Why The Metaverse Provides A Path To The Future
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The Announcement.
“The virtual world will open thousands of new opportunities for this new generation.” — Anuj Jasani, entrepreneur and marketer.
Back in October of 2021, Facebook announced a much-publicized company-name-change that brought curiosity, criticism, and everything in-between. If the concept of being able to experience content in a world that lay just beyond our physical reach didn’t pique your interest — or if it felt like a gimmick from a company still trying to recover from Congressional scrutiny— then any excitement about the first door of virtual reality opening got lost in the media frenzy.
After all, not only was one of the world’s preeminent social-media companies changing their overall direction — and vision — for how they believed mankind should interact, the foundational steps introduced in their official press-release-video confirmed what a lot of us already suspected: not only was the Facebook purchase of Oculus back in 2014 finally paying dividends but it would allow one of the companies at the forefront of virtual reality. The same company responsible for ushering in the modern age of social media would carry the same torch on virtual media. Connecting people across the globe based on friendship and hobbies was the first step; connecting people to a world that couldn’t even be explored without augmentation was a steep second.
For those who thought this technological step wouldn’t be scaled until decades — if not centuries — later, they were surprised to find a few seeds of a long-gestating technology-tree already planted in the ground. Did this mean human ingenuity had breached virtual space and would finally conquer what had long been deemed an exaggerated fantasy only found in fiction?
Almost…not quite…maybe…
…but the truth may open doors once thought impossible to open.
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The ‘Verse Itself.
“The Metaverse is here, and it’s not only transforming how we see the world but how we participate in it — from the factory floor to the meeting room.” — Satya Nadella, CEO of Microsoft.
The Metaverse as we know it now is any virtual space or creation that can’t be seen or experienced by the naked eye; it requires certain technological hardware or software for people to use. This can be as simple as a computer, or as complex as a virtual-reality-simulator like the Oculus. While the Oculus can allow people to experience media, games, and interactive environments, The Metaverse isn’t limited to three-dimensional-space that can be explored in virtual realm.
The Metaverse can also include digital overlays or messages that can be scanned or seen over environments that we experience regularly: think offices, cityscapes, schools, parks, public transport, etc. These could be experienced through augmented reality tools like headsets and glasses — although holograms moving in a three-dimensional-space is still something we haven’t quite boiled on a commercial level as of yet.
The Metaverse also includes various items, goods, services, or digital currency that can be transferred from one platform to another. Instead of just buying a weapon or outfit for a virtual avatar in a video-game, the greater possibilities allow for virtual outfits to go cross-platform (and cross-company).
So for all the skins and weapons you might be able to purchase in Fortnite and World of Warcraft, imagine being able to customize a virtual avatar that can be used in augmented reality spaces. Although the pains and headaches of minimizing bulky gear like glasses and headsets arestill a work in progress, the foundation is being laid for creating content and spaces that are worth exploring outside of video-games.
We’ve already seen a financial foundation being laid for the metaverse with cryptocurrency and NFT’s. With people — and companies — developing decentralized currency that may (or may not) have practical real-world-application. Even though the prices of Bitcoin, Ethereum, and others like them have continued to fluctuate, it’s no coincidence that the battle for digital currency is also turning into a battle for digital real-estate. People are paying obscene sums of money to obtain a digital piece of real estate in the form of a unique cryptocurrency — hoping the asset will appreciate over time.
If this reminds you of the dot com boom in the late 1990’s — or even the California Gold Rush in the 1840’s — you’re not alone. While the early trappings of virtual real-estate, crypto, and immersive virtual simulations may promise ideas and services that won’t ever seem to have lasting value, Meta (the company formerly known as Facebook) seems to be banking on the idea that people will keep developing programs and creating virtual spaces as the years go by.
Which leads to the inevitable question…
…is the Metaverse only a gimmick…
…or will it really be the foundation for true virtual reality — and augmented reality — to stand on?
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Building The Future.
“Within the next two or three years, I predict most virtual meetings will move from 2d camera image grids…to the metaverse, a 3D space with digital avatars.” — Bill Gates.
Facebook (or Meta) isn’t the only company staking their claim in the Metaverse. Microsoft and its app Mesh will allow for people to use avatars to interact in a virtual three-dimensional space. Instead of the webcam-conferencing system you might use on apps such as Zoom, the next step is to have individuals interact in a virtual space even though they are apart in real life. Think of the way avatars interact in an online game and you have the blueprint for what they want to accomplish.
Although one may see Bill Gates’ prediction that all virtual web-conferences will move into three-dimensional-space as both premature — not to mention expensive for both businesses and consumers — having these types of digital environments outside of video game worlds allows for experimentation in a space that is not designated for virtual conflict. Instead of competing in video-game-matches across the world, people are instead invited to use digital space for work as well as play.
The biggest question is sustainability. If these types of programs and system continue to require augmentation in the form of glasses and headsets, any competitive advantage that can be gained from using these systems might be offset by costs. While the average consumer can purchase an item like the Oculus, a small business may not be able to afford expensive programs and equipment to help train its employees. Larger companies may also still prefer to use cheaper systems that don’t require extra equipment.
But sustainability may soon be conquered if enough possibilities have cheap — and easy to maintain — solutions.
The possibilities seem nearly endless…
…and they may already be building themselves.
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