The Importance of Metaverse

In short it is said that in a nutshell, Metaverse can be described as an online 3D world where people and companies can connect with each other virtually. It is a combination of virtual and augmented reality and social media with online gaming, and cryptocurrency to create a completely Virtual “living” environment for its users.

With vast amounts of capital numerous technology giants continue to put their money in the creation of Metaverse with its limitless possibilities. The potential impact could be huge and many believe that it may be next big-scale technological breakthrough after the internet.

Block-chains and Cryptocurrencies, which are an alternative to transactions or payment are a major factor within the metaverse. The Metaverses of different types will be created using different blockchains for various use cases. The most important factor to Metaverse adoption is to link blockchains and Metaverses…one reason why Tixl invests heavily in linking blockchains with smart bridging technologies.

How can Meta think about the Metaverse?

In the company’s conference 2021 Connect, Zuckerberg introduced viewers to his company’s vision of the metaverse, which combines the 3D and 2D worlds into one virtual world.

Its metaverse will integrate the current Meta products, such as WhatsApp and Messenger however, it will also offer many new tools such as virtual offices, virtual homes and e-commerce possibilities for content creators and businesses. Meta’s metaverse is a world of imagination users will have total imaginative control of their own virtual universes creating everything from houses with water views to space stations in which you can collaborate, chat with your friends, or even study.

Utilizing VR, AR, and the latest technology tools the metaverse will blend the digital and physical realms. This will be a major growth of Facebook Horizon, now known as Horizon Worlds, which was developed in the year 2019 to be an immersive VR game and game-making platform, accessible through the Facebook Oculus VR headsets. In 2021, a test Version of Horizon Workrooms was added to the project, which allows remote teams to work.

In the Connect event, Meta announced its elusive “Project Cambria,” yet to be launched as a premium VR headset which users are expected to use to enter the metaverse. Meta also plans to launch a smartwatch that could be connected to the latest VR hardware.

What is the reason Meta keen on creating the metaverse?

Zuckerberg has stated that Meta regards the metaverse as an essential element and will devote enormous amount of resources, money, and effort to bring it to existence. What is the reason?

“When I first joined Facebook it was a time when we used to type messages on sites. When phones were equipped that had cameras, the internet changed to be more mobile and visual. As the internet became faster video became a better method of sharing experiences. From desktops to mobile to web; from text to pictures to videos. However, this isn’t the end of the story”.

He views the metaverse as the next step in the way we interact with the internet and social media.

The company aims to build an environment where more people spend the majority of our time online and wants to play an integral part in bringing about this transformation by creating a brand new world that connects us. Metaverses will allow people to connect. Meta believes that this is the next step in creating tools that surpass apps and social media to improve our capacity to be connected with other people.

Some critics say the change in name to Meta is a strategy to distract from the negative press that Facebook has received in recent times like its involvement in the Cambridge Analytica data scandal, the company’s misappropriation of personal data, as well as numerous security breach incidents. Yet, Meta has stated the name change is intended to better represent all that the company does, not only the social media application Facebook.

What are the motives behind financial gain? Could the profits of Meta’s business grow exponentially due to the growth of an alternate universe? Yes, in short. Zuckerberg describes a virtual universe in which consumers do not just purchase hardware to connect to the metaverse, but they will also be able to shop for opportunities in the metaverse itself and will be able to purchase everything from new clothes for their avatars, to shopping at stores.

But the time of big gains in the metaverse are several years, if not even years from being. Many analysts believe that cryptocurrency could be a major factor in the world of metaverse commerce, however the way in which transactions take place remains to be seen at the moment.

What other companies think on the subject?

Facebook isn’t alone who is interested within the realm of the metaverse. The majority of experts see the metaverse as an open area that is accessible to anyone and is not solely owned by one particular corporation. Thus, many companies would join and cooperate within the same universe, like websites do today on the web.

“The metaverse won’t be created by one single company. It will be created by the creators and developers who will create new digital products and experiences that can be interoperable, and open an enormously bigger creativity economy than one restricted by current platforms as well as their rules,” asserts Zuckerberg.

What are the ways other companies getting involved? It’s not surprising that tech corporations are seeing this potential, and are investing their time and money in the development of the metaverse. Here’s how several big corporations are considering how they can integrate their products and services with the metaverse.

Microsoft, The epidemic taught the world that work from home isn’t only feasible, but also effective and many workers appreciate the flexibility and convenience working remotely. There aren’t many people eager to get back to work which is why it’s no surprise that tech companies such as Microsoft are examining the possibilities that the metaverse can help remote workers.

Microsoft recently announced it would add 3D avatars and immersive virtual work spaces into Microsoft Teams, allowing companies to build digital replicas of their physical offices that remote workers to connect to. The technology is powered through Microsoft Mesh, a virtual collaboration tool that makes use of VR as well as AR in order to build digital workspaces. It is anticipated to be available by 2022. The new application, dubbed Microsoft Loop, will allow remote workers to effortlessly transfer, sync, and share resources and documents using a digital collaboration canvas.

Microsoft has also announced is planning for expansion of its gaming services into the metaverse realm possibly taking Xbox games to 3D space. 3D space in the near near future.

Zoom
Video conference platform Zoom has also said that it believes that it will play an important role to play in digital workplaces in Metaverses in the near near future. The CEO Eric Yuan mentioned in a recent interview that he views this as being just some time away however.

Amazon
With its huge market share in e-commerce, cloud computing and digital entertainment It’s likely that the company is pondering what Amazon buying and consumption of media might be interspersed within the metaverse. As of yet the company has not released any statement on the subject.

Roblox
The online gaming platform Roblox is a major player in the realm of metaverse. You may not have been aware of it, but odds are that your children have. Roblox has created a virtual platform that lets users create the games of their choice. Even though playing these games is free but users can also purchase the Rubux virtual currency to buy add-ons to the games. The business is making a significant profit.

Roblox has already established an environment where users can build their own worlds and have proven that it’s profitable, which makes it an important player to be watching in this area.

Epic Games
Company in the entertainment industry Epic Games, makers of Fortnite and Fortnite, sees immense opportunities in metaverse. On April 20, 2021 Epic Games announced an investment of $1 billion in financing, which included the investment of Sony Group Corporation, to create its metaverse concept to reality.

Nike
What is the reason a sneaker brand would like to be part of the metaverse? Nike, the sportswear giant Nike is looking ahead to the day when people might be inclined to purchase virtual items for example, like Nike activewear, to match their avatars. If you and your pals shoot virtual hoops, then you’ll need to look stylish when you’re doing it. Nike has filed trademark requests to sell virtual goods bearing its logo and its brand.

But, it also brings up the question of how trademarks and counterfeit products will be controlled in the metaverse in the future, with Nike making preemptive steps to safeguard itself before the metaverse becomes a reality.

How do you gain access to the metaverse?

Are you ready to leap into this new and exciting world? Don’t be too fast, the metaverse, as imagined by Zuckerberg is a long way away. According to his estimates, a lot of the metaverse-related products Meta is developing will not be available for at least the next 10 to 15 years. However, when (or when) the metaverse does come to fruition how will we gain access to it?

Hardware will play an important part in metaverse access as users purchase their own VR headsets to take them from their living rooms to their virtual world. While Facebook already owns the Oculus headset, and has teased the release of the next version of its headset in 2022, there’s a several other companies sporting its very own VR headsets, like Samsung as well as HP.

Users will put onto their headset anytime they wish to access the metaverse using their internet connection. However, there’s likely to be less engaging ways to experience the metaverse for people who don’t own a costly headset.

What will it mean for our way of life?

“In the near future, you’ll be able to instantly teleport in a hologram in the office with no commute, in an event with your friends, or even in the living room of your parents to meet up. Think about the many physical objects you own today that could be futuristic holograms. The TV you have, the ideal workspace with several monitors as well as your board games and much more. Instead of tangible objects assembled at factories, the items will become created by designers from all over the world” Zuckerberg says. Zuckerberg.

But, can the metaverse turn into a digital utopia, where we can communicate with people from all over the globe instantly, while watching performances and playing board games? Or, is it more likely that the metaverse isn’t going to reach a critical mass?

It’s not yet too late to be able to tell if it is at all possible that the metaverse can alter our lives. Chats with friends on social media could be more immersive, and game enthusiasts are sure to be enthralled by the possibilities in the realm of the virtual. Imagine playing your favourite game with your pals and not playing on the 2D stage, but engaging yourself in the game’s world?

There are a myriad of ways to fully realized metaverses could change the way we interact, relax or even meet. But, not everyone is keen to engage in digital socialization. Even though the metaverse itself is free however, the high-priced equipment needed to fully experience it is an obstacle for access.

It’s also a matter of human connections. While we’re out and about or at work in solitude, it’s a very real and powerful feeling that millions of people experienced throughout the course of the epidemic. Does a cup of coffee in the metaverse compete with having a chat with friends in the nearby café? The feeling of loneliness and isolation can have a significant impact on the metaverse as there is nothing like an embrace, a handshake or smiling.

What will it mean for our work practices?

If there’s a thing that the epidemic has proved that people aren’t content with their 9-5 work schedules and long commutes. Many people are opting to work remotely and are looking for companies that permit working from home, or abandoning the traditional path to work for entrepreneurs or freelance opportunities.

If you’re looking to to work from any location around the globe The metaverse may transform the way we work together for business and especially at a global scale. From virtual offices and interviews to virtual office spaces, there’s many things that can be accomplished online instead of in person. The metaverse can turn boring team meetings and transform them from 2D to 3D and let you put yourself inside your virtual office, and feel like you’re sitting next to your coworkers.

If the metaverse could be integrated with modern technology and office software and software, then you can easily create the PowerPoint presentation you’ve made offline and then present it to colleagues at the metaverse’s boardroom. You could also give an avatar friend the file to download at their own pace at home.

Workers are able to work at their homes, eliminate the commute, and enjoy more time to spend with family and friends. It’s not difficult to see why this could be appealing, but should businesses be prepared to eliminate cubicles for good? Despite the advantages of remote work for morale of staff as well as retention employers have apprehensions about productivity and time management as a barrier to the possibility of allowing employees to work remote.