The Metaverse is not a bubble

Will the Metaverse continue to fire?

The Metaverse is not a bubble

Take off the gorgeous coat, and the inside of the Metaverse is equally bright. 

In the past 2021, the fervor of the “Metaverse” is obvious to all. After being targeted by capital, the Metaverse track is crowded with leading players in various industries with a keen sense of smell.

After the Metaverse fire reached a new height, the voice of bad singing also followed. The less-than-expected earnings report of the “Metaverse” tech giant Meta has made many people wonder if the Metaverse is just a flashy bubble that will eventually burst?

But in fact, with the continuous implementation of a series of emerging technologies including artificial intelligence, virtual reality (VR), augmented reality (AR), 5G and blockchain (and related digital currencies), the Metaverse is already equipped to survive and soil for development. Each technology has found some application scenarios, of which the achievements of artificial intelligence are the most prominent. These technologies continue to mature and overcome challenges such as the energy consumption of blockchain technology and the dizziness caused by VR devices. With the elasticity and scale provided by today’s ubiquitous cloud computing, they may all be ready in the next few years.

In this megatrend, the fusion of these technologies will produce 1+1 far greater than 2. The catalyst for their fusion would be the Metaverse — an always-on network of connections on which countless 3D virtual worlds run.

The Metaverse concept has broad potential. At one level, it could be a 3D social media channel with AI perfectly targeted to each user. That’s the vision of Meta (formerly Facebook). It also has the potential to be an all-encompassing information, entertainment and work platform.

There will be many Metaverses that are tailored to specific topics of interest, such as gaming or sports, at least initially. The main difference between current technology and virtual worlds is the variety of immersive experiences that virtual worlds can provide, which is why Meta, Microsoft, Nvidia, and others are investing heavily in this space. It could also be the next generation of the Internet.

In the Metaverse, instead of “watching” the news, you will feel as if you are on the news yourself. You don’t have to learn history by reading the events recorded in the books—such as the story of Washington’s crossing of Delaware—you can actually witness it yourself from shore or boat. Instead of watching basketball on TV, you can experience the 360-degree atmosphere of the game in person.

People can attend virtual meetings, watch keynotes and meet others. In the Metaverse, our digital presence will increasingly be a complement to our real presence. According to Meta CEO Mark Zuckerberg, the Metaverse may be the best real-life alternative to sci-fi teleportation machines.

As Monica White described in Digital Trends, “The goal of the Metaverse is to replace or improve real-life behaviors in a virtual space. What users do in their daily lives, such as attending class or going to work, can Done in the Metaverse.” For example, the Metaverse could provide a whole new 3D platform for e-commerce.

Imagine a virtual reality shopping experience where you’ll virtually walk down the aisles of a massive store tailored just for you by numerous platform partner companies, with promotions designed just for you, and you’ll only see other Items that are in stock and ready to ship. In this store, the items on the shelves are selected according to your taste and expectations, and the pricing system based on item value is dynamically updated in real time based on the remaining shelf life of the item (in the case of perishable items) and/or supply and demand conditions price.

Remember “Second Life”? 

While the Metaverse feels so fresh and futuristic, we’ve actually tried something similar before. In the early years, Neil Stephenson and William Gibson described such virtual worlds in their novels. In addition, a very real virtual world appeared in 2003, which was called “Second Life”. Millions of people flocked to the platform to experience life differently in a digital universe in various virtual forms.

NBC describes Second Life this way: “An online virtual world where people can use their avatars to do all kinds of things real people do in real life: buy things, sell things, gamble, listen to music, buy things Real estate, games, movies…” Harvard even teaches online courses in Second Life.

Second Life was so successful that it was even the subject of a BusinessWeek cover story in 2006.

However, Second Life’s popularity quickly declined. As mentioned in a 2007 Computerworld article, it was a terrible experience due to “a terrible UI, strong technical requirements, steep learning curve, inability to scale, and numerous distractions.” Then Facebook took off, offering a more engaging experience.

In 2007, the world did not have technologies such as VR, AR, 5G, blockchain or digital currency. Cloud computing was in its infancy, and the mobile internet was still in its infancy, as the first iPhone had just been launched. In addition, AI technology has little impact yet, as the deep learning boom is still a few years away. Maybe that’s why Meta is now all-in on the concept of the Metaverse, as it tries to combine the most compelling (and consumer-tested) elements of Facebook and Second Life, through a single platform powered by the latest technology. A brand new platform that provides support to bring to the world.

A range of emerging technologies will soon be ready 

Some of the technologies that enable the Metaverse, including virtual reality, augmented reality, and blockchain, are slowly maturing, but they are approaching the level of capability critical to their success. Each technology lacks a killer app that will propel itself forward and become widespread. The Metaverse might be that application.

For VR, most headsets still need to be connected to a PC or game console to get the processing power and communication speeds needed for a smooth and immersive experience. So far, only Meta’s Oculus Quest 2 has broken this cable limitation. But according to a vice president at Meta, the headset is still bulky. With faster processors and higher-speed wireless communications coming in the near term, better visual resolution and an untethered experience should emerge in this area in the next few years.

The application scenarios of AR are very narrow. That’s partly because Google Glass, launched in 2012, suffered a miserable failure in the market, possibly hurting AR’s prospects. While Pokemon Go gave the technology a huge boost in 2016, nothing like it has been seen since.

But a major new player is clearly ready to enter the market: perhaps driven by the concept of the Metaverse and competitors, Apple is expected to release its first AR/VR headset by the end of 2022. Apple tends to pick areas that have been proven viable by first movers, and then go in and dominate. We can say that this is the Metaverse plan of this company.

Blockchain is the basis for cryptocurrencies such as Bitcoin, which can be used to purchase virtual goods and identities and transfer them seamlessly between various Metaverse platforms. New blockchain applications such as NFTs are driving more user adoption and may even give birth to new economic models. Now the industry is extending the technology to all types of assets, the Wall Street Journal reported, adding that blockchain-based payments are superior to our traditional financial infrastructure. Likewise, The New York Times reported that venture capital funds invested around $27 billion in crypto and blockchain companies in 2021, more than the past 10 years combined.

The future of the Metaverse is promising 

While some brands are already flocking to the Metaverse craze, the Metaverse is likely to be slow for a while, and its widespread adoption is still years away. This is because the technology it requires is still maturing, and its functionality, ease of use, and cost all need to continue to improve. A semiconductor company says that a truly immersive virtual world requires 1,000 times the computational efficiency of today’s most advanced processors. While this gap may seem staggering, the company highlighted at a recent Architecture Day that it expects them to achieve it by 2025.

Whether it is three years of popularization or ten years of maturity, there is a huge driving force behind the Metaverse and a seemingly limitless capital investment. Even at this stage of development, Boeing is trying to design its next-generation aircraft in a virtual world, using digital twins and Microsoft’s HoloLens headset technology.

Kirby Winfield, founding partner of venture capital firm Ascend, sees the Metaverse as “the latest step in the transition to an increasingly digital life.” When it’s fully ubiquitous, this shift will realize the sci-fi vision of bringing many people into virtual worlds.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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