- In its current form, the Metaverse pertains to persistent blockchain-based digital worlds, accessible by immersive technologies and the Internet.
- All the developments we see today are considered ‘pre-Metaverse’. Some expect mainstream adoption and for the technology to fully mature by 2030.
The metaverse, a concept first presented in Neal Stephenson’s science fiction book “Snow Crash” from 1992, has recently attracted more attention as virtual reality and other immersive technologies evolve. But what precisely is the metaverse, and what direction will it take in 2022 and beyond?
Metaverse is a shared virtual world where users can communicate in real-time with one another and with virtual items and settings. The distinction between the physical and digital worlds is muddled in this environment, allowing users to participate in immersive and interactive experiences that are not feasible in the physical environment. Although the metaverse is still in its infancy, there are already a number of illustrations of what it might like in the future.
Throughout 2022, some of the most major collaborations to date were reached, and even a few surprising institutions, including JP Morgan, embraced the Web3 revolution despite their reputed dislike for the decentralization idea.
Sandbox and Decentraland continued to have a firm grip on the majority of blockchain-based marketplaces in 2022, widening the gap between centralised and decentralised metaverse platforms.
Activision Blizzard is a major participant in the gaming business with a growing portfolio of AAA (high-budget, high-profile) video games and around 400 million monthly active users. Microsoft announced this year that it will purchase Activision Blizzard for $69 billion. Regulators are still examining the agreement, though, and the U.S. Federal Trade Commission is contesting one of the largest tech acquisitions in history to advance fair competition in high-performance gaming consoles and subscription services..
For developers, Nvidia has released a beta version of its new “omniverse” platform. Anyone can create metaverse applications thanks to the flexible platform. For instance, engineers can employ AIs that have been educated in virtual worlds, and businesses can create digital twin simulations of their industrial processes. Artists can choose from a variety of 3D tools.
Primary retailers now have many fantastic prospects thanks to technology, particularly in the luxury goods sector. Gucci, Louis Vuitton, and Burberry are just a few of the brands that have begun to make an appearance in the metaverse, with the fashion sector dominating the luxury market sector in terms of representation. The first-ever metaverse Fashion Week, which took place in Decentraland in March, served as another milestone in the industry’s growth.
There are several grounds to think that, throughout the years running up to 2030, the metaverse will develop into something that can be more precisely characterized. The technology will develop into its advanced level between 2024 and 2027 because it is still commonly acknowledged that this is the pre-metaverse phase.
In the advanced stage, the technologies created in the emerging stage will converge to produce strategies for navigating the links between physical and digital places and improving the user experience for general usage.
The metaverse will be fully functional with interoperability, collaboration, and multi-sourced experiences in the mature phase that follows, enabling greater efficiency in all facets of human life. However, when the metaverse plays a bigger role in our daily lives, it will be crucial to address the difficulties and moral issues that come with it.