In the year 2022, one of the major trends has been the popularity of the concept of metaverse. The concept received further traction when global social media giant Facebook changed its name to Meta which it said properly reflects the trajectory of the company moving forward.
The term ‘metaverse’ was first coined by author Neal Stephenson in the year 1992 in his science-fiction novel ‘Snow Crash’. Almost 30 years later, the term can be understood in more than one way. In futurism and science fiction, the metaverse is a hypothetical iteration of the internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality and augmented reality headsets. In colloquial use, a metaverse is a network of 3D virtual worlds focused on social connection.
In this article, Team YLCC explains everything you need to know about the concept of Metaverse. Read on!
WHAT IS METAVERSE?
In simple terms, the metaverse can be called a 3D model of the internet. It is basically a virtual construction of a world parallel to the physical world where we live our digital world. Individuals in the metaverse have an avatar and they interact with each other through their respective avatars.
There are six main characteristics that define a metaverse:
- Identity of the User: While digitally present in the metaverse, users can express themselves as whoever or whatever they want to be with their own avatar.
- Multi-device Access: The ability to access the metaverse from anywhere is a key feature, whether it’s your phone, PC, tablet, VR or other devices.
- Immersive Experience: A truly immersive experience engages all senses: sight, sound, touch, smell and taste. Future VR devices could include haptic body suits and omnidirectional treadmills that provide physical sensations through electro-stimulation as they navigate a digital environment.
- Functional Economy: A fully developed metaverse is a functioning economy where users can earn and spend in digital or fiat currencies.
- Active and Engaging Community: Users are not alone in the metaverse. They are surrounded by others in real time, sharing experiences and interacting with each other. From what we’ve seen in the gaming industry, enabling social experiences is key to success.
- Perpetual Existence: The metaverse is expected to be real-time persistent with no ability to pause. It continues to exist and function even after users have left. This trait shifts away the centricity of the user to the virtual world itself.
The following technology is likely to have a massive impact on the development of the metaverse in the coming years:
- artificial intelligence
- internet of things
- extended reality
- brain-computer interfaces
- 3D modelling and reconstruction
- spatial and edge computing
- blockchain
HOW WILL IT WORK?
As the metaverse is still in the process of being developed, there is little clarity or agreement on how exactly it will work. However, the general idea is clear: it will be a fully immersive digital ecosystem built primarily on 3D technologies, real time collaboration software and blockchain-based tools which will help with decentralisation.
The two major technologies through which target users will be expected to access metaverse are Virtual Reality and Augmented Reality, which are discussed as follows:
- Virtual Reality (VR) will allow users to access a simulated 3D environment mimicking reality in a way that stimulates our senses. This is typically done through a range of specially created tech such as a VR headset (for the user’s field of vision), gloves, vests and full-body tracking suits (for haptics and real-time sensation, etc.).
- Augmented Reality (AR), although less immersive than VR, allows users to experience the real world in a whole new way through the use of digital overlays, like in the popular game Pokemon Go where people had to travel in real-time to find new and capture new creatures.
THE UTILITY OF METAVERSE
Most internet users today have a pre-conceived notion that the metaverse will cater to exclusively entertainment needs. In reality, nothing can be further from the truth. In a short span of time, metaverse technology has shown promising use cases for several different sectors, not just entertainment alone. Some of these have been discussed below:
- Manufacturing: Throughout the world, companies using the metaverse and other similar platforms will likely be able to create photorealistic simulations and collaboration which will help them with product design and development. In fact, the metaverse is expected to streamline the entire manufacturing process from ideation to conceptual design to production automation in the factory. In addition to this, the core 3-D experience of the metaverse can also be used to identify flaws in existing product designs and which helps the manufacturing industry to improve designs and maintain a uniform product quality.
- Healthcare: One of the sectors that stand to benefit most with the proper development of metaverse technology is undoubtedly the healthcare sector. Here, the use cases are massive- firstly, in training where trainees can engage with interactive videos with a 360-degree view of the content involving various medical process/procedures, for example, visualisation and simulation, step by step work instructions, collaborative training, surgical training, pre-operation planning, and more. In addition to this, there are FDA 510k cleared platforms, which can convert 2D medical images into 3D models that felicitate surgical planning, training, and collaboration. Such a platform provides various tools that enables its direct use on the 3D models in VR. Last, but not the least, virtual reality apps, combined with telehealth can offer personalized care to the patients in virtual treatment rooms with licensed therapists. Treatments like physical therapy, Stress/Anxiety/ Depression management, ADHD, speech-language therapy, pain management, post covid rehab, occupational therapy, cognitive training are a some of the treatments that can be offered to patients using metaverse tech.
CHALLENGES OF METAVERSE
According to Gartner, by 2026, around 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social media, and/ or entertainment.
Although most industry experts firmly believe that the metaverse offers limitless opportunities, it also has its own concerns, as is the case with almost every new technology that has evolved over the years. Given below are some of the challenges that the metaverse currently entails:
- Needless to say, the entire popular concept of Metaverse depends on an exceptional immersive virtual experience for which Virtual Reality/Augmented Reality devices are a requisite. However, such devices are currently not affordable or portable. The widespread acceptance or usage of metaverse can therefore be one of the most important initial challenges for the industry as a whole. In addition to this, not only the accessibility but also the quality of such devices will be extremely important to retain the user long-term.
- The chances of identity theft happening within the metaverse has emerged as another major concerns because the virtual space allows the possibility of copying another individual’s avatar in the absence of other effective security measures such as retina scan, facial recognition, proper authentication procedures, etc.
- The growing adoption of metaverse technology is set to introduce another host of challenges for data privacy and security of individuals. It is of paramount importance that adequate emphasis be put on this issue before the technology reaches the masses and becomes an easy avenue for virtual criminals to prey on unsuspecting consumers.
- The metaverse also poses a significant problem as far as the overall domestic legal frameworks are concerned. The cyber laws in most countries are underdeveloped and under-implemented and the metaverse will create an added burden on law-makers to amend the laws in a manner that can be comprehensively and effectively applied to the metaverse.
- Some critics believe that because transactions in the metaverse are likely to be conducted through cryptocurrency, the accountability issues of which may pose a risk to national security of many countries, India included. Although metaverse technology is still in the process of being developed and perfected, it remains to be seen what official stance governments take toward this technology and when it includes a blanket ban.
In conclusion, it can be said that the next few years are extremely crucial in metaverse development- in fact, whether or not the excitement on metaverse will continue to rage or gradually die down, will depend on a number of factors. Technology companies who are inextricably involved in this industry must tread carefully and continuously evaluate feedback from stakeholders to create a revolutionary technology that can be sustained in the long-term.
YLCC would like to thank its Content Team for their valuable insights in this article.
