The concept of the metaverse is quickly becoming a buzzword in technology and business. But what does it mean?
What is metaverse?
Touted as the next generation of the Internet by some tech giants, it is a collection of virtual worlds on the Internet with their own currencies and purposes where people can exist in their digital avatars and interact with each other, similar to an online video game.
The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR). Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players.
Why is it taking off?
Silicon Valley giants like Microsoft and Facebook have been highlighting it as the next big opportunity, with the Mark Zuckerberg-led company even planning to rebrand its family of firms around the metaverse.
The idea of the metaverse is that it will create new online spaces in which people's interactions can be more multi-dimensional, where users are able to immerse themselves in digital content rather than simply viewing it. The accelerated interest in the metaverse can be seen as a result of the COVID-19 pandemic as there has been an increased demand for ways to make online interaction more lifelike.
Who is getting involved?
Facebook CEO Mark Zuckerberg said in July that the company will try to transition from being a social media company to a metaverse company in the next five years or so.
The term is popular in Silicon Valley, with Microsoft also having mentioned converging the digital and physical worlds.
The popular children's game Roblox (RBLX.N), which had its New York Stock Exchange debut in March, describes itself as a metaverse company. Musicians can do virtual concerts within these platforms. The world's biggest fashion companies have also experimented with making virtual clothing, which people's avatars can wear in metaverse environments.
How is it different from playing online video game?
It's quite similar, except that it is being seen as a way of living where people interact with each other, entertain themselves, buy property etc., all completely virtually as their digital alter egos. The company works on blockchain technology, which powers cryptocurrencies and Non-Fungible Tokens (NFT) which are used in the metaverse, to draft digital contracts.
What will it actually include?
Tech industry figures who talk about "the metaverse" are usually excited about digital platforms that include some of the following things:
- Feature that overlap with older web services or real-world activities.
- Real-time 3D computer graphics and personalized avatars.
- A variety of person-to-person social interactions that are less competitive and goal-oriented than stereotypical games.
- Support for users creating their own virtual items and environments.
- Links with outside economic systems so people can profit from virtual goods.
- Designs that seem well-suited to virtual and augmented reality headsets, even if they usually support other hardware as well.
Are there any concerns around this?
While the metaverse doesn't belong to any one company, it is expected to be monopolised by a bunch of technology companies, much like how the Internet functions today. Besides, there are concerns about the privacy of users and its socio-neurological impact on them. There are massive concerns about whether people will lose touch of reality. The concerns get bigger as we get more hooked to technology.
"If you could dream of something and live inside your dream, it is called the metaverse. You cannot do it with just your mind because the body also has to participate in it", says Icertis CTO & co-founder Monish Darda.
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