You might have heard of this over-hyped term “metaverse”. Let me tell you one thing, this hype is REAL.
Agencies are investing billions of dollars in this technology. The tech giants are calling it “the future”. For a moment, it could be thought that the metaverse would be something worth it.
In this era of innovation, people are eager to adopt newer technologies. That time has passed when people had to work physically and be present at the workplace too.
So, what does the metaverse has to do with this? How metaverse is going to change the way we work? Who is going to do this all? This is what it is all about. Yes. Replacing your efforts and creating a virtual world is what going to happen.
Before we dive into the ocean of the metaverse, let’s start with the statement of Meta’s (formerly Facebook) CEO Mark Zuckerberg.
“It is time for us to adopt a new company brand to encompass everything that we do”.
Did you find any word in this statement that says it all? The word everything. This may sound strange, but you need to imagine how interestingly our entire lives will transform.
We’re going to jump into a virtual world that is so realistic that it will seem as if we’re physically available there.
What is Metaverse?
The metaverse is a concept of a 3D digital world that consists of virtual spaces which you can explore using an avatar you create of yourself. In the metaverse, you can play games, go shopping, hang out with friends at a virtual bar, work with your colleagues in a virtual office, and much more.
It doesn’t matter how far you are from the workplace, shopping stores, or friends, you can still be there; do your job being virtually at the office, buy things from stores while being at home, and interestingly, meet your friends and family through this platform while you aren’t physically there.
The question arises, how this all is going to happen?
Honestly, this is nothing new, but a little more advanced. You can still buy the things being at home. Work from home has overcome the physical availability of people. You can see your friends and family members through video calls.
So, what is the purpose of the metaverse then?
“Metaverse is not about experiencing reality. It is about being in the experience”.
Companies Behind Metaverse
No other company has more investment in the metaverse than Mark Zuckerberg’s media empire Meta. Facebook has recently changed its name to meta to better reflect its focus on the metaverse. Meta is investing roughly 10 billion dollars in Metaverse, which is far more than any company’s investment in it.
Meanwhile, Microsoft is looking to build a work-focused metaverse that connects its hugely popular addition in a digital environment called Mesh.
Inside Mesh, you’d be able to use Microsoft Teams, Windows, and other services in VR. Mesh will also include avatars within Microsoft Teams, as another way to collaborate virtually.
Epic Games is the company behind the popular immersive game Fortnite. It was always perfectly possessed to build the metaverse.
It recently formalized its intentions, announcing a $1 billion funding round to facilitate growth opportunities for the metaverse.
Roblox is a company featuring many games within its platform. Several of its games offer virtual worlds (the metaverse) where users can interact with one another. Millions of children are socializing on Roblox without ever leaving their homes.
Nvidia is willing to turn its leading position in supplying the computing hardware for the metaverse into a set of software tools. It would be creating and selling content within virtual worlds, a business opportunity that has helped Nvidia share more than double in value over the past year.
Where Did Metaverse Come From?
In 1992, Neal Stephenson first rolled the coin of the term “metaverse” in his novel Snow Crash.
In that novel, the protagonist Hiro moves in and out of a place called the metaverse. It appears to be a small-scale urban landscape created via code where users can have real-life experiences.
Surprisingly, Snow Crash came just one year after the birth of the internet in 1991. Nonetheless, the word metaverse remained limited to the technology community. After all innovations across the next few years laid the early foundations of what the metaverse is now poised to become in 2022 and beyond.
When is Metaverse launching?
It is been waving so often that 2022 will be the year of the metaverse. Well, partly, it is quite interesting to hear this because we’re already in 2022. But the thing is, it is not too easy to implement this broad technology at suddenly present.
Although there are a lot of activities going around in metaverse already. Some of the famous singers like Travis Scott, Ariana Grande, Justin Bieber, and Marshmello have already performed concerts with record-breaking attendees in the metaverse.
Researchers have predicted that this technology is going to be involved gradually. Companies incorporating metaverse are promising to launch their software by the first half of 2022.
How Metaverse Will Change the World?
Here are some of the aspects in which metaverse is going to change the way we work.
Rise of Digital Real Estate
Investing in property has been one of the top business trends for ages. People invest in real estate, willing to sell it later, lease it to any stakeholder for a specific period, or any other way of dealing with the land.
As metaverse will facilitate virtual living inside there, people will be (and already) buying real estate in the metaverse.
You can relate this with the real world as people purchase lands in some areas or cities that they consider as more developed in near future. Interestingly, just like the real world, people will construct things on metaverse as they do on the earth. This could be building their homes, renting their properties and some will be selling products by constructing stores where people can teleport and buy things.
E-Commerce Will Take a Boom
In today’s life, typical brick-and-mortar stores are where people just walk in, purchase things, and leave. According to the metaverse, there shouldn’t be such a limitation for you to have to be there physically.
As you know, eCommerce has gone out of control recently. There are an exceptional number of buyers who choose eCommerce activity over any physical commerce activity. Nowadays, people can easily head over to any internet browser and type “buy something” and there will be millions of online stores across the world selling that particular product or similar to it. Moreover, you can easily buy things being at home.
In near future, there will be virtual stores present inside the metaverse. You will be able to walk through and look at the products available in that store. Additionally, you’ll interact with a 3D AI or an actual human employee working at the store having his/her own avatar standing in front of you. The clothes, shape, color, or any element of the avatar (either it’s your or anyone around) will be your property which you would buy being inside the metaverse.
Investors will be constructing stores, shopping malls, or any outlet for which they’ll be paying the developers as they’ll build the visual stores leveraging their metaverse development skills. As a result, real estate that possesses more traffic, inside marketplaces or city centers will become more expensive. Anyone walking around wearing clothes, driving vehicles, products in stores, or any materialistic thing will be the possession of that person. These could be NFTs.
Advertisement will be doubled
Metaverse will have the same advertising system as we see around ourselves. Buildings, billboards, banners, events will be advertising different businesses as they go around in the real world.
Moreover, enterprises will be constructing buildings, stores, or restaurants the same as they have in the real world. The purpose of this is to let people visit their stores, restaurants, and buildings and buy, rent or hang out as they do in the real world. The advertisements could be of the products, offers that only exist in the real world or in the metaverse only.
More Realistic Video Calls
Video calls have been the only remedy for more than a decade now for the people who want to see and talk to their loved ones living away from them.
But, after some time these video calls are likely going to look like writing letters as there won’t be anything new or more interesting.
Metaverse has more interesting things for you. In the metaverse, you will be able to meet, greet, and even hug each other having their respective avatars sitting/standing/walking in front of you. Although you’ll be miles away from each other still a couple will be sitting at bars, going on a honeymoon and friends will be playing billiards at one place listening to the same music. Isn’t it amazing? Moreover, a father working in a distant country will be meeting his family “face-to-face” every evening, spending time with loved ones, playing games with children.
Cryptocurrency Will Rule the Metaverse
People will be using cryptocurrency to go on an international metaverse shopping spree as the easiest, most convenient, and cheapest way. You can spend your crypto at whichever store you go to, rather than the country that company is based in. With cryptocurrency, your international conversation fees or transaction fees will be much more secure. Mostly, stores in the metaverse will accept all major cryptocurrencies.
Real-world geopolitical borders will not be a thing in the metaverse. You will be able to freely travel throughout the metaverse with your cryptocurrency wallet all along, buying different products and services of all types with quick transactions. Each major metaverse has its own native cryptocurrency which is used to purchase everything within that specific metaverse. The value of each metaverse’s cryptocurrency fluctuates accordingly in relation to the popularity of that specific metaverse as another investment opportunity. The more that that metaverse develops, the more your crypto within that metaverse will be worth. This is why late 2021 has seen a rush of people trying to “get in early”.
Hanging Out Without Leaving Your Home
In addition to people meeting with each other through more immersive video calls, there will be a number of nightclubs, hanging out places, bars, and digitally natural enthusiastic places for you to meet with your family, friends.
In case you’re not yet amazed by metaverse, then get ready to witness this. Some of the restaurants or stores will be integrated with real-world stores or food restaurants where the things you buy will be delivered to your doorstep.
You’ll walk into a restaurant along with your partner or friends, have a look at the 3D menu, order anything (and pay through crypto mostly), and the delivery service provider will deliver that food right on your door.
You can plan some leisure time, decide a location and invite all of your family members or friends to a certain place. Everyone will be at that place within seconds and you can enjoy your time being in person, but, digitally. Furthermore, metaverse has interesting games to play. These games would be in 3D view and you’ll feel more realistic as if you’re in the game. Additionally, more games like golf, bowling, pool, etc. will be introduced in the metaverse.
Online Business Meetings will look like Physical
After the COVID-19 has hit the world, businesses have realized the unnecessity of meeting in physical for job purposes or any project planning.
Even Bill Gates has predicted that the metaverse will host most of your office meetings within two or three years.
As a matter of fact, there isn’t any need of traveling miles of kilometers spending thousands of dollars just to talk about a certain project for 30 minutes, right?
In the metaverse, you can easily conduct meetings while sitting on a panel, interview anyone, or even present on a bigger screen. All of the attendants will be representing themselves with an avatar speaking, shaking hands, moving heads, giving gestures, and doing all that a human can do in real life. Interestingly, you’ll be able to select a particular place for a meeting depending upon the kind of place your client might love to be at. Hypothetically, you could be in a meeting sitting on the top of Eiffel Tower, at the bottom of the ocean, or any place you want to prefer. Keep in mind, you’re at home or anywhere else while experiencing these joys across the world.
Travel Instantly across the World
Whenever we plan to travel to a country, we search google and look for interesting places to visit. And Google shows many interactive and definite images of the places on earth.
But what if I tell you that you can travel across the country, planet, or any place being at home. What if you could teleport to your dream place and enjoy the moments’ saving your dollars and time.
Although the traveling in metaverse would not be as real as it should be. Because there are a lot of factors involved in this matter.
Kuddos to metaverse developers, they will be earning millions of dollars as they are the next big thing in the game. Anything in the metaverse will have a developer or the team or developers creating all these virtual realities.
Over to you
Afterall this debate, one thing is true; the metaverse is going to make mind-blowing changes in our daily lives. The way we live will be totally on the next level. You’ll be experiencing the whole world while staying at home.
So, what’s your take on this?
What do you think of the positive things that are going to happen?
What are the negative factors that might affect our lives in any way? Let’s discuss this in the comments below.