The Future Of Digital Emergence in the Metaverse
What was new yesterday is outdated today. What is new today will become obsolete tomorrow!
This is the situation in today’s digital and technology world. Over the last 10 years, the pace of technology has grown enormously with multiple new technologies impacting positive and negative changes both in business and personal life. Among the arrival of new techs, the only tech that has been creating a lot of buzz and revolution in the digital industry is Metaverse and Metaverse development.
Metaverse is a technology with a lot of potential and we will see its extensive adoption in the world soon. Even though this technology has been here for more than 10 years, still, it is the next big thing and has not gained adoption among a wide range of people, why? And what is the reason for that? This blog explained that along with many aspects of Metaverse and its future. So, let’s get started.
Metaverse history and its counterparts
The term Metaverse was first coined in a novel called “Snow Crash” in 1992. It became mainstream tech in the digital world when Facebook took the bold move to brand itself as Meta.
Currently, the considered basic components of the Metaverse are AR/VR, Digital twins, etc. These components are not actually a Metaverse but a part of it. The gaming industry was the first one to adopt Metaverse development. And this is made possible with a couple of advancements made by the Metaverse in increased computing power and storage, and new advancements in Data Engineering that made it possible for the management of huge quantities of data, where AI become mainstream. The other technologies growing together with Metaverse and haven’t gained traction among the common people are Blockchain, cryptocurrencies, and other Web 3.0 elements.
Industries embracing “Metaverse”
Metaverse technology and its development is opening new doorways and extending opportunities in the domains like software, education, and the entertainment industry. It is making way for advanced scientific research and for businesses to be ahead of time, they should involve in the Metaverse development. It has revolutionized the domains such as manufacturing, eCommerce, and retail, and architecture & engineering.
- Integration of metaverse with blockchain technology assisted by web3 will have a big influence in future lifestyle
- AR and VR can create more engaging and immersive experience in the 3D world
- Metaverse with AI supports 2D and 3D avatars
- Metaverse implementation utilizing 3D reconstruction technology replicates photorealistic objects which are widely used in the e-commerce industry to replicate real-world experiences
- IoT provides real-time data for the 3D world of the Metaverse to enrich the accuracy of events in the virtual world similar to the real world
With these extensive use cases of Metaverse, many businesses are incorporating Metaverse into their projects to enter the global market and earn more.
Metaverse move of tech giants
Metaverse popularity started increasing with the bold investment of tech giants in Metaverse by believing the future world will be Metaverse-friendly. The great instances of such bold investments by different tech giants are listed here.
- Microsoft announced its intention to acquire Activision Blizzard in January 2022 for 68.7 billion USD to make its presence on Metaverse development with Gaming portfolio
- Nvidia and Qualcomm also made their intention clear to involve themselves in the Metaverse development last year.
- Other than tech giants, the brands that were embracing Metaverse in manufacturing are: Boeing planned to build its plane with Metaverse, and Nvidia’s omniverse to create factories in the future.
- The other instance of Metaverse development in improving customer experience are BMW’S JOYTOPIA, A virtual experience with avatars and mobility virtual events
- Nike’s virtual world, Nike land, and Coco-cola’s NFT drop are a few other instances of engaging customer experience in Metaverse
- The other well-known companies that are working on the Metaverse development are Hyundai, Samsung, Tommy Hilfiger and Wendy’s.
Hurdle for wholesome adoption of Metaverse
Even though the Metaverse has already seen its adoption among tech giants and renowned industries, the real adoption completes when it is used by every common people in the world. But this wholesome adoption is disrupted because of the two main reasons:
- One is the Metaverse device is not portable. The Metaverse devices we use currently are not portable, it is intrusive, and they will not blend into our daily life. The new device has to be designed in a way that will cohabit with us to easily connect with the real and virtual worlds.
- The second reason is the Metaverse needs to address user concerns on privacy and security aspects.
- Apart from these reasons, experts and Metaverse researchers are dying to find the Use cases that would attract a wide range of users and increase the adoption.
Final Thoughts
Having said that, none can dispute the metaverse’s potential to fundamentally alter how we connect with one another and how we use personal computers, the internet, and the cloud.
For the time being, the field is filled with chances for those early innovators who have a clear vision to make bold moves, dream big, fall quickly, and use their lessons learned to permanently transform how they develop future-proof goods and experiences that clearly separate them from competitors.
