What is the Metaverse?

The financial, virtual, and physical worlds have grown more intertwined. They’re now freely accessible as part of a growing outlet, the Metaverse. This new “reality” is a three-dimensional, permanent, online environment that integrates numerous virtual places. It would link many platforms in the same way as the internet relates various websites that may be visited using a single browser. This new environment is thought to be a future version of the internet. It will allow users to cooperate, meet, game, and interact in these 3D environments. For it to be effectively developed and used, a critical mass of interconnected tools and technologies in the Metaverse is needed, which we will be listing in this article.

What are the elements of the Metaverse?

Augmented Reality

Augmented reality (AR) is a digitally augmented representation of a real-world physical area created by the use of digital visual components, audio, or other sensory inputs made available by technology. It is an increasing trend among businesses in a variety of industries like retail, tourism, education, and healthcare. One of the key aims of augmented reality is to underline certain properties of the physical world, improve comprehension of those qualities, and extract smart and accessible information that can be used in real-life applications.

Virtual Reality

Virtual reality is a synthetic three-dimensional setting that allows users to explore and interact with a digital world in a 360-degree way that approximates reality as perceived by the users’ senses. The main difference between it and augmented reality is that this world is viewed by using a Virtual Reality headset or helmet while the other begins with a camera-equipped device loaded with AR software, such as a smartphone, tablet, or smart glasses. In the Metaverse, VR technology allows individuals to work together in the same virtual environment regardless of physical distance.

Artificial Intelligence

Artificial intelligence is currently bridging the human-robot gap. When combined with the Metaverse, this technology maintains the stability of the virtual realm’s infrastructure. It can learn from past web iterations, taking into consideration historical data to provide unique outputs and insights. It may be deployed in 3D environments to promote lifelike interactions with users or to accomplish various activities. In addition, artificial intelligence is used to create realistic avatars in the Metaverse by evaluating 2D photos or 3D scans and developing accurate facial expressions, haircuts, outfits, etc.

Internet of Things

The Internet of Things (IoT) refers to a network of physical things ranging from household products to complex industrial equipment that is fitted with sensors, software, and other technologies to connect and share data with other devices and platforms over the internet. Combined with the Metaverse, it will enable professionals in technology to construct digital twins or duplicates via virtual persons and digital reproductions. Without it, the metaverse would be unable to provide its consumers with such realistic virtual experiences. It will act as a catalyst for the Metaverse, providing consumers with intuitive experiences during virtual shopping sprees, real estate transactions, gaming activities, and so on.

Blockchain and Cryptocurrencies

Blockchain technology provides a decentralized and transparent solution for digital ownership proof, collectibility, value transfer, governance, accessibility, and interoperability. On the other hand, cryptocurrencies enable individuals to exchange value in a three-dimensional digital world while working and socializing. That said, crypto can be used as a means to buy anything users can think of in the Metaverse such as virtual land, outfits, event tickets, video games, and many more. Through blockchain technology, it would become feasible to establish and protect ownership of such purchases. 

Processors of Mobile Devices

To appeal to the general audience, AR on mobile phones will need to function on glasses similar to those seen in the physical market. As processes demand extra cores and components, compact, ultrafast mobile processors that can be integrated into standard glasses, VR devices, and high-end mobile processors with low latency and high frame rates, are needed. Optical elements compatible with common silicon components may also be added. This might eventually result in faster data transfer.

What is the Metaverse?

The Metaverse is a persistent, online, three-dimensional universe that combines various virtual spaces. It would connect multiple platforms, similar to how the internet connects various websites that can be accessed through a single browser. This new realm can be considered a future iteration of the internet. Users will be able to collaborate, meet, game, and socialize in these 3D spaces thanks to it. Augmented reality will be the primary technology that powers it, with each user controlling a character or avatar.

The Metaverse and product design

The process of creating digital or physical goods is known as product design. It is generally based on research and takes into account the user’s experience. But how is the Metaverse changing product design, you might ask? It is doing so by allowing designers to have the full autonomy to create products that never existed previously. It now becomes less about how to get products from the physical realm into the Metaverse and more about innovating new ones with elevated value in the digital space. For instance, certain fashion brands like Nike and Balenciaga have developed products that consumers would not necessarily wear in real life if they were available, but which assist them in establishing their virtual identities, molding them, or even defining the way they move and interact on this platform. The level of innovation is virtually limitless, giving designers unprecedented opportunities to push the boundaries of design.

With that being said, we compiled an updated list of the latest technology trends of 2022 that will give you insights into the world’s tech facet for the next few months.

Artificial Intelligence and Machine Learning

Artificial intelligence (AI) is a broad field of computer science concerned with creating intelligent machines capable of performing tasks that normally require human intelligence. Some examples of AI would be smart mobile voice assistants, Netflix’s recommendations, self-driving cars, and chatbots. On the other hand, machine learning is a subset of AI that enables software applications to improve their accuracy in predicting results without being explicitly programmed to do so. Its algorithms predict new output values by using historical data as input.

Developers are now taking this technology further where it will be able to determine underlying information by analyzing certain interactions. This way, it will also help predict demand for services for better decision-making processes and analyze data in almost real-time to detect changing patterns of customer behavior; thus, increasing profits and revenues

Extended Reality

Extended Reality is the umbrella term for Augmented Reality, Virtual Reality, Mixed Reality, and everything in between. It modifies human-machine screen interaction by immersing users in a virtual world, augmenting their surroundings, or doing both at the same time.

Extended reality has tremendous potential for training, entertainment, education, marketing, and even injury rehabilitation. It could be used for many purposes like training doctors to perform surgery, providing a more immersive experience for museum visitors, improving theme parks, or even working toward much more effective marketing strategies. In 2019, 14 million AR and VR devices were sold. The global market for this technology is now expected to reach $209.2 billion this year, opening up more opportunities in the trending technology and welcoming more professionals prepared for this game-changing field.

For more details, check out the list of the 7 Biggest AR and VR trends in 2022 that we have piled up for you

Metaverse

Ever since Mark Zuckerberg switched Facebook’s name to Meta, a major focus on the Metaverse took place. This new universe is now considered to be the latest evolution in social connectivity, where people can log in as avatars in a three-dimensional virtual space. In this platform, users can collaborate, shop, work, socialize, play games, attend concerts, and do pretty much everything they do in real life. This extended reality is expected to be blurring the lines between physical and digital realms.

People are also paying real money for virtual goods in the Metaverse, which can be a good investment in the long run as this technology seems very promising. Analysts predict that this virtual environment will become worth $800 billion by 2024.

Quantum Computing

Quantum computing is a new era of technology that involves a type of computer that is 158 million times faster than today’s most supercomputer. It is a device so powerful that it can complete in only four minutes what a traditional supercomputer would take 10,000 years to do.

In 2022, quantum computers are and will continue to be fundamental in altering the way we approach problems. Because of the computing system’s ability to easily question, track, analyze, and process the data from any source, this exhilarating technology trend was able to prevent the spread of the coronavirus and develop potential vaccines. Banking and finance are also finding applications for quantum computing, such as credit risk management, high-frequency trading, and fraud detection.

5G

5G refers to the fifth generation of mobile networks. It enables a new type of system capable of connecting virtually everyone and everything, including machines, objects, and devices. While 4G brought substantial improvements, such as smooth video streaming, 5G has 100 times the speed, which means that uploads, downloads, data transfers, and streams will be much faster. It also can transmit radio waves to up to one million devices per square kilometer to control connectivity when positioned in congested areas, something that 4G mobile networks’ failed to do. Therefore, it is only fair to say that 5G is expected to revolutionize our lives and the different ways we decide to consume mobile networks.

As a result, 5G networks will be covering 40% of the world by 2024, handling 25% of all mobile traffic data, to make it an emerging tech trend to keep an eye on.

What is the Metaverse?

The Internet’s favorite buzzword has become the “Metaverse.” Talking about it is similar to talking about the internet in the 1970s in many ways. As the foundation for the new mode of communication was constructed, debates about what it would look like and how people would use it arose. Everyone was talking about it, but few understood what it meant or how it would function.

• Infinite since it supports a large number of modern users and VR environments.
• Interoperable, which enables users to transfer virtual things, such as avatars, from one Metaverse project to another.
• Self-sustainable meaning that users may generate money and pay for their usefulness within the Metaverse.
• Persistent in the sense that it exists independent of the user’s physical presence.

Metaverse Use Cases

Virtual working space

The covid-19 pandemic fueled the rise of remote working. Traditionally, people used to physically attend offices. However, the new lifestyle we got used to dictated that we work remotely to keep businesses running. Although some employees found that to be suitable for them, the experience of being in an office and communicating with colleagues was lacking. This is where the Metaverse steps in.

Blockchain use cases

For the Metaverse to be widely adopted across different sectors, blockchain – or decentralized technology – is needed. It is known by now that the blockchain powers cryptocurrencies such as Bitcoin, Ether, and Doge Coin. However, this decentralized technology is capable of doing much more than that. It also functions as a distributed ledger for documenting peer-to-peer transactions and facilitating the development of decentralized applications (dApps) and non-fungible tokens (NFTs). Companies may utilize the Metaverse to create more engaging and realistic NFT markets. These markets might become more participatory with the aid of this virtual realm, allowing users to connect with one another. The interactive environment created allows consumers to see NFTs and make educated purchasing selections.

Unlocking virtual marketing opportunities

Technology opens up new options for organizations, allowing them to successfully market their services and goods. It is now made possible for businesses to move away from the two-dimensional surface of e-commerce into 3D product digitization for a more immersive experience. In addition, apart from the online retail industry, users of the Metaverse can buy, interact, and engage in leisure activities. 

Owners of e-commerce businesses can now connect with merchants in a virtual environment and conduct product inspections, negotiations, and transaction closing. Furthermore, rather than just depending on digital marketing strategies, businesses may better impact customers by creating engaging and realistic marketing material.

Virtual Tourism

What if you could be a tourist in a country of your choice without being physically present there? It might seem absurd at first, but the Metaverse can turn this concept into reality. The development of an immersive digital environment integrating VR and AR is expected to be a game-changer in the field of virtual tourism. A digital area with genuine content might become a product that partially replaces traditional travel.

We’re already seeing the beginnings of 360-degree virtual tours. However, with the development of Metaverse technology, people will not only be able to watch a video tour recorded by a guide but will also be there in the tourist spot of their choice. They can even visit this location with their family and friends, which will enhance their experience.

NFTs

In case you are not very familiar or have questions about NFTs, these are non-fungible tokens that are unique and cannot be replaced. They can be any type of digital or conceptual content – photographs, videos, pixels, music, or even experiences and abstract concepts – that is the sole property of the owner and possible buyer. So why are people purchasing digital arts from anywhere between hundreds and millions of dollars? The answer is simply due to several factors such as the increased price of Bitcoin, the pandemic, and a recent distrust in the US currency. 

Fashion

While many people find the concept of spending real money on clothes that do not exist difficult to understand, virtual items create genuine sales in the “Metaverse” – online spaces where individuals may assemble, move about, meet friends, and play games. Clothing for avatars, known as “wearables,” can be bought and sold on the blockchain in the form of a crypto asset. 

Real Estate

While buying real properties in the physical world might seem like a smart investment, is doing so in the virtual realm worth it? Virtual lands in the Metaverse are intangible spaces that houses, parks, or shopping centers can be built on. They are sold in parcels, just like actual land, and are purchased using cryptocurrencies. The two key elements impacting the value of virtual land are location and scarcity. For example, a virtual land in regions where people in the Metaverse densely assemble will naturally have a greater value than ones with here fewer events taking place.

About Metaverse Fashion Week

Decentraland’s Metaverse Fashion Week, which spanned from March 24 to 27, saw a slew of international brands that embraced the virtual realm in a four-day series of events. Thousands of people were able to virtually attend fashion runways, listen to live music at branded after-parties, and purchase and wear digital apparel from catwalk avatars. Unlike real-life fashion weeks, the Metaverse democratized this concept by giving free-for-all access, with no need to purchase any event ticket. All you need is a browser that does not crash and you are good to go.

Over 60 luxury fashion brands, including Dolce & Gabbana, Etro, Tommy Hilfiger, and Selfridge, have participated in the Metaverse Fashion Week, displaying over 500 looks. During the one-of-a-kind event, there were over four after-parties with the presence of notable performers, like Nicki Nicole, Marc-O-Matic, and Dundas, to name a few.

NFT wearables

Not only that. The renowned Estée Lauder was the only beauty brand in the MVFW. It earned the chance to launch its very own Non-Fungible Token (NFT) wearable. There were only 10,000 of its famous-serum-inspired NFT, obtainable exclusively during the Metaverse Fashion Week. Bulova, a watch-making company, also took advantage of this exceptional event to showcase a re-imagined version of its renowned Computrom wristwatch. The Special Edition version of the watch, which comes in black and green, was only available as NFTs and is limited to 1,000 pieces.

Metaverse Fashion Week Runway

Thursday kicked out with a Perry Ellis presentation on the catwalk, followed by Dolce & Gabbana and Philipp Plein exhibitions and parties featuring digital-only designs. Anrealage and Etro performed on Friday, whereas Cider, Fresh Couture, and The Fabricant presented on Saturday. Vogue also debuted a partnership with streetwear brand Hype, followed by the digital fashion house Placebo.

Avatars’ appearances in the Metaverse:

Even though there has been numerous investments within the fashion industry in the Metaverse, the Institute of Digital Fashion was one of the first to fearlessly introduce gender non-conforming Avatars with Daz 3D. This move raised awareness and paved the way for more similar inclusive projects by other companies as well.

The IoDF also conducted a study which showed that people are demanding a better representation of gender identities, body types, skin colors, disabilities, and clothing style. Over 40% of respondents mentioned that their clothing style did not match their in-person identity. This indicates how real-life society pressures individuals to not be their own selves in the physical world. In addition, 9% identified as non-binary. This group is also demanding the representation of their true identity. One form of doing so is by creating genderless clothing lines.

Gen Z’s influence on the Metaverse’s Avatars

Many clothing brands are now on the run to create customized, expressive, and diverse collections for Avatars to wear. This also comes with an awareness that Gen Z is the most beneficial and profit-making target in the virtual world. By the time we are clear and complete about the Metaverse, this generation will be the most consuming of the virtual world.