The Metaverse is considered to be the next evolution of the Internet. Find out which companies are getting into the act. Imagine a virtual world where people can live, work, shop, and socialize — all from the comfort of their couches, all within the physical world.

This is known as a metaverse. “Metaverse” did not become a common household word until October 2021, when Facebook changed the companys name to Meta. At the time, the company announced plans to spend $10 billion on tech in the coming year to realize its vision for a metaverse. The metaverse is considered to be the next evolution of the Internet.

Unfolding Metaverse

It will come in a variety of forms, including games, online communities, and work meetings, in which individuals cooperate through Digital facsimiles or avatars of themselves. The concept of the metaverse is not new. It was first described in Snow Crash, a novel written in 1992.

Several companies subsequently developed online communities based on the concept, notably Second Life, released in 2003. In a metaverse, individuals used avatars to represent themselves, interact with one another, and virtually construct communities. In the metaverse, digital currencies are used to purchase clothing – or weapons and shields, in the case of video games – and a variety of other items.

Users may also travel virtually across the metaverse for entertainment, without any goals in mind, using virtual reality headsets and controllers. Snow Crash is more of a dystopian look at the future, and does not cast the metaverse in a positive light. Author Neal Stephenson coined the term metaverse for the next-generation, VR-based Internet.

One way of attaining status in Stephensons metaverse is through technological prowess, represented by how sophisticated the users avatar is. Another indicator of status was ability to enter certain restricted environments – the forerunner to the paywalls and registration requirements used today on some websites.

Ready Player One, by Ernest Cline, was another novel that helped popularize the idea of a metaverse. It was later made into a film directed by Steven Spielberg.

The 2011 dystopian science fiction novel is set in 2045, in which humans flee from problems plaguing the planet to a virtual world called the Oasis. Users access the world using virtual reality headsets and tactile gloves, which allow them to grasp and touch objects within a digital environment.

What is the difference between the Internet and a metaverse?. The internet is a network consisting of billions of computers, millions of servers, and other electronics. Once on the web, users on the web can talk to one another, browse and interact with websites, buy and sell goods and services. The metaverse does not compete with the Internet–it builds upon it.

In a metaverse, users move through virtual worlds which simulate aspects of the physical world using technologies like virtual reality (VR), augmented reality (AR), artificial intelligence, social media, and digital currencies. The Internet is what people are “browsing”. But, in some ways, people are allowed to “live” within a metaverse.

Diplomatic Embassy in the Metaverse

Governments, too, may expand their sphere of influence in the metaverse. For instance, although most countries maintain relatively static Internet presences, Barbados plans to establish a diplomatic embassy in the metaverse – in particular, in the online world of Decentraland. The rise of the internet has given rise to many services, which are leading the way in creating the metaverse. “In gaming, you are seeing Roblox, Minecraft, and other immersive video games – even Zoom – that are anticipating what a metaverse is designed to deliver,” says Ben Bajarin, analyst for Creative Strategies. “You have a digital footprint in social media, too.

Now, she says, the question is what shape the metaverse will eventually take. Will it be as open as the Internet?. , or more like a closed-off experience controlled by multiple large companies.

Bajarin says, The biggest players are all trying to be early adopters, to win with their ecosystem. Here are some companies that have their own vision for a metaverse.

In an open letter, Facebook CEO Mark Zuckerberg said that his companys investments in the metaverse represented a radical shift, part of a new vision for the social media giant that was designed “to breathe life into the metaverse”. . He also said that Facebook is a company focused on the metaverse, rather than the Facebook. This is a major shift, as it means users ultimately will not need Facebook accounts to use the metaverses other services.

Speeding Core Technology

Among other products unrelated to Facebook, Facebook has sold millions of its Oculus VR headset units to use for metaverse navigation. In his Meta statement, Zuckerberg said that Facebook is looking to speed up development of core technologies, including social platforms and creativity tools, needed “to make the metaverse come alive”. . Following the Meta announcement, in late 2021, Facebook launched Horizon Worlds, a virtual reality space users could move around in an avatar, as well as tools for developers to build additional virtual worlds.

Epic Games, makers of the popular online shooter series Fortnite – which has about 350 million users – and Unreal Engine software for video game developers, plans to make a bid for the metaverse following a $1 billion funding round in 2021. That includes $200 million from Sony Group Corp.

Epic Gamess vision of a metaverse is different than Facebook. As they wanted to offer a community space where users could engage with one another and brands. Not just an advertisement-filled newsfeed. I firmly believe that this is consistent with our goal to fill the world with emotions, using creativity and technology. The metaverse is coming to Microsoft Teams – the software giants online-meeting rival to Zoom.

What Giants have to say?

Microsoft says it will launch Mesh for Microsoft Teams in 2022. The new service allows Team users from different physical locations to collaborate together and share holographic experiences during virtual meetings. Microsoft says Mesh will allow users to create a virtual presence on any device using customized avatars of themselves. This builds upon earlier announcements about Microsofts Mesh, a developer platform. This platform includes an array of AI-powered tools for avatars, session management, spatial rendering, multi-user sync, and “holoportation”. Holoportation is a 3D-capture technology that allows users to recreate and broadcast high-quality 3D models of individuals in real-time.

Microsoft has already been working with Accenture, a professional services company, on creating Mesh-enabled immersive spaces. Accenture employs over 100,000 people each year, and uses Mesh to help new employees get settled in.

New employees meet in Teams to get instructions on creating digital avatars and logging into One Accenture Park. A shared virtual space that is part of the onboarding process. The futuristic, amusement-park-like space includes a central meeting space, virtual boardroom, and a digital monorail. This is for new employees to ride around different exhibits.

NFTs and Blockchain

How does NFT fit in a metaverse?. Nonfungible tokens (NFTs) are shaping up to play an important role in the utility and popularity of the metaverse. NFTs are a type of secured digital asset that is built upon the same blockchain technology used by cryptocurrency. Instead of money, NFTs could represent artwork, songs, or digital properties.

An NFT gives its holder a digital deed, which can also be bought or sold on the metaverse. Metaverse Properties bills themselves as the first global virtual property company. The company acts as an agent, helping to purchase or rent properties or land across multiple metaverse virtual worlds. This includes Decentraland, Sandbox, Somnium, and Upland. Offerings include meeting and business spaces, art galleries, family homes, and “hangouts”.

Metaverse has undoubtedly created opportunities for new companies. Like Metaverse Properties, these companies shall provide digital goods, businesses are also jumping on board, too. Nike, for instance, acquired RTFKT, a startup making unique virtual sneakers and digital artifacts using NFTs, blockchain authentication, and AR. On its website, RTFKT says that it was born in the metaverse. And it has defined its sensibility to the present. Prior to its purchase, Nike filed seven trademark applications in an effort to create and market virtual sneakers and apparel.

Technology Foundation

Undeniably, Nike and Roblox have also collaborated on “Nikeland,” a digital world. Here Nike fans can play games, bond, and outfit their avatars with virtual clothing. “NFTs and blockchain are building a foundation of digital property,” said Nic Donarski, CEO of the ORE System, an online community for gamers, content creators and game developers. “Owning your identity in the real world will extend into the metaverse, and NFTs will be that medium”. . How Close is the Metaverse?.

While the core idea of being able to participate in virtual online worlds has not only been around for years, but the actual metaverse, in which it is possible to interact with a real-life human being, is years away. In his annual Year In Review blog post, Microsoft co-founder Bill Gates noted that most people lack VR headsets and motion-capture gloves that can precisely record their facial expressions, body language, and voice quality. But, in terms of businesses, Gates predicted that within the next two or three years, the majority of virtual meetings would shift from two-dimensional square boxes into a metaverse – a three-dimensional space where participants are represented by digital avatars.

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