What is Metaverse?
Metaverse is an initiative inspired by science fiction novels, where virtual universes provide an "escape" from crumbling society. Now, this initiative is becoming an inspiration for many startups in the Metaverse technology field.
So what is a metaverse, in short, Metaverse- or a digital super universe - is there anything we can imagine exists. The goal is to create a space similar to the Internet, but users (through a digital avatar) can go inside and interact with others in real-time. In theory, you could sit around a virtual conference table with colleagues from around the world - instead of staring at their 2D faces on Zoom - and then go to a virtual Starbucks to meet your mom from far away.
“Metaverse” demonstrates software and hardware that create favorable conditions for users to experience in a virtual 3-D space or take information from the internet and integrate it with the real world in real-time. For now, the Metaverse can be accessed through smartphones, but eventually, it will be experienced through advanced virtual reality or augmented reality headsets, advocates say.
Can Metaverse revolutionize the Internet?
During a recent earnings report at the end of July 2021, Facebook CEO Mark Zuckerberg said that the future of the company is no longer in the social network, but in building a Metaverse - what is seen as a new avatar of the Internet in the next five years.
Not only the Facebook CEO, the keyword “Metaverse” is also constantly mentioned by Changpeng Zhao, the CEO of the Binance cryptocurrency exchange in his many tweets, even recently the CEO of Binance also participated in an online conference with Elon Musk’s mother on this Metaverse topic.
In August 2021, Microsoft CEO Satya Nadella said the company was working to build a "virtual enterprise universe". Epic Games in April 2021 also announced a $1 billion for Fundraising to support its virtual universe ambitions, which pushed the Fortnite developer's valuation to nearly $30 billion. And in early June 2021, venture capitalist Matthew Ball launched an exchange-traded fund that allows anyone to invest in the Metaverse, some of the companies investing in it including Nvidia (the producer of Chip graphics) and the Roblox gaming platform.
With the ability to connect anytime, anywhere with everyone, this digital super universe will be like our second world. It spans all senses, in terms of sight, sound, and touch, as every digital object blends into the real world or immerses us in fully 3D environments whenever we want. The technologies to do that are augmented reality (eXtended Reality – XR), which includes both AR and VR.
Will Metaverse become the biggest trend in 2022?
2022 is regarded as the biggest trend of Metaverse, when Meta, Apple, Microsoft and Google are making preparations for the release of hardware products and software services in what so far has been a niche market for early adopters.
The big Tech giants are coming up with gadgets that give users the opportunity to step into the enhanced or imagined world that will open up the biggest new software market since Apple introduced the touchscreen smartphones in 2007. If the metaverse is successful, then perhaps everyone with a smartphone today will also have a pair of computer glasses or a VR headset in a few years.
“Big Tech platforms (which benefited from the increase in mobile computing applications) are aiming to augmented reality as the next computing platform - the next logical shift in consumption patterns, followed by new industry leaders” Goldman Sachs analyst Eric Sheridan wrote in a December note.
Companies are investing into the research and development of prototypes and underlying technologies and preparing for the battle of virtual economy when their products hit the market.
According to Crunchbase, venture capitalists invested $10 billion in virtual-world startups in 2021, and that number doesn't count the budgets from Big Tech players. For example, Meta's CEO, Mark Zuckerberg, said the company spent so much money on VR and AR in 2021, that it slashed the company's profits by $10 billion.
Goldman Sachs analysts estimate that around $1.35 trillion will be invested in the development of these technologies in the coming years.
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