Understanding the Metaverse and why it matters.
The metaverse is a shared virtual space composed of user-created virtual spaces united into a virtual universe. The spaces own unique attributes for economies, currency, digital assets, and avatars. Each space requires a user to enter it, to experience it, and exists whether a user enters or not. The space exists and operates independent of the outside world and other virtual spaces. Each virtual space supports interaction for users within the space.
“Metaverse is a working term for cyberspace that enables users to “live” within a digital universe with the help of next-gen technologies.” (“A Beginner’s Guide to the Metaverse | HackerNoon”)
Metaverse interactions enable in-person connection and communication anytime, anywhere, virtually. The vision is that metaverse will service and support a virtual space’s economy. An economy that will be selective on supporting business building, commerce and virtual networking for work, training, and family events. Picture entering the International Bazaar (virtual space) to get outfitted for a return to fitness running. You (your avatar) connect with your personal assistant (avatar) who knows your health history and preferences and has prioritized which brands within the Bazaar you should try. With your digital twin you try on different shoe models and gear and take them for a test run checking fit. The personal assistant confirms your choice and enters your orders. This stresses a key point, the metaverse is more than gamification.
“Even though it was initially marketed as a new kind of massively multi-player online game the OASIS quickly evolved into a new way of life” Ready Player One.
This new way of life will afford the opportunity of bridging the physical and virtual worlds for entertainment, travel, working, and business creation.
The companies that are leading in creating a metaverse solution are consistent in the stack of services for delivering a solution. Even with the metaverse being in its infancy, the service stack has emerged with seven layers.
- Infrastructure – cloud computing and telecommunications needed to build the higher levels
- Human Interface – hardware for metaverse access (mobile, VR headsets, haptics, smart glasses)
- Spatial Computing – software 3D object rendering and interaction
- Creative Economy – tools & technologies monetizing experiences, products, and services
- Decentralization – tools promoting planning/decision-making with limited or no central control
- Discover – how potential users find out about a virtual space
- Experience- level of engagement, why users would come into a virtual space
Next-Gen technologies chosen by layer will deliver the capabilities necessary to meet metaverse expectations.
Metaverse is in its infancy. Metaverse maturity level can be assessed by the building tool set availability and the sophistication of current metaverse offerings.
Acknowledged building toolsets:
- Unity – 3D engine for gaming and metaverse experiences complement by digital assets from their Asset Store.
- Epic Games – in addition to owning games and sponsoring metaverse events, Unreal Engine is a 3D engine, design studio and asset marketplace.
- Roblox – Supporting creators with a design platform with 3 D engine and marketplace for sharing assets and code.
Metaverses offerings that exist:
- Cryptovoxesls – Origin City’s decentralization and currency (ETH) are powered by the Ethereum blockchain. The provided editing tools, avatar, and text chat support land purchase, and building stores and art galleries.
- Decentraland – Decentralization and currency (MANA) are powered by the Ethereum blockchain. There is a marketplace where digital assets (real estate (LAND), wearables, avatar names) are managed, traded, and purchased.
- Sandbox – space focuses on unleashing gaming creativity by providing a platform for construction, ownership, and monetization of virtual experiences. Non-Fungible Tokens allow verifiable ownership of in-game assets.
- Somnium Space – The Ethereum platform supports an economy with decentralized marketplaces and tokenization of virtual land, assets, and experiences.
Is It for Real?
If the following is only 50% accurate, Metaverse progress and use has to be taken seriously.
Matthew Ball, CEO of Venture Capital firm Epyllion, believes that the metaverse economy could value between $10-30 trillion in the next decade
Ready to get Meta?
Yalo can help. Our Web development and app development services and virtual reality offerings can transport your business firmly into 21st century spaces. Reach out to us below to have a trenchant conversation!