Metaverse… What is it? Is it a 3D virtual space as depicted in Snow Crash (1992) by Neal Stephenson, a metaphor of the real world?
Yes, you can accept it to some extent. It is the combinatorial innovation of multiple technologies such as Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI), Internet of Things (IoT), Blockchain on Web 3.0. The technologies included keep exploding.
Metaverse is a decentralized ecosystem of technologies with blockchain as the backbone aimed to provide better engagement, collaboration, connection, and experience.
Applications can vary from gaming, real estate, non-fungible tokens (NFT), healthcare, industrial innovations, and military applications.
As per Gartner, “By 2027, over 40 % of large organizations worldwide will be using a combination of Web3, spatial computing and digital twins in metaverse-based projects aimed at increasing revenue.” The revenue will be $5 trillion as per McKincy.
As per the expectation of Gartner, by 2026, 25 % of people will be spending at least an hour per day in metaverse for work, education, shopping, social media, and for entertainment.
Metaverse can be accessed with or without special devices. Big corporates are already aiming at it, say FB became Meta and Mark Zuckerberk believes metaverse is the nest chapter for internet.
More players on the line, say Microsoft and NIVIDIA, J.P.Morgan, and many more.
Even though metaverse is not yet fully implemented, it has a lot of potential for sustainable futuristic development as per BiniWorld Innovations.
What is your take on it? Which applications do you think will be more suitable on metaverse?