The METAVERSE is a 3D Virtual World where users interact using their avatars, focusing on forming social and economic connections.
Neal Stephenson first coined the term Metaverse in his 1992 Book SNOW CRASH. The term is a blend of two words: Meta and Universe.
In Snow Crash, the Metaverse is a hypothetical iteration of the Internet as a single, universal, and immersive virtual world that can be accessed using Virtual Reality (VR) and Augmented Reality (AR) technology.
The term is often linked to Virtual Reality Technology and is popularized during the 2020s as part of Web 3.0
Development of the Metaverse
This concept’s implementation already exists in the 2003 Virtual World platform Second Life, which represents social media as a Virtual 3D world where users interact with the world using their Avatars.
Development started as soon as the term was coined in 1992.
Active World (1995) and The Palace (1995) are the early projects using the concept.
Popular video games described as part of the Metaverse are Fortnite, Minecraft, World of Warcraft, ROBLOX, VR Chat, etc.
Microsoft acquired AltspaceVR in 2017 and used its technology to implement Avatars and Virtual Reality meetings on their platform Microsoft Teams.
Facebook launched its social Virtual World called Facebook Horizon in 2019.
In 2021, Facebook changed its Parent company’s name to META, and its chairman, Mark Zuckerberg, declared the company’s commitment to developing the Metaverse.
The economy of these worlds relies on Digital Currencies and often CRYPTOCURRENCY.
Assets within the Metaverse are traded as Non-Fungible Tokens (NFTs), and ownership is tracked using Blockchain Technology.
Metaverse technology has applications in improved work productivity, interactive learning environments, virtual entertainment, healthcare, and real estate.
Technology
Hardware
Users can access these Virtual Worlds using Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR).
Dependence on VR technology has slowed the growth of the Metaverse and its wide-scale adoption, as current VR hardware lacks the high-quality graphics and processing power needed to render these 3D worlds.
Lightweight headsets lack the pixel density of their displays, which is required to provide a real immersive experience.
Another factor contributing to the slow growth is the Cost; current consumer VR Headset costs are around $300-$3500. Higher-cost headsets solve problems such as pixel density and processing, but their high price tag makes them unaffordable for an average consumer.
Current development is focused on overcoming VR headsets’ limitations and adding more immersion using advanced sensors and haptic technology.
Software
Currently, no software can replicate the true meaning of the Metaverse as every company in this space uses its proprietary software and can’t handshake with others.
The true vision is to move between 3D virtual worlds using your universal Avatar, regardless of which company created that world.
Interoperability is a significant concern as every company has different policies regarding transparency and privacy; several projects have been undertaken to standardize virtual worlds, but it’s a work in progress.
Some software technologies used in this concept are Universal Scene Description, glTF, OpenXR, etc.
Is the Metaverse Dead
Metaverse popularity began to rise during the 2020 Lockdown when people stayed inside, and the concept of working from home was at its peak.
Most companies focused on capturing this market with their intuitive Virtual Reality platforms, thus making VR Chat, VR Meet, and VR workspaces the new normal.
In late 2022, the Metaverse bubble popped when people started returning to everyday life after the lockdowns ended and preferring offline work over virtual work.
The popularity of virtual worlds started to decline, resulting in losses for companies heavily invested in the virtual world ecosystem. META (Facebook) suffered an operational loss of $13.7 billion in its Reality Labs division in 2022, which grew to $16.1 billion in 2023. Microsoft’s HoloLens and Mixed Reality teams were laid off, Cryptocurrency collapsed, Disney shut down its Metaverse division, and media reports proclaimed the death of the Metaverse.
In 2024, Apple introduced its Apple Vision Pro augmented reality headset, which it called a spatial computing device to differentiate it from the competition.
Although the Metaverse isn’t dead, its hype has died down as current technology isn’t up to the mark for giving us a state-of-the-art experience of this concept, and there is no mainstream use for this technology.
Why the metaverse is considered the future of the Internet
As we transition from Web 2.0 to Web 3.0, our Internet interactions are changing. Not much, but slightly, people are venturing into other mediums to explore how this experience can become more immersive.
The type of internet we know now is a GUI-based 2D internet accessible from a flat display. The concept of the Metaverse will change this by introducing new ways to browse the web. Virtual e-commerce, e-education, virtual tourism, virtual entertainment, and many more industries will take shape in the future.
Artificial intelligence, such as Chat GPT, is evolving rapidly. With the advancements of these technologies, 3D virtual assistants in virtual worlds can open doors to a whole new world of VR interaction.
Imagine your favorite personal assistant powered by AI, such as Siri, Alexa, or Cortana, in her avatar form interacting with you in a virtual world. Now, that’s something I’m excited about.