The Metaverse: An In-Depth Guide To Understanding The Next Evolution Of The Internet

You must have heard of the metaverse. People and companies define it in various ways. Generally speaking, you can view it as a network of 3D virtual worlds within which users interact with each other.

In the first five months of 2022, more than USD 120 billion was invested in metaverse technology and infrastructure, according to McKinsey. It has the potential to generate up to $5 trillion in value by 2030.

It seems clear that the metaverse has the potential to change the way we play, learn, advertise, communicate, shop, and more.

Also read, The Ultimate Guide To Buying Land In The Metaverse

The History of the Metaverse and Its Evolution

The metaverse concept can be traced back to science fiction. In their novels, writers such as William Gibson and Neal Stephenson imagined virtual universes that humans could explore.

Tech companies started exploring this concept for practical applications. A notable example is Second Life, an online multimedia platform launched in 2003 by Linden Lab. In this virtual 3D world, people create avatars to interact with other users.

Another example is Roblox, the online game platform released in 2006. Players can create games, play with others, and buy and sell virtual items online.

Then, there was Pokemon Go, which combined virtual and real-world activities. And Fortnite, a Massively Multiplayer Online game.

The next step in its evolution came in 2021 when Facebook renamed itself Meta. It aimed to bring the metaverse to life by helping people connect, find communities, and grow businesses.

In the same year, Microsoft released Mesh, a real-time collaboration platform. Mesh seeks to provide training and communication tools for businesses and consumers.

With the introduction of new and affordable hardware and software, many companies are joining the metaverse bandwagon.

The Components of the Metaverse and How it Works

You may be wondering how to access the metaverse and how it works. To answer that you need to understand the components of the metaverse.

Hardware

How to enter the metaverse? You can do this via your mobile phone or computer. You will need an advanced graphics card, a fast processor, and a speedy internet connection.

This means of access will provide you with a 2D experience. To experience the full potential of the metaverse, you need a Virtual Reality (VR) headset. Most headsets have sensors to track your field of vision and screens for stereoscopic displays.

VR gloves, masks, and shoes are also mainstream. This equipment provides haptic feedback to navigate a virtual world.

Software

You don't need specialized software to access the metaverse. Most platforms are hosted online. Some of them are free to use. You can subscribe to other platforms in the same way as with other software in the cloud.

For gaming, the platform software lets you create an avatar, which is your virtual identity. The software also lets you create your spaces and games. Some examples are Minecraft, Roblox and Fortnite.

For business, platforms allow you to download software for specific needs. One example is Mesh for Microsoft Teams. This is a virtual meeting space with animated avatars.

For transactions, you will need to download a crypto wallet to your mobile or desktop. A crypto wallet allows you to allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum. Some popular wallets are Coinbase and Metamask.

Applications of the Metaverse

We've already covered some use cases of the metaverse, such as games and business meetings. Here are some more applications.

• Education: With AR and VR, the education system can explore new ways to learn anatomy, biology, geography, chemistry, and more. Students can take virtual 3D tours and interact online. The same techniques can be used for employee training and onboarding.
• Retail: Brands can open 3D stores online, where potential customers can check out new goods. Brick-and-mortar stores can have VR spaces for consumers to try on clothing, for example.
• Healthcare: With 3D clinical applications, doctors can monitor patients' symptoms in a virtual environment. Tests for weight, blood pressure, and others can be conducted online, with instant results transmission.
• Product Design: Designers can create products in virtual spaces that give them more freedom than ever before. The products can even be tested online with virtual parameters.

Implications of the Metaverse

The metaverse is poised to impact the economy and society significantly.

• It can create new business models and revenue streams in areas such as real estate, clothing, and entertainment.
• There will be more opportunities for social interaction and collaboration. These will create communities tied together via shared interests.
• The metaverse can revolutionize art, music, and literature. These can be created in collaboration and experienced virtually.
• It can also impact governance and administration. There could be virtual town halls, traffic mapping, and further development of smart cities.

At Blaze, we specialize in cutting-edge analytics to help Web3 and gaming brands understand growth and product strategies for the metaverse. To find out more, register with Blaze at https://dashboard.withblaze.app/signup