Metaverse is a portmanteau of the prefix ‘meta’, meaning ‘behind’ and ‘universe’. It is a magical digital world, a future iteration of the internet and a collective virtual shared space created by virtual and physical reality convergence. Can you see it? I couldn’t... What would that actually look like? Recently, I read an article by Tech Futurist, Cathy Hackl (A speaker at the upcoming Enter The Metaverse event with Tech Circus, click here for tickets). Cathy provided an example of the Metaverse. She said - ‘Imagine Google Maps in real life’, see an arrow guiding your feet along the street to your destination... and suddenly, it clicked. Pretty revolutionary, right? All the digital world we have to navigate through objects, right in front of us? No more screens, mouses or keyboards, a truly embodied internet? Sounds like a game-changer alright, and that’s why you need to learn about the Metaverse.
1. Facebook just changed its name to Meta.
Two months ago, Facebook’s Mark Zuckerberg shared a new, ambitious vision for the company with his employees. The “overarching goal” of all the company’s divisions, from ad sales to virtual reality, was to “help bring the metaverse to life”. Zuckerberg expects the Metaverse to go mainstream in the next five to ten years and in his vision, it is made of virtual public room spaces for games and people’s personal domains, but the possibilities are endless. He recently announced that the trillion-dollar social media company would transition to “a metaverse company” and whether this was an attempt to deflect from the recent bad press with the Facebook Files and Facebook Whistleblower, Francis Haugen, or not. Facebook throwing their trillion-dollar weight behind the development of the Metaverse is a sign of things to come, and where the wind is blowing.
2. The Metaverse is the successor to the mobile internet.
David Baszucki, the founder of the $US41 billion gaming platform Roblox, recently wrote: “The metaverse is arguably as big a shift in online communication as the telephone or the internet.”
Many people might feel uncomfortable about the idea of the digital world intruding into the actual world. Since the pandemic, screens have come to dominate our lives, and the thoughts of having even more virtual reality rather than less can be nauseating. However, a Metaverse that uses little equipment and acts as holograms and projections might improve the issues we currently face in the digital world.
One example would be Zoom. Zoom is an excellent application for interaction that can take place non locally. You can have conversations with people and share intimacy in a way that’s almost like real life with 2k cameras at 120 frames per second. How good would a 3-D dimensional Zoom be? If we are going to work from home and spend most of our time in a digital space, we might be better off in the long run in an embodied Spatial World.
3. Steadily Improving VR technology.
The current range of VR and coming generations of VR have been compared to phones in the 90s and smartphones phones. VR is a fad that never fully fades away. Google’s recent failed Google Glasses is one example of a foray that didn’t succeed. One of the significant issues with virtual reality is people experiencing sickness, and that expensive tech items often act as barriers to entry for most people. However, recent developments with Facebook’s Project Cambria VR for the Metaverse offers high resolution full colour video pass through glasses means you’ve able to see the physical world around you in reasonable clarity and add digital elements like art and virtual computer screens into your surroundings. The argument is, the technology is only getting better.
4. Gaming, Socialising and Commerce.
At the end of 2019, the global gaming market was reportedly worth $152 billion. This growth has meant that, since the introduction of Web 3.0, there has been a consistent rate at which Web 3.0 games are growing and garnering increased adoption. A lot of money and investment has attracted new developers to the space. NFT’s and Tokens (cryptocurrencies) allow game users to earn a real-world income in the games they play.
Play-to-earn games like Axie Infinity and The Sandbox (featured at the Enter The Metaverse conference) have recently gained popularity. One thing they have in common is their economic system. Take the traditional game The Sims, for example, where a player can buy in-game assets with the in-game currency — but the money and assets have no real-world value. This is because there was no infrastructure for liquidity in the game. In combination with the play-to-earn model, Blockchain technology has solved this issue and allowed some players to start earning a living in the game world.
5. A Fully Fledged New Economy
The world is changing at an impossible speed. Who can say what will come in the next 10/20 years or where we’re going to end up? But one thing is for certain, the revolutions in web 3.0 and the Metaverse; new play to earn models, Cryptocurrency, NFT’s and microeconomics are the new frontiers.
As Naval Ravikant, legendary angel investor and Silicon Valley philosopher, said, the best career of 2021 was arguably to be a ‘JPEG collector’, and who saw that coming?
The frontier changes constantly. At one time in America’s history, it was in cars. Another time, smartphones. Now the frontier is the future of the internet and Web 3.0, of which the Metaverse is sure to play a starring role.
Get your ticket now to the largest online Metaverse event ever here, network with the greatest thinkers on the Metaverse through our online events platform, speed networking, roundtables, sponsor Booths and instant on-demand footage globally accessible, and a win free unique NFT with every ticket purchased!