Metaverse, a new tech-savvy platform arrived in the industry
Have you imagined yet a virtual world in which people live, work, play, shop and interact with each other, similar to as in real life, now you can experience it all in the virtual world which is now known as the metaverse. The metaverse is considered as a rise of the internet where people can unite via a digital avatar of themselves.
But what is metaverse?
The concept of the metaverse is not new to us; it is built on the internet and the virtual online games using it for years. Metaverse will provide a virtual world platform where you can conduct meetings, meet your friends, shop apparel & footwear, visit your dreamland and even build a house which users can access though phones, laptops, PCs or tablets.
Key features of Metaverse:
It is prominent that the Metaverse is created with an innovation such as augmented reality, virtual reality, cryptocurrency, artificial intelligence and many more, which are mentioned below:
- Infrastructure: It includes connective technologies such as Wi-Fi, utility computing and 5G. The infrastructure for the metaverse should offer an affirmation for ultra-low latency, unbelievably fast speeds, and improved capacity
According to most respondents to an Accenture survey, 71% of executives say the metaverse will be good for business and and 42% say it will be “breakthrough” or “transformational.”
- Meta: CEO Mark Zuckerberg introduced Meta which is the main company developing Metaverse for users and players. The tech giant has also invested up to $10 billion in acquiring VR technology and has plans to invest in AR technology to build out their virtual world capabilities
- NVIDIA: NVIDIA is one of the top companies for Meta. It took an initiative to distribute free copies of a programme built for developing Metaverse-ready assets known as Omniverse
- Epic Games: Epic Games is at the front line of big companies developing Metaverse with a significant wave of development and innovation. This company has announced a one-million-dollar investment for the Metaverse development in 2021 to pave the way for game developers to explore a plethora of opportunities in Web 3.0.
- Microsoft: Microsoft is also focusing on Meta, developing a series of Metaverse applications on the top of the Mesh platform. It is also building a new augmented reality chipset for Metaverse with Qualcomm for providing access to new features
- Shopify: Shopify has recently launched the new AR/3D shopping feature, which allows business owners to create 3D AR versions of their products. The company recently partnered with UK-based AR platform Poplar Studio to offer the service for $49 per month
Some of the other top companies investing in Metaverse are mentioned below:
Market Attractiveness:
According to Precedence Research, the worldwide metaverse market size is forecasted to be worth around USD 1,607.12 billion by 2030 and expanding growth at a compound annual growth rate (CAGR) of 50.74% from 2022 to 2030. Metaverse created a shift in the market, attracting various social networks, technology leaders and online game makers to enter and establish their presence within the market. Mentioning the growth expected in the coming future in the field of technology.
Challenges & Future:
There are some major challenges for the wide adoption of this technology like cost, system requirement, information privacy and user addiction. There are three challenges which are important to express to understand the metaverse future:
- Platform Interoperability: The shortfall of interoperability and constancy between several metaverse platforms is one of the biggest challenges
- Usefulness & Ease of Use for Consumers: For consumers, usefulness signify that the platform should be worth the value spending their time, money on playing, buying in the metaverse and it currently requires high-cost tools which can limit the metaverse to lesser consumer circle
- Value to Companies: Businesses have a lot to explore in all the verticals in the field of metaverse and find value out of it
- Cybersecurity: The metaverse requires the transfer of huge amounts of personal data. The more a company or consumer is dependent on these digital tools, the greater the risk of cyber attacks
Opportunities:
In addition to blockchain, NFTs, the healthcare, medical fields can find opportunities to provide better access to healthcare while using a whole human body in a 3-D format. The entertainment and educational hub also have opportunities which can provide unique experience in the metaverse. The hype of metaverse is undoubtedly unparalleled for new technologies and a complete sense of physical world will be delivered by providing opportunities of shopping in virtual retail stores and malls with immersive e-commerce, purchasing digital art, assets, and collectibles, purchasing digital real estate and development of virtual homes, Buying outfits, accessories, and other artifacts for digital avatars.
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