What is the Metaverse? Understanding the Metaverse | SpaceTo.io

The metaverse is a shared, virtual space that is created as a space where people can communicate via individual avatars that make them feel more present than a traditional video conversation. It is a constantly evolving environment that can be used for work, play, or social interaction. The metaverse is not owned or controlled by any one person or organization; it is a decentralized platform that is built and maintained by its users. 

The metaverse is often compared to the Internet, but there are some key differences. Unlike the Internet, which is a collection of disparate websites and services, the metaverse is designed to be a unified, coherent experience. Think of it as an immersive, 3D version of the World Wide Web. 

The metaverse will likely be built on existing virtual reality (VR) and augmented reality (AR) technology. But it will go beyond those platforms by supporting user-generated content and interactions. The goal is to create a natural extension of the real world, where people can interact with each other and with digital objects as if they were in the same physical space. 

The Origin of the Metaverse  

The metaverse is a term coined by science fiction writer Neal Stephenson in his 1992 novel Snow Crash. It is a virtual reality environment where users can interact with each other, and 3D rendered characters and objects. The metaverse is often used interchangeably with the terms ‘virtual world’ or ‘massively multiplayer online world’.

The Benefits of the Metaverse 

 The metaverse closely resembles real life in a digital universe which people can enter and interact with one another via avatars. It has many potential benefits, including:

Increased Social Interaction: 

The metaverse would allow people to interact with each other in a more immersive and realistic way than is possible in the real world. This could lead to deeper relationships and greater understanding between people. 

Enhanced Education and Training: 

The metaverse could be used as an educational tool, providing a more immersive and

effective way of learning than traditional methods. It could also be used for training 

purposes, such as teaching people how to operate new machinery or use new software. 

Greater Business Productivity: 

The metaverse would enable businesses to hold meetings, conferences, and training 

sessions in a virtual environment, which would save time and money while still allowing 

employees to interact with each other in a realistic way. 

Improved Entertainment Options:

The metaverse would provide a more immersive and

interactive form of entertainment than is currently available. This could include virtual reality games, movies, and other experiences that make use of the full capabilities of the technology. 

Increased Accessibility:

The metaverse would allow people with disabilities or those who live in remote areas to participate in activities that they would otherwise be unable to experience. This could include attending concerts, visiting museums, or socializing with friends and family members. 

The Different Types of Metaverses 

The metaverse is expected to infiltrate most industries including retail, financial services, automotive, healthcare, high tech, manufacturing and more.  Still in its infancy, the metaverse is already the playground for various end-user retail players such as Walmart, Nike and Adidas and automotive brands such as Mercedes, Toyota and Nissan.  Even banks such as HSBC and JP Morgan are making a splash in the metaverse world.  

There are different types of metaverses, each with its own unique features and purposes. Here are some examples: 

Second Life: One of the earliest and most well-known metaverses, Second Life is a virtual world that allows users to create avatars and explore different environments. Users can interact with each other through chat, voice chat, or by participating in activities such as games, shopping, or attending events. 

NikeLand:  The popular sport brand’s micro metaverse built in Roblox has attracted 6, 7 million people from 224 countries since its launch. This space allows users to try on virtual products in addition to playing to the strengths of Roblox as a platform with games such as dodgeball.   

Walmart metaverse:  Retailing giant, Walmart, launched two Roblox metaverse experiences called Walmart Land and Walmart Universe offering interactive content and entertainment. 

Toyota metaverse:  Toyota entered the metaverse by building virtual workspaces for its employees to help them interact in a more immersive way. The workspace shows employees’ avatars that they can use to join in company meetings and events.  

Metaverse Nissan: Nissan made a virtual reality version of its Nissan Crossing Gallery in Tokyo using a platform of U.S start-up VRChat. The VR space features the new Ariya electric vehicle where exclusive visitors can join a virtual tour.  

There are many other metaverses out there, each with their own unique features and purpose.  

How to Access the Metaverse 

The metaverse is a virtual world that can be accessed either via VR headsets or via browsers. Avatar characters can be controlled by the user and are used to interact with the environment and other users. Metaverse Accessibility can also be interpreted as “accessible for all” based on metaverse inclusivity.  

The metaverse is also home to many different virtual worlds, each with their own unique settings and rules. To access the metaverse, users must first create an account with a virtual world provider. Once an account has been created, users can then login to the virtual world and begin exploring.  

SpaceTo metaverses are browser-based which means that anyone with access to the internet, can access the metaverse. 

Conclusion 

The metaverse is a concept that has been around for a while but is only now starting to become a reality. In 2021, the metaverse market size was already estimated at USD 38.85 billion with a potential market opportunity of between USD 3.75 trillion and USD 12.46 trillion in coming years. It is an immersive, online world that allows people to interact with each other and with digital content in a way that is realistic and engaging.  The potential applications of the metaverse are vast, and it is sure to change the way we live, work, and play in the years to come. 

SpaceTo are leaders in experiential metaverse design and development within creative economies. Through constant research, pioneered expertise and collaboration we aim to inspire and enable, keeping your brand front and centre and your users optimally engaged.