Metaverse is a 3D virtual world where the virtual avatars of billions of people can live, work, shop, learn and interact with each other without moving away from their couch. Metaverse offers a more immersive and engaging experience. The advancement in Metaverse architecture design allows users to immerse themselves in a 3D environment in a more realistic way than in a traditional 2D environment. Users can create their metaverse avatars with advanced graphics. In the metaverse, the digital avatars can facsimile themselves and enjoy the experience of moving freely in places, shopping, attending concerts, visiting a restaurant, dancing, eating, sleeping and paying money for that experience. This opens up a new world of possibilities for both professional and personal use. Metaverse may enhance your daily lives by providing a more surreal and engaging experience by opening up new forms of collaboration and communication.
However, meta verse doesn’t exist today but it has become a hyped-up concept due to its potential to change human lives.
Why is the metaverse gaining momentum?
When Facebook rebranded itself as “Meta” and planned to invest $10 billion in the concept in that year, it gained immense attention from all over the world. Google, Microsoft, Nvidia and Qualcomm followed the steps and invested billions of dollars in that concept. This has created a bullish prediction on the Metaverse economy. Gaming, Education and entertainment business can become important sectors for metaverse.
Metaverse for Business
Enhanced socialization: The metaverse allows people from different parts of the world to connect and interact with each other. It allows them to overcome cultural and geographic barriers and foster understanding and compassion. It allows businesses to provide more personal connection with their consumers and opens up more ways to sell their product.
Improved education and training: Numerous training and learning opportunities can be delivered in Metaverse. By providing simulations and virtual classrooms, it can open up an abundance of opportunities to provide a better classroom experience in people’s homes. It can make education more engaging and accessible to those who may not get access to traditional classroom environments.
Increased business opportunities: The metaverse has the potential to create new networks for buying and selling digital items through virtual stores. It can also open up new career opportunities in the 3D world like virtual event organizer or real estate agent. With the integration of TAAS technology, one can visualize their building designs in 3D
Enhance Entertainment experiences: The metaverse provides an extensive range of entertaining experiences. Users can take part in interactive theater performances, watch movies, collaborate in gameplay, complete quests, battle enemies through their customized avatars.
In the industrial metaverse, real-life machines, buildings, cities, grids, transportation systems and factories are represented in a digital form that can be operated either entirely visually or in hybrid format (virtually and physically). Metaverse enterprise solutions comprises technologies like IoT, IIot, AI, ML, VR, AR, 5G, data analytics and mixed reality. It fosters business owners to inspect and react to the regular activities in the factory.
Avatars are graphical representations of humans. They are developed to imitate humans. In Metaverse, digital identities will be represented by avatars. They are continuously being developed to respond to natural speech and make recommendations. Virtual assistants, virtual receptionists, officers and guides are being developed for training purposes and remote collaboration.
Digital twins are more accurate representations of real life assets, people and the physical world who work in synchrony with their real life versions. Digital twins do not require human intervention to interact in the real world. They can often rely on drones or camera based robots to scan the objects to gather real time data in order to create their digital imprints. Digital Twins can either produce critical data relating to total time taken to complete the production of certain units, or downtime of average equipment. This data can be used for process optimization or predictive maintenance with the use of artificial intelligence. They can be used to reduce operational failures and improve efficiency.
70% of C-suite technology executives are keen to invest in digital twin related technologies with a global market share reaching $10 billion in 2021. IMARC predicts an uptrend in the market with a potential reach of $54 billion by 2027.
How Does Metaverse Work?
Metaverse is a digital ecosystem built on numerous 3D technologies, block chain-related decentralized tools and real-time collaboration software. The metaverse can be used by consumers for entertainment and gaming. It is controlled by large competing ecosystems with dynamic, open and interoperable space. It functions like the internet and social media but in 3D with a real life interface.
Two technologies are actively part of Metaverse enterprise solutions: Virtual reality and Augmented Reality
Virtual Reality – It is a simulated 3D environment that allows users to interact in a virtual surroundings that looks real while perceived through our senses. It can be accessed through a VR headset. With the use of gloves, vests and full-body tracking suits, it will become possible to enable more lifelike interaction in the virtual environment. The following benefits are associated with VR business solutions:
- Virtual Reality can be used for employee safety training, where employees are trained to minimize their errors during adversities
- Virtual Reality can be used to practice surgical procedures by the practitioner in various fields as pain management and pediatrics etc.
- VR can be used for corporate trainings like on job trainings and record employees’ knowledge before they retire, lessons of deliver virtuous customer service, soft skills training and more
Augmented Reality – It is simulated by both digital and real life environments. It adds digital overlays on the real world through a lens, screen or other devices. One example of augmented reality is Pokemon Go, where users can access digital games in a real world scenario. More examples include google glass, IKEA app to help users to test and visualize products in their own home before making a purchase. This is a revolutionary idea which businesses are investing in to give more real life visual interface to the customers.
In the meantime, Virtual Reality and Augmented Reality are the primary interfaces of the metaverse. There will be introduction of many more technologies, according to Senior principal analyst of Gartner, Tuong H. Nguyen.