What is Metaverse? The Virtual Shared Space for the Modern World

Imagine a virtual environment where billions of people can engage with one another, live, work, shop, and learn all from the comfort of their sofas in the real world. The computer monitors we use in this world to access a global information network have developed into portals to a 3D virtual world that is palpable: like real life, but better and bigger.

Avatars, which are digital versions of ourselves, are free to move from one experience to another while carrying our money and identities. Despite the excitement, the so called “Metaverse” doesn’t actually exist yet.

What should business leaders make of a quickly developing idea that has the potential to fundamentally alter how people live? The comprehensive guide to the Metaverse from TechTarget explores the current condition and future prospects of this young technological revolution.

The Metaverse’s benefits and problems, how to invest in it, its history, why the Metaverse is significant, and its effects on the future of employment are just a few of the topics covered.

There are references to in depth analyses of these and other pertinent subjects throughout the guide, as well as definitions of key Metaverse terms including interoperability, digital twins, spatial computing, and Web 3.0.

What Is the Metaverse?

The Metaverse is a concept for the next version of the Internet, according to many in the computer industry. It is a distinctive, shared, immersive, and persistent 3D virtual realm where people may interact with one another and experience life in a way that is not possible in the real world.

While some of the technologies that enable access to this virtual world, like virtual reality (VR) headsets and augmented reality (AR) glasses, are developing quickly, other essential elements of the Metaverse, like sufficient bandwidth or interoperability standards, are probably years away from becoming a reality or may never become one.

The word “Metaverse” was first used in 1992 by author Neal Stephenson in his science fiction book Snow Crash, and work on the technology supporting an Internet based on virtual reality has been ongoing for decades (see below for a chronology of the history of the Metaverse).

The idea of the Metaverse has existed for many years. Here is a timeline of significant events.

Advertisement

What makes the Metaverse Significant?

The term “Metaverse” gained popularity after Facebook announced plans to invest at least $10 billion in the idea in October 2021 and renamed its corporate identity to Meta. Along with Meta, other major technology players like Google, Microsoft, Nvidia, and Qualcomm are investing billions of dollars in the idea.

The Metaverse economy may reach $5 trillion by 2030, according to an optimistic prediction made by management consulting company McKinsey & Company. Gaming, entertainment, education, and marketing in the Metaverse will all grow in importance, with e-commerce predicted to be the main driver.

Companies now use the word to describe a wide range of improved online environments. These include virtual locker rooms and virtual operation rooms, as well as emerging virtual workplaces like Microsoft’s Mesh or Meta’s Horizon Workrooms and online video games like Fortnite.

Today’s Metaverse is evolving from a single shared virtual place to a multiverse, which consists of several separate Metaverse with limited interoperability as businesses compete for market dominance.

Uncritical adoration of the Metaverse and profound skepticism about its results have led to considerable pushback. Industry watchers question whether or not the Metaverse will ultimately differ significantly from current digital experiences and, if so, whether or not the general public will be prepared to spend hours each day exploring the internet with headphones.

However, other futurists contend that the Metaverse will materialize even if it is still in its infancy and there are important technical obstacles to overcome. And it will make a tremendous difference.

In his article “History of the Metaverse explained,” TechTarget writer George Lawton quotes Dave Wright, director of innovation at IT vendor ServiceNow, as saying that it is “certainly one of the most anticipated technological evolutions of the next decade.”

How is the Metaverse Organized?

There is little consensus on how the Metaverse will operate because it has not yet been created in substantial parts.

However, the Metaverse can be broadly defined as a digital ecosystem based on several 3D technologies, real time collaborative software, and decentralized blockchain based financial instruments.

The Metaverse’s development will affect things like the level of interoperability between virtual worlds, data portability, governance, and user interfaces.

In a session on the Metaverse at MIT’s Platform Strategy Summit 2022, Lauren Lubetsky, senior director at Bain & Company, suggested three potential outcomes:

The metaverse is still a collection of specialized programs that customers use for entertainment and games, but it is still a long way from being a fully realized virtual world. Large, competitive ecosystems with little interoperability, like Apple’s and Android’s metaworlds, dominate the Metaverse.The Metaverse is a 3D version of the Internet that is dynamic, open, and interoperable.

“The Metaverse is not a place, it’s a journey. It’s a journey to a better world, a world where anything is possible, a world where we can all be superhumans.”

Mark Zuckerberg

How do I get into the Metaverse?

Virtual reality and augmented reality are two technologies that are vital for the growth and development of the Metaverse:

Virtual reality is a three dimensional environment that is created digitally and gives users the ability to interact with it in a way that simulates reality as it is experienced by our senses. Typically, a virtual reality helmet that fills the user’s field of vision is used to access this close representation of reality.

Augmented reality is less immersive than virtual reality because haptics, such as gloves, vests, and even full body tracking suits, enable more realistic interaction with the virtual environment. Through some form of lens, it creates digital overlays on top of the physical world. Users can still engage with their actual surroundings.

One of the earliest applications of AR is the video game Pokémon Go. Consumers are familiar with Google Glass and displays on automobile windshields as AR devices.

Markets

Cryptocurrency 101: A Beginner’s Guide to Digital Assets

Jackson MitchellDecember 11, 202225 min read

Lawton was informed by Tuong H. Nguyen, principal analyst at Gartner, that it is still unclear whether virtual reality and augmented reality applications will dominate Metaverse interfaces.

A fast Internet connection, a browser, or a mobile device are now required to access many of the Metaverse like experiences provided by game platforms like Roblox, Decentraland, and Minecraft.

It is anticipated that these technologies will each play a unique and significant role in the growth of the Metaverse.

Technology in the Metaverse

Numerous sci-fi books, television series, and movies are set in Metaverse —digital worlds indistinguishable from the real world. Often, these sci-fi Metaverse are dystopian worlds. Some of Zuckerberg’s contemporaries are concerned that the real life Metaverse —the “next-gen Internet”—could become a dystopian nightmare.

Niantic is a software developer best known for the augmented reality mobile games Ingress and Pokémon Go. Niantic CEO John Hanke, for example, wrote in a blog post, “A lot of people these days seem very interested in bringing this near future vision of a virtual world to life, including some of the biggest names in technology and gaming.

But these novels served as warnings about a dystopian future of technology gone wrong.

Technology author Esther Shein argues that industry watchers should refrain from codifying the technologies that will power the Metaverse in her piece titled “7 top technologies for Metaverse development.” This is partially due to the Metaverse’s ongoing evolution and also because many of the instruments that power it are hybrids of many technologies.

For instance, Gartner prefers to refer to “technology themes” when describing Metaverse technologies. Spatial computing, digital humans, shared experiences, games, and tokenized assets are some of the themes covered. Metaverse technologies are “enablers of 3D development environments,” according to Forrester Research. Companies will need to recruit professionals with expertise in 3D modeling and IoT to create digital twins.

According to Shein’s knowledgeable sources, the following seven technologies will have the most effects on the growth of the Metaverse during the following ten years:

• Extended reality, internet of things, and artificial intelligence
• Brain
• Interfaces for computers
• Reconstruction and 3D modeling
• Edge and spatial computing
• The blockchain

What Purposes does the Metaverse Serve Today?

The development of immersive virtual worlds has been a specialty of the online gaming business for decades. And to the extent that a proto Metaverse is in use, the large audiences who swarm to websites like Epic Games, Decentraland, and Roblox imply that creating virtual worlds, playing video games, and buying real estate could be.

To facilitate remote work, businesses are testing out Metaverse workplace applications that build on the virtual tools they introduced during the epidemic. Workplace training is one of the earliest uses of Metaverse technologies. Some hospitals are already employing virtual reality and augmented reality to instruct staff members on standard medical procedures, claims Esther Ajao, a writer for TechTarget.

Medivis, an augmented reality surgical system that enables surgeons to swiftly synchronize with a hospital’s digital imaging system, is one device that has just received FDA approval. He also discussed the following enterprise applications of the Metaverse in his article “Enterprise applications of the Metaverse delayed but coming”:

• Avatars of digital twins. Ajao claims that these twins won’t just be on computer displays; they’ll also be depicted as artificial intelligence powered holograms or holographic images that can do duties. A CEO, for instance, may use an AI powered hologram of themselves to communicate with numerous stakeholders simultaneously.
• The Metaverse for teamwork at work. According to J.P. Gownder, a Forrester analyst, businesses are starting to employ the Metaverse to give remote work situations “an element of realism.” This involves setting up 3D workspaces for teamwork.

What Place do NFTs have in the Metaverse?

NFTs, or non fungible tokens, will be crucial to the usefulness and acceptance of the Metaverse . Based on the same blockchain technology as cryptocurrencies, NFTs are a secure class of digital asset. An NFT can stand in for a work of art, a song, or digital property instead of money. A digital title or proof of ownership that may be purchased or sold in the Metaverse is what an NFT gives its owner.

The first virtual real estate enterprise in the world, according to Metaverse Group. It functions as an intermediary to make land or property rentals and purchases possible in a variety of Metaverse virtual environments, including Decentraland, Sandbox, Somnium, and Upland. Its services include family living, art galleries, shops, conference space, and “hangouts.”

Traditional businesses are also entering the Metaverse, even though it has provided opportunity for new businesses like Metaverse Group to sell digital products. For instance, Nike recently bought RTFKT, a firm that creates distinctive digital artifacts and sneakers utilizing augmented reality, blockchain authentication, and NFT. RTFKT claims that it was “born in the Metaverse, and this has shaped its feel to this day” on its website.

In order to assist design and sell virtual sneakers and clothing, Nike submitted seven trademark applications prior to the acquisition. Additionally, Nike and Roblox collaborated on “Nikeland,” a virtual environment where Nike fans can interact, play games, and outfit their avatars with clothes.

According to Nick Donarski, co-founder of Ore System, an online community of gamers, content producers, and game developers, “NFTs and blockchain establish the framework for digital ownership.” NFTs will serve as the means through which ownership of one’s identity in the real world will transverse into the Metaverse.

Business Entities in the Metaverse

Each of these three renowned software providers has an own conception of the Metaverse.

Meta. In the company’s October 2021 rebranding announcement, CEO Mark Zuckerberg stated that the Metaverse “will come first, not Facebook first” going forward. The fact that users won’t require a Facebook account to use other Metaverse services makes it a significant change.

Among other non Facebook products, Meta has already sold millions of its Meta Quest virtual reality headset for exploring the Metaverse, which was originally known as Oculus.

According to Zuckerberg’s statement in Meta’s release, the business wants to “bring the Metaverse to life” by accelerating the development of the essential technologies, such as social platforms and creative tools.

End of 2021 saw the announcement of the renaming, and Meta then released Horizon Worlds, a VR environment where users can travel using avatars and tools for developers to create more virtual worlds. Investors view Meta’s substantial investment in the Metaverse as a gamble given the company’s revenue reductions and layoffs in an unsteady economic climate.

ePirate Games. Following a $1 billion fundraising round in 2021, Epic Games, the company behind the well known online shooter Fortnite (which boasts 350 million users) and the game development tool Unreal Engine, decided to stake its future on the Metaverse. $200 million of that came from Sony Group Corp.

In contrast to Meta, Epic Games seeks to offer a community space where users can communicate with companies and one another without a newsfeed full of advertisements.

Microsoft. Microsoft Teams, the software giant’s alternative to Zoom for online meetings, now supports Metaverse. Through the new service, Teams users in various physical locations can participate in shared, collaborative holographic experiences during virtual meetings. Avatars, session management, spatial rendering, multi user synchronization, and “holoportation,” a 3D capture technology that enables users to rebuild and transmit high quality 3D models of individuals in real time, are all supported by the platform.

The software giant gave a private glimpse of a technology that will let avatars be developed and used in place of live video during Teams sessions at its Ignite conference in October 2022.

Microsoft and the professional services company Accenture are working together to produce immersive spaces made of meshes. Accenture utilizes Microsoft Mesh to speed up new recruit onboarding and hires more than 100,000 workers annually. To learn how to build a digital avatar and access One Accenture Park, a shared virtual place that is part of the onboarding process, new employees gather in Teams.

A central meeting room, a virtual boardroom, and digital monorails that allow new employees to travel to various displays are all included in the future, amusement park like setting.

Advertisement

When Will there be a Complete Metaverse?

A true Metaverse in which it is possible to engage realistically appears years away, despite the fact that the fundamental concept of being able to join in an online virtual environment has been around for many years. For instance, Microsoft co-founder Bill Gates remarked in his blog post from 2021 that the majority of people lack the motion capture gloves or virtual reality goggles necessary to effectively reflect their expression, body language, and voice quality.

However, Gates anticipated that for businesses, most virtual meetings would move from two dimensional square boxes to the Metaverse, a three dimensional environment where participants would appear as digital avatars.

What Impact will the Metaverse Have Going Forward?

It is important to remember that the Metaverse is still just a collection of hypothetical possibilities. Numerous things are unknown. There is still disagreement about the specifics of how the Metaverse will present itself, including who will be in charge of it, what it will include, and how it will affect how we live.

Some people on one end of the spectrum think the Metaverse will improve our lives by enabling experiences we couldn’t have in the real world. Amplification of the current negative aspects of social networks, such as misinformation campaigns, addictive behaviors, and violent tendencies, is what skeptics of the Metaverse believe it to be.

They see it as merely an extension of the digital experiences we have today, not fundamentally different from them, and possibly even worse. The Pew Research Center questioned 624 technologists, corporate executives, and activists about the effects of the Metaverse in 2040 as part of a 2022 study that was carried out in collaboration with Elon University’s Imagining the Internet Center.

The reaction was not unanimous. According to the survey, 54% of these experts believe the Metaverse will be a completely immersive and practical part of at least 500 million people’s daily lives worldwide, while 46% disagree.

Similarly, a recent Accenture study of 4,600 business and technology professionals indicated that while 42% of executives believe the Metaverse will be a decisive or transformative innovation, 71% of executives feel it would have a positive influence on their organization.

How to Get Ready for It?

According to employment specialists consulted by technology writer Lawton, successfully implementing current office spaces and protocols into virtual spaces won’t suffice to create viable Metaverse work environments.

In fact, preliminary studies indicate that simply translating current workplaces into a 3D virtual equivalent can decrease productivity and even induce nausea and vertigo.

However, like the Internet in the 1990s, the Metaverse offers the chance to “reduce the universe,” according to Andrew Hawken, co-founder and CEO of Mesmerise, a company that develops VR technologies.

According to the experts Lawton spoke with, if used properly, Metaverse technology might boost teleworker friendships, enhance collaboration, hasten training, lessen the need for office space, and generally make work a happier place. According to Frank Diana, managing partner and futurist of Tata Consultancy Services, the Metaverse will also eliminate jobs, compelling businesses to retrain their staff.

In “How Will the Metaverse Affect the Future of Work?” Lawton provided detailed descriptions of eight important use cases. The following three:

• Enhance cooperation and teamwork. Teams may, for instance, “transport oneself to the Louvre Museum for inspiration,” Diana suggested, in place of the whiteboards, sticky notes, and large screen monitors that are the mainstays of in-person ideation. Theoretically, a digital twin of a building would enable architects to work in real time with clients on designs and identify issues and opportunities before the space was actually built.
• Quicker learning By enabling staff to practice using equipment in “real life” or giving sales pitches to critical clients, interactive games and simulations could hasten learning and boost performance.
• Assess operations. Executives and managers may find it simple to conduct inspections and shake hands with workers while visiting a factory, distribution center, or building site on the other side of the globe thanks to the Metaverse.

Wrap Up

Whatever shape the Metaverse takes, cybersecurity and privacy laws pose significant difficulties.

The current lack of privacy standards for the Metaverse presents many risks for businesses and users, including the following: misapplication and misapplicability of current privacy regulations, such as GDPR; intrusive and extensive data collection; and data rights and ownership issues; exploitation of minors; and exploitation of minos, as security expert Ashwin Krishnan explained in his companion articles on Metaverse cybersecurity challenges and privacy issues.

In order to implement security and privacy measures, Krishnan recommended businesses to take the initiative in developing a practical data privacy policy that is specific to their operations.

He also advised working with top Metaverse platform owners and standards groups. Consumers will need to take the time to learn about the data security and privacy rules of the businesses they frequently use as well as the Metaverse platforms on which those businesses are housed.

FAQs

What is the Metaverse, Exactly?

A virtual reality called the Metaverse enables users to communicate with each other as well as with virtual objects and situations in real time. It is produced by the fusion of physically persistent virtual space, which comprises all virtual worlds, augmented reality, and the Internet, with virtually enhanced physical reality.

How does the Metaverse Perform?

The Metaverse functions by building engaging and interactive virtual worlds utilizing cutting edge technologies like virtual reality and augmented reality. Specialized technology, such as virtual reality headsets or augmented reality goggles, as well as more conventional gadgets like PCs and cellphones, can be used by users to access the metaverse.

What Possible uses for the Metaverse are There?

The Metaverse has a wide range of possible applications. It has the potential to transform industries including e-commerce, gaming, and entertainment. The Metaverse could be utilized for communication, teamwork, and even remote work.

The Metaverse and the Internet are Equivalent, Right?

Although not identical to the Internet, the Metaverse is strongly similar to it. The Internet is a sizable network of linked computers that enables communication and information sharing between users. On the other side, the Metaverse is a virtual reality that enables real time user interaction with virtual people, things, and surroundings.

The Metaverse is Already Present, Right?

The Metaverse is still in its infancy, and it will probably take several years before it comes to pass. However, a lot of businesses and organizations are already engaged in the creation and investigation of the Metaverse.