Boosting Life Experiences Beyond Physical And Temporal Limitations
The Metaverse is a high-tech immersive simulated world in which we can function, play, relax, interact socially, and do other things. The evolving virtual universe created by Virtual Reality (VR) or Augmented Reality (AR) technology is believed to seamlessly integrate the virtual and real worlds. The term “metaverse” has become a catchphrase, a buzzword for executives, analysts, and investors looking to get a foothold in this emerging space.
Web 3.0, VR, AR, ubiquitous 5G elevated internet, Blockchain, Crypto, NFTs, and other technologies, combined with the widespread of remote work and online socialization, make the arrival of the metaverse timely and exciting.
For quite some time, Disney’s Soarin’ All around Globe at EPCOT; Universal Studios’ the Amazing Journeys of Spider-Man, Harry Potter and the Escape from GringottsTM; 3D movies at IMAX, and many others have been providing a view of the Metaverse to a global audience.
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Substantial opportunities have been created for business owners, venture capitalists, and technology firms looking to get a piece of this emerging pie. Gartner, Inc predicts that by 2026, 25% of people will probably spend one hour per day in the metaverse for tasks, shopping, education, socializing, or entertainment. Total global VR/AR expenditure is expected to rise from $12 billion in 2020 to $72.8 billion by 2024, portraying a 57 percent CAGR. Morgan Stanley analysts stated in a note to investors that the metaverse could comprise an $8 trillion opportunity. JPMorgan, the first major bank, has opened a lounge in the blockchain-based virtual world of Decentraland where one can shop with crypto and NFTs. The bank anticipates that the metaverse will be a $1 trillion annual opportunity.
In the metaverse universe, many ecosystems are forming to enable much richer and more lifelike digital experiences. Metaverse will create much more realistic experiences by attaching an immersive three-dimensional secured layer to increase the speed internet and incorporating tactile inputs to all senses. This virtual universe is projected to grow a slew of new apps and businesses, as well as new job and opportunity opportunities.
Metaverse could facilitate a virtual trip to locations for an almost real first-person view before actually deciding on an actual trip; high-quality, lifelike conversations with family members in foreign places, i.e., instead of looking at a gadget, virtually one could be looking at one’s buddies across the table. Virtual time journey to the past or future is also a possibility.
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