Why is the Metaverse the Future of the Next Generation?

Have you ever thought of a world where you can perform all real-life activities, from engaging with people to working on a business deal without being present? Then you must be familiar with the new revolution, the  Metaverse, that has already begun on the Internet. 

The Metaverse concept has been around for a long time but was only limited to gaming experiences. While it is still making itself better and feature-rich, future generations will experience a different world from us. 

New functionalities will shape it with the help of augmented reality, virtual reality, NFT development services, blockchain-based platforms, and bain-computer interfaces. 

Virtual and augmented reality, in particular, will act as game changers for the Metaverse, taking us from two-dimensional to three-dimensional. 

Leading tech companies such as Apple, Meta, Google, Microsoft, and valve are obtaining different metaverse development services that allow new features worldwide. A new form of communication will enable users to feel like they are interacting with someone who is not even present.

Before reading further, it is necessary to understand what Metaverse is. In simple terms, it is where users traverse to a world that is not the real world but mimics aspects of the real-world using technologies such as augmented reality, virtual Reality, social media, and Digital Currency. 

This concept was first brought to attention when Neal Stephenson, in his 1992 novel snow crash’ opened up a new frontier and a universe of infinite possibilities. The future will tell what else the Metaverse can unfold.

The Rise of Metaverse – Why Does It Matter?

The Internet was thriving during the pandemic when most people were locked in their houses. Due to health restrictions, many only had one entertainment source, the Internet. 

In 2020, it was said that around 2.5 billion people were active on Google meet, teams and zoom. Companies saw an unexpected rise in the sale of VR, the use of metaverse applications, and other 3D gadgets. 

Metaverse has become a chance to renew our lives. It is not only limited to buying and selling lands. It has developed other features with time, such as Meta horizon world, where you can have business meetings and socialize. 

Another example is Meta hero, which lets you scan objects and make them in the Metaverse. With such ideas turning into reality, it shows an exciting and promising future in the tech field.

Statistics of 2022-

• The Market Size of the Metaverse is over $38.5 billion.
• Over $500 Million worth of real estate has been purchased on the Metaverse.
• The most enormous virtual world in the Metaverse is ROBLOX
• Around 51% of Metabase’s userbase are 13 or younger.
• Metaverse’s Monthly Active users have crossed 400 million.
• 74% of American Adults have joined or considering joining Metaverse.
• By 2026, People will spend more than half an hour on Metaverse daily.
• 10.7 million people have seen a live performance of marshmallow in a Fortnite concert Live.

Here is a depiction of active users of the Metaverse in 2024.

Source:

Metaverse and Its Growth- Present and Future

Many Metaverse coins have been launched in the market, such as floki and apecoin. But it is crucial to understand where we are heading with the Metaverse, get to know here –

1). Today’s Metaverse – An Introduction to Virtual Reality

The Metaverse is still evolving, and tech giants are prepared to hire more metaverse developers as they announce new metaverse projects that will introduce people to the new reality. 

Meta, Amazon, Sony, and others have suggested that headsets like the Sony PSVR or Meta quest will be useful for customers to navigate interactive and social 3D Environments.

• Minecraft, which is a sandbox video game, was launched in 2011 and gave a close metaverse experience even before Decentraland and Sandbox existed.
• Second life was launched in 2003, which provided an insight into Metaverse live and became a guide to the blockchain technology future even before its existence.
• Decentraland, HIGHSTREET, Apecoin, and Floki are those metaverse coins that have currently made people involved by showing their metaverse potential.

2). In the future Metaverse-

As the metaverse concept is slowly speeding up, it has started to incorporate web3 technology enabled through Blockchain Technology. 

The Future of the Metaverse will be very similar to real-life activities in many ways.

• Some NFT development service providers have already enabled NFTs to be used in metaverse games, from clothing to footwear. 
• Some are sensing this is the best opportunity to buy land on Metaverse, which will be scarce in the near future. 
• All models of X-ray rely on screens and traditional control systems, and BCI plans to replace screens and hardware entirely. Technology such as neural links requires neurosurgery to implant devices in the brain. Researchers are bringing neural interfaces to help people who lost the ability to speak and write.
• The Future of the Metaverse looks promising on one side, where giant tech companies are using this time as an opportunity to grow. Whereas on another side, NFT developers are pitching people to incorporate NFTs into in-game assets so that decentralization of the virtual economy becomes a reality.

Major players like META and AMAZON confidently entering the space signals us towards a better future of the Metaverse. 

Slowly, many big techs will follow them on the path, leading to an exponential growth of metaverse boundaries, showing us a new reality. 

 METAVERSE DEVELOPMENT COMPANIES AND METAVERSE GADGETS

As we move closer and dig deeper into the Metaverse, we can expect more breakthrough devices from tech companies to help the Metaverse grow. 

Here are some of the developments people are looking for in today’s time.

1). Tactile Skins-

Facebook is contributing to the Metaverse, recently partnering with 3 researchers from Carnegie Mellon University, who have made tactile gloves that are different from other tactile sensor. It is not limited to weight, measurement, durability, cost, or threshold.

Tactile skins are durable, easy to use, and also cheap. It can support any holder as well as supports 50,000 interactions. Meta says that cost gets reduced due to mass production. So, after 10 years, it will automatically be cost-friendly for people.

2). Tactile Gloves- 

Tactile gloves are touchscreen, which helps absorb electrical magnets from the capacitive device, similar to fingertips. With the upcoming time of Metaverse, companies are taking steps and have inaugurated gloves such as reality lab tactile gloves, specially made to enhance interrelation in the virtual world.

3). AR Censored Wristbands-

Given the current work in the Metaverse, it is slowly transforming, and people want more from it. Meta launched AR Wristband last year, it is fully functional with the help of electromyography which detects signals from fingers and wrist. After that, they are converted into enabling control of several devices and commands. The Wristbands can detect even the slightest movement claimed by the company.

4). Augmented Reality Glasses-

Have you heard about augmented reality glasses? It is the reason many companies came into the market. For innovation and participation, it comes in different shapes, sizes, glasses, and colors. These glasses allow people to enjoy a new experience.

Currently, it is more used by gamers, but they come with different functionalities. Some take command from your voice, and some capture hand movements the results are then shown on your lens. 

They are beneficial for the Metaverse comprising features such as simultaneous mapping and localization algorithm called SLAM algorithms that allows viewing the surroundings, which you can later adjust with your hand movements.

5). Virtual Reality Headsets-

Virtual reality is a crucial technology in the Metaverse, and it has boomed in a few years and is said to reach $200 billion by 2027. This headset is connected to computer systems and external cameras allowing you to use other programs and also you can connect to different software, which will intensify your virtual world experience.

 6). Tesla Suits-

Tesla suits were made with VR technologies. It is a complete bodysuit with different functions, such as gloves that track the user’s biometrics, including user movement of the wrist and hand. People believe that the Invention is pretty handy such as the bullet’s impact while gaming. You can enjoy this in the Metaverse. It is a game-changing experience for users as we aim for the metaverse future.

7). Virtuix Omni One-

A few years back, if we told someone that an omnidirectional treadmill is possible, nobody would have believed us, but now it is possible. Credit goes to Mark Cuban for the invention of Omni. With the help of metaverse developers, they generated Omnidirectional Treadmill where users can walk and run in 360 degrees while gaming and accessing the virtual world. 

This company also introduced Omni pro in 2017, shipping more than 3500 units years later. This is setting standards for new inventions in the Metaverse. You can expect more as we move forward.

Conclusion

With technological advancement, we are getting familiar with new terms and innovation day by day. In a few years, the Metaverse will be one of the most preferred technologies. It is said that the metaverse market is likely to reach up to $996 billion by 2030. 

The time is not far from when virtual reality will be a new reality. Some challenges need to be addressed. As you can see, Big Giant tech is actively participating in resolving them. Soon, the Metaverse will be a refined version of the Internet. That is why companies need to come forward and leverage this technology, strengthen themselves and embrace this new side of the Internet. 

Semidot infotech assist businesses in developing and running their solutions in Metaverse to increase connections with their clients and help them to expand their brand visibility, product offerings, and creative capabilities.