In light of the recent Pandemic, there have been various developments in technology. As a result, it has given a rise to Augmented Reality to thrive in the Metaverse.
Moreover, the recent decision to rename Facebook to Meta gives more popularity to the term “Metaverse”. It is also the next step into the future and the way we perceive the world and its reality.
Further, augmented reality and metaverse technology are some of the top innovative tech ideas. Moreover, according to Yexi Liao a research analyst at IDC Asia/Pacific “The metaverse has the potential to change the way we live and become the next digital phenomenon. Although the era of the metaverse is still years away, businesses should partner with game developers and hardware vendors to start building the ecosystem and plan for new online service models for the upcoming virtual worlds before it is too late.”
The emergence of the Metaverse and Augmented Reality also reimagines the way most industries function. It also paves way for industries to utilise various aspects to develop various products, services, and solutions.
Hence, in this article, we will understand more about the term Metaverse and the rise of Augmented Reality.
Learn more about Metaverse and the Emergence of Augmented Reality
Firstly, the concept emerges and includes a 3D digital environment that virtually develops real-life objects. Moreover, it is a virtual environment that people can remotely access from various locations.
Further, earlier last year, CEO Mark Zuckerberg put forth a new change for the Facebook Team. The changes include the creation of a virtual universe with various technological advancements. Further, the social media giant would introduce technologies like Augmented Reality, Virtual Reality, and other technologies into the Metaverse.
Therefore, the new emerging technology will offer a safe platform for a multitude of audiences. Moreover, it would open up possibilities for education, travel, shopping, and other industries for networking.
Further, the Metaverse is a composite environment that can lead to a plethora of opportunities for businesses and individuals. Although, the technology is still at an early development phase and does not have a clear definition.
However, modern pioneers refer to it as a change in the internet experience that connects people using various technologies on a virtual platform.
In other words, the Metaverse provides a virtual platform that extends the physical world into the digital environment.
Facebook CEO, Mark Zuckerberg, explains the phenomenon as, “When you play a game with your friends, you’ll feel like you’re right there together in a different world, not just on your computer by yourself. And when you’re in a meeting in the metaverse, it will feel like you’re right in the room together making eye contact, having a shared sense of space, and not just looking at a grid of faces on a screen.”
Further, VR Pioneer, Unity’s Tony Parisi jot down the following “rules” for the Metaverse:
- There is only one metaverse
- The metaverse should be for everyone
- Nobody controls the metaverse
- It must always remain open
- The metaverse is hardware agnostic/independent
- It is a network
- The metaverse is the internet
Blockchain and Cryptocurrency in the Metaverse
Blockchain technology provides decentralized and transparent solutions for various digital assets. Moreover, the ownership, collection, transference, monitoring, and accessibility of these assets are in the virtual environment. Further, cryptocurrencies help transfer values easily for various usages of the virtual environment.
Augmented Reality and Virtual Reality in the Metaverse
Augmented Reality (AR) and Virtual Reality (VR) enable users to immerse and engage with a virtual environment. Moreover, Augmented Reality transforms real-life objects and characters convert them into digital visual components into the Metaverse. Further, Virtual Reality creates computer-generated images to produce a virtual world.
The use of Augmented Reality and Virtual Reality in the Metaverse is to produce a digital world that involves physical simulations. Hence, companies are now investing in AR and VR technologies to develop their solutions in the Metaverse.
Artificial Intelligence in the Metaverse
The use of Artificial Intelligence transforms businesses and their consumers. Further, AI pioneers are currently studying the various opportunities the technology can bring to the Metaverse. Moreover, AI uses multiple abilities to process various data sets. It also integrates Machine Learning technologies and AI algorithms for actionable outputs and insights.
Further, within the Metaverse, AI develops with non-player characters to interact with the users. For instance, multiple gaming environments already use AI to develop characters that engage and respond to players and their actions. Similarly, the Metaverse implies that AI is a useful technology that can interact with millions of users all at the same time. It also offers assistance in different languages.
Internet of Things in the Metaverse
The Internet of Things (IoT) is a system of networks that connects various devices to the cloud. Moreover, IoT uses sensors and technologies to transfer information automatically. Further, the main application of IoT in the Metaverse is to gather and offer data from the real world. Therefore, it offers more opportunities for accurate information. Moreover, since Metaverse is a platform for smartphone and modern users, IoT can enable the connection to millions of devices and users. Hence, it offers more scope to generate real-time simulations within the Metaverse and furthers the use of Augmented Reality.
Firstly, the development of Metaverse requires technologies like AI, Augmented Reality, Virtual Reality, IoT, etc to produce the virtual environment. Moreover, Augmented Reality enables to embed of virtual components in the real world. Virtual Reality also integrates 3D technology to develop graphics and designs in the platform.
For instance, Facebook introduces Metaverse to audiences through VR headsets and Augmented Reality smart glasses available for desktop and smartphone users.
Further, a prediction by Morgan Stanley, the global investment bank states that AR and VR markets could reach $100 billion by 2030 and then would increase fivefold. Moreover, Statista states that the market would reach around $300 billion by 2024.
The rise in the adoption of AR and VR technologies indicates that the development of Metaverse is more comprehensible. Moreover, Facebook initiated the development of Metaverse considering the rise in investments and a global audience. That is to say since 2014 the company has merged with various VR startups and spent more than $1 billion to fund them.
Therefore, developing the Metaverse using their existing solutions paves the way for various innovations in Augmented Reality. Further, market pioneers like Snap, Nvidia, Unity, and Roblox build their own virtual environments to be a part of Metaverse. Facebook is also working on a codenamed “Project Cambria” which will provide premium VR and AR devices for users.
Currently, there has been a major rise in the association of Gaming companies in the Metaverse. Moreover, the companies are now using Augmented and Virtual Reality to develop interactive platforms for their users. Further, the gaming industry is taking advantage of the opportunities provided by the virtual universe. For instance, World of Warcraft developers, Activision Blizzard earns more than $8 billion from the same.
There are also other companies and brands that jump onto the bandwagon to develop solutions for their own industries. For example, Decentraland, an open-source 3D virtual world platform, markets real estate as non-fungible tokens (NFT) using blockchain technology. The company also sold a digital plot of land to a Canadian investment organization for $2.5 million.
Moreover, the virtual platform can transform the retail and shopping experiences. Ecommerce giants like Amazon are already integrating AR and VR technology. Further, the technologies can help companies make products easily accessible and for a smoother decision-making process. Hence, Metaverse offers a multitude of opportunities for Augmented Reality and Virtual Reality technologies for a better user experience.
Further, the platform promises more interactive virtual travel experiences. Moreover, whether it is travelling to a luxurious place or attending a virtual concert, audiences would be able to afford and attend them from the comfort of their own homes.
Above all, the possibilities that it brings about are endless. Further, industries like manufacturing, healthcare, education, travel & tourism, retail, etc. can expand and evolve with technology.
In conclusion, Metaverse promises new innovations and solutions using technologies like Augmented Reality, Virtual Reality, AI, IoT, etc. Moreover, companies like Google, Microsoft, Zoom, etc are ready to make investments and collaborations once Facebook releases its plans for Metaverse.
You May Also Like To Read: