WAKE UP - How Much Do We Know About the Metaverse?

March 13, 2024

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How many times have you heard about ‘Metaverse’ and wondered “What does this term even mean?”. In this article, I will try to explain comprehensively and clearly what is the ‘Metaverse’, the history behind it, the famous Horizon Worlds by Mark Zuckerberg, and what is the ‘Metaverse’ like now.

What do we mean by the term ‘Metaverse’?

In simple words, the ‘Metaverse’ is a 3D virtual space, facilitated by virtual reality (VR) or augmented reality (AR), where humans experience “life”, shopping, working, playing, and hanging out together, in real time.

But how can we access this virtual space? To experience this, we need VR headsets and AR glasses. Each ‘metaverse’ should be accessed separately through these two devices.

A small history of ‘Metaverse’

The term ‘Metaverse’ was first coined by the science fiction writer Neal Stephenson in 1992 in one of his science fiction novels called “Snow Crash.” The term has recently moved far beyond science fiction to become what some people know as “technological imaginary”.

The era of 2011 – 2019 is called “The Experimentation Era”.

In 2012, Oculus gave the green light to enable the metaverse. In 2014, the company was then acquired by Facebook, which means two years before releasing the “Rift”, the world’s first VR headset made widely available to consumers.

Between 2017 and 2019, various blockchain games had been developed, with Axie Infinity being the first play-to-earn blockchain game (March 2018). In 2019, Google maps introduced the AR function, showing walking directions on top of real-world images.

Moving to the “Adoption Era”.

COVID-19 hits and the virtual interaction started to become more intense.

The year 2020 was very successful for the sales of VR and AR headsets as manufacturers were shipping more than 5 million shipments per year. Even though the metaverse could be accessed in numerous ways, there is a consensus that consumers will need an immersive headset to take full advantage.

Following the successful year of 2020, in March 2021, the Quest 2 becomes the best-selling VR headset. In October 2021, Facebook capitalised on the future of the metaverse by rebranding its parent company as Meta.

But what about the future of the ‘Metaverse’?

There are various predictions regarding the ‘Metaverse’ and how enormous this topic becomes. As analysts explain, by 2030, the global metaverse industry will be approximately worth $100bn, meaning that its value will go up almost 50 times than we speaking now.

Additionally, it is expected that by 2030, 1.4 billion users will join the ‘Metaverse’, opening up vast opportunities for businesses, creators, and consumers. The integration of the ‘Metaverse across various sectors will dramatically change the way that we work, entertain, connect, and communicate.

What is ‘Horizon Worlds’ by Meta?

Meta Horizon Worlds is a free app for the Meta Quest headset. It is a free virtual reality, online video game with thousands of experiences to explore and it was published by Meta Platforms. On this platform, avatars can hang with friends, meet new people, interact with each other, host/attend events, games, and other activities.

How does it really work though?

Meta Horizon Worlds gives the opportunity to people to develop VR spaces along with coworkers and friends and simply add collaborators to it who will have equal rights and privileges as the creator. However, the collaborators will not be able to add or remove collaborators. If the creator deletes his/her Facebook account, then the spaces created will remain and be transferred to a collaborator.

The features that Meta Horizon Worlds provides, make it a powerful tool for remote work, collaborative product design, and/or game design. Teams can design highly personalised workspaces using the software’s built-in features, allowing everyone to gather, modify their surroundings, discuss work, and visualise ideas using the available shapes, animations, and sound effects.

The ability of users to replicate spaces made on Worlds allows businesses to create multiple conference rooms, learning spaces, and other locations to meet various needs.

Is the ‘Metaverse’ currently available?

Well… Let’s clarify something. ‘Metaverse’ is not just an entity. It is a 3D world where people can connect and do things, they would not be able to do in real life and these worlds are created by different people and through the Meta Horizon Worlds (explained in the next section). In other words, let’s say that the ‘Metaverse’ is available, you just need to gain access to it by having the right devices.

In addition, businesses have already started integrating the ‘metaverse’ applications in the workplace, especially for meeting and training purposes.

For example, in Automotive, big brands like BMW, Peugeot, Audi, and Volkswagen use VR Training either for Safety, Logistics, or Assembly. Some other sectors that use VR Training for their staff are; Finance, Healthcare, Emergency Services, Logistics, Aviation, and Offshore.

All in all, we could say that the ‘Metaverse’ is not something new, as a term, but it is now starting to become more familiar among people and communities, and it is the creation of a parallel world in the virtual reality era.

Resources

WAKE UP - How Much Do We Know About the Metaverse? - XENIOS POLIS