Unless you live under a rock, you must have heard about Facebook changing its name to Meta for its upcoming metaverse project.
What is Metaverse?
Metaverse is defined as a self-aware and self-contained 3D virtual world that allows people to have an online identity of their own and is focused on social connections.
This term is described as a hypothetical social media world on the internet that will run on basis of augmented Virtual reality and Augmented reality.
By now, various companies have introduced their version of the metaverse for popular use such as virtual world games like Second Life. Undoubtedly Metaverse market size is growing enormously. This concept is not very new as immersive virtual worlds and online avatars are already available in games such as Grand Theft Auto Online, Minecraft, and Roblox.
Last October, Meta announced that it aims to go beyond entertainment and create virtual workspaces, homes, and experiences for all ages.
Facebook’s take on Metaverse
Facebook rebranded itself as Meta, and Mark Zuckerberg said that the company will invest in making Horizon Worlds, a virtual reality universe with its currency, digital assets, land, digital societies, and economies into a metaverse that we have only seen in movies till now.
Effect of Metaverse on future technology
The metaverse aims to fully change the way people perceive things and interact with each other on the internet.
According to Intel, “The need for computing power will be 1000x more in Metaverse” which states that a new revolution will come in the tech sector.
New processing systems, supercomputers, processors, and high-tech interactive virtual reality devices will be developed.
There will be tremendous growth in virtual and augmented reality companies. Along with these, the field of computer vision will also grow following the latest addition in metaverse technology.
All the existing technologies that play a significant role in bringing the metaverse to life will be a boom shortly.
Effect of Metaverse on people’s lives
The metaverse is currently more into gaming rather than social media but the future of Metaverse is to become a virtual universe of social media.
For now, the metaverse is limited to video games but as Facebook starts to indulge in developing the concept of sci-fi metaverse into a reality. To make it a reality more immersive and interactive technologies will be developed.
The new generation work from home concept can evolve to recreating a digital space where your office could be permanently located.
Online shopping will happen on a whole new level as brands have already started partnering up with video games to showcase and promote their stuff.
All the new technologies will be made in accordance with the metaverse as it is the future of digital marketing, business campaigns, brands, work, assets, and many other things.
When a metaverse like the fictional metaverse will be developed, masses will be able to live their lives digitally and will be able to play, work, communicate, buy, sell, do business and live a life as their online character in the metaverse.
What could be the downsides and upsides of metaverse?
People will be connected emotionally with each other and their online life will also affect their mental health.
The concept of metaverse ignited a heated debate about its social and mental impact on people’s lives.
Many tech companies see potential in the metaverse to revolutionize the concept of social interaction.
In that case, metaverse can give introverted people the chance to express themselves in a new way and transform their lives.
They may find themselves creating the virtual property, exploring, working, or talking to other avatars.
But on the other hand, it could also develop a falsified sense of reality in people and can affect their mental health badly if they indulge themselves too much in the virtual world.
How will be the experience of Metaverse?
The metaverse will use virtual reality, or augmented reality as we know it now to create the experience of living the virtual life much similar to the real world.
The technology is still being developed, but companies like Meta are saying that they are building and improving these devices to improve the experience of Metaverse.
“You’ll be in a virtual reality headset while you’re in the Metaverse. You’ll feel like you’re in a room with someone who can see you, read your texts, listen to your voice and respond to it.
You can greet & interact with each other on the internet with gestures.
Effect of Metaverse on Brands
The virtual world of Metaverse supported by lines of code will open new streams of revenue for the brands.
The opportunities for brands entering into this new venture are endless.
Since when covid came into our lives, people have started adopting digital life and the change is already taking place.
Companies are preferring work from home and the virtual world on social media is becoming a new source of revenue and marketing for brands to showcase their latest products.
Earlier this month, The Walmart company announced that it will step into the virtual world and the field of cryptocurrency to provide crypto, and allow customers to buy and sell NFTs.
Metaverse: Relation with Blockchain technology
The invention of the metaverse and an all-connected network of computers and virtual universes will bring increased demand for data.
With the integration of blockchain technology, an environment where digital property assets and rights can be enforced and tracked easily.
The metaverse will overall boost the Virtual and Augmented reality industry and Blockchain technology.