Metaverse - A Life within the Internet

Ever since we heard Facebook changing the name to Meta and Mark Zuckerberg's emphasis on metaverse, the internet has gone crazy around metaverse. Moreover, tech giants, like Microsoft, Apple, Nvidia, and many others, also suddenly appear to be associated with metaverse business. In fact, the new Twitter CEO Parag Agrawal (a software engineer) is also on the move to focus more on taking the platform into the metaverse era. So, what exactly is metaverse, and does it really matter? Let's find out in this blog.

Metaverse – Explained Easy

Metaverse is indeed a life within the internet where multiple digital technologies, such as live streaming, virtual reality, augmented reality, and many others are going to work together to let users feel like life within the virtual world. With metaverse technology, it is assumed that users are going to use personalized digital avatars to interact with others in real-time, go to concerts, play games, do virtual meetings, etc.

Hollywood is already using metaverse concepts actively in its movies, such as "Free Guy", "Ready Player One", and many others. However, metaverse does not exist currently in the real world. It is because metaverse is based on many interconnected services as narrated above, so it's a lot more complex than it seems to actually set up a realistic metaverse. Let's understand it using the smartphone example. Your smartphone includes multiple apps and features that make it a complete product to do multiple tasks. Likewise, metaverse also requires multiple services to serve its full potential.

Why Metaverse Matters?

You probably won't find any tech giant that isn't taking metaverse seriously. In fact, Meta (formerly Facebook) is projected to exceed $10 billion in spending around metaverse technology just in 2021. So, why is there so much curiosity around metaverse?

Metaverse is not a new concept. It has been in debates for quite some time, but now it has become a word everyone talks about. Tech giants are in search of the next "big" thing just like smartphones played a game-changing role in the tech industry. They believe metaverse could be the next revolutionary thing. Moreover, the avatar-based social gaming apps, such as Fortnite and Roblox, are already getting millions of users, which also reflects the world's interest in the virtual world concept.

Metaverse is not just limited to enhancing our gaming experience. It is meant to elevate our physical world processes and enable us to interact with others in a more advanced way. For example, assume a business meeting where all the participants are located at different locations but are using AR glasses to have a meeting experience just as they are setting in the same room.

When It is Going to Become a Mainstream?

Metaverse seems cool and most of us cannot wait to experience it. However, there is no such metaverse release date we can project currently. You can see avatar-based gaming apps as early metaverse examples, but the actual metaverse is years away.

Mark Zuckerberg expects metaverse to be the mainstream in the next 5-10 years, but many others are expecting it to happen at least after a decade. Still, the market size around metaverse technology is skyrocketing. It touched $47.69 billion just in 2020 and is headed to touch around $814.2 billion by 2028. In short, there is massive research going around metaverse and we can expect to see some early versions of it in the coming few years.

Is Metaverse the Replacement of the Internet?

Well, this is a complete misconception. Metaverse is not meant to replace the internet, it is going to expand/enhance the internet. Internet is the base for the metaverse. Without superfast internet, the metaverse is just a fancy concept. The below table will further help you to clear this confusion:

Final Thoughts

There is no second thought considering how much potential metaverse holds and the impact it can have on our lives. Still, we are not sure when metaverse will become mainstream, but immersive hardware is definitely the key to turning it into reality. That's why Meta, Apple, Microsoft, and other tech giants are spending billions to be the first ones to succeed in developing immersive hardware, such as AR glasses. Things are going to be a lot exciting in the coming years. So, just sit tight and keep yourself updated with new developments around metaverse.

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