of real-world machinery, appliances, or procedures. As per Johna Till Johnson, chief executive officer as well as founder of Nemertes Research, technologists can simulate different issues by using the VR version of a digital twin.
What is the current purpose of the metaverse?
Experience building immersive worlds with technologies like virtual reality gaming dates back decades in the online gaming industry. If there is a mainstream application for a proto-metaverse, it may be found in the massive followings that swarm, albeit not simultaneously, to companies like Roblox, Epic Games, and Decentraland. These companies cater to gamers who want to play games, create virtual worlds, and make real estate investments.
Businesses are experimenting with workplace metaverse apps that expand on the virtual apps they implemented to facilitate remote work during the pandemic. One of the earliest uses of metaverse technologies is in workplace education. Medivis, an AR surgeries system that allows surgeons to swiftly accordance with a hospital’s imaging system, is one piece of technology that the FDA recently approved. In her article “An enterprise programmes of the metaverse sluggish but coming,” she also discussed the following other metaverse-type applications:
- Avatars of digital twins. According to Ajao, these twins will be provided as AI-powered holographic images or holographic representations that are given tasks, in addition to existing on computer screens. For instance, a CEO could interact with several stakeholder groups simultaneously by turning on an artificial intelligence-powered hologram of himself.
- Metaverse for teamwork in the workplace. According to J.P. Gownder, an analyst at Forrester, businesses are beginning to capitalise on the metaverse to give remote work experiences “an element of realism”. This involves putting up 3D rooms for teamwork among staff members.
What role does NFT play in the metaverse?
Non-fungible tokens, or NFTs, are largely responsible for the metaverse’s utility and appeal. Nonfungible tokens (NFTs) are a safe class of digital asset built on the same blockchain. An NFT can be used to represent digital real estate, music, or artwork in place of money. An NFT provides the owner with a type of digital proof of ownership, which can be purchased or traded within the metaverse.
The Metaverse Group claims to be the first virtual property firm in history. In a number of metaverse virtual worlds, such as Decentraland, Sandbox, Somnium, and Upland, it serves as an agent to make the buying or renting of real estate or land easier. Offerings include family homes, art galleries, conference and business spaces, and “hangout spots.”
Even though the metaverse has given rise to startups like Metaverse Group that want to sell digital goods, traditional brick and mortar businesses are also getting involved. For instance, RTFKT, a startup that uses NFTs, blockchain authentication, and augmented reality to create unique virtual sneakers as well as digital artefacts, was acquired by Nike.
Nike submitted seven trademark applications before the acquisition to assist in the creation and marketing of virtual clothing and trainers. Additionally, Nike and Roblox collaborated on “Nikeland,” a virtual environment where followers of the brand can interact, play games, and outfit their avatars in a virtual clothing.
“NFTs and blockchain establish the foundation for digital ownership,” stated Nick Donarski, a co-founder of the online gaming, content creation, and game development community Ore System. “Ownership of one’s real-world identity will carry over to the metaverse, and NFTs will be this vehicle.”
When will there be a fully developed metaverse?
Although the concept of being able to interact virtually has been near for a while, an actual metaverse where interactions are lifelike still seems years away. For instance, Microsoft the co-founder Bill Gates pointed out in his 2021 year in examine blog post that most people lack the VR goggles as well as motion capture gloves needed to accurately capture their expression, body language, and voice quality.
Regarding business, Gates anticipated that most virtual meetings would shift from two-dimensional square boxes to the metaverse, a three-dimensional space where participants appear as digital avatars, within the next two to three years.
What impact will the metaverse have going forward?
Emphasise that the metaverse continues to be only a collection of opportunities, not a real place. Numerous things are unclear. The specifics of the metaverse’s manifestation, including its control, scope, and degree of impact on our lives, are still up for discussion. On one extreme of the argument is the belief that the metaverse will improve our lives by providing access to experiences that we would not otherwise be able to have in the real world.
Sceptics of the metaverse see it as nothing more than an expansion of our current digital experiences rather than a revolutionary concept. It might even be worse than that, acting as a magnifier of the negative aspects of social media today, such as violent tendencies, addiction, and misinformation campaigns.
624 technology creators, business executives, and activists were questioned by Pew Research Centre in 2022 about the potential effects of the metaverse by 2040. The survey was conducted in collaboration with Elon University’s seeing the Internet Centre. There was disagreement in the response. The report states that 46% of these experts disagreed with the expectation that the metaverse would become a completely immersive and functional part of everyday life for a minimum of half a billion people worldwide. Of these experts, 54% said they expected it to be.
According to a recent Accenture survey of 4,600 technology and business leaders, 71% of executives think the metaverse will benefit their company, but only 42% think it will be an innovative or revolutionary development.
The Metaverse in the Year 2040
Overhyped? Hope? What the hell? Perhaps all three. Regarding the possible development of a fully immersive “metaverse,” experts are divided. They anticipate that improvements in mixed and augmented reality will become more practical in people’s everyday lives. A common concern is that if the people behind today’s popular web platforms spearhead Web3 development, then today’s online issues might be exacerbated.
In 2021–2022, curiosity about the metaverse exploded, partly due to Facebook’s decision to change its name to “Meta.” Science fiction writer Neal Stephenson first used the term in his 1992 book “Snow Crash.” Today, the field known as computer-generated, networked extended reality—or XR, for short—is referred to as the metaverse and includes all facets of virtual, mixed, and augmented reality (AR, MR, and VR).
As of right now, the metaverse is primarily composed of somewhat immersive XR spaces where people interact with automated entities. Some involve people using augmented reality apps on their phones and computers on a daily basis. Certain interactions occur within more immersive gaming or fantasy realms. Certain ones take place in “mirror worlds” that replicate actual settings.
Although social media platforms and extended-reality gaming have been around for a while, the COVID-19 pandemic and early technological advancements in the 2020s propelled the metaverse’s development to the forefront, attracting many billions of dollars in fresh investment and inspiring forecasts that the metaverse will be “the next internet battleground” or “the future of the internet.”
Proponents of extended reality (XR) and the creation of increasingly sophisticated and immersive 3D online worlds assert that these technologies’ quick development will probably have a positive impact on a variety of societal activities, including civic and social life, education, healthcare, gaming, and the arts.
More data being incorporated into people’s experiences, advancements in assistive technology and artificial intelligence (AI), and the development of completely new digital spaces and experiences are all seen as opportunities to improve and broaden people’s lives. Of course, there are worries about the safety, health, security, privacy, and economic effects of these new spaces—as there are with any digital technology. This has led to a great deal of conjecture regarding the nature and implications for society of how XR as well as the metaverse will develop.
The increased focus on and funding for extended reality led the Pew Research Centre and Elon University’s Imagining the Internet Centre to invite hundreds of industry professionals to offer their opinions. A total of 624 technology creators, builders, business and policy administrators, researchers, activists, and activists answered open-ended questions about their expectations for the metaverse’s trajectory and effects by 2040. The outcomes of this unscientific survey were:
- According to 54% of these experts, by the year 2040 the virtual world will have become a much more sophisticated, truly immersive, and functional part of everyday life for at least half a billion people worldwide.
- 46% of respondents predicted that by 2040, the metaverse WOULD NOT be a significantly more developed, genuinely fully immersive, and functional part of life for at least half a billion people worldwide.
In an open-ended inquiry that solicited their opinions on the advantages and disadvantages of the impending digital world, the experts were asked to expand on their multiple-choice responses. Those written remarks revealed two main themes. First, a significant portion of these experts contended that by 2040, people’s adoption of extended reality in their daily lives will be concentrated around augmented and mixed reality tools rather than the more immersive virtual reality environments that many refer to as “the metaverse.”
Secondly, they cautioned that every human characteristic and inclination, both positive and negative, might be greatly amplified in these new worlds. In particular, they were concerned about the power held by those in charge of these systems to impede, redirect, or thwart human agency, as well as to prevent people from exercising their free will and becoming self-actualized. They were also concerned about the freedom that humans will have in the future to develop beyond their innate capacities.
The metaverse’s current state
Although it is not yet in its fully developed form, the metaverse (as of late 2023) resembles any early-stage technological advances product in many ways, with dozens of competitors vying for supremacy.
The metaverse is currently characterised by a wide range of platforms that differ in terms of their scope, features, and scale. A few of the giants that are currently in the metaverse are well-known video games like Roblox, Fortnite, and Minecraft. All of them have amassed large user bases and provide users with virtual worlds in which they can create, communicate, and participate.
Newcomers to the cryptocurrency scene like Sandbox and Decentraland are also entering this market. Cryptocurrencies, which are based on blockchain technology, allow users to own and trade virtual assets in decentralized virtual worlds. In addition to these well-established platforms, “create your own metaverse” options are accessible. They give users the frameworks and tools they need to build their own custom virtual environments and experiences.
These “DIY” platforms frequently go after developers, artists, and companies. Those who wish to create their own metaverse for brand experiences, training simulations, or virtual events are the main target audience. These platforms also facilitate the creation of industry-specific metaverses. Virtual worlds are designed with verticals like real estate, architecture, and automobiles in mind.
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