Metaverse: Latest Catchphrase of the Tech Industry

• “A top clothing brand H&M is is now having a 3D store in Metaverse to give buyers a virtual world”
• “Square Enix President Yosuke Matsuda Says NFT, Metaverse, and Blockchain is here to stay”
• “Metaverse has excellent economic prospects, it is expected to reach 800 billion in mid of this decade, and 2.5 trillion by 2030”

Metaverse is the latest sound of the tech industry. In just a few weeks, the term “Metaverse” is breaking the internet and we have seen a bombardment on various news, articles, and press releases related to this catchphrase of the technology industry- Metaverse. The popularity of Metaverse has increased after the Meta head- Mark Zuckerberg’s pursuit for this digital universe. He has mentioned his future endeavors as he is planning to turn Facebook from a social network into a metaverse company in the coming years. Not only Facebook but some other tech giants are planning to expand their wings in this Metaverse.

Must be curious to know about this Catchphrase- Metaverse? Let’s understand this hot-buzz along with its importance for multiple sections- for businesses, the app development sector, app developers, and others.

What is the Metaverse?

Metaverse is defined as a network of the 3D virtual world focused on social connection. This is the universe that can be defined as the convergence of physical, augmented, and virtual reality in a shared online space.

The environment that allows humans to travel & experience the social world as avatars in cyberspace, which act as a kind of metaphor for the real world, breaking down physical & economic barriers. This is the reason why industry and brands are considering Metaverse as the future of the internet.

Although this term is creating buzz over the internet nowadays, it’s not new, it was coined in 1992 in Neal Stephenson’s science fiction novel, “Snow Crash”. The story was about creating a virtual world to experience it in reality.

This is the universe, where users can get the real-world experience in a virtual world of traveling, running, gaming, shopping through the perfect combination of AR & VR. Industry leaders and businesses visionaries are tending towards creating a Mataverse for their businesses so they can fill all the loopholes of web interaction through interoperability, interactivity, and economics.

Brands’ inclination towards providing a better user experience can be possible in Metaverse through performing the AR & VR software development.

Metaverse Market Report

• The hardware segment accounted for the largest revenue share in the global metaverse market.
• Mobile Segment revenue is expected to expand at a rapid CAGR in the global metaverse market during the forecast period.
• Mixed Reality Segment revenue is expected to expand at a rapid CAGR in the global metaverse market
• Gaming Segment accounted for a large revenue share in the global metaverse market
• Media & entertainment segment revenue is expected to expand at a rapid CAGR

Let’s explore this metaverse’ characteristics:

Metaverse’ characteristics influencing brands, developers and tech-industry

Since Metaverse is a synonym of Virtual world, the characteristics can be various and extensive, but there are following characteristics of Metaverse that are important and influencing the brands, developers, and entire technology industry.

Interactivity:

The current hot-buzzing technology Metaverse would present the potential of AR and VR and users must be able to communicate and interact with other users and metaverses. As the Metaverse application is estimated to pave a real-like virtual platform in which users can interact with the world and services effectively.
A great combination of the digital and virtual world would go to be a mind-blowing world to fascinate with visual, auditory & dynamical experience.

Interoperability:

In Metaverse, users would be able to create, communicate and access things practically. The Metaverse digital platform should be interoperable between one or many Metaverse platforms and avatars must be able to be created and used in any of the Metaverse accessed.

Corporeality:

Metaverse is a virtual world, it must not be forgotten that it is subject to the laws of physics and has limited resources.

Full-fledged economy:

The Metaverse is full-fledged economical as in line with interoperability, the goods can be used in any environment, regardless of who manages them, and thus it provides economical ground.

What do developers think about Metaverse?

Right from listening to the verdicts of big brands like Microsoft’s “Enterprise Metaverse” to Nvidia’s “Metaverse for engineers”, this new universe is expanding the vast opportunities for the app developers as performing Metaverse app development is just like creating an experience or game for the users.

Developers can create an app for any number of platforms- everything from VR systems like Oculus Quest and HTC Vive to emerging virtual worlds like Roblox and Fortnite to gaming consoles like Playstation and Xbox to mobile apps and even the web itself.

There would be a plethora of tools for the developers to work on these latest technologies from the developer’s kit such as Epic’s Unreal Engine, Unity, Amazon Sumerian, Autodesk’s Maya, and the open-source Blender.

Seeing the bright future of this technology, there are three major initiatives that have been taken to build the Metaverse applications.

Microsoft’s “metaverse stack”, Nvidia’s Omniverse, and the “Metaverse product group” were announced by Facebook vice president of VP and AR, Andrew Bosworth, a few days after Zuckerberg’s interview.

Microsoft’s Metaverse Stack:

Microsoft’s CEO Satya Nadella’s verdicts about Metaverse Stack is- he mentioned that a new layer of infrastructure stack that is getting created as the digital & physical worlds converge: the enterprise metaverse. He mentioned about Metaverse stack that enables developers to create a rich digital model of anything physical or logical.

He stated about the metaverse app, which will be totally dissimilar from the fancy avatars will be rooted to create a much closer reality. It will create a digital twin to make the logical or physical world be availed simply.

Microsoft’s concept for Metaverse is to simply provide the digital platform that would be created by applying ML technology to digital twins and create a platform where users can map and monitor everything in the real world.

Nvidia’s Omniverse:

Launched in 2019, Omniverse is based on open source technology developed by Pixar, called Universal Scene Description (USD). It is an open collaboration platform to simplify studio workflows for real-time graphics. It allows developers to work on a physical product and create a digital presentation of the product.

He stated that- Users can enter the Omniverse through accessing from their laptops and workstations. Mixing up with AR and VR, anybody can access the omniverse view by using RTX to their devices.

Facebook’s Metaverse Product group:

Facebook is the one that is investing more in this metaverse. It can be seen by the new name of this social brand from Facebook to Meta and Facebook has declared that the Metaverse is the new evolution of social connectivity with the inclusion of Meta 3D space where learning, interacting, playing, and collaborating become the most interesting thing to watch.

Epic Games Metaverse:

Sony is another big participant in creating its own metaverse, which has invested $1 billion to make it possible. Epic Games are developing it. Tim Sweeney, co-founder of game company has dreamt about this digital universe and unlike Zuckerberg, Sweeney wants the metaverse to be a completely open standard that could even replace the internet.

Zepeto, Zara’s Metaverse

Zara, the textile giant that has picked Zepeto as the metaverse to send off its first collections of virtual pieces of clothing. It is a South Korean metaverse for smartphones, with 3D symbols and multiple million everyday users, which has made it one of the quickest developing virtual environments somewhat recently.

This metaverse permits the purchase of advanced things through its own currency and furnishes cooperation with a large number of users all over the planet. The prevalent users are young women somewhere in the range of 13 and 24 years of age, who make avatars dependent on the genuine actual attributes of the users.

Technologies for Metaverse:

Albeit the metaverse isn’t yet something actually tangible, it is a progressive idea, and current technologies bring it closer, giving it that economic worth. In light of point of reference, its execution will be progressively added to the platforms gradually, as the Internet has done since its first form. It will be unrest that will include all enterprises.

AR and VR

AR and VR are the foundations for metaverse projects. Augmented reality systems work on three essentialities specifically a coupling of genuine and virtual conditions, ongoing association, and exact 3D perception of articles.

Blockchain

Blockchains have shown their interoperable, unchanging, and adaptability remainder, KPAs that this future of augmented reality technology so frantically needs. Along with cryptographic forms of money, they will go about as the mechanical column declaring advanced resource custodianship certain.

IoT

Real-time reenactments request continuous information and IoT as we as a whole know has fused billions of devices onto a livewire network for ongoing information assortment.

What better method for using this feed than to infuse it into the metaverse and see the reproductions become animated! The prospects of IoT, interoperating with AI, ML, and 5G to offer data integration coordination and connections are boundless.

Mark your brand’s presence into the Metaverse:

This is a great time to give your brand a virtual view and let your users experience the real world through entering into the metaverse. Get more knowledge about this new catchphrase and turn your business enter into this digital world.