Some know the metaverse as a buzzword, others as the theme in the film “Ready Player One,” while a select few believe it is the technological advancement the world is trending towards. So, what is the answer? And more importantly, what is the metaverse?
Metaverse, Defined
The metaverse is a digital reality that combines today’s internet with technologies, including augmented reality (AR), virtual reality (VR), and blockchain technology. The result is an immersive experience that may replicate or provide a fictional spin on the physical world. Therefore, when participants visit the metaverse, they see a series of online spaces. Upon entering these spaces, they may engage with others in a more multidimensional experience than they would over social media.
Essentially, we can define the metaverse as the place where digital and physical realities come together.
Is the Metaverse a New Form of Video Game?
For many, this description sounds comparable to online experiences in World of Warcraft or Fortnite, both of which present gamers with a virtual world, complete with digital items that users may spend real money on or participate in virtual concerts.
Although there are similarities, the metaverse is more expansive than a single game. Many people, companies and brands do not exist in Fortnite or World of Warcraft. Therefore, as the next evolution of the internet, we are familiar with today, the metaverse must encompass the entire globe.
The Evolution of the Internet
The logical question many have is, why. Why would we need to exist in this digital reality when we already live in the physical one?
Consider that many already spend most of their lives online, especially after the Covid-19 pandemic. Workplaces are now virtual, social interactions can occur with video conferencing tools like Zoom, and many who make a living through today’s social media platforms place a higher value on their online personalities, even at the expense of their real-life interactions. If many in the world are already deriving value from their online engagements, does it not make sense that digital assets like clothing for one’s avatar hold at least some value?
Therefore, it isn’t necessarily a stretch that many are rethinking where they are storing value, moving it from a physical holding to a digital one.
The metaverse also provides users several benefits to their interactions in the physical world.
For example, we are limited by the confines of space and time in the real world. Together, these factors make it impossible for a user to be in two places at once or to go to your daughter’s piano recital across town at 5:30 when you are working in your home office until the same time. In contrast, a person in the metaverse could experience both with the click of a button, as they switch their Google Oculus VR device from work to audience member.
A secondary benefit becomes evident in cost. Consider that many around the world may never be able to afford the same experiences as a millionaire, who takes frequent vacations, sees world sights and experiences cultures worldwide. Some believe that introducing the metaverse will equalize the playing field by allowing those in developing countries to experience life through virtual reality.
Entering the Metaverse
Sound compelling? Or, at the very least, did talks of the metaverse spark some level of interest? If so, the next consideration becomes entering the virtual realm.
Users will typically need some form of hardware, such as smart glasses or virtual reality headsets. From there, users will be able to step from a two-dimensional social media to a three-dimension interactive reality. With the right devices, users will need to decide as to which metaverse they will enter. At present, there is not one single metaverse. There are many. All of which are still undergoing development.
Users interested in the metaverse are then encouraged to keep an eye on the advancements in the technology industry as they look for a fully-developed and easily accessible entry point into a new reality.