Modern technologies like Augmented Reality and Virtual Reality have given new meaning to the world everyone lives in. It is an era where the concept of multiple universes and creating colossal energy that’s 400 times more powerful than the sun, are realities. Indeed, technology is now on a never-ending journey and the idea of the metaverse is one of its most highlighted examples.
In the quest to draw a thorough understanding of this new idea, you will have to combine multiple ideas. From Microsoft and Meta (Facebook) to VISA and P&G, leaders from almost every market-leading company have got their definition of the metaverse. In a broad perspective, each of them strives to explain it as ‘Spatial Internet’ or ‘Spatial Web’. In other words, they call it an era of gamification, the virtual universe, collective virtual shared space, and AR Cloud.
So, the metaverse is a combination of reality and virtuality. Sounds too fictional, but that’s true. Most of you have already experienced Virtual Reality in the form of attending remotely held conferences, playing virtual games, using virtual mobile apps that provide any type of virtual and immersive experience. That’s exactly what metaverse is, which was introduced by a 1990s fictional story Snow Crash.
The metaverse is a huge and complex network of virtual spaces where real people from the real world interact with each other in augmented reality. This whole new technology which is built around the concept of computer-generated 3D simulations is the future of the internet and ideas like the creative economy will soon be witnessed by the world. Along with that, there is huge business potential for those at the manufacturing and services end. And last but not the least, the growing demand for digital currency, digital arts, and digital spaces is a strong indicator of great opportunities for investors.
According to an article on Wired, Author Eric Ravenscraft defines it as:
“Mentally replace the phrase “the metaverse” in a sentence with “cyberspace.” Ninety percent of the time, the meaning won’t substantially change.”
While taking a closer look at the current market insights, it is quite evident that the metaverse industry has already witnessed millions of dollars in cash flows. There were a lot of market speculations, driving forces, and consequences that resulted in a sudden and massive surge in sales.
According to a recent CNBC article, Sales of real estate in the metaverse topped $500 million last year and could double this year, according to investors and analytics firms. The article further reveals some staggering facts byMetaMetric Solutions reporting four major metaverse platforms to reach an unimaginable $501 million sales in 2021. It all happened after Facebook announced to rebrand as Meta with a focus on excelling in the metaverse domain.
Janine Yorio, the CEO of Republic Realm which is a famous metaverse real estate investor and advisory firm, says, “There are big risks, but potentially big rewards”. This highlights the huge growth potential that’s still hidden behind the metaverse industry.
On the other hand, BrandEssence Market Research concluded that “The Metaverse Real Estate Market is valued at a CAGR of over 31.2% over the forecast period (2022-2028).” The report tells that countless people are willing to invest millions in the metaverse real estate segment. It is a unique platform where people can experience the virtual world and do whatever they want from creating societies to building stores.
The sudden shift towards the concept of metaverse started just a few years ago. To give you a clearer idea, start thinking from the ‘avatar’ with its unique user name you used on Twitter to the virtual name, skin, and tools that you use in modern games. So, it is an era when tech giants like Microsoft and Facebook have started including metaverse in their business model. It will be a form of consortium between developers, users, and platforms to create unique digital experiences that can interoperate and give rise to a healthy creative economy.
Microsoft: Microsoft is striving at its best to compete and win the metaverse crown by introducing virtual workspaces, VR headsets, and avatars. This includes a huge focus on providing unique team and game updates to its Xbox gaming console services, and its all-new Dynamic 365 Connected Spaces.
Facebook: Next to Microsoft, Facebook or Meta, as it is now called, is also in the quest to lead the industry with its unique developments in the metaverse space.Owner Mark Zuckerberg stated,“From now on, we will be metaverse-first, not Facebook-first. That means that over time you won’t need a Facebook account to use our other services”. The company first acquired VR Hardware company Oculus and then introduced ‘Horizon Workrooms’ a VR Remote Work Collaboration App. Both moves highlight the company’s aggressive inclination towards metaverse.
Roblox Corporation: Roblox Corporation is the industry’s top game giant that has been the forerunner to promote metaverse. The company has invested huge time and money in manufacturing tools that can be used in metaverse gaming. The company’s officialsat the Roblox Developers Conference 2021 stated that they expect consistent growth in their 43-million active user base from almost every country around the world.
Apple: Apple being the world’s most creative and futuristic tech giant is also putting huge time and effort into the metaverse industry. It has been reported by multiple sources that Apple is now focusing on this segment as the ‘new reality’. As a result, it is highly expected that Apple will soon introduce a new line of glasses that can outperform the Oculus headsets. The company has taken several other steps in the quest to take the lead and rank among the top leaders to introduce new developments in the metaverse space.
Nike: Nike, the world leader in sports goods, apparel, and equipment, is also among the top companies that are making mind-blowing developments in the metaverse space. The company came into the lens when it recently acquired RTFKTand submitted trademarks for use on its downloadable virtual items like sports bags, eyewear, headwear, sports equipment, and accessories.
The metaverse is a huge and complex network of virtual spaces where real people from the real world interact with each other in augmented reality. This whole new technology which is built around the concept of computer-generated 3D simulations is the future of the internet and ideas like the creative economy will soon be witnessed by the world. Along with that, there is huge business potential for those at the manufacturing and services end. And last but not the least, the growing demand for digital currency, digital arts, and digital spaces is a strong indicator of great opportunities for investors.
