METAVERSE:
What is Metaverse? To know this, we must know other technologies connected with Metaverse. They are AR and VR.
CONNECTION WITH AR/VR:
Artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) are all strongly tied to the concept of the metaverse (VR). Virtual items can be embedded in the actual environment using augmented reality technology. VR is immersing yourself in a 3D virtual environment using 3D computer modelling, one of the most fascinating styles of graphic design. While wearing a virtual reality headset or other devices isn’t required in the metaverse, experts believe that virtual reality technology will become an important part of the new ecosystem.
Other firms and brands are attempting to follow the trend and find ways to use it for their own goals, in addition to gaming. For example, Decentral and, a decentralised business that uses blockchain technology to market real estate in the form of non-fungible tokens (NFT), recently sold a digital plot of land for 2.5 million dollars to a Canadian investment firm. This room will be used for virtual reality fashion shows and the expansion of e-commerce services with fashion labels. This is an example of how online virtual platforms may help firms discover new marketing opportunities.
WHAT IS AR:
AR is an interactive experience of a real-world environment in which objects in the real world are enhanced by computer-generated perceptual information, sometimes across multiple sensory modalities, such as visual, auditory, haptic, somatosensory, and olfactory. AR can be defined as a system that incorporates three basic features: a combination of real and virtual worlds, real-time interaction, and accurate 3D registration of virtual objects. Augmented reality (AR) is a technologically augmented version of the real world that is created through the use of digital visual elements, music, or other sensory stimulation. It’s a developing trend among businesses that deal with mobile computing and commercial apps.
Customers may see a three-dimensional depiction of a product in their environment, evaluate its appearance in full size, try on how this piece would look in the room, and much more with augmented reality. Furthermore, the consumer does not need to install additional software to get expertise engaging with your products because everything is available on the smartphone. Furthermore, it has been established that the usage of augmented reality considerably enhances sales. Interactions with products with 3D / AR content had a 94 percent greater conversion rate than interactions with products without AR / 3D.
WHAT IS VR:
The use of computer technology to create a simulated environment that can be explored in 360 degrees is known as virtual reality, or VR. In contrast to traditional interfaces, virtual reality immerses the user in the virtual environment. Currently, conventional virtual reality systems provide realistic visuals, sounds, and other sensations that imitate a user’s physical presence in a virtual environment using virtual reality headsets or multi-projected environments. A person using virtual reality gear can see around the virtual world, move around in it, and interact with virtual features or objects. VR headsets with a small screen in front of the eyes are usually used to get this effect, but it can also be achieved in specially constructed rooms with several huge screens.
What is going on right now is the metaverse for social media. Whether you’re hanging out with your buddies or having a business meeting, the new metaverse is meant to enable any form of social interaction. Virtual reality is the creation of a virtual environment that is presented to our senses in such a way that we feel as if we are physically present in it. It achieves this purpose through a variety of technologies and is a technically challenging effort that must take into account our perception and cognition. It can be used for both fun and serious purposes. Technology is getting less expensive and more widely available. Because of the possibilities of virtual reality, we may expect to see many more new uses for the technology in the future, and perhaps a fundamental change in how we interact and work.
Coming back to Main topic METASVERSE:
A metaverse is a 3D network such as Virtual reality (VR), Augmented reality (AR), and video in which users “live” in a digital real. The metaverse’s supporters envisage its users working, playing, and remaining connected through everything from concerts and conferences to virtual excursions around the world.
The former Facebook has previously made considerable investments in virtual reality, including the acquisition of Oculus in 2014. Meta envisions a virtual world in which digital avatars interact via virtual reality headsets for business, travel, or leisure.
The Metaverse is expected to be, and in some ways already is, so large that even a behemoth like Facebook just changed its name from “Facebook” to “Meta.” At the same time, Meta CEO Mark Zuckerberg revealed that his firm is now committing to building a “metaverse,” which will be the next-generation internet that users will be able to experience through Facebook products in the future years.
The metaverse is a digital economy in which you may buy and sell items just as in the real world, and this has a significant impact on brand interest in the metaverse.
DO WE NEED THIS TECHNOLOGY?
“The metaverse is simply a huge, interconnected network of virtual environments. We’ll be able to move from one virtual world to another in the metaverse in theory, but we’ll be wearing virtual reality goggles or possibly augmented reality. I don’t believe so. We already have enough parallel worlds, so a virtual one that is all-encompassing is unnecessary. We should not assume that just because we can, we should. So, until I have no other option, I would say no.
DRAWBACKS OF METAVERSE:
We can have our universe and other worlds that are parallel or not parallel to ours in the real world, and we call this a multiverse. We can consider distinct universes formed by specific apps, games, or simulations in virtual reality, and the entire thing can be referred to as a metaverse. It will cause addiction and divert people’s attention away from their primary tasks. It has the potential to cause people to lose their sense of time. The problem is that it can overstimulate the senses of humans. People are becoming cut off from the actual world and environment.
The metaverse, in my perspective, can have the following drawbacks:
- Developed addiction.
- Not keeping up with track of time.
- Loss of the sense among People.
WHAT IS THE HISTORY:
The concept of a metaverse isn’t new. The word has been around for a long time. The technology concepts that underpin virtual reality, augmented reality, and 3D computing are all rather old. The current surge of interest is only the most recent peak in a years-long effort to make these advancements accessible to the general public.
The term “metaverse” was coined as a combination of “meta” and “universe” in the 1992 science fiction novel Snow Crash. Various metaverses, such as virtual world platforms like Second Life, have been created for public use. Some metaverse versions include virtual and physical spatial integration and virtual economies, as well as a strong desire to advance virtual reality technology.
FAILURES IN THE PAST:
Virtual reality, or augmented reality as we know it now, might be used in the metaverse to immerse users in an alternate world. Although the technology is still being refined, businesses such as Meta claim to be developing and upgrading these gadgets. One such device is Meta’s Oculus Quest, which is now in its second generation.
These businesses will not be able to build the new Internet.
CURRENT SCENARIO:
Real estate on metaverse platforms was worth half a billion dollars in 2021. If present trends continue, revenues could top $1 billion this year. Avatar is an important aspect of your online persona. For some, NFTs with profile pictures, such as CryptoPunks or the Bored Ape Yacht Club, are suitable for Discord and Twitter, which are primarily text-based sites where a 2D image suffices. Ready Player Me, for example, promises to be able to employ composable digital identities in 1,330 apps and games, like Nike’s RTFKT, Somnium Space, and VR Chat. RTFKT also sells NFT sneakers and avatars for its planned “Avatar project,” however it’s unclear which games will allow you to “wear” these.
DOES IT WORK IN REAL:
The metaverse has the potential to user in a new era in which we spend more time in the digital world than we do in reality. AR glasses, like the internet, will become widespread as they become vital for shopping, working, and living. According to experts, the metaverse’s turning point will “not be good for humanity.
According to some analysts, widespread adoption of the metaverse could result in a significant increase in emissions. Even as it reduces carbon emissions by eliminating travel, Metaverse’s reliance on virtual reality (VR) technology and data centres will have a negative impact on the environment.
WHAT WOULD BE THE PREDICTED COST?
According to price forecasts and technical analysis, the Metaverse NFT Index is expected to reach a minimum price of $12.74 in 2024. With an average trading price of $13.11, the PLAY price can reach a high of $15.35.
In 2025, the price of one Metaverse index is predicted to reach a minimum of $18.33. Throughout 2025, the PLAY price can reach a maximum of $21.96 with an average price of $18.86.
CONCLUSION:
The metaverse is no longer a big dream, it is now a reality, and our real world will become increasingly virtual in the coming days. Now coming days here means a decade at least in future. It will affect the real-world scenario, but will be limited to people who are interested in such technologies just for an experience of fun or something else which is not sure as of today.
Not to forget that the latest publications on Internet has proved that Metaverse business is going down for Facebook.