The Metaverse – The Future of Virtual Reality
A metaverse is a 3D virtual world shared by many people. The most famous examples are massively multiplayer virtual reality games, where players interact with each other in a virtual environment populated by online personas. But the potential of the metaverse goes far beyond gaming, and companies in a wide range of industries are already experimenting with its possibilities.
Science fiction writer Neal Stephenson coined the term “metaverse” in his 1992 novel Snow Crash, which depicts a future where people access the internet via 3D virtual reality. Today, the concept has gained a lot of momentum, with investors and big tech firms pouring huge sums into developing technologies that will make the metaverse possible.
Some of the biggest challenges remain. For example, the underlying infrastructure will need to be able to handle enormous amounts of data and handle synchronized communication between a large number of users in real time. And that requires a substantial investment in computing power. But rapid technological improvements, such as in graphics rendering and back-end engines, are allowing the creation of ever-larger virtual worlds, while 5G networks and new hardware devices like haptic gloves and bodysuits reduce barriers to entry.
The most popular uses of the metaverse so far are entertainment and commerce. The popularity of video games such as Minecraft, Fortnite, and Roblox — all populated by digital avatars — shows how the technology is being adopted by consumers, who are using their avatars to shop, socialize, and participate in virtual events.
Non-fungible tokens (NFTs), a type of secure digital asset that uses the blockchain technology behind cryptocurrency, will play a critical role in this future, because they can represent any kind of virtual object. They’re already being used to buy and sell virtual goods in games such as Minecraft and Horizon Worlds, and they could soon be used in a much wider range of applications.
For example, the music and sports industries are already experimenting with the metaverse. Virtual concerts are being held by music groups and major sports franchises, while fans can attend virtual arenas to watch their favorite teams play live.
Virtual retail and travel are other promising applications of the metaverse. People can use their avatars to visit virtual stores and attend virtual events, without having to worry about the cost of transportation or potential weather delays. And virtual travel can help bridge the gap between remote work and face-to-face meetings, while providing an immersive experience that can be just as meaningful as a conference in person.
Despite the challenges, it’s clear that the metaverse is here to stay. As the augmented and virtual reality technologies continue to develop, more businesses will adopt them to boost productivity and create a better work-life balance. And the public will embrace them as they become more mainstream. In fact, according to the recent Twitter analysis by CoinKickoff, California is one of the most pro-metaverse states in the US, with more than 37% of relevant tweets praising its benefits.metaverse