With major companies like Meta (formerly known as Facebook) talking about the “Metaverse” and even changing their name to show how they are dedicated to the future, the term has been thrown around a lot, with everyone explaining and perceiving it according to their convenience. So, what exactly is the Metaverse? A game? Or another social media advancement? Or an extended arm of the Virtual/Augmented Reality?
Let’s break the shackles of uncertainty and figure it out in this article.
What is the Metaverse?
For all those Marvel fans, remember when Dr. Banner and Tony Stark talked in technical terms to try and explain what Loki’s Sceptre was, and how confused Captain America seemed? Yes, that’s how the internet-talk felt like in the 70s, the concept of mobile phones seemed in the 90s and how the Metaverse seems to us right now.
Technology is expanding at an unfathomable rate, and so is the demand for it. In a field where demand is generated on-the-go, the future seems closer than anticipated. And this is where the Metaverse comes in.
To break it down into the simplest words, it is a combination of ways in which humans would interact with technology, internet, and each other, in the future.
How about some examples before we proceed? Yes?
Here are a few:
- Gaming (of course) and entertainment with real people in Virtual Reality
- Shopping – imagine trying on clothes without having to visit the store, anywhere in the world
- Trading products – buying and selling of products, with inspection in real-time holographic projections
- Viewing properties around the world through VR, like you’re physically there
- Attending meetings via holographic projections, from anywhere in the world (wouldn’t that be a big step for video calls!)
These are only a few examples of what we could experience in the Metaverse, with possibilities seeming endless.
So why is it such a big thing?
The whole point of any technology has been to make human lives easier. The way we see it, Metaverse is the next step in globalisation and human engagement. Imagine going for a movie with your friend who lives in a different country and experiencing the whole moment like you are actually there. Or, a date, perhaps with your loved one. Now, though you may not be able to physically share the meal with them or have a sip of that wine they are having, it is still much better for bonding, as compared to video calls.
As humans, we rely a lot on body language and expressions. And somehow, live video isn’t really the best way to gauge them. (Enter Metaverse!)
A majority of this depends on the individual creators too. Crafting the experience of their realms would take a lot of trial-and-error, customer feedbacks, and time. But it is their best chance at surviving the competition of innovation.
Metaverse is a big thing because it aims at a smoother shift into true global connectivity.
When will the concept turn into reality?
Let’s roll back a few decades, to the time when mobile phones had begun springing up. There were limited companies manufacturing them. Limited network providers. Huge cost of calls. The initial companies pitched their products in a way that was pandering to the wealthy audience only. Having a mobile phone was promoted as a status symbol. This was simply because the manufacturers wanted to make some return on their investments.
But, as the number of competitors grew, the prices declined. And then, as the number of network providers rose, so did the customer base.
Fast forward to the modern internet phase. The major players in the technology world, always enter a market when their “shift” fits 4 critical conditions:
- The technology required to make the shift possible, is not very expensive (accessibility)
- There are a significant number of creators (competition)
- A decent number of platforms for customers to access the shift
- Internet speed, accordingly
An example to understand the above factors better – Video Conferencing.
With the pandemic in play, video conferencing has become a part of everyone’s life. But it wasn’t so long ago when only 4 people could join a conference call. Why? Well, to start with, the internet speeds were slower, internet data packages were expensive and there weren’t many competitors for customers to choose from. Hence, most creators and customers preferred waiting.
As the internet speed changed, and the prices lowered, customers became more inclined to try these services. And thus, began the “shift” from voice calls to video calls.
With the Metaverse, too, the same barriers to entry shall apply.
- Technology required to use the Metaverse, is still expensive.
- There are not enough creators
- Very limited service of platforms
- Internet speed is relatively lower than the optimal requirement
We will, soon, see more platforms offering a chance at experiencing their products/services in VR. And as the creator and customers begin to rise, we will enter the age of Metaverse.
How is the Metaverse beneficial to us?
To begin with, its core is to enhance the experience of social bonding. We can say it is the next step in how we interact with others over the internet – friends, acquaintances, and colleagues. The level of engagement will be personalised, more than ever before. This would seem like the best alternative to physical presence. Heavy sums of expenditures would be saved, and while initially some sectors may incur a setback, it will be a minor one in comparison to how they would eventually adapt.
Imagine if you can attend a meeting in Tokyo through the Metaverse, while sitting in Mumbai, and present and interact like you would in person. That can create a different impact on everyone’s productivity in the meeting, when compared to a mere video call.
Connectivity is a key to the higher form of globalisation. And the Metaverse is going to bring in massive changes in connectivity, we must look forward to.
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