{"id":3313,"date":"2021-11-12T10:20:00","date_gmt":"2021-11-12T10:20:00","guid":{"rendered":"https:\/\/www.digitalogy.co\/blog\/?p=3313"},"modified":"2024-07-19T07:43:40","modified_gmt":"2024-07-19T07:43:40","slug":"metaverse-is-it-the-next-great-leap-in-the-tech-world","status":"publish","type":"post","link":"https:\/\/www.digitalogy.co\/blog\/metaverse-is-it-the-next-great-leap-in-the-tech-world\/","title":{"rendered":"Metaverse- Is It The Next Great Leap In The Tech World?"},"content":{"rendered":"\n

Yes, you read it correctly. Did you also think that Facebook renaming itself as Meta is an effort by the tech giant to claim it? Or to acquire a lead on building Metaverse. There must be a lot of unanswered questions which we seek to shed light on. This time the article will elaborate on what is metaverse, meta meaning as described by Facebook, challenges of Facebook Metaverse, metaverse champions, and how are it being built.<\/p>\n\n\n\n

What is Metaverse?<\/strong><\/h2>\n\n\n\n

The metaverse meaning is a technological spell that seeks to cast gaming, businesses, shopping, and socialization all on digital media<\/strong>. It is said to be the future of the tech world further blurring the lines between hardware, software, and real-life experiences.<\/p>\n\n\n

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\"Metaverse\"\/<\/figure>\n<\/div>\n\n\n

  (Gif Source: https:\/\/https:\/\/giphy.com\/@facebook)<\/strong><\/em><\/p>\n\n\n\n

Online gaming is one of the first and foremost examples where users can create their digital avatars and interact with other players.<\/p>\n\n\n\n

Real-world Use Cases <\/strong><\/h3>\n\n\n\n

Metaverse is a concept born out of science fiction<\/strong>. Metaverse meaning to loosen the borders between different yet similar concepts like augmented reality, virtual reality, and of course, the real world. Now that we have gone through the meta definition, it is a perfect time to introduce you to the popular metaverse examples. For your reference:-<\/p>\n\n\n\n

An Emerging Tech -Virtual Reality (VR)<\/p>\n\n\n\n

One of the first few metaverse examples that come to our minds is the online video games including PUBG and Fortnite, Somnium Space, a virtual real estate and trade building application, and IMVU, a 3D social network.<\/p>\n\n\n\n

Online video games including PUBG and Fortnite are created using multiple interfaces that keep the users involved while they look for firearms and artillery. PlayerUnknown\u2019s Battlegrounds, popularly called PUBG is a video game that allows multiple players on an unknown island and hunt for artillery, bullets, bombs, and firearms.<\/p>\n\n\n

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\"PUBG\"\/<\/figure>\n<\/div>\n\n\n

  (Gif Source: https:\/\/https:\/\/giphy.com\/@playstv)<\/strong><\/em><\/p>\n\n\n\n

The secured area is minimized as time goes by, compelling the players to move with the pace of urgency. The person who is alive till the end wins the game.<\/p>\n\n\n\n

1. Fortnite<\/a><\/strong><\/h4>\n\n\n
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\"Fornite\"<\/figure>\n<\/div>\n\n\n

(Image Source: https:\/\/epicgames.com\/)<\/strong><\/em><\/p>\n\n\n\n

Fortnite is a video game with three different versions. It gained global attention when it announced a concert series spread over three weeks with singers like Travis Scott and Marshmello. The purpose of the series was to utilize Fortnite as a virtual space where artists can hold concerts without any intervention.<\/p>\n\n\n\n

2. Somnium Space<\/a><\/strong><\/h4>\n\n\n
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\"somnium<\/figure>\n<\/div>\n\n\n

(Image Source: https:\/\/somniumspace.com\/)<\/strong><\/em><\/p>\n\n\n\n

Somnium Space is constructed on blockchain technology and uses its currency for trading properties called Somnium Cubes. Somnium space is a real estate platform that deals in buying. And selling of virtual real estate.  The sale of virtual properties generates funding and the digital spaces are used for virtual events, e-commerce, gaming, and networking.<\/p>\n\n\n\n

3. IMVU<\/a><\/strong><\/h4>\n\n\n
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\"IMVU\"<\/figure>\n<\/div>\n\n\n

(Image Source: https:\/\/www.kinguin.net\/)<\/strong><\/em><\/p>\n\n\n\n

The acronym stands for In My Virtual Universe. IMVU is another social networking platform that is one of the few metaverse examples currently available in the Google Play Store and Apple Store. The platform uses 3D Avatars to interact with other users, visit digital stores, and create new products.<\/p>\n\n\n\n

Key Tech Terms To Understand The Metaverse<\/strong><\/h3>\n\n\n\n

The following is a list of terms that are commonly used while talking about what is metaverse.<\/p>\n\n\n\n

1. Assisted Reality<\/strong><\/h4>\n\n\n\n

It refers to the technological development that empowers users to view and interact with a screen without using their hands. For instance, RealWear devices operated by voice commands are perfect examples of assisted reality.<\/p>\n\n\n\n

2. Augmented Reality<\/strong><\/h4>\n\n\n\n

It is a blend of real-world images as well as computer-generated images. It is a popular feature used by several businesses to enhance their customer experience as it uses the real-world backdrop and adds computer-generated images to the view. For instance, marketers use this to show how their products would look in a particular setting.<\/p>\n\n\n\n

3. Meatspace<\/strong><\/h4>\n\n\n\n

Meatspace is the term used for real life as opposed to digital or virtual space.<\/p>\n\n\n\n

4. Mixed Reality<\/strong><\/h4>\n\n\n\n

As the term suggests, mixed reality is used to describe a setting that is a combination of the real world and digital objects. Users can interact with both real and digital.<\/p>\n\n\n\n

5. Multiverse<\/strong><\/h4>\n\n\n\n

The generic definition of the multiverse is that of the existence of multiple universes independently. Concerning the field of technology, social media platforms like Facebook, Twitter, Instagram, YouTube, and gaming spaces like PUB G and Fortnite are all examples of multiverses. Metaverse is said to bring all multiverses in one space.<\/p>\n\n\n\n

Why Does It Matter?<\/strong><\/h3>\n\n\n\n

If at all we consider metaverse to be the successor of the \u201cinternet\u201d, this itself speaks a lot about its importance in the world. Its development will lead to the emergence of new products, companies as well as services as it has the capabilities of managing all operations including content creation, privacy concerns, hiring, and identity verification among others.<\/p>\n\n\n\n

Metaverse is going to be that disruptive technology that will bring changes to consumer spending, hiring \u201cvirtual labor\u201d and monetizing the digital economy, for example- Gold Farming.<\/p>\n\n\n\n

Building The Metaverse<\/strong><\/h3>\n\n\n\n

For this technology to operate, it has to be advanced and accurate more than what the Internet already offers. For instance, some video games have elements of a metaverse which makes them unique. One of the features that they share is real-time interactions and a higher degree of accuracy.<\/p>\n\n\n\n

Thus, Meta will require an even complex and broader set of standards and protocols to ensure the smooth operation of real-life synchronous experiences and increased interoperability.<\/p>\n\n\n\n

The web today is built on open standards, whereas a majority of it is proprietary and closed. For instance, multinational companies like Amazon, Facebook, and Google use similar technologies and find it hard to transition into one another due to proprietary and other restrictions.<\/p>\n\n\n\n

Metaverse is about \u201copenness\u201d and interoperability, however, it is going to hit the current industry concerns around data privacy, code evolution, transactions, and censorship.<\/p>\n\n\n\n

It would also have an enormous effect on communications in general, online tax records, and many other issues that we are facing today as part of cyber activities. Thus, building a metaverse will take a long time for it to be competitive and consistent enough as opposed to the internet.<\/p>\n\n\n\n

Which Companies Are Building The Metaverse?<\/strong><\/h3>\n\n\n\n

As discussed in the previous section, metaverse, as a successor of the internet is expected to be consistent and interoperable and therefore would require a complex structure. Apart from that, building a metaverse would require technological resources, ambition, and experts from the computational industry.<\/p>\n\n\n\n

But as it is said to be the next big thing in the tech industry, all major companies want to claim a stake in its development including gaming platforms that have gone as far as declaring metaverse champions.<\/p>\n\n\n\n

The top 10 metaverse company in this race are-:<\/h4>\n\n\n\n