Key Technologies That Power the Metaverse

Although extended reality technologies aren't new, the way we interact with them is changing rapidly over the past few years. The landscape of innovations is becoming confusing and uncertain as businesses vie for dominance in this market. What is the Metaverse? Where is it going next and what key technologies are driving its development?

Metaverse

Metaverse encompasses many technologies and virtual spaces. They are unique in that these spaces are persistent. This means that even though you're not 'playing' or "online", they will still exist. The concept is constantly evolving and changing. Video Games are a great way to learn about Metaverse. You can create your avatar and interact with other players in real-time. You can also buy and sell different items in the game.

One can interact with, play, and socialize in a 3D Virtual world even in Metaverse.

Current Market Trends in Metaverse

Bloomberg claimed recently that Metaverse could become an $800 billion market, compared to $400 Billion in 2020. This means that we can expect an annual growth rate of 13%. Metaverse's scope is growing so fast that it could accommodate live events like concerts and sports events.

The gaming industry is currently the dominant player in the Metaverse. Gaming companies will be able to move to the Metaverse using the existing hardware in the industry. Oculus by Facebook will also play a key role in capturing large markets.

Metaverse is a huge marketplace for live events and subsequent online advertising. Some gaming companies have hosted live concerts within their games. Metaverse allows you to host sports events, concerts, and even film screenings in a virtual 3D space. These events can be held worldwide and provide the same experience as a live event.

As of now, there is a dominant presence of certain companies in the Metaverse. But that could change very soon.

The most recent development of the metaverse

The metaverse was the latest buzzword after Facebook changed its name to Meta in Oct 2021. The social media giant created Reality Labs, a new division to help it rebrand. It will spend at least 10 Billion dollars annually in 2021. As CEO Mark Zuckerberg believes, metaverse content, software, and AR and VR headsets will become as common as smartphones in the future, this division is being developed in Artificial Intelligence Services.

The interest in metaverse development has been accelerated by the COVID-19 pandemic. As more people work remotely, there is a greater demand for interactive ways to connect. The rise of virtual 3D spaces, which allow coworkers to connect, collaborate, and even catch up with each other, is a sign of the times. Microsoft Mesh, which was unveiled in November 2021, is one example. It offers immersive spaces that allow users to interact and collaborate with their avatars, making remote meetings more fun and engaging.

Online games are also embracing the metaverse. AR mobile game Pokemon Go, which allows players to hunt virtual Pokémon’s in the real world with a smartphone app, was one of the first to embrace the concept. Fortnite, another well-known game, has extended its product to include other activities in its digital world, such as hosting brand events or concerts.

Nvidia and other tech companies have created new opportunities in virtual reality. Nvidia Omniverse, an open platform, connects 3D spaces to create a shared universe that allows engineers, designers, creators, and others to collaborate virtually. It is currently used in many industries. The Omniverse is being used by the BMW Group to improve product quality and reduce production times.

Origins of the Metaverse

Before we get into details, let us first explain what we are talking about. The recent rebranding of Facebook to Meta has made the idea of a Metaverse more popular, but it's not the beginning. The story begins with Neal Stephenson's 1992 novel Snow Crash. The story described a virtual reality world controlled by a monopolistic corporation, which sought to control the lives of its users.

Businesses have found social media to be an excellent way to reach new customers, increase sales, and retain customers. Mark Zuckerberg's focus is on the Metaverse, which aims to bring us to the next stage on the internet that is dominated by virtual reality. Virtual reality allows users to interact with the internet in a more immersive way than ever before.

The Metaverse Is the Internet

Meta's focus on technology and rebranding suggests a similar dystopian future. However, this doesn't mean virtual reality technology or the concept of the metaverse is inherently evil. The ethical consequences of using that technology will depend on how we use it.

Tony Parisi, Unity's CEO, talks about the Metaverse rules that Meta and other corporations seem not to be following in their battle for control over this sector. These rules stipulate that the Metaverse should remain an open-source project that is accessible to everyone, and that no one should have control over it. These rules are how the Internet operates and Parisi insists that Parisi's Metaverse is the Internet.

Why Understanding Metaverse Technologies Is So Important

These ethical concerns are exactly why it is important for business owners and managers to understand the various technologies that drive the Metaverse forward, as well as the impact they might have on users, the environment, society, and the wider world. Businesses can learn how to use virtual reality connectivity in a positive way that will enrich the world and maintain a thriving digital economy by understanding these technologies.

Understanding these technologies is also important as the average app design cost in the USA, $48,000, will increase with the development of more advanced techniques. When planning for their next move, business owners must understand the key points to be focused on.

Businesses need to recognize that the Metaverse will evolve, and so will the content. As the industry evolves, it is crucial to create quality content marketing strategies that take into account these immersive, virtual environments.

AR/VR Technologies

The Metaverse's immersive experience for its users is what defines it. AR and VR are essential to this. Although VR and Metaverse are often interchangeable terms, there are some key differences. The Metaverse is about VR experiences that are connected. The Metaverse does not include a single-player VR game, but it does include a shared VR meeting. The Metaverse could expand to include more futuristic technologies in the future.

Virtual fitting room technology is also gaining popularity to improve the e-commerce experience. This technology allows shoppers to bypass the limitations of online shopping and can easily choose the right item for them from the comfort of their own homes. The Metaverse will allow you to fully immerse yourself in the virtual store in VR in the future.

The VR experience is expensive and requires expensive equipment, such as a virtual-reality headset. This makes VR not affordable for many people. In this context, augmented reality technology (AR), can be the driving force behind the development and expansion of the Metaverse. Statista reports that 83.96% of the world's population has a smartphone. This means they have potential access to AR capabilities.

Artificial Intelligence (AI)

Extended reality is the main focus of the Metaverse. However, artificial intelligence (AI) works behind the scenes to make all the magic happen. AI is most effective for data calculations and prediction, but it can also improve algorithms that aid with certain tasks such as avatar creation, natural language processing, translation, and world generation. AI can improve VR interaction by paying attention to sensors that measure bioelectrical patterns and muscle movements. AI can make VR more accessible by offering services such as image recognition for the visually impaired.

3D Modeling

The Metaverse must have three-dimensional environments to be truly immersive. Businesses looking to create a Metaverse-related product or service will find a multitude of 3D modeling tools. It is now possible to create objects from scratch using Blender. Mobile devices equipped with infrared depth sensors, such as the iPhone's LiDAR sensor, can sometimes do this. This can be used to 'digitize objects for use within virtual environments.

The manufacturing industry can also benefit from digitizing objects. 3D technology can help consumers see the entire supply chain, making it easier for them to identify where products come from and how they are processed.

Virtual avatars, which can be fully digitalized to create a virtual environment in VR, are the next best thing. This stage of the Metaverse is crucial in that you can create, animate and use a virtual avatar.

Edge Computing

Edge computing is a popular technology in commercial spaces. It allows faster data transfer with fewer delays, which is essential for immersive experiences in virtual space.

The cloud can't support the millions of virtual users who are sharing the experience with the world. Distributed computing allows for that processing to be closer to the user, making it more fluid.

5G

Although the Metaverse is about connecting virtual experiences, networking with VR can consume huge amounts of data. 5G technology is one of the newest mobile trends. It provides the power needed for real-time data transfer and has improved over the years. Even more important, 5G will allow people to access these AR and VR technologies anywhere, not just from their homes.

Recalling edge computing, 5G bandwidth means VR rendering can be done on edge devices streamed to your headset. This could make VR headsets more comfortable and smaller.

Wrapping Up

The Metaverse is rooted in criticism of corporations' control over our lives. However, this doesn't mean connected virtual experiences are bad. These technologies can be used ethically and responsibly to help consumers and increase revenues for businesses. These technologies don't replace the real world. They are meant to expand our reach over the Internet to share experiences where we can't. We can make the Metaverse grow, so let's create the future we want.