How will the metaverse connect the world?

    Tanya Sharma
    Tanya Sharma

    Updated on January 16, 2023 07:24 AM

    Published on December 19, 2022 06:29 PM

    The metaverse is described as the eventual progression of the internet. But what is the metaverse exactly, and what will it become? Learn what businesses need to know now.

    How will the metaverse connect the world?
    Source: Ars Technica

    Consider a virtual world as a Metaverse in which billions of people live, work, shop, learn, and communicate with one another from the comfort of their physical sofas.

    In this world, the computer displays we use today to connect to a worldwide web of information have become gateways to a 3D virtual universe that's tactile — like real life, only bigger and better. Avatars, or digital representations of ourselves, roam freely from one experience to the next, carrying our identities and money with them.

    This is known as the Metaverse, and despite popular belief, it does not exist now.

    Now that we've established the groundwork, let's look at how the metaverse can connect people from all over the world. The first thing to grasp is that the metaverse will be a worldwide platform.

    This means that everyone, from anywhere, will be able to engage with others in the metaverse. There will be no obstacles to entry and everyone will be on a level playing field.

    However, with the metaverse, there will be only one global platform to which everyone will have access. This is a tremendously strong idea because it will enable endless language translation, real-time awareness of culture and customs, immutability to regulation and censorship, and much more.

    Related: History of Metaverse

    What exactly is the Metaverse?

    The metaverse is a computer industry vision of the next version of the internet: a single, shared, immersive, persistent, 3D virtual space where humans can experience life in ways they cannot in the physical world.

    Some of the technologies that provide access to this virtual world, such as virtual reality (VR) headsets and augmented reality (AR) glasses, are evolving quickly; other critical components of the metaverse, such as adequate bandwidth or interoperability standards, are probably years off or might never materialize.

    Also Read: Netherlands is most metaverse-ready country in the world

    Why is the metaverse important?

    "Metaverse" became a household word after Facebook renamed its corporate identity to Meta in October 2021 and announced plans to invest at least $10 billion in the concept that year. Along with Meta, tech titans such as Google, Microsoft, Nvidia, and Qualcomm are investing billions of dollars in the concept.

    McKinsey & Company, a management consulting firm, has forecast that the metaverse economy will be worth $5 trillion by 2030. The major engine is projected to be e-commerce, with gaming, entertainment, education, and marketing in the metaverse also becoming important areas.

    Companies now use the phrase to refer to a wide range of enhanced online experiences. These range from online video games like Fortnite to embryonic virtual workplaces like Microsoft's Mesh or Meta's Horizon Workrooms to virtual dressing rooms and virtual operating rooms.

    Rather than a single common virtual place, the current iteration of the metaverse is shaping up as a multiverse: a myriad of metaverses with limited interoperability as firms battle for position.

    Metaverse as a decentralized platform

    The metaverse will be a worldwide platform as well as a decentralized platform. It will not be controlled by a single central authority. Instead, it will be a distributed network fueled by its users. This is a critical distinction since it makes the metaverse far more resistant to censorship and control.

    The traditional internet is centralized, which implies that only a few businesses have complete control. Facebook, for example, controls your newsfeed, while Google controls your search results and Amazon controls what you buy.

    However, there will be no central authority controlling what you see or do in the metaverse. This is a big shift that will lead to a far more open and democratic.

    Transaction and Ownership changed with Metaverse

    Another important component of the metaverse is how it will alter the nature of commerce and ownership. Today, centralized organizations mediate all transactions.

    When you buy stocks, for example, you are essentially purchasing a piece of paper that reflects your ownership of that asset. But with the metaverse, you will be able to own digital things directly.

    This is a really crucial distinction because it will lead to a far more efficient and transparent market. Today, there are several intermediaries that take a percentage of every transaction.

    Transactions in the metaverse will be straightforward, with no need for middlemen. This will greatly improve market efficiency while also lowering transaction costs.

    Adapting in the age of the metaverse

    To round out our series, examine how to prepare for the massive paradigm shift that the metaverse will bring. We need to learn to think in 3D and stop limiting our ideas to the 2D reality that we live in today. What exactly do I mean by that?

    We are accustomed to thinking about objects in terms of left and right, up and down in the 2D world. However, there are an infinite amount of options in the metaverse's 3D environment. We need to start thinking about things in three dimensions.

    We must also become acquainted with the concept of digital ownership. In the metaverse, you will own digital assets directly. This is not the same as having a piece of paper that represents your ownership of an asset.

    Finally, we must learn to see the world through the lens of networks. The metaverse will be a decentralized platform that is fueled by the individuals who use it. This is a totally different approach from the centralized internet we are accustomed to.

    Regardless of these changes, we will be able to adapt and survive in this new environment if we learn to think in 3D, become comfortable with digital ownership, and begin thinking about the world in terms of networks.

    As a last idea, consider this: the metaverse is more than a game or a recreational distraction. It is the next evolutionary stage in human social connection and it's time to start preparing for it.

    The metaverse is on its way, and it will transform everything.

    Metaverse FAQs

    How will the metaverse affect the world?

    The virtual worlds of the metaverse, proponents claim, will promote teleworker camaraderie, improve collaboration, speed up training, minimize the need for office space, and make work a happier place in general.

    What will be the purpose of the metaverse?

    The metaverse is a computer industry vision of the next version of the internet: a single, shared, immersive, persistent, 3D virtual space where humans can experience life in ways they cannot in the physical world.

    Can the metaverse take the place of the real world?

    While some of this may entail virtual reality, it can also include more commonly available modes like smartphone-enabled augmented reality. While it is an upgrade over what came before, the metaverse will still be insufficient to match the physical world's fidelity.

    Is the metaverse the Internet's future?

    While the Metaverse is thought to be the internet's future, we can't ignore the many Metaverse crumbs that already exist in 2022. VR and AR headsets are nothing new at this time, with firms like Meta, Sony, and HTC all marketing their own devices.

    Is the metaverse beneficial to the world?

    Metaverse will enable the duplication of buildings, towns, and even the world through digital twins, allowing us to better comprehend our impact on the environment and progress climate research.

    How will the metaverse affect our lives?

    We will be able to design our own realities. The metaverse will empower us to create our own surroundings and experiences, which we will be able to share with others. This will have a profound effect on how we connect with others and see the world, both personally and socially.