Since the inception of the internet, the human race has witnessed exponential growth in technological advancement. We now live in a world of experiences all driven by global connectivity.
People shared moments on social media, get informed from Google, and learn and entertain off YouTube. Technology is giving us the power to tell stories better than we’ve ever before. We are living in the information age.
The information age gave us practical tools and easy access to data. But today’s technology is enabling a new way for content consumption based on how we experience the physical world.
Now with the rise of Virtual Reality (VR) and Augmented Reality (AR) technologies, new opportunities are bridging communication gaps even further through direct experience.
Immersive technology has unearthed the power to solve key communication gaps. With AR and VR, we are entering a new era where everything can be done digitally. The internet is advancing way beyond anyone’s imagination.
We are now entering the Metaverse. The Metaverse is an immersive realm where people can play games, connect with friends and even go to virtual events. It projects an avatar of yourself into a parallel immersive world.
The Metaverse enables us to build our own world and explore the limits of human imagination. All that you need to enter this Extended Reality vision is a pair of VR headsets and AR gear.
Extended Reality can mean VR, AR, or MR (Mixed Reality). VR places you in an entirely simulated world. AR places a digital overlay image on what you can see. MR mixed VR and AR to enable the placement and interaction of virtual objects in the physical world. So what is the usefulness of each in the metaverse?
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What is the Metaverse?
The metaverse is a network that creates virtual worlds where people can interact and collaborate. Through the use of hardware and software, this immersive network allows people to work, study, communicate, and engage in social and recreational activities.
The metaverse is a virtual extension of the real world, connecting people from all over the world and transforming the way we interact with each other. It is a digital landscape where users can interact and build their own virtual environments.
It is possible to enter the immersive realm by using VR goggles. Augmented reality adds an extra layer of detail to the space by combining images, sounds, texts, GPS data, and more. AR can also add a different dimension to a place and enhance depth perception.
The metaverse is a virtual space with a vision of a network of real-time rendered 3D worlds. Users can do all kinds of activities, including rest, attending virtual concerts, going on virtual vacations, or even visiting places beyond imagination.
This immersive universe is set to be the next big thing in our increasingly mobile world. It’s not only fun for individuals to explore, but it’s also expected to be used for enterprise and personal purposes.
Verified market research valued the market size of the Metaverse at USD 27.21 billion in 2020. Their estimation reveals that the market will increase by a CAGR of 39.1% from 2022 to 2030 thus reaching USD 824.53 billion by 2030.
The Metaverse is a shared space accessible through the Internet. It projects a highly intuitive interface to trick users into an immersive experience. This computer-generated universe is like a new version of the web where you are inside rather than outside.
The use of AR/VR in the metaverse will depend on how the environment is created and how much research is conducted on it. Some believe that it will become a “general purpose” environment.
VR headsets, hand-tracking, and AR goggles are just a few of the technologies that will help the artificial realm become a real place for everyone to experience. But AR and VR have a much bigger role to play.
Virtual Reality in the Metaverse
Virtual Reality (VR) is a computer-generated experience that immerses the viewer in an artificial world. Advancements in VR are creating a far more diverse, immersive world than ever before. This is why it is one of the main components of the metaverse.
The metaverse will be similar to the artificial space used in many current virtual reality programs, where people identify themselves by personal avatars and interact with each other in virtual locations.
But existing VR worlds are relatively small in size and not scalable. With the metaverse, users could have access to the entire internet in an ever-expanding simulated world.
According to Global News Wire, the market size of virtual reality was estimated at USD 4.42 billion. A CARG of 44.8% from the period 2021-2028 is expected, thus the market size will reach USD 84.09 billion by 2028.
This exponential increase is due to advances in 5G connectivity and increases adoption of immersive technology. It is estimated that 6.1 million VR units were sold in 2021 and it is projected that this number will reach 14.31 million in 2024.
As the Metaverse grows in popularity, it may become possible for people to do things beyond traditional gaming via VR. For example, they could make new friends, rear virtual pets, design digital fashion, buy virtual real estate, and participate in events.
With VR, metaverse users could also purchase virtual items, create virtual environments, meet international people and experience different cultures.
Event organizers can create virtual events and monetize them by selling tickets. They could even build and sell venues to people in the real world. Users can use VR to attend all kinds of virtual events using their avatars.
Blockchain allows users to buy and sell virtual goods with cryptocurrency payments. Businesses could also sell virtual products to users and then lease them for use in the real world.
There are several ways to use VR in the metaverse. For example, it could be used to create an open standard for digital avatars that game engines can interpret. This would allow VR users to experience the world from a different perspective.
In addition, VR technology could improve existing digital worlds. If a character creator creates a standard for digital avatars, game engines could easily interpret the data to build an even more realistic character.
We are seeing a number of VR platforms, such as Horizon Worlds and Somnium Space, taking the idea of VR to the next level. For instance, Facebook is investing more than billions of dollars in virtual reality startups.
Facebook’s recent announcement that it will hire 10,000 employees in the European Union over the next five years will be a big step in creating a metaverse that supports virtual reality.
Major companies and start-ups alike are investing heavily in this technology, such as Microsoft which recently bought Activision Blizzard for USD 68.7 billion. Activision is a company that makes the world’s most interactive games.
The future of virtual reality is bright. It will allow us to engage with our surroundings and experience new worlds, like those created by the creators of video games and movies.
The technology is widely available today, and the future of VR is now at your fingertips. It has been proven that VR technology can help transform many industries. And now the technology is the building block for the metaverse.
The metaverse promises a fully immersive three-dimensional environment, blurring the distinction between virtual and real reality. It can even provide users with a real sense of presence in a virtual meeting room.
Augmented Reality in the Metaverse
Augmented Reality (AR) is a technology that superimposes digital information onto a user’s physical reality. AR can be used to create immersive experiences that let you interact with digital objects and surfaces in your environment.
While both VR and AR use real-world contexts to provide an extra layer of information, augmented reality is based on the real world rather than creating a virtual world as VR does.
One example of augmented reality application is in retail. With this technology, users can superimpose various types of digital products on them for try-out. All they need is their mobile device, VR headset, or a digital mirror.
This is a wonderful feature of AR, and it’s even better when paired with the Metaverse. Augmented Reality is a great candidate for the gateway into the parallel universe. Its ease of use and accessibility make it an ideal choice.
The Augmented Reality market size was estimated to be USD 15.2 billion in 2021. It is expected to grow at a CAGR of 31.5% from 2022 to 2028. The market size is estimated to reach USD 90.8 billion by 2028.
The use of AR in the metaverse has multiple benefits for brands and businesses. This technology has the potential to change the entire concept of showrooms. It can give customers a preview of a virtual product before making a purchase.
Augmented reality can also help build digital trust and customer satisfaction, and ultimately reduce the need for brick-and-mortar stores. With AR, a user can quickly access information about an entity and absorbed it into a personalized experience in the metaverse.
An AR system can also allow users to create worlds that extend beyond the user’s physical space. These augmented worlds are like digital twins of the real world, maintained in the cloud. Anyone with a network connection can access these worlds.
Moreover, users can choose which AR content they want to view. Using this method, users can customize their experiences and tailor them to their specific preferences. The AR cloud can be shared by multiple users, giving users multiple dimensions of the real world.
Another important benefit of AR is that it allows companies to own their virtual space in the Metaverse. They can engage users with the brand story through this virtual experience.
Using AR in this context can lead to increased dwell time and engagement. When combined with VR, it can transform the entire mixed consumer experience. The future of shopping looks very exciting.
In addition to the potential for mixed reality ecosystems, artificial intelligence can be used for image classification, facial recognition, high-end computer imaging, data processing, speech recognition, and realistic effects for graphics.
Artificial Intelligence technology is also used to replicate virtual avatars, virtual living rooms, and digital property. And 3D reconstruction applied with spatial data will allow the virtual world to appear more vibrant and dynamic.
Facebook is already developing a VR headset, known as Project Cambria, which will include eye and face tracking, and other sensors to reconstruct the real world. In addition to Facebook, Google, and other major tech companies are working on their own AR headsets.
Moreover, Qualcomm is developing a new technology that will allow AR glasses to be used in conjunction with smartphones. While elaborate metaverse experiences are still a few years away, AR features are already available on a smartphone.
As a result, AR applications can become indispensable tools for any metaverse user. With these developments, AR applications will provide live views of the physical world, extending this with digital sensory input.
Mixed Reality in the Metaverse
Mixed Reality (MR) is a new medium that allows you to experience digital content and environments in ways that were never possible before. With Mixed Reality, you can put yourself in the middle of digital worlds, and interact with content as if you were there.
Mixed reality combined the best features of VR and AR. It allows people to step into a virtual environment and interact with digital objects, they can build muscle memory and learn new skills.
Unlike AR which superimposes static digital objects on the physical world, MR allows users to interact and engage with the digital overlayed object. MR opens up new possibilities for virtual work and introduces elements of spontaneity, surprise, and adventure.
The global market size of mixed reality was valued at USD 553.27 million in 2020. This value is expected to grow at a CAGR of 47.9% from the period 2021 to 2026. The market size is expected to reach USD 5811.09 million by 2026.
With MR, real-world objects could trigger reactions in the virtual world. Facebook, Accenture, and Microsoft are experimenting with virtual workspaces to facilitate this sort of learning experience.
Mixed reality has many practical uses, including gaming, design, and entertainment. The metaverse is a continuum of virtual experiences where users can engage in different activities in a digital space.
It could include massive virtual reality multiplayer games or immersive digital content in integrated physical and digital spaces. Digital glasses and smartphones could be used to access these digital experiences.
Imagine a baseball bat that reacts in a virtual world! In the future, we could see real baseball bats interacting with virtual objects. If this technology is developed and used wisely, this new environment will be a real benefit for people.
While these applications aren’t yet mainstream, they’re already attracting a growing number of users. As the metaverse develops, it will be possible to sell or buy physical items in this virtual space.
With the increasing importance of virtual workplaces, events, and stores, the concept of the metaverse is getting more popular. A mixed reality environment may be the icing on the cake.
Extended Reality in the Metaverse
Extended Reality (XR) is a term that is used to describe a hypothetical future where our physical reality is augmented by additional, or “extended,” realities. These could include virtual worlds, alternate universes, and even parallel universes.
The importance of extended reality in the metaverse cannot be overstated. With the growing popularity of AR/VR, 5G, and the shift to remote work, the idea of an “extended reality” has become more accessible than ever.
The market value of extended reality was estimated at USD 25.84 billion in 2020. This number will increase at a CAGR of 57.91% between 2021 to 2026. The market value is expected to reach USD 397.81 billion by 2026.
With XR and Metaverse technology, businesses and organizations are building online shops and training programs. In the coming years, brands and entertainment companies will create virtual shops in the Metaverse.
Gaming will be a cornerstone of this artificial realm, while media and entertainment will benefit from the technology. In fact, these applications will enhance the user experience through gamification while facilitating collaboration and learning.
While gaming is a major component of metaverse technology. Similarly, entertainment can use this technology for streaming. Additionally, it enables virtual exhibits at the Museum of National History.
People can also exhibit their creations in the form of Non-Fungible Tokens in virtual galleries. In addition, concerts and other live events can be hosted in the metaverse a game that combines virtual and physical experiences.
A far-reaching vision of extended reality in the immersive universe involves the creation of a brain-computer interface. Even though all XR devices are based on physical hardware, some models can also use the sense of touch and smell to provide immersive experiences.
A brain-computer interface replaces both the screens and physical hardware, and some devices may even require neurosurgery. While XR models all rely on screens and traditional control systems, some devices also work with the senses of touch and smell.
This approach could potentially replace physical hardware and screens altogether. A neural interface could be used to restore speech and other functions. It could even replace the need for a speech interpreter.
For the education sector, a metaverse could change the way education is delivered. It could support real-time interactions between students and instructors in virtual environments. Instructors and students can use real-life scenarios to guide their immersive learning.
Virtual training could help enterprises and industries harness the power of the Metaverse to offer enhanced learning and development experiences to their workforce. Simulated experience can help individuals train, develop, and innovate in a new way, and improve their existing skills.
The Metaverse is also poised to become a hub for new and improved economies where there is a financial sector called Decentralized Finance (DeFi) and there are also decentralized autonomous organizations or the DAO.
Traditional and digital-native brands are already creating new ways to connect with their clients in this extended reality. The metaverse promises to become an Omni-dimensional environment that will engulf today’s internet.
There will be multiple immersive landscapes catering to different needs and desires. The extent to which these virtual worlds will connect remains to be seen, but the possibilities are endless.
Final words
As technology advances, the metaverse will have the potential to host hundreds, thousands, millions, or even billions of users at once. Users will be able to interact with other people naturally and realistically without requiring them to leave the virtual world.
This technology also has the potential to replicate human interactions, including social events, workplace interactions, and other aspects of everyday life. It’s important to remember that the metaverse is not limited to gaming alone.
Metaverse-based technology will be a hybrid of VR and AR. It will give users a sense of time and space, and interaction between people and computers will be interactive, collaborative, and immersive.
The platforms used to enable this experience would be multisensory and interoperable. To maximize the potential of the Metaverse, it should be interoperable among different platforms. It would be a perfect example of a virtual world.
A lot of big tech companies are already building their own metaverse infrastructure. An exciting new area of technology is being created. The future of VR and AR is bright and there are many reasons to hope that the metaverse will be a successful industry.
It will be a connected virtual world paralleling our lives. There will be digital neighborhoods, parks, and more. Some people envision the metaverse overlaying the real world, while others think of a parallel universe that will be augmented by AR technology.
As the technology continues to evolve, companies are racing to stake their claim in the new digital world. Already, investors are buying virtual plots of land in the metaverse. The latter will have a huge impact on society as a whole.
Just like today, the internet allows people to work, communicate, transact, trade, entertain, find relationships, create wealth, and many more. Once implemented, the metaverse will allow users to work, meet people, interact, play a videogame, communicate and socialize all in a 3D virtual space.
The Metaverse is not something far in the distant future, it is happening right now. It is growing every day. It is something that will be here in a few years and when it does it’s going to be one of mankind’s biggest leaps. With the metaverse, the connections between the physical and virtual worlds will become increasingly linked.
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