The concept of the Metaverse has attracted the attention and investment of companies around the world, especially after Facebook announced its name change to Meta. The metaverse can be described as a three-dimensional virtual space that enhances online activities through a visual interface. Although interest in the Metaverse has waned in 2023, it still holds immense potential.
First introduced in Neal Stephenson’s 1992 novel Snow Crash, the Metaverse has evolved from science fiction to a potentially transformative reality. It is a shared virtual reality (VR) space where users interact through avatars in a vast digital environment. This metaverse has attracted significant investment, with $120 billion poured into its development in just the first five months of 2022.
The definition of the metaverse remains somewhat vague, with no universally accepted interpretation. However, there is a general consensus that this will encompass a shared three-dimensional digital realm in which users can be fully immersed in a way that is not possible with the current Internet. The metaverse often uses virtual reality devices and Internet of Things (IoT) hardware.
Although the true potential of the Metaverse is still uncertain, it has generated significant interest from consumers. One study revealed that 44% of potential Metaverse users are excited to use Metaverse for more immersive social interactions with friends and family. However, concerns about the Metaverse’s impact on physical reality are widespread, with 77% of Americans believing the Metaverse will cause serious harm.
The Metaverse continues to be a hot topic in the media, so it’s important to stay updated on its progress. Google searches for the term peaked in late 2021 but have since declined. Furthermore, although the Metaverse real estate market is experiencing a slowdown, it is predicted that if it continues to grow annually, it could reach $936.57 billion by 2030.
Important questions remain regarding the nature and purpose of the Metaverse. Will it be a video game, a social network, an augmented reality platform, or something else entirely? Efforts to build a metaverse are fragmented and lack the cohesiveness of a truly interconnected digital world . Despite these uncertainties, consumers are showing enthusiasm for the Metaverse’s various applications, including social connection, digital exploration, remote work, and monetization.
The potential impact of the Metaverse extends beyond entertainment and gaming. According to the survey, 90% of survey participants believe that interactive experiences in the Metaverse will revolutionize entertainment. Additionally, the fashion and retail industries may also be affected, as companies such as Nike, Forever 21, and Skechers are already building virtual stores within the Metaverse environment.
The Metaverse’s journey from concept to validity spans several decades, and its origins lie in the multiplayer online game MUD (Multi-User Dungeon) created in 1978. The term “metaverse” first appeared in Neal Stevenson’s novel Snow Crash, which depicts a shared virtual world. Escape from a dystopian society.
While the true potential and future trajectory of the Metaverse is still uncertain, its development and impact on various industries continues to be investigated. With continued advancements and investments in the Metaverse, it will undoubtedly remain a topic that will shape the digital landscape for years to come.
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– Article: Metaverse: What is it and what does it mean for the future? (source.com)
