Metaverse is a prominent topic in the blockchain and crypto world these days. Many think it is the future of the Internet built on Web 3 technology. However, it may take years until this technology goes mainstream, even though the building blocks are accessible by the masses today.
The Metaverse Concept
The concept of a metaverse revolves around combining multiple innovative technologies. That list includes blockchain, augmented reality, virtual reality, mixed reality, cryptocurrency, NFTs, or a mix of various elements. Users get the chance to “live” in a digital world where they can experience new environments, meet new people, and potentially even find a job. Moreover, the metaverse lends itself to events, conferences, concerts, and much more. There are unlimited possibilities to explore, assuming the technology ever goes mainstream.
Building the metaverse will take years, if not decades. The individual building blocks are already accessible, but making them come together in a meaningful manner will require research and development. However, as ultra-fast internet speeds and better VR/AR/MR technology come to market, adoption of this concept may occur sooner than expected. Moreover, society has gotten used to always being online and connected, making it a small yet logical step for the average consumer.
Online communities have existed for decades. Whether it is a chat room, MMORPG, or social media platform, we all have an online connection in our lives today. Everything we do in video games or for work occurs over the Internet these days, blurring the lines between the digital world and the real world. The metaverse is already around us, even if it isn’t the go-to technology stack yet.
The Metaverse Benefits
There are several reasons to be excited about metaverse technology and its impact on society. Below are some examples of what one can expect from this technology, assuming it will ever come to market in a fully-working form.
Enhanced Shopping Experience
As society flocks to online shopping, there is a disconnect between products and their look in our home. Although stores can offer a 360-degree view or even a VR-esque experience, the metaverse will further enhance that concept. It provides a first-hand experience of products and how they will look inside a home and affect everything else. Moreover, retailers can engage with audiences in a new way without restrictions.
Whether one is gaming or watching a movie, we all want to be immersed in that “other world”. The advent of 3D technology seemed to promise as much, but it never achieved the necessary mainstream traction. However, analysts expect metaverse technology to introduce a higher degree of immersion, particularly for people suffering from loneliness. Opportunities include VR watching, sports training, eSports, competitive gameplay, and much more.
Travel Without Traveling
Whether this is a benefit will depend on personal preferences. However, through the metaverse, it will become possible to travel anywhere in the world without leaving your home. You will be able to visit places in virtual form yet feel as if you are standing in the middle of Times Square or on top of Mt. Fuji. It is an excellent way to plan trips before booking flights and hotels and provides an alternative for those unable or unwilling to travel.
There is tremendous potential where metaverse technology is concerned. It offers many benefits on paper, but getting people excited about this technology and the – probably – high cost of the hardware required to access it is a different matter. Moreover, the hardware and technology are still in development, and a lot can change in between now and then. However, the concept is enticing, as it would allow people to experience reality differently. Bringing the idea to life will not come easy, though.