Future of metaverse# metaverse# future metaverse
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00:00Imagine living in a virtual environment, where billions of people can do all of their daily activities from the comfort of their sofas in the real world, including shopping, learning, and interacting with one another.
00:12The computer displays we use today to access a global network of information have evolved into a tangible, three-dimensional virtual world that is like real life, but better and bigger.
00:24Our identities and our money are carried by free-moving digital representations of us, or avatars, as they move from experience to experience.
00:33The buzz around this is called the metaverse, yet it doesn't exist at the moment. However, in this video, we'll be explaining to you the concept and the latest updates of the metaverse in detail.
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00:56Okay, now without further ado, let's get going.
01:00This is TechTastic.
01:03Let's start with a short history of the metaverse.
01:06A single, shared, immersive, persistent, 3D virtual realm where people can experience life in ways they couldn't in the real world is what many in the computer industry refer to as the metaverse.
01:19While some of the technologies that enable access to this virtual world, such as augmented reality glasses and virtual reality headsets, are evolving quickly,
01:29other crucial components of the metaverse, such as adequate bandwidth or interoperability standards, are probably years away from becoming a reality or may never become one.
01:41The term metaverse was first introduced by author Neil Stevenson in his science fiction book Snow Crash in 1992,
01:49even though development on the technology that supports an internet-based virtual reality has been happening for decades.
01:56Now, we will be looking at why the metaverse is important.
02:00The word metaverse gained popularity when Facebook announced intentions to invest at least $10 billion in the concept that year and changed its corporate name to Meta in October of 2021.
02:13Along with Meta, other significant organizations in the technological industry, including Google, Microsoft, NVIDIA, and Qualcomm, are also investing enormous sums of money in the concept.
02:26McKinsey and Company, a management consulting firm, offered optimistic forecasts that the metaverse economy may reach $5 trillion by the year 2030.
02:37E-commerce is anticipated to be the main engine, with gaming, entertainment, marketing, and education all likely to gain relevance in the metaverse.
02:47The term is currently used by businesses to denote a variety of better online environments.
02:53These include emerging virtual workspaces like Microsoft's Mesh or Meta's Horizon workrooms, virtual changing rooms and operating rooms, and online video games like Fortnite.
03:04As companies vie for supremacy, the current version of the metaverse is taking the shape of a multiverse rather than a single universal virtual place.
03:14It consists of several unique metaverses with limited interoperability.
03:19Uncritical enthusiasm for the metaverse and profound skepticism on how it will play out has led to some criticism.
03:27Industry observers have questioned whether or not the metaverse would ultimately differ significantly from the digital experiences we have today,
03:35or if it does, whether or not the general public will be eager to spend hours each day in a headset navigating virtual space.
03:43However, other futurists contend that although the metaverse is still in its infancy and there are important technical obstacles to overcome,
03:52it will eventually materialize. It will also arrive in a huge way.
03:57Now, moving on, let's look at the function of metaverse and how it actually works.
04:03There is minimal consensus over how the metaverse will operate because it is yet mostly unbuilt.
04:09However, the metaverse can be broadly defined as a digital ecosystem based on multiple 3D technologies,
04:16real-time collaboration software, and decentralized finance tools based on blockchain technology.
04:23The success of the metaverse will depend on elements like the level of interconnection between virtual worlds,
04:29data portability, governance, and user interfaces.
04:33Three potential scenarios were presented by Loren Lubecki, senior manager of Bain & Company,
04:39at a session on the metaverse at the MIT Platform Strategy Summit in 2022.
04:44Consumers continue to use the metaverse for entertainment and games,
04:48but it still falls far short of becoming a fully immersive virtual reality.
04:52Large rival ecosystems, such as the metaworlds for Apple and Android, dominate the metaverse and have little interoperability.
05:01Similar to the internet in 3D, the metaverse is a dynamic, open, and interoperable environment.
05:08Now, is it possible for someone to access metaverse?
05:12Well, two technologies that are believed to be essential to the formation and growth of the metaverse are virtual reality and augmented reality.
05:21A simulated 3D environment, called virtual reality, allows users to engage with a virtual environment
05:28in a way that simulates reality as it is experienced by our senses.
05:32Most individuals today use a VR headset, which totally occupies their field of vision to enter this virtual world.
05:40More lifelike engagement with the virtual environment is made possible by haptics,
05:45which include gloves, vests, and even full-body tracking suits.
05:49Augmented reality is less immersive than virtual reality.
05:53It applies digital overlays to the real world using some kind of lens.
05:58Users can still interact with their immediate environment.
06:01The AR game Pokemon Go is one of its earliest applications.
06:06Consumer augmented reality products include Google Glass and heads-up displays for automobile windscreens.
06:13What we currently have are predecessors or pre-metaverse solutions, said Tuong A Chin-guyen,
06:19senior principal analyst at Gartner, adding that whether VR and AR experiences end up being the key interfaces of the metaverse remains to be seen.
06:29A fast internet connection, a browser, or mobile devices are now required to access many of the metaverse-like experiences
06:37provided by game platforms like Roblox, Decentraland, and Minecraft.
06:42Moving on, we will look at what metaverse is actually used for today.
06:47The development of immersive virtual worlds has been a staple of the online gaming industry for decades.
06:53And to the degree that a proto-metaverse has a widespread use,
06:57the enormous audiences that swarm to sites like Roblox, Epic Games, and Decentraland, albeit not simultaneously,
07:04imply that creating video games, virtual worlds, and real estate investing may be it.
07:10Businesses are experimenting with metaverse applications at work
07:14that expand on the virtual programs they introduced to facilitate remote work during the pandemic.
07:20Workplace training is one of the first metaverse technologies to be used.
07:24According to tech target news reporter Esther Ajao,
07:28some hospitals are already employing VR and AR to teach staff members about routine medical operations.
07:35Metavis, an AR surgical system that enables surgeons to swiftly sync with a hospital's digital imaging system,
07:42is one device that has just received FDA approval.
07:45She also discussed the following other metaverse-related uses in her article.
07:50Enterprise applications of the metaverse delayed but coming.
07:54Avatars of digital twins.
07:56In addition to existing on computer screens,
07:59these twins will also be created as AI-powered holograms or holographic images that perform certain duties, according to Ajao.
08:07A CEO, for instance, may activate a hologram of himself powered by AI
08:12to interact with numerous stakeholder groups simultaneously.
08:16Metaverse for teamwork at work.
08:18According to Forrester Research, J.P. Gounder,
08:21businesses are beginning to employ the metaverse to give remote work situations an element of realism.
08:27This includes putting up 3D spaces for teamwork among staff.
08:32Now moving on to the most interesting question.
08:35How do NFTs fit into the metaverse?
08:39NFTs, or non-fungible tokens, are expected to have a significant impact on the usability and acceptance of the metaverse.
08:47Based on the same blockchain technology as cryptocurrencies,
08:50NFTs are a secure class of digital assets.
08:54An NFT can represent anything except money, like a piece of art, a piece of music, or digital property.
09:01An NFT gives the owner a digital deed or proof of ownership that may be bought or sold in the metaverse.
09:08The first virtual real estate enterprise in the world is a part of the metaverse group.
09:13It serves as an intermediary to make land or property rentals and purchases possible in a number of metaverse virtual worlds,
09:20including Decentraland, Sandbox, Somnium, and Upland.
09:24There are business and meeting venues, art galleries, private residences, and hangout locations available.
09:31While the metaverse has provided new businesses with chances to sell digital items, like Metaverse Group,
09:37traditional brick-and-mortar businesses are also becoming involved.
09:41For instance, Nike recently bought RTFKT, a firm that uses NFTs, blockchain authentication, and augmented reality
09:49to create unique virtual footwear and digital artifacts.
09:53The company RTFKT claimed on its website that it was
10:02In order to assist the design and selling of virtual sneakers and clothing,
10:06Nike submitted seven trademark applications prior to the acquisition.
10:10Additionally, Nike and Roblox collaborated on Nikeland,
10:14a virtual environment where Nike fans can play games, interact, and outfit their avatars in clothing.
10:21Up next, when will there be a complete metaverse?
10:25Although the concept of participating in a virtual online environment has existed for a while,
10:31a true metaverse where real-world interactions are feasible seems years away.
10:36For instance, Microsoft co-founder Bill Gates pointed out that
10:40most individuals lack the VR goggles and motion capture gloves needed
10:44to effectively reflect their emotions, their body language, and voice quality.
10:48However, Gates anticipated that most virtual meetings for business
10:52will switch from two-dimensional square boxes to the metaverse,
10:56a 3D area where participants appear as virtual avatars within the next two to three years.
11:03And that's a wrap, guys!
11:05Is the era of the metaverse about to become richer in the near future?
11:09Are you interested in the metaverse?
11:11Do you like the concept of the metaverse?
11:14Do let us know in the comment section down below!
11:16Also, if you like our work, don't forget to like the video and subscribe to the channel!
11:21Thanks so much for watching and we'll see you in the next one!
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